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BROKER REVIEW

LEGACYFX

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November 29, 2020 | 

Joanna Newman |  0 Comments | 

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LEGACYFX REVIEW

Our Pick

Mimimum Deposit

$250

Crypto

currency
currency
currency
currency
currency

Regulation

country

Our Score

8

Many forms of cryptocurrency and altcoin trading are available in today’s financial markets. A rising star in cryptocurrency trading is in CFDs.

CFD stands for Contract for Difference. This popular derivate trading form enables traders to speculate on the fluctuating prices of investment options in the financial markets. When trading CFDs, one is not investing in a particular asset but rather speculates whether that asset will rise or fall in price (i.e., They do not own the asset directly). Based on these predictions, one can make a profit from their speculations. This profit margin is based on the difference between one’s investment and the price after the asset’s appreciation.

Generally, CFDs traders are not limited to a specific asset. They have the freedom to invest in any asset of their choice. Aside from cryptocurrencies, some of the most common tradable assets for CFD traders are indices, shares, currencies, treasuries, and commodities.

Overall, trading cryptocurrency CFDs can be challenging if one does not trade on the right trading site. While many sites are available currently worldwide, one notable one that should be mentioned is LegacyFX. LegacyFX has proven to be a reliable trading platform for prospective traders from all walks of life. They offer their clientele a trading platform and supplementary services that support their trading goals and needs by educating them and providing top-notch tools.

Below please find a detailed review of LegacyFX, which may help traders make an informed decision about this CFD and crypto broker.

Background

With several thousand traders across their platforms, LegacyFX is all about transparency. Started in 2017, the trading company is highly regulated as seen by its multiple licenses. Overall, LegacyFX strives to build trust and maintain protection through openness, as well as providing a wide range of products and services.

The company has embraced innovation through the years of its operations. Some of the game-changing tools and advancements the company has introduced over the years are: segregation of client funds, 200+ trading instruments, spreads starting at 0.1, no commissions, MetaTrader 5 trading platform, lessons, eBooks, analysis, PAMM accounts, as well as various affiliate and promotional programs.

Generally, the company is all about customer experience and education. It employs an easy to use interface while supporting a broad range of assets such as the top cryptocurrencies of Litecoin, Ethereum, and XRP.

Regulation

Trust in this industry is paramount to all who choose to enter it. Through in-depth regulation, LegacyFX attempts to garner this trust with its clientele. This is notably seen by the company’s multiple regulatory bodies: Cyprus Securities & Exchange Commission (CySEC), Vanuatu Financial Services Commission (VFSC),  Federal Financial Supervisory Authority (BaFIN), Financial Conduct Authority (FCA), National Bank of the Republic of Belarus, and Financial Sector Conduct Authority (FSCA).

Overall, each of these regulatory bodies help ensure that the company abides by the appropriate rules and legislations per the region and jurisdiction they operate in.

Deposit and Withdrawal

One of the top factor’s traders take into consideration when choosing a broker to work with, is the ease of their deposit and withdrawal procedures. LegacyFX provides extensive deposit options for all its clientele depending on their region and access to various payment methods. The company constantly strives to provide the most up-to-date and easy to use methods such as credit card, wire transfer, as well as alternative payment methods such as Skrill, Neteller, and BitCoin. On the other side, the company relays a detailed guideline on its withdrawal policies and methods. Every trader should readily inform themselves of these policies before signing up. These policies are available to clients on the company’s website and is constantly reiterated throughout a client’s activity with the company.

Assets to Buy and Sell in LegacyFX

LegacyFX runs trading on forex, indices and stocks, cryptocurrencies, CFDs, and commodities such as Gold and Oil.

To begin with, forex simply means foreign exchange; or the process of changing money from one currency to another.  It is comprised of buyers and sellers who deal in currencies at a predetermined price. These buyers and sellers can be central banks, companies, or individuals. Although various foreign exchanges take place for practical reasons, most of these currency conversions are done with the intention of generating profits.

Second, trading in indices or stocks was previously the prerogative of financial institutions. However, trading these assets has been opened to the public, so shrewd investors are taking full advantage of opportunities to make some profit based on big name market generators.

And thirdly, the most traded commodities are in sectors of metals, energies, and soft commodities. The metal sector includes the likes of gold silver, and copper while the energy sector has oils and natural gas. Commodities such as cocoa, coffee, and sugar are in the sector of soft commodities. 

Overall, while trading CFDs one must be able to predict the trade direction correctly. This means buying if it is believed that the price of the commodity will rise and selling if it is believed it will fall.

Customer Service

LegacyFX prides itself on providing reliable customer service to its multitude of users in various languages and delivery methods. Primary contact methods include calling the company’s support hotline, emailing the company via a ticketing system, live chat, as well as access to the company’s Dealing Department which is available 24/7.

Aside from the methods mentioned above, clients have full access to the company’s resources and educational offerings. Such products give clients additional tools to assist them with trading fundamentals and processes. All this is in addition to the one-on-one support clients receive from a personal account manager they are assigned to once depositing.

Fees

LegacyFX does not charge trading fees or commissions. Fees are garnered in the form of spreads. Most assets offered come with a spread of around 0.1%, with others ranging with figures like 1.6% to 0.6%

Bottom Line

Taking everything stated here into consideration, it is no wonder why LegacyFX is regarded as one of the most established and trustworthy trading platforms in the world. Overall, the company takes pride in offering a wide range of investment options, providing top-notch tools and resources, and giving their customers a reliable representative to turn to for all their trading needs.

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