LegacyFX reviews - is this forex broker worth your time?

When it comes to picking the right forex broker, most traders will usually base their choice on the lowest spreads available or the best bonuses available in the market. While these are important factors that should be taken into consideration when picking your broker, there are many other things you should be aware of before making your decision. This guide will help you understand everything you need to know about LegacyFX reviews and compare it with other services in the market, so you can make an informed choice on where to invest your hard-earned money and become successful in the financial world!

Introduction

Forex trading has become a popular activity for many. However, as the interest in trading increases, so do the competitors. One such competitor is LegacyFX, a new entrant into the market of forex brokers. The broker provides attractive features for both novice and experienced traders which helps it stand out from its rivals in the industry and make it worthy of attention. To learn more about this broker and how it can best serve you in all facets of your trading, continue reading below where we will go through LegacyFX reviews and see what they have to offer to help you make a decision!

What is LegacyFX?

LegacyFX is a CFD and FX trading company that was founded in 2006. They offer 24/5 customer service, which means that you can call them anytime of the day. The website also has live chat, so if you're not keen on calling and waiting for someone to answer, then chatting with someone who can help you right away might be a better option. LegacyFX offers trading in over 350 stocks and securities, but they also have Forex pairs available as well as Commodity pairs. In addition to the Forex pairs and Commodity pairs, they also offer indices, ETFs, and commodities like gold or silver. You can trade all of these with leverage from 1:200 up to 1:500 . If you need assistance withdrawing money from your account, there's no minimum required; however, there are some limitations when it comes to depositing money into an account.

The pros and cons of LegacyFX
  1. Very competitive spreads - LegacyFX has some of the most competitive spreads in the business, but for the high level of competition you'll need to open a mini account. 2. The amount of leverage on offer is very limited - LegacyFX offers trading with up to 50x leverage, which isn't a lot when compared with other brokers. 3. There are no physical branches - LegacyFX doesn't have any physical branches, so if you want to speak to someone about a problem you'll need to contact them via email or live chat (although they do have an international call center). 4. Low minimum deposit requirements - When it comes to minimum deposits, LegacyFX's only ask for $100/€100/£100, which is really low and easy for many people to afford. 5. No mobile app - One thing that can be annoying about LegacyFX's services is that there's no mobile app available, meaning that you're stuck using the web platform unless you've got access to a computer all day long. 6. Many withdrawal options available - Despite the lack of a mobile app and slightly lower leverage levels, LegacyFX does provide lots of withdrawal options including bank wire transfers and PayPal withdrawals.
RoboForex spread - what you need to know

RoboForex is a well-known name in the forex trading business. It offers a large variety of services, but its spreads are what set it apart from the competition. If you want to find out more about RoboForex and how it compares to other brokers, keep reading.

The RoboForex spread varies depending on which asset you want to trade. There are three different platforms, each with a different spread: Standard, Elite and VIP. The spreads for each platform also change depending on whether you’re trading a spot or a futures contract, or if you’re trading stocks or commodities. For example, at the time of writing this blog post, the RoboForex Spreads for a Spot Trading Commodities were as follows: Standard 0.065 pips, Elite 0.055 pips and VIP 0.045 pips.

Conclusion

Overall, LegacyFX has a lot of appealing features. The low spreads, the 24/7 customer service, and the high leverage are all great. You'll also be able to trade on a variety of currency pairs. If you're looking for a no-frills option with all the basic necessities covered, then LegacyFX may be the right choice for you. It's not as flashy as some other providers out there, but if you don't need bells and whistles, it might just be perfect. Plus, what more could you ask for in terms of customer service and benefits? Well, that depends on your needs. There are plenty of other brokers that have better tools than what LegacyFX offers (for example Interactive Brokers). But they come at a price—both financially and sometimes when it comes to customer support. So while an experienced trader might want more sophisticated tools, a beginner might feel more comfortable starting off at LegacyFX.
Topic revision: r1 - 22 Nov 2022, EmmaDobie
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