LegacyFX offerings review: Unveiling Their Comprehensive Trading Solutions
This LegacyFX offerings review delves into the comprehensive trading solutions provided by LegacyFX, examining their range of trading instruments, account types, and fee structures. Understanding these elements is crucial for potential traders.
LegacyFX Trading Instruments and CFD List
LegacyFX provides access to 425 CFDs, covering a diverse array of popular asset classes. This extensive LegacyFX CFD list includes equities, ETFs, commodities, metals, forex, and even cryptocurrencies.
It’s important to note for this LegacyFX offerings review that crypto CFDs are not available to retail traders from any broker’s U.K. entity, nor to U.K. residents.
- Forex Trading (Spot or CFDs): Yes
- Tradeable Symbols (Total): 425
- Forex Pairs (Total): 41
- U.S. Stock Trading (Non CFD): No
- Int’l Stock Trading (Non CFD): No
- Social Trading / Copy Trading: Yes
- Cryptocurrency (Physical): No
- LegacyFX Cryptocurrency Trading (CFD): Yes
Disclaimer: Crypto CFDs are not available to retail traders from any broker’s U.K. entity, nor to U.K. residents (except to Professional clients).
LegacyFX Fees Comparison and Account Types
The range of LegacyFX account types and associated fees can vary significantly based on whether you choose their EU entity (regulated by CySEC) or their international entity in Vanuatu. Unfortunately, average spreads are not readily available, making a direct LegacyFX fees comparison challenging without deeper investigation.
LegacyFX Account Types: EU Entity
For EU residents, LegacyFX offers three distinct account types: Silver, Gold, and Platinum. These accounts require minimum deposits of $500, $5,000, and $25,000, respectively.
Advertised spreads are most competitive on the Platinum account, with the Gold account having slightly higher costs. The Silver account, however, has considerably higher trading costs, featuring a minimum spread as high as 1.6 pips on EUR/USD, an important point for this LegacyFX offerings review.
LegacyFX Account Types: Vanuatu Entity
International clients can choose from seven LegacyFX account types through the Vanuatu entity. These include Standard ($500 minimum deposit), Bronze ($1,000), Silver ($3,000), Gold ($5,000), Platinum ($10,000), Premium ($25,000), and VIP ($50,000).
Your chosen account type dictates your level of client support, which can include mentoring and direct access to the trading desk, as well as the range of trading tools available.
- Minimum Initial Deposit: $500
- Average Spread EUR/USD – Standard: 0 (Note: This may indicate commission-based pricing or is an oversight in provided data)
- All-in Cost EUR/USD – Active: 0 (Similar note as above)
- Active Trader or VIP Discounts: Yes
- Execution: Agency Broker: No
- Execution: Market Maker: No
Mobile Trading Apps
LegacyFX does not offer a proprietary mobile application, which places it behind industry leaders. This LegacyFX offerings review notes that it relies entirely on the MetaTrader platform.
As a MetaTrader-only broker, both iOS and Android versions of the MT5 app are available. These can be downloaded from the Apple App Store and Google Play Store, respectively. MetaTrader 4 (MT4) is not supported.
- Android App: Yes
- Apple iOS App: Yes
- Mobile Alerts – Basic Fields: Yes
- Watchlists – Total Fields: 7
- Watchlist Syncing: No
- Charting – Indicators / Studies (Total): 30
- Charting – Drawing Tools (Total): 15
Other Trading Platforms
LegacyFX is exclusively a MetaTrader broker, offering the standard MT5 experience without many unique enhancements. While the Autochartist plugin is available, there are few other notable add-ons to differentiate LegacyFX from other MetaTrader brokers.
The full MetaTrader suite, including desktop and web versions, is accessible. The desktop platform supports macOS and Windows, and the web version is compatible with any modern browser. The robust charting capabilities of MetaTrader, with numerous indicators and customization options, are a definite plus in this LegacyFX offerings review.
- Virtual Trading (Demo): Yes
- Proprietary Platform: No
- Desktop Platform (Windows): Yes
- Web Platform: Yes
- Social Trading / Copy Trading: Yes
- MetaTrader 4 (MT4): No
- MetaTrader 5 (MT5): Yes
Market Research
The market research offerings from LegacyFX are generally in line with industry averages. They provide a decent library of video content, although its presentation could be updated. However, a significant area for improvement highlighted in this LegacyFX offerings review is the lack of a strong collection of written articles. While there’s a foundation to build upon, LegacyFX still lags behind top-tier brokers in this aspect.
Verdict
This LegacyFX offerings review indicates that LegacyFX provides a solid offering for traders primarily interested in the MetaTrader 5 platform and a wide LegacyFX CFD list. While their LegacyFX account types offer varying benefits and their LegacyFX cryptocurrency trading options are available (with regional restrictions), the lack of proprietary platforms and transparent average spreads are areas for consideration. Traders should carefully assess the LegacyFX fees comparison based on their chosen entity and account type.
