A.N. Allnew Investments Ltd., which is authorized and regulated by the Cyprus Securities and Investment Commission (CySEC), and AN ALL NEW INVESTMENTS (VA), which is governed by the Vanuatu Financial Services Commission (VFSC), are the companies behind LegacyFX, which was founded in 2012. The National Bank of the Republic of Belarus, the nation’s central bank and the overseer of regional financial markets, also grants the LegacyFX brand regulatory status.

LegacyFX is a standard MetaTrader 5 (MT5) broker with a modest selection of CFD markets and forex pairs to choose from. It has established a solid base of research offerings, and the quality of its investor education materials is on par with industry standards.

Trading Instruments LegacyFx 

In addition to stocks, ETFs, commodities, metals, forex, and cryptocurrencies, LegacyFX also provides 425 CFDs in other well-known asset classes.

Cryptocurrency: Neither U.K. residents nor retail traders from any broker’s U.K. entity may purchase crypto CFDs.

• Forex Trading (Spot or CFDs) Yes
• Tradeable Symbols (Total) 425
• Forex Pairs (Total) 44
• U.S. Stock Trading (Non CFD) No
• Int’l Stock Trading (Non CFD) No
• Social Trading / Copy Trading Yes
• Cryptocurrency (Physical) No
• Cryptocurrency (CFD) Yes
  
  

Account Types

Depending on whether you select LegacyFX’s EU entity, which is governed by CySEC, or its global entity in Vanuatu, the assortment of accounts available will change. Unfortunately, unlike the best brokers in this category, LegacyFX does not provide average spreads, making it difficult to determine the true cost of trading with them.

EU entity: LegacyFX offers Silver, Gold, and Platinum account types to EU citizens, with a minimum deposit of $500, $5,000, and $25,000, respectively. The Platinum account has the lowest advertised spreads, while the Gold account has slightly higher spreads. The lowest minimum spread on the EUR/USD is as high as 1.6 pips, with the Silver account having significantly higher trading costs.

LegacyFX provides seven account types for clients from Vanuatu, including Standard (with a $500 minimum deposit), Bronze ($1,000), Silver ($3,000), Gold ($5,000), Platinum ($10,000), Premium ($25,000), and VIP ($50,000). Your level of client support, including mentoring and the ability to communicate with the trading desk, as well as your level of access to trading tools, are determined by the type of account you have.

LegacyFx Trading Platforms

Without a dedicated mobile app, LegacyFX lags behind market leaders like IG and Saxo Bank. Read our guide to the Best Forex Trading Apps for our top recommendations for trading apps.

Overview of the apps: Since LegacyFX is a MetaTrader-only broker, the MT5 app is pre-installed on iOS and Android devices and can be downloaded from the Apple App Store and Google Play store, respectively. The MT4 platform is not accessible.

Only MetaTrader users can trade with LegacyFX. It provides the typical, uncomplicated MT5 experience. Although LegacyFX makes the Autochartist plugin available, there are no other noteworthy add-ons that would make LegacyFX stand out from the best MetaTrader brokers.

Platforms overview: LegacyFX offers the complete MetaTrader suite for desktop and web. The desktop trading platform is accessible through any current web browser, and it is compatible with both Windows and macOS operating systems.

Charting: The MetaTrader platform family is renowned for its strong, nimble charts. Charting on MT5 is simple thanks to the nearly 50 indicators that can be moved around, the multiple windows and tabs that can be rearranged, and the zoom in and out functions. 

Market research

The research selection at LegacyFX is comparable to that of the competition. Although the layout seems dated, it has a respectable library of video content, but it doesn’t have a strong selection of written articles. While LegacyFX has made some progress in this area, it still lags far behind the top brokers in this market.

Overview of the research: The Trading Tools section of LegacyFX’s website contains the company’s research services. There, I discovered a currency pair-specific daily analysis video, an economic calendar, trading signals from Autochartist, and more.

Market news and analysis: Articles are presented on LegacyFX’s website in headline format with the option to expand them to show more information in a bulleted format. The market news headlines at LegacyFX were just OK in my opinion; I was left wanting more because I couldn’t find any research articles there.

Autochartist: LegacyFX uses Autochartist, a company that offers research solutions for the forex and CFD markets, to deliver trading signals. At LegacyFX, Autochartist is offered as an MT5 plugin, and it can also be found in the Trading Tools section under Market Reports.

Education

In terms of its video content, LegacyFX’s educational offering is on par with the industry average. The video courses and lessons in their well-organized Academy section are categorized according to experience level.

However, LegacyFX’s selection of written materials is constrained to a dozen or so ebooks, all of which I thought were overly simple. In general, LegacyFX simply trails the top brokers in this market.

Learning: As part of LegacyFX’s Academy, the educational material includes both more advanced recordings and at least ten videos for beginners. There are more videos available for viewing on the broker’s YouTube channel.

Conclusion on LegacyFx

LegacyFX, a MetaTrader-only broker, provides a respectable selection of instruments with 425 symbols and 41 forex pairs, all of which are accessible on MT5.

Overall, LegacyFX finds it difficult to compete with the top MetaTrader brokers, and the lack of numerous regulatory licenses ultimately lowers the trustworthiness of the company. In addition, LegacyFX could get closer to the industry average by releasing its average spread data each month and enhancing its research and educational options.