LegacyFX Review

1.922 · 29 REVIEWS
Updated: Sep 7, 2020 · LegacyFX.com  · Is this your company?

LegacyFX is a forex broker. Legacy FX offers the MT5 and MT5 Mobile forex trading top platform. LegacyFX.com offers over 40 forex currency pairs, cfds, commodities, stocks, indices, metals, bitcoin and other cryptocurrencies for your personal investment and trading options.

LegacyFX

Broker Details

Minimum Trade Size: 0.01
Maximum Leverage: 200:1
Minimum to Open Live: $500
Established: 2017
Address: Govant Building, Kumul Highway, P.O.Box 1276 Port Vila, Vanuatu
Contact: Support@legacyfx.com, +41315087455
Regional offices:
Regulators: VFSC #14579
Prohibited countries:
Trading platforms: MT5, WebTrader, Mobile Trader
Web Trading: Yes
Mobile Trading: Yes
ECN: Yes
Currencies: (40+)
Cryptocurrencies: (4) Bitcoin, Litecoin, Ethereum
CFD: (135+) Gold, Silver, Stocks, Stock Indexes, Oil, Other Commodities
EAs/Robots: Yes
Scalping: Yes
Deposit Methods: Bank Wire, VISA, MasterCard, Maestro, Neteller, Skrill, UnionPay
Withdrawal Methods: Bank Wire, VISA, MasterCard, Maestro, Neteller, Skrill, UnionPay

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1.922 · 29 REVIEWS
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Traders Reviews

Abraham Adeleke,
Lagos, Nigeria,
Sep 4, 2020,
Guest

WARNING! DO NOT PUT MONEY HERE

Service use: Live

Length of use: 3-6 Months

This broker entices you to bring $250 to start trading on their platform with a 0.1 lot size, which is very wrong. This won't allow you to position size and manage your risk. So, if you have 3 or 4 losing trades, your trading account is gone.

I put $250 in their platform in April and blew it twice because they don't allow traders to choose their lot size. I didnt know all this stuff at the beginning, so they took advantage of that and encourage me to deposit. I deposit $250 and $300 and lost both amounts with the help of their so-called signals group.

People rating them 5 stars are people who just recently started using their service. They don't really know what's going on. Give them one month, I bet you, they will lose their money.

Generally speaking, don't put your money in LegacyFX because they are dishonest and only out to get your money!!!
 
Reply by Legacyfx submitted Sep 7, 2020:
Dear Mr. Adeleke,

Thank you very much for taking the time to write a review about Legacyfx.com
Please note that there is no such thing as an account manager not letting you to change the lot of your trades. No one has control over your trading account but you.
Legacyfx.com offers all clients a Dealing Room service, our clients are able to contact the Dealing room and open and close trades after sending expedite instructions about lots, stop loss etc.
Further to your feedback, we regret to hear that you are unsatisfied by the services even though we complied with all your requests on time such as sending your withdrawal back and giving you the service of the best account managers.
If you may need any further clarification please do not hesitate to contact us at compliance@legacyfxc.com
Nigeria, Nigeria,
Aug 28, 2020,
Registered user

LEGACYFX NOT RELEASING MY WITHDRAWAL OVER TWO WEEKS

Service use: Live

Length of use: 0-3 Months

Hi people,

After following Legacyfx signals from James Lok for a while (6 months) on demo I decided to join with 500$.

After depositing I was given a different account manager one Jason Bergoff who gave me signals. Made a profit of 41$ in one trade and realised that the signal strategy was not safe for that Kind of small account so I opted to withdraw funds to test their withdrawal system and up till now I have not gotten my funds back.

I deposited with 2 debit cards, 300$ and 200$ respectively.

On the 13th of August, 2020 I placed withdrawals for all $541.

The withdrawals were done on the 13th of August 2020 and then the 300$ was approved on the 17th of August 2020 making 3 days just to approve the withdrawals.

And I recieved rhe 300$ on the 25th of August, 2020.

