Legacy FX- a Legitimate Foreign Exchange and CFD Brokerage Firm
A.N. Allnew Investment Ltd introduced its flagship platform Legacy FX to facilitate Foreign Exchange and Contract for Difference trading. After the platform’s successful market debut in 2017, it immediately received licenses from the Vanuatu Financial Services Commission (VFSC), Cyprus Securities and Exchange Commission (CySEC), and the Financial Conduct Authority (FCA). For its reputable background in providing financial services, it is also accredited by the National Bank of the Republic of Belarus (NBRB) and the Federal Financial Services Authority (BaFin) of Germany.
Legacy FX comes as one of the more impressive platforms in the industry as it is equipped with over 200 financial instruments including exotics, commodities, stocks, and indices. It also brands itself as a safe platform and this can be gleaned in its transparency and intensive security. While the system is flexible enough to render services for all kinds of traders, its features are made specifically for novice traders. More so, the system is wired with optimum trading tools and trade-related education materials to carry out an encompassing and holistic trading experience.
Legacy FX Account Selection
Legacy FX offers four types of account in its selection. The Silver, Gold, Platinum, and VIP work in a tiered structure and as how it usually goes, there is an increase in minimum deposit as well as tighter spreads as traders advance from one account up to another.
The entry-level Silver account requires a minimum deposit of $500. The amount inarguably comes more expensive than other starter accounts, and this is also unreasonable given that clients are only provided with a minimum pips of 1.6. As for the Gold account, tighter spreads of 1.0 pips is given for a deposit of $5,000. Meanwhile, further reduction is made in the Platinum account whereas the spread is diminished into 0.6 for $25,000.
All of the accounts bear the same leverage ratio and clients may maximize it up to 1:200. One disadvantage that the selection carries is its uniform features despite varying deposits. The Gold and the Platinum accounts are both designed with internal line to the dealing room. The Silver account, which comes beneficial for retail traders, is the only account that does not have any analysis feature. But the absence is heavily compensated in its spread- a relatively high offer, but it still lags behind compared to industry standards.
Legacy FX Platforms
Since the platform highly prioritizes the need of novice traders, Legacy FX offers the MetaTrader 5 that is highly favorable for those who do not have any background using the MT4. As for the broker’s more advanced subscribers, trading with the MT5 will come as an unusual choice since the platform lacks several key features. For one, it does not allow hedging and this does not support automated trading solutions- an obvious downgrade of its successor MT4. In addition to this, Legacy FX does not offer additional plugins. As this is the case, traders would not be able to unlock the MT5’s full functionality, and such will be a great disadvantage for advanced traders.
Education and Research
Legacy FX’s education and research section is divided into four major categories: Live Signals, Daily Market Trends, Weekly Market Trends, and Monthly Market Trends. The first sub-section houses a trade button that redirects traders to the web terminal, and it comes with notifications. As for the remaining three, they follow a similar setup but bear lesser data.
The platform was also integrated with AutoChartist, with Market Reports and Traders Log enhancing clients’ accuracy in placing trades. However, its own version of AutoChartist appeared congested to an extent that traders will have trouble organizing trades. It bears a scattered presentation that makes the interface taxing to look at. But if clients are willing to overlook this setback, they will definitely enjoy built-in data to their advantage.
Customer Support
The company’s customer assistance is available 24/5, and it has a large selection of lines where clients may put their queries on. It has an extremely responsive Live Chat feature for those in need of immediate resolution, and this can be found on the company’s website. Other means of assistance are:
- Telephone – +41315087455
- Email – [email protected]
- Online callback form – Contact Us page
- Address – Govant Building, Kumul Highway, P.O.Box 1276 Port Vila, Republic of Vanuatu
Conclusion
If you happen to be in search of a highly secured trading platform equipped with wide selection of accounts and assets, then you might want to open an account with Legacy FX. But while its features are decent, interested parties still need to be mindful of its inconsistencies including the conditions of the MT5 and its own AutoChartist. All in all, Legacy FX still deserves a sound investment.
