I’ve always wanted to be a trader but I wasn’t getting the right broker to equip me with the relevant knowledge.
Account types available for traders on Legacy FX
We may be compensated but this should not be seen as an endorsement or recommendation by TradingBrokers.com, nor shall it bias our broker reviews. Trading Brokers Trading Brokers is dedicated to bringing you unbiased broker reviews, the latest broker news and trading guides to help you along your trading journey. We have over 20 years of experience when it legacy fx review comes to trading online so we know what to look for. The brokers website also includes a trading glossary that has a range of forex trading terminologies along with their definitions explained in layman terms. This is nothing ground breaking but it can be useful to have everything in one place and there are lots of terms you will frequently come across.
Opening an Account
It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. MetaTrader5 is an institutional multi-asset platform offering outstanding trading possibilities and technical analysis tools. MetaTrader5 iOS is a full-fledged trading app for iOS-powered mobile devices.
Pros & cons of Legacy FX account types
Your bank can provide further details on how long the funds will take to clear and advise you if there are any bank-levied charges. There is a minimum withdrawal amount when using wire transfers, currently set at €150. There is also a menu in the top right-hand corner of the homepage, which is where you can log into your account, or indeed sign up for either a demo or live account if you have not yet done so. We always urge traders to remember that broker fees can change at any time, sometimes at short notice. Be aware that there may be other fees relevant to your particular circumstances that are not mentioned in this LegacyFX broker review. The premium account type offers platinum sessions and advanced mentoring, while the platinum account provides a dealing room direct line and trading plan assistance.
Compare Trading Instruments
The broker offers over 250+ financial instruments including FX, commodities, cryptos, stocks, and indices. New and experienced traders also benefit from a selection of free trading tools and educational resources. In addition to forex trading, LegacyFX gives you access to trade contracts for difference (CFDs) on spot gold, oil, cryptocurrencies, indices and stocks. LegacyFX has extensive resources for beginning traders and offers a variety of account types to fit the needs of traders at all levels of experience. Legacy FX offers an extensive number of tradable instruments, including 313 global shares, 48 currency pairs, 10 crypto derivatives, 18 indices, 24 commodities, and ETFs. It should be noted that not all account types have access to trading stocks.
LegacyFX Education
- You are free to switch between the two accounts from within the platform.
- MT5 has a built-in copy trading service and full support for algorithmic trading but notably trails MT4 in both categories.
- Both the website and the various versions of the MT5 platform are highly user-friendly and easy to navigate.
- I like the trading experience at LegacyFX as this broker does not charge swap rates on leveraged overnight positions.
- If you find that they do not allow clients from your country for any reason, please feel free to use our broker comparison tool to find an alternative option.
The minimum deposit is the equivalent of $500 for a Silver account, $5,000 for a Gold account and $25,000 for a Platinum account. The sums are not hugely accessible so if you are looking for more competitive options, see our list of alternatives below. In addition, LegacyFX has partnered with Trading Central to offer a suite of analysis tools to equip traders with the relevant information to make informed investment decisions.
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Depending on the account type, trading fees may vary dramatically with the highest trading fees being on STANDARD accounts. The higher the initial deposit requirements, the better the trading conditions will be. The best trading fees are on VIP and PREMIUM account types, where fees on EUR/USD start from 0.6 pips.
The minimum first deposit depends on your account type – the equivalent of $500 for a Silver Account, $5,000 for a Gold and $25,000 for a Platinum Account. You may deposit funds into your account by clicking on the payment button at the top of the WebTrader platform or the Trader Toolbar sidebar on the Legacy FX web page. You may also click on Deposit on your Personal Account main page menu. Positions left open at the end of the trading week will remain open and readjust as markets open at the start of the following week. You should be aware, though, that rollover fees apply and are debited on the preceding Wednesday.
The broker also provides live signals and the TradingView portal, consisting of real-time charts, fundamental data, and crypto market widgets. There is a 150 minimum for bank transfers in the chosen currency and no minimum for other methods. LegacyFX does not charge any closure fees for withdrawals but they do pass any additional costs onto the client. Trading financial products carries a high risk to your capital, particularly when engaging in leveraged transactions such as CFDs.
LegacyFX offers several account types designed – Standard, Silver, Gold, Platinum, Bronze, Gold, and Premium. All accounts feature the same competitive trading conditions and available services, while higher-grade accounts will add extra benefits. Based on our expertise and research, LegacyFX is a reliable broker with a good reputation, quality service, and good trading conditions suited for both beginners and experts. As one of the good advantages, the broker offers low spreads on almost all trading instruments with the lowest spreads for FX pairs starting from 0.6 pips.
This can be a useful first stop if you have general questions about trading strategies and techniques. Legacy FX offers over 140 currency pairs, indices, commodities, and stocks. At any moment, depending on which markets are open in any specific location on the globe, you may trade on most of these products.
This allows smaller account management firms and skilled traders to build their asset management business with control over parameters. Here is a screenshot of the LegacyFX MT4 Premium trading account during the London-New York overlap session, the most liquid one, where traders usually get the lowest spreads. Developed using the programming language MQL5, MetaTrader 5 allows Black Box Programming, which makes it a viable choice for developers and users of trading robots.
LegacyFX relies on the MT5 platform, which facilitates social trading via Trading Signals and various third-party applications. Trading Signals can be used to follow more successful and experienced traders, and automatically copy their trades. There are both free and commercial signals available, with many successful traders providing access to their trades via this platform, either at no cost or for a very reasonable fee.
Most of the time, forex investors buy into a currency pair like Japanese Yen and Pound Sterling. The foreign exchange market has you compare the movement of these two assets, and your speculation will determine if the prices are converging or diverging. You can also check out the appropriateness of LegacyFX’s services and its supported MT5 platforms for your needs by opening up a demo account before funding a live account. Withdrawals take a minimum of 3-5 business days upon completion of compliance requirements. For wire transfers, please allow for extra time, which is subject to the conditions governing banking services in your particular location. Forex (Foreign exchange) trading and conventional stocks are different types of trading.
When trading currencies, most traders’ objectives are to predict short-term movement in the currency exchange values. Much foreign exchange trading is done in day-trading style where traders will buy and sell on the same day. In contrast, stocks and mutual funds trading are more of a medium-to-long-term style holding where trades may last for years. As for the minimum deposit amount, the Silver account at LegacyFX requires 500$ as a start, while other accounts deploy higher levels of first deposits.
LegacyFX offers a range of different account types to cater to both new and experienced traders. The Standard Account requires a minimum investment of $500, and while there are some restrictions on this account, it does offer daily signals, live support and access to the trading academy. The Bronze Account comes with a minimum deposit of $1,000, access to more asset classes, and up to three protected trades.
All of these services are excellent additions that are offered by some other brokers, but are largely missing in the offerings of newer or less-developed brokers. It represents a well-balanced collection https://forexbroker-listing.com/ of trading ideas, but traders should test their accuracy before blindly copying the recommendations. Overall, I can confidently rank the available research at LegacyFX as quality service.
Our regulatory requirements include constant comptroller supervision and monthly submission of financial reports to an external accounting firm. We are required by law to maintain sufficient liquid capital to cover all client deposits and expenses. Legacy FX continuously reevaluates policies, standards and procedures, and continuously updates its techniques and technologies. On top of that, LegacyFX provides advanced trading tools and analysis and offers daily, weekly, and monthly market research.