Up till now that have refused to approve the remaining 241$, that is over two weeks after I placed the withdrawal and and all emails sent to their account section are not replied.

I never knew that they way this incompetent and fraudulent even with a meagre 241$ after all the signal hype and all worth nought.

This broker has refused to sent my funds to my account and will not respond to my mails or chats with any reason for the delay.

My fingers are crossed.

This is just the beginning.
 
Reply by Legacyfx submitted Sep 1, 2020:
Dear Akgold,

Thank you very much for taking the time to post a review about LegacyFX.com
Please contact us at support@legacyfx.com and provide us with your TP account number so we will be able to review your claim.
We will be happy to assist you.

Best Regards,
The Compliance Team.
Zürich, Switzerland,
Aug 11, 2020,
Registered user

Legacy FX

Service use: Live

Length of use: 0-3 Months

My acount Manager make me lose 17.000€ and all acount balance.
Dont trust this people, he tell me today i have to invest more money ! Who invest more money when are losing everything??
Its not serious Company.
  1 trader has found this review helpful
Reply by Legacyfx submitted Aug 18, 2020:
Dear Domingos,
Thanks for taking time to post a review about LegacyFX.
Trading Forex carry a high level of risk which can work both to your advantage and disadvantage.
You should not risk more than you are prepared to lose. Before deciding to trade, you need to ensure that you understand the risk involved.
Opening, closing positions and depositing in your trading account is an activity that is done only with your authorisation and approval.
If you may need any further clarification please feel free to contact us at support@legacyfx.com
The Compliance Team.
LONDON, United Kingdom,
Jul 5, 2020,
Registered user

LEGACYFX IS A FRAUD

Service use: Live

Length of use: 0-3 Months

I will be as sincere as possible. Please STAY AWAY FROM LEGACYFX. While i understand that some will still go ahead and invest with them, I'll advise that if you worked hard for your money PLEASE DO NOT GIVE IT TO LEGACYFX.
1. When you come across them, they will assign you to an account manager that has been trained to manipulate you. They will tell you sweet words and advise you to listen to them-PLEASE DON'T DO IT
2. I have a first hand experience with them and it was not a good one, i know at least 3 people with the same experience.
3. When you do loose all your investment because of their wrong directions, no one will listen to you, and even when they do, they are set in their ways- their resolve will be to encourage you to invest more, not trying to help you resolve.
4. Don't get me wrong, i understand in trades there are gains and losses; but as a newbie, they offer to give you professional advise. I lost £1500 in a matter of days because Chris the so called professional advised trades that were beyond the account and the trades were on a consistent loss. I started loosing money when it went south at £100 but he said to leave and not close it, then it started loosing some more, he refused that i close it, until it got to -£712, and then another trade on -£386 same day, i was devastated because all these big losses could have been avoided. He then went on to ask me to open Crudeoil same day with a big size lot, this took all the money and closed it self.
5. I sat down and realised this is something they do upon closing on every Friday, because for some reason they have something to gain. They will never respond back to you after 4pm on Friday and this happened to me twice on Fridays with them.
6. I made a complaint via email, no one responded until i sent a 3rd email, then some guy Nick called me with a non-challant attitude and offered to reverse the last trade of £318, even after i sent evidences to Damyan about how i insisted to Chris that we close those losses of -£712 & -£386 when the price was still manageable, they totally ignored it and said i should forget about it; that they will never refund it, even though they agreed Chris made a wrong call.
6. I reported this issue to a regulatory body and they confirmed they had received several complaint about LEGACYFX.
7.I have all chat evidences that suggests the losses i incured could have been avoided and caused by one of their own; but none of them are willing to look at the fact.
8. After they returned £318 and i tried to withdraw it, they still had the effrontery to deduct £50 withdrawal fee, even when they know i had lost my money.
9. THEY LACK EMPATHY AND THEIR CUSTOMER SERVICE AGENTS ARE THE WORST. THEY ARE PLAINLY RUDE! They willcut off a chat without solving your issues.
10. THEY ARE NOT IN THE UK SO YOU CAN NOT CALL THEM, THEY CAN ONLY CALL YOU.
11. Since the inception of my frustrations, i have only received a call from a non challant person and THAT'S IT. I IMAGINE THEY ARE USED TO THIS AND CAN'T BE BOTHERED.
12. THE OTHER 2 PEOPLE THEY HAVE SCAMMED AND I ARE TAKING THIS UP SERIOUSLY AND OUR NEXT STEPS WILL BE SERIOUS.
13. I HAVE SENT OVER 5 EMAILS AND NO ONE HAS RESPONDED TILL DATE.
14. THEY KEPT ON SAYING ATLEAST I MADE MONEY AT SOME POINT..LOL, I MADE LESS THAN £60 OVERALL AND IT WENT BACK INTO THE LOSS OF OVER £1000 AND THEY DEDUCTED £50 STILL. VERY LAUGHABLE.
  1 trader has found this review helpful
Yorkshire, United Kingdom,
Jun 12, 2020,
Registered user

