LegacyFX

In the above table, traders are able to start trading using LegacyFX by placing an initial investment of $500. This is quite high as are the spreads. As most people already know, many brokers offer spreads that range in the middle of 1.0 1.5 – 1.5 pips for EUR/USD. This means that one must spend at least 5 thousand dollars with legacyFX to enjoy good spreads. It is possible to glance at live spreads of a few of the most popular Forex brokers and then choose a different one that has lower costs for trading and a license to conduct business as such.

The Company. Security of Funds

The broker first came to market as a brand owned by Leverate which is the creator of Sirix. Sirix platform. It is now controlled by a different company based in Cyprus A.N. All New Investments Ltd. A.N All New Investments Ltd. This is controlled by CySEC.

Cyprus is now a well-known hub for brokers in binary options and forex due to its balanced financial and tax rules. Brokers that are who are licensed by CySEC have to adhere to specific regulations. They must first meet the requirements for capital adequacy that is EUR730 000 and continue to meet the same. Besides, they are obliged to report transactions, keep client funds in segregated accounts, follow certain AML policies and meet a number of other requirements.Furthermore all licensed brokers are members of the Investor Compensation Fund, which may cover a maximum of 20,000 EUR per person in the event of broker insolvency.

Additionally, since Cyprus belongs to the European Union, MiFID regulations are applicable to all CySEC controlled are able to work throughout any of the EU member States.

Also, we should mention that LegacyFX aslo has an offshore brokerage brand through its website www.legacyfx.com. The company is licensed through the Vanuatu Financial Services Commission (VFSC).

Trading Platform

LegacyFX makes use of MetaTrader5 (MT5) that is the most current platform offered by the Russian Fintech company MetaQuotes. The program has seen a rise in popularity with brokers as well as traders over the last few years because of many reasons. The MT5 retains the majority of MetaTrader 4’s most sought-after features and tools – for instance, the charting features are almost identical as its predecessor and also comes with Expert Advisors to help you automate your trading. Additionally, MT5 lets you trade exchange-traded securities and derivatives using one account.

Methods of Payment

LegacyFX accepts credit/debit cards as well as bank wire transfer payment methods, as with e-wallets like Skrill, Neteller, and Trustly.

Conclusion

LegacyFX is an CySEC-licensed broker offering online trading across a variety of products through the top MetaTrader5 platform. We believe that the primary negatives to this broker are the vast spreads