Legacy FX may be a corporate operator that’s registered as a CIF and is also a member of the Investor Compensation Scheme.
With its office in Larnaca, Cyprus, Legacy FX is additionally regulated by CySEC, MiFID, VFSC, BaFin, FCA, and NBRB and aside from offering trade forex, indices stocks, and commodities, it provides extensive security for clients’ funds.
Forex Brokers in South Africa
The brand provides currency pairs, metals, commodities, stocks and indices for trading on its platform across multiple devices and therefore the website is out there in five languages.
One of the simplest benchmarks to live the security of a broker like LegacyFX, is to determine which regulating authorities are watchdogs over its actions.
Legacy FX may be a regulated broker, mainly under the CySEC body, with a license number of 344/17. this suggests that the operator is compliant with MiFID, which provides it the theoretical right to sell financial services during the EEA.
To give traders more security and insurance, LegacyFX also aligned with other reputable bodies in Europe. For the united kingdom , they’re regulated by the FCA with the license no. 797343 and for Germany, they need registration no. 348194 by BaFin.
Legacy FX is additionally regulated by the Belarus NBRB with a license no. 193180778 and by the VFSC with license no. 14579.
Legacy FX LEVERAGE
Leverage may be a facility that permits you to urge a way larger exposure to the market you’re trading than the quantity you deposited to open the trade. Leveraged products, like forex trading, magnify your potential profit – but also increase your potential loss.
Leverage is expressed as a ratio, as an example 50:1, 100:1, or 500:1.
Margin is that the amount of collateral to hide any credit risks which will arise during your operations . it’s expressed because the percentage of position size (e.g. 5% or 1%), and you’ve got to possess funds in your trading account to make sure sufficient margin.
Legacy FX’s website states a maximum leverage of 1:200 on the silver category and on the gold category.
As the company is additionally regulated by MiFID, the new European Securities and Markets Authority (ESMA) regulations of a maximum leverage of 1:30 may apply.
The new regulations will see a top multiple of 1:30 for FX deals, 1:20 for indices and gold, 1:10 for other commodities, and 1:5 for shares.
Forex brokerages with CySEC regulatory licenses which bind them to operating under the ESMA rulings and MiFID II market infrastructure directives are onboarding clients to offshore entities so as to bypass rulings on trading terms.
Legacy FX ACCOUNTS
A forex account at Legacy FX may be a trading account that you simply will hold which will work similarly to your checking account , but with the difference that it’s primarily issued with the aim of trading on currencies.
Forex Islamic accounts also are referred to as swap-free accounts as they imply no swap or rollover interest on overnight positions, which is against Islamic faith.
Often, the amount and sort of accounts that a trader can open with a broker company differs counting on the country during which it operates and therefore the regulation authorities under whose jurisdiction it falls.
Legacy FX four different account types
- The Silver account is out there for a minimum deposit of $500, and therefore the spread of the silver account starts from 1.6 pips.
- The Gold requires a minimum deposit of $5,000 with spreads from as low as 1.0 pips.
- The Platinum account requires a minimum deposit of $25,000, and therefore the spread is as low as 0.6 pips.
- The VIP account requires $50,000, where traders can customize their accounts.
Legacy FX also provides Islamic Accounts for those that aren’t curious about any interest income. Technical analysis and academic tools are available for all kinds of accounts. A demo account with a virtual balance of $50,000 is additionally available.
Legacy FX doesn’t accept traders from the USA, Israel, Iran, Syria, Afghanistan, Myanmar, North Korea , Somalia, Yemen, Iraq, Sudan, South Sudan, British Columbia , Ontario and Manito.
The most popular market instruments available from most brokers for trading include:
Forex trading, currency trading, or FX trading describes the currency exchange market which refers to the worldwide , decentralized marketplace where individuals, companies and financial institutions exchange currencies for each other at floating rates.
Legacy FX Commodities
Along with currency exchange markets, commodity markets offer many investment opportunities for traders. Investing in contract-based tradable goods may be a reliable thanks to mitigate risk during times of inflation or economic uncertainty.
Equity indices, or stock indices, are actual stock exchange indexes which measure the worth of a selected section of a stock exchange . they will represent a selected stock exchange , or they will represent a selected set of the most important companies of a nation.
The trading of gold and other precious metals, along side petroleum , copper or petroleum, are hard commodities that play a serious role within the commodity exchange and are contract-based tradable goods.
The typical feature of energy prices is high volatility thanks to the influence of political and environmental factors, supply and demand, extreme weather and global economic process .