Dont believe the HYPE on Telegram!!

Service use: Demo

Length of use: 0-3 Months

This is the LegacyFX.com account which is not under UK rules.(the one that has all the Hyped 1000pip Telegram messages.)I didnt join the LegacyFX.eu so dont have an opinion.

LegacyFX.com is not for a small account or beginner. (Im very new to this, 6 months learning and still stupid enough to look for short cuts to make money))

I wasn't concerned about spread size (which is high in comparison to others)it would be irrelevant if I could achieve the profits they claim.

I was lead to believe that they are an ECN broker so it is in their interest that you make money. Not sure if its true but I don't believe they have your interest at heart.

I demo traded for the last 3 days on the promise that I would join if I made a profit in the demo account which had £50k, i asked them to change it to £1k so that I could trade realistically and follow money/risk management(which they didnt do).
The minimum trade size is 0.1 lots, this makes it impossible to use risk management, with the amount of trades they are giving out daily I reckon you'd need a £5k minimum account to be able to keep within margin.

https://www.myfxbook.com/forex-calculators/position-size

If you are at a skill level to risk a £5k account I dont think you need tips and signals from these.

I ditched them after 3 days because the telegram group that gives out signals shows a 1000 pip profit for yesterday alone and they only mention one loss.

The truth is that my demo account lost money yesterday, I didnt take there biggest winner which was USDZAR, I have no intention of trading Minor or Exotic forex pairs, even if I had taken it I would still have made a loss.


I didn't lose any money as it was a demo account, but apparently you get a personal adviser once you have a real account, I have no doubt you will need to keep topping your account up to keep within margin to take all trades.

This is the hype-

"USDZAR + 900 pips (this was about 4 to 1 odds so not as good as it appears)
USDCAD + 76 pips
EURJPY + 26 pips
EURNZD + 61 pips
CADJPY +27 pips
GBPCHF + 39 pips
EURGBP + 7 pips
EURUSD +5 pips
GBPUSD +34 pips
AUDUSD + 20 pips
NZDUSD +3 pips
USDTRY - yet to develop

Total pips profit: 1198!"

I kept a journal if anyone wants to challenge this.!!

(For google search's sake - Adrian Savic Jake Miller )
Not for me, Ill go to the casino instead!
 
