2021 LegacyFX Review • Pros, Cons & More • Benzinga

LegacyFX Quick Summary

LegacyFX has a somewhat high minimum deposit compared to other forex brokers at $500. Nevertheless, the broker offers some of the lowest dealer spreads in the business, starting at 0.5 pips. LegacyFX guarantees the best exchange rate available for all trades executed for its clients with no re-quotes. 

Depending on the account type you choose, you can access variable or fixed spreads for major, minor and exotic currency pairs. The table below shows LegacyFX’s major currency pair dealing spreads with margin requirements, minimum and maximum quantities for trades in units and lots, volume steps in units and lots, contract size, digits for currency quotes and variable target spreads for the 3 different account types: Platinum, Gold and Silver. 

Screenshot of LegacyFX’s pricing table.

In addition to forex currency pairs, you can trade CFDs on stocks, commodities like gold and oil, cryptocurrencies, indices and stocks. 

Because LegacyFX supports the MT5 trading platform, the broker already offers a platform that many forex traders are familiar with. In addition to LegacyFX’s trading platform, other examples of its ease of use include:

• Easy onboarding 
  • Can sign up for a demo account in less than 10 minutes
  • User-friendly interface with detailed analysis and educational resources 
• MetaTrader5 software for desktop and mobile devices and is available in a web version that requires no downloading
• Simple deposit and withdrawal methods
• The MT5 software and the LegacyFX interface combine to make access easy for both experienced and novice traders

LegacyFX has extensive educational resources for traders from beginners to seasoned professionals. Educational resources that LegacyFX provides include:

• Video library: The extensive video library covers a wide range of topics including, buying and selling and currency pairs for beginners, chance and risk, emotional trading, technical analysis, tutorials for MT5, calculating pips, and passive and aggressive trading.
• In-depth courses: In-depth courses for beginners and advanced traders include CFDs and stocks, trading tools and trading strategies. 
• Ebooks: LegacyFX ebooks provide a wealth of information on markets and trading.  Subjects include trading the market, beginners’ strategies, trading psychology and various books on technical and fundamental market analysis. 
• Glossary: The LegacyFX website includes an extensive glossary with the terms and expressions relevant to forex trading.  

In addition to its excellent educational resources, LegacyFX provides traders with basic and advanced trading tools including:

• Trading signals: You can access live trading signals that employ some of the most popular technical analysis indicators like Williams %Return, Bull/Bear Power, the Relative Strength Index (RSI), Moving Average Convergence Divergence (MACD) and Stochastic RSI. The signals cover a wide range of tradable assets, as well as forex currency pairs.
• Technical analysis: In this area of the broker’s website, you can find video tutorials on daily market analysis and how to interpret charts on commodities, indices, stocks and currency pairs.
• Market news: The latest market news can be accessed with direct links to trade the markets covered in the news reports. 
• Economic calendar: This feature shows all the important economic releases affecting the world’s currencies so you can keep abreast of news that may impact your trading decisions. 
• Calculators: The LegacyFX website provides traders with several useful calculators that include a pivot calculator showing pivot points on exchange rates, a deal size calculator for money management and a Fibonacci calculator for in-depth technical analysis. 
• Data analytics: This useful feature gives you access to TradingView’s premium analytics portal that includes real-time charts, fundamental data and a cryptocurrency market widget. 

LegacyFX customer support staff can be reached Monday through Friday from 8 a.m. until 12 p.m. (GMT +3). You can reach several of the broker’s departments directly through email including compliance, complaints, dealing, affiliates and support.   

You can also contact its office in Vanuatu directly through email and phone. Under the “Call Us”…