Offshore based LegacyFX offers three trading accounts, namely Silver, Gold and Platinum. It also provides Swap-free Islamic account. The minimum amount needs to open the basic account is $500. The spreads and leverages offered are quite a descent. In this LegacyFX review, we will talk about this broker, its origin, offerings, regulation status and much more. Please stay with us till the end. Read the full LegacyFX review here.
Leverate established the LegacyFX and sold it to another broker called A. N. All New Investment LTD situated in Cyprus. The broker claims to be registered under Cyprus local financial regulator CySEC. The Vanuatu Financial Services Commission regulates the offshore operations of LegacyFX.
The broker offers its clients with the well-known MetaTrader trading platform. The MetaTrader platform has several advance features such as Auto Trading Bots, Expert Advice, Charting, Market Analysis and more.
The three trading accounts have minimum deposits of $500, $5000, and $25000. The amount required to operate with this broker is quite high. Most of the legitimate broker has the same trading condition with as less as $5. The maximum leverage of 1:200 is provided on each of the three trading accounts. However, these leverages are quite high. Many regulated trading markets have banned such high leverages to protect trader’s money. Also, the spreads in the range of 0.6 pips and 1.6 pips are quite acceptable but increase the cost of trading. The trade size of 0.01 is provided.
The broker also provides all sorts of payment methods, including Card payment, Bank Wire Transfer, Ewallets etc.
However, the main concern here is the broker is offshore-based. Also, Vanuatu based many brokers are most of the time are unregulated and scams. Also, to become a broker in Vanuatu requires very little documentation and their operations are not looked after strictly.
Is LegacyFX scam or legit?
The broker we are dealing here is offshore-based. The broker claims to be regulated by CySEC of Cyprus. However, the international operations are regulated by the Vanuatu financial regulator, and this is a fact of worry. Many brokers operating from Vanuatu are involved in the scam. The initial investment required at LegacyFX is massive. Also, the provided leverages are higher than what is acceptable. In our view, the LegacyFX is a potential Australian trading scam. Our readers must be cautious before investing in this broker. There is very little chance of recovery with LegacyFX.