London, United Kingdom,
May 14, 2020,
Registered user

Worst broker to date. Scammers

Service use: Live

Length of use: 0-3 Months

The company starts off with friendly phone calls and professional advice from “professionals”. I have been hassled with phone calls as early as 7:20am with calls throughout the day to as many as 11 calls in a single day. I opened my account and did my own thing, performing my own trades and making money, I was callled and told that I’m having very good luck and that it would run out soon I should follow them. I was told in an asking way to deposit more money so I could “ make more money “ Because what I was doing wasn’t enough (started with £200, after day one had £300) every S.I.N.G.L.E time I requested a withdrawal I get an immediate phone call asking why and they suggest I don’t. These people do not care about you, only your money. I have no idea how they are “regulated” but stay clear.
  1 trader has found this review helpful
United Kingdom, United Kingdom,
May 7, 2020,
Registered user

DO NOT go for this company

Service use: Live

Length of use: 0-3 Months

Please do not go for this company. First they enticed me in by telling me to put £200 in. I got assigned to a manager who at first was nice. Sweet talking and making it seem like his been doing this for a long long time. He told me To put in more money To secure my invest. I put in a further £1800. He told
Me keep buying and selling on the same trade. This is because they make money on the spread. He told me to invest in trades with very very high spreads so it took some time for me to get even. Never mind making money. I have lost all my trust in these forex companies. This was my first time trading. Never again. I have made a request to withdraw my money. The manager is trying his best for me not to do this but I told him. I don’t trust him or his company.
 
Pjo,
Antalya, Turkey,
May 5, 2020,
Guest

Legacyfx is not transparent

Service use: Live

Length of use: 0-3 Months

I funded my account with them after being cajoled by one FRANCESCA about the benefits of trading with them. I found out the terms and conditions after funding and it was not good enough for instance minimum of 0.10 lot size per trade.
I refused to place a trade and decided to withdraw my money. $50 was charged and I am yet to receive my money back.

I advise no one to chose them.
  1 trader has found this review helpful
Lagos, Nigeria,
Apr 20, 2020,
Registered user

LegacyFx, The Most Recommended

Service use: Live

Length of use: 3-6 Months

LegacyFx, The Group Was Introduced By A Brother And I Will Say That It's Qas The Best Thing That Ever Happened To Me. LegacyFx Have Proven To Alot Of Fellow Out There With The Aim Of Creating A Second Wealth Stream That They Are Capable Of Doing It. I Lost My Job Because Of This Covid-19 Pandemic And I Will Gladly Say That I Will Not Go Back To My Previous Job. Ain't Gonna Lie To The Society, If You Are New Into Forex And You Want To Grow Better, I Recommend LEGACYFX . Thanks Once Again
 
Divyang,
London, United Kingdom,
Apr 12, 2020,
Guest

Legacyfx scam

Service use: Live

Length of use: 0-3 Months

Legacy fx company is a big scammer I opened my account and company manager called me fo you have a knowledge I said not to much ok I will do it I asked them please open first demo account and please give me training first but he said don’t worry I will do it he said please download in your computer anyonedesk and give me id and pw . I gave them and he did without any information he said ok please watch how I do and he did gold trade and within 15 min he loosed my money. His name is jimmy he is a big scammer. I do not recommend legacy fx. It’s scammer
 

Frequently Asked Questions

What is LegacyFX?

LegacyFX is an online forex and CFD broker, located in Vanuatu. LegacyFX offers following assets to be traded on MetaTrader 5 platform.

  • Forex
  • Gold CFDs
  • Oil CFDs
  • Crypto CFDs
  • Stock CFDs
  • Indices CFDs

Is Legacy FX legit?

LegacyFX is regulated in Vanuatu by Vanuatu Financial Services Commission under license 14579.

Being regulated doesn't automatically mean it is legit, it means there is a place to report or complain when it is needed.

The best way to understand if LegacyFX is a legit or good broker is to read the unbiased traders reviews on ForexPeaceArmy. https://www.forexpeacearmy.com/forex-reviews/16685/legacyfx-forex-brokers

Please come back often as broker services are very dynamic and can improve or deteriorate rapidly.

Additionally, we'd recommend to check recent LegacyFX community discussions: https://www.forexpeacearmy.com/community/tags/legacyfx/

Is LegacyFX regulated?

LegacyFX is regulated in Vanuatu by Vanuatu Financial Services Commission under license 14579.

What is the maximum leverage offered by LegacyFX?

The maximum leverage offered by LegacyFX is 200:1 for all available accounts.