Besides forex, stocks, and indices, Legacy FX also offers cryptocurrencies. Traders can trade their favorite cryptocurrencies including the Bitcoin, Ethereum, Litecoin and Ripple.
Traders may choose from fixed and variable spreads, where fixed spreads are on the average above variable spreads. CFD trading options include Gold, Silver, Stocks, Stock Indexes, Oil, and Other Commodities.
Legacy FX FEES
Due to its global presence Legacy FX may offer various account types which will differ consistent with the regulation entity to which it complies, therefore clients may experience different fee structures too, consistent with their country or place of residence.
Cost depends on various factors , like spread and margins.
The spread of a currency pair is that the difference between the bid and therefore the ask rate. A pip represents the littlest increment that an rate of exchange can move. One pip is 0.01 for currency pairs with JPY because the term currency and 0.0001 for all other pairs.
Margin is that the amount of cash required in your account so as to open an edge . Margin is calculated supported the present price of the bottom currency against USD, the dimensions (volume) of the position and therefore the leverage applied to your trading account.
Legacy FX earns its income primarily from spreads and commissions on stocks.
They offer swap-free accounts to all or any traders, which suggests the swap rates aren’t passed to traders. A charge is taken if any trade is held overnight and if they’re not applied to trader’s accounts.
Very few details about Legacy FX’s deposit and withdrawal fees are known. With credit cards for Visa, MasterCard, Maestro, and Visa Electron, traders can deposit from $500 to $10,000, and traders can withdraw a minimum of $200 to a maximum of $10,000.
Withdrawals to credit cards can only be within the amount of the deposit from that specific card and therefore the remainder are going to be wired to the client’s checking account .
Legacy FX covers all deposit and withdrawal fees for transactions via major credit/debit cards, Skrill, Neteller, and bank wires above $200.
LegacyFX TRADING PLATFORMS
The forex trading platform is in essence the software provided by LegacyFX to its clients to hold out their trades.
A multi-asset trading platform is one that permits clients to trade forex but other asset classes, including CFDs on stocks, stock indices, precious metals, and cryptocurrencies also .
The decision about which platform to settle on will always depend upon what a client would really like to trade. Legacy FX runs on the MT5 trading platform that supports both mobile and computer users.
The MT5 platform is user-friendly and rich with trading tools and features that let traders to access their accounts through mobile devices, which may be a much-needed feature for those that wish to trade while on the go.
Legacy FX MT5 is analogous to the normal MT4, but faster and supports more sorts of orders. It also features a larger number of indicators and other features, which include:
- More than 50 indicators
- Many available Expert Advisors
- MQL5 programming language
- Pending orders
- Limit orders
- Multi charting
- MT5 is additionally available in Windows, Mac, iOS, & Android.
HOW TO OPEN AN ACCOUNT
The Legacy FX review process of opening a replacement account is fully digital, hassle-free and fast.
Similarly to a bank, if you would like to register a forex trading account with LegacyFX for the primary time, you’ll be required to travel through a basic “know your customer” process.
This will allow Legacy FX to form sure that your submitted personal details are correct and therefore the safety of your funds and your account details are ensured.
After the initial registration you’ll normally be emailed your login details which will correspond to a login on a trading platform matching your sort of account.
Opening an account with Legacy FX is completed online and will take only a couple of moments to finish . LegacyFX complies with AML regulations, which suggests that private information sort of a copy of the trader’s ID and proof of residence are required.
Once logged into the new account, emails with the account number and password are going to be received and may be wont to log into the WebTrader platform. Trading can commence as soon as money is deposited into the trading account.
Legacy FX CUSTOMER SUPPORT
Potential traders got to confirm the broker they choose will offer support whenever they’ll need it, so as to assist customers easily find the precise answers to their questions and offer them the simplest user experience.
- In the case of Legacy FX support channels are available:
- Instant Web Chat on the web site . The chat assistants are responsive.
- A “Send Us a Message” form on the “Contact Us” page of the web site .
- An email address,
- A telephone number .
- Customer support is out there from Monday to Friday 8:00-24:00 (GMT+3) in English
Legacy FX EDUCATION
Before beginning to trade, potential clients of Legacy FX should avail themselves of all possible information and trading skills needed to achieve success within the world of forex and commodity trading.
If Legacy FX’s website itself doesn’t provide enough means, a trader should explore other informative websites and means to get that knowledge.
Education is published under the Academy tab and is weakened into Introduction to Forex, Trading Education, eBooks, Forex for Beginners, Advanced Courses, and a Glossary. New traders will find a mixture of written content, eBooks, and lots of videos.