The account holder is responsible for the trades placed in his/her own trading account, since you are the only one that has access to the account. If you may need any further clarification please contact us at Best Regards, The Compliance Team. The LegacyFX Islamic account adheres to the principles of Islamic law regarding banking activity and Riba . It is an interest free or swap free account type, for those who, for religious reasons cannot trade on interest/swap incurring accounts.
ScamBroker.com is a broker reviews website, and does not offer any investing advice or service. Nothing on this website should be considered a recommendation or endorsement. We are not responsible for any losses you may incur, by investing with a company mentioned on this website. We may receive compensation from the companies we write about. Always verify that your broker, is licensed by your local financial regulator. The way that Scam Broker Investigator reviews a Forex broker, is by first checking their license and regulatory status.
LegacyFX does not provide benefits traders can use but branded merchandise and additional content. Beginner traders get numerous educational tools, and LegacyFX claims to lead in knowledge. Most remain ultra-short, just enough to introduce the topic without providing really deep insights. Eleven ebooks are also available, following the same principle as the video content. 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.
Please note that some methods may only be available to specific countries and not all are available for both deposit and withdrawal. Some fees may be charged when using certain payment methods. Withdrawal requests are processed within the same day or next if outside working hours. The withdrawal time can vary depending on the payment provider and method.
One of the most prevalent online trading scams is to initially display profitable trades that give the investor a false sense of confidence, and get them hooked to the idea of ‘easy money’. Once this confidence is established, the investor will be marketed the idea of investing more money to earn greater returns. Additionally, other incentives may also be provided to encourage the investor to get their friends and family onboard the platform too.
🧐 Is LegacyFX a Scam?
Most importantly, you have to know if the services they offer meet your standards, and you can rest assured that you will not encounter any problems in your trading journey with the broker you choose. All I can say is learn to trade yourself, find a regulated broker and never accept signals. Develop your own signals, be consistent and risk max 2% per trade.
- This makes LegacyFX more expensive to get started with, but the lack of swap rates makes it a broker worth considering for traders who can afford the required minimum deposit.
- My capital was gone in 8 days just bc it was waste of time for him.
- For our top picks among trading apps, read our guide to Best Forex Trading Apps.
Between 74-89% of retail investor accounts lose money when trading CFDs with this provider. LegacyFX also provides account managers with PAMM accounts, enabling a complete portfolio management solution. This allows smaller account management firms and skilled traders to build their asset management business with control over parameters. Multi-asset trading specialist, LegacyFX, is one of the industry’s most promising brokers.
Legacy FX Review : Trading Conditions
Clients can take advantage of their trading signals and an economic calendar. They also provide market analysis and the latest market news. Their pivot calculator will help you compute pivot points on exchange rates. Their deal size calculator can help you manage your money better. Their Fibonacci calculator offers in-depth and technical analysis. LegacyFX demo accounts allow clients to try out the broker’s services, and platforms and to practice trading strategies risk-free by using virtual funds.
There signals are great you definitely win more then you loose. Trading is not for lazy people you need to do your share and can’t blame your broker if things don’t work out cause who made you do what. The ForexBrokers.com annual forex broker review is the most cited in the industry. With over 50,000 words of research across the site, we spend hundreds of hours testing forex brokers each year. As powerful as the desktop version of the SIRIX station, the SIRIX mobile platform enable traders to trade the markets from the palm of the hands on their smartphones. It is available as a trading app on Google Play Store and Apple’s APP store.
Forex Brokers We Recommend
LegacyFX is a forex broker established in 2017 and registered with SySEC , and VFSC . If downloading the software isn’t ideal for https://forexbroker-listing.com/ you, MetaTrader 5also has a web platform. You can easily access this by going to their webpage and logging into your account.
LegacyFX doesn’t pay for licenses but it does offer trading which is prohibited by law. The indices track the underlying prices of the currency pairs within that index. If the individual forex prices in that index increase, then the value of the index will go up. Conversely, if the individual FX prices decrease, then the value of that index will fall.
New and experienced traders benefit from a selection of free trading tools and educational resources. Depending on whether you are an international trader or an EU citizen, the range of LegacyFX accounts differs. For EU citizens, there are three account types with different minimum deposit amounts. Gold is for $5,000, Platinum for $10,000, and Premium for $25,000. There are three more account types along with these three for international clients whose deposits range from $500 to $3,000. There is also the VIP customized account that requires $50,000 to enroll.
However, account holders will still enjoy all of the benefits of all the account types offered by LegacyFX, their same spreads and same trading conditions. To apply for an Islamic account, you can open the account type you wish according to your deposit and contact your account manager to activate it. Autochartist is a financial market analytics company that leverages big data and proprietary technology to help stock futures and currency traders make more informed trading in the investment decision. LegacyFX give you convenient access to the global market via the powerful and intuitive MetaTrader 5 platform that is developed by software company MetaQuotes. MT5 is a popular online trading platform that is used by millions of traders all over the globe and widely known for its user-friendly interface, providing simple and real-time execution of trades. You can conduct in-depth financial market analysis through charts and technical indicators built into the platform.
Equity trading requires $3,000, and access to the dealing desk is available from $5,000. Web based, this trading platform is user friendly and comes integrated with a whole host of unique trading features. The trading platform also allows traders to conduct their trading in real time as well as letting traders trade on the social trading platform where legacy fx review you can copy the professional traders with one click. This website includes information about cryptocurrencies, contracts for difference and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money.
Free trading tools
I reviewed LegacyFX to conclude if the swap-free offer creates a competitive advantage. How does LegacyFX compare to the elite brokers in the Forex industry? Established in 2017, LegacyFX, a Forex and CFD broker using MetaTrader 5 has been on our review list of brokers today. This multi-asset broker provides brokerage services for forex trading and indices, cryptocurrencies, gold, oil, and major stocks for CFD trading.