LegacyFx is an online business that works for online traders as a broker. Although some users have highly appreciated this online broker because of its amazing bonus and free trading software, a considerable number of users have also been reporting against them for the past couple of months. The later ones also have declared this company as a scam because it stole their money by closing accounts when requested for the withdrawal, and some of the users have also demanded that the organization along with its positive reviews are completely fake.
What Is LegacyFx?
LegacyFx is an online business broker that mainly offers its service to Forex, CFD, oil, cryptocurrencies, and other stock traders internationally. According to the services, this company provides over 200 instruments for trading and demands that it is a key to succeed in the Forex market. The main objective of the team is to enhance the financial transparency of their customers offering solid client protection. The supporting team offers their services 24/5, which allows the traders to invest in major currency pairs.
According to the information mentioned on their main website, this business is legal and regulated by VFSC (Vanuatu Financial Services Commissions). The expert team members are ready to educate the users so that they can make the maximum profit from their investments. They also demand that they will update their customers with periodical market analysis and research. Moreover, their clients will find useful video tutorials, lessons, and downloadable ebooks to study the ups and downs of the trade market.
Is LegacyFx a Safe Broker?
It is quite hard to make a conclusion without analyzing their offers, services, and reviews of the customers because there are too many contradictory opinions on this broker. Therefore, before we make a decision, we should go through the pros and cons of this broker.
Since it is about your hard-earned money, you must study and talk to the people before investing in any organization. Based on the information provided on their website, we checked everything and found that the broker is authentic. It is regulated by FCA (United Kingdom), BaFin (Germany), and CySEC (Cyprus). The license number provided by FCA is 7973434, BaFin is 348194, CySEC is 344/17, NBRB 193180778, and VFSC is 14579. So, we can assure that this company is legit.
The broker also offers its clients access to the MetaTrader 5 platform like the most reputed company, and the most amazing fact about this platform is that it supports cryptocurrency trading. Moreover, you can also trade agricultural products, metals, and even currency pairs.
This MetaTrader 5 software is even great for advanced and professional investors. The broker suggests the novices practice using a demo account. The software is also available on android devices, and one can download it from the Google Play Store.
The platform keeps updating the customers about the latest market condition. One can see the research within their provided trading software. The company demands that its users can also see an economic calendar, regular market conditions, trading signals, etc. The Autochartist feature helps an investor by providing a wide range of solutions in the CFD or Forex industry.
Account Types, Deposits, and Withdrawal
The company offers its clients eight different account types to open – VIP, Premium, Platinum, Gold, Silver, Bronze, Standard as well as Islamic accounts. Signing is completely free and does not ask for any extra fees, but the minimum deposit will vary from account to account. For example, the minimum deposit value of the Platinum, Gold, and Silver account is $25000, $5000, and $500, respectively.
The broker has not fixed any restrictions when it is about withdrawing the money, although many clients have strong objections against it. The minimal withdrawal limit is set to $150.
Customer Service and Support
LegacyFx demands that its customer support team is ready to provide solutions to any problems that the clients face. The team is active from Monday to Friday, which looks quite professional, and it is clear that they are not lying like those organizations, which mention that they provide 24/7 support.
The broker grants access to a wide range of video tutorials and lessons for learning about the ups and downs of the retail market. However, the downloadable ebooks may seem to lack sufficient information.
After observing all the features, we can say that this website is legit, but still, we need to go through the statements and the reviews given by the customers. Only after going through their comments, we hope that we can make a clear conclusion.
What Do the Clients Say about LegacyFx?
There is a wide range of statements about this broker in terms of their offered services, withdrawal processes, and authenticity. Some people opine that they are investing money and making successful trades through this broker. They have also said that they have not faced any issues while withdrawing the profits. A few of the clients mentioned that this broker was reliable, and they could make a decent amount of profit. One of the users admitted his fault and said that he had faced difficulties during depositing money, but the supporting team helped him. Another client opined that LegacyFx is 1000% legit, and he made a decent amount of profit by depositing a minimum amount.
On the other hand, many people wrote against the policies and withdrawal method of this broker, and even some people clearly declared it scammer and fake. One of the clients asked the beginners not to go for LegacyFx because this broker assigned a manager who had used sweet speeches to convince the client to invest more and had asked him to keep buying and selling. The team did this because they make money from the number of spreads. Unfortunately, this customer finally lost all his money. Another user reported that all the reviews were fake and accused LegacyFx of stealing his money. One client explained his objection clearly, and his problem was associated with the signals, but he acknowledged the authenticity of the organization. Another investor said that the broker is ideal for professional traders because he found that the investors would deposit a minimum of $5000 to survive in the market. He also objected that the company did not even train the newbie. Another trader wrote that one of the members of this company was quite annoying and rude and forced him to deposit more and more.
After carefully cross-checking and examining all the offered features, licenses, and regulations, we found that LegacyFx is legit. However, there are many complaints against this business, and we found that a significant number of the customers are not satisfied with their services. Therefore, after analyzing those users’ reviews we can safely conclude that this online broker is not trustworthy. It is because it may be legit and have a valid license, but the customers have too many objections against it. So, there can be risks in investing here.
So, we cannot confirm it is 100% safe because of the negative reports. Also, we cannot declare them scammers because of the valid license and regulations. You should take extreme precautions before investing money in the stock business through this broker. Since it is about your money and investment, we recommend you avoid LegacyFx as it is not reliable and find a better and more reputed broker for starting your online stock trading business.
- User interface
- Questionable Marketing Tactics
- Horrible Market Reputation