Before putting money through this exchange, you should be very careful. We think you should stay away from LegacyFx when it comes to your investments.
The LegacyFx company is an internet company that acts as a broker for other online traders. During the past several months, a sizeable number of customers have filed complaints against this online broker, despite the fact that a lot of users have praised this online broker for the incredible bonus and the free trading software it provides.
Some of the users have also claimed that the organization along with its positive reviews is completely phony, and the later users have also stated that this company is a scam since it stole their money by closing accounts when they sought the withdrawal, and the later users also declared that this company is a scam.
What Is LegacyFx?
LegacyFx is an online business broker that primarily caters to traders of foreign exchange (Forex), contracts for difference (CFD), oil, cryptocurrencies, and other types of stocks located all over the world. The services claim that this organization offers more than 200 different trading instruments and asserts that using their platform is essential to achieving success in the foreign exchange market (Forex).
The team’s primary mission is to strengthen the level of financial security they provide to their clients while simultaneously improving the customers’ financial transparency. The fact that the supporting crew is available 24 hours a day, five days a week makes it possible for traders to invest in key currency pairs.
This company is legitimate and operates under the guidelines set forth by the VFSC (Vanuatu Financial Services Commission), as stated in the details that are presented on their primary website. LegacyFx The knowledgeable members of the team are prepared to educate the customers so that they may derive the greatest possible value from the money they have invested.
In addition to this, they require that regular market research and analysis be provided to their clients at regular intervals. In addition, their customers will be able to access helpful video tutorials, lectures, and downloadable publications to educate themselves on the highs and lows of the trade market.
Is LegacyFx a Safe Broker?
Because there are so many perspectives on this broker that are in direct opposition to one another, coming to a decision without first examining their products and services as well as the feedback provided by their clients is quite challenging. Therefore, before we get to a conclusion, we ought to weigh the benefits and drawbacks of working with this broker.
Regulations
Before investing in any company, you should do research and talk to other people because it involves the money that you have worked hard to earn. We investigated everything LegacyFx using the information that is supplied on their website, and we came to the conclusion that the broker is legitimate.
It is subject to oversight by the Financial Conduct Authority in the United Kingdom, the BaFin in Germany, and the CySEC in Cyprus. FCA issued license number 7973434, BaFin issued license number 348194, CySEC issued license number 344/17, NBRB issued license number 193180778, and VFSC issued license number 14579. As a result, we are able to vouch for the legitimacy of this company.
Offered Platform
The most remarkable aspect of this trading platform is that it enables users to trade cryptocurrencies like Bitcoin and Ethereum. The broker provides its customers with access to the MetaTrader 5 platform, just like the most reputable organization does. Additionally, in addition to agricultural goods, metals, and even currency pairs, trading is an option for you.
Even for experienced traders and financial professionals, the MetaTrader 5 platform is an excellent choice. The broker recommends that the newcomers get some experience by practicing on a demo account. The software is also available for download from the Google Play Store for Android-based devices, making it accessible to a wider audience.
Market Analysis
Consumers are continually informed about the most recent state of the market via the platform. The study is viewable within the trading software that is offered to customers. The business requires that its customers have access to a variety of additional features, such as an economic calendar, regular market conditions, trading signals, and so on. The Autochartist feature is beneficial to investors since it offers a diverse selection of options for navigating the CFD or forex markets.
Account Types, Deposits, and Withdrawal
The organization gives its customers the option to open one of eight distinct kinds of accounts: VIP, Premium, Platinum, Gold, Silver, Bronze, or Standard accounts, as well as Islamic accounts. The process of signing up is totally free, and there are no additional fees required, although the minimum deposit required varies from one account to the next. For instance, the minimum deposit value for a Platinum account is $25,000, the minimum deposit value for a Gold account is $5,000, and the minimum deposit value for a Silver account is $500.
Despite the fact that many customers have strong objections to it, the broker has not imposed any restrictions on the clients’ ability to withdraw money from their accounts. The lowest amount that can be withdrawn is currently fixed at $150.
Customer Service and Support
LegacyFx requires that its customer support personnel be prepared to offer solutions to any problems that may be experienced by the company’s customers. It is evident that the team is not making false claims about the availability of help around the clock like other companies do when they say that they are active Monday through Friday. The staff gives off a very professional appearance.
When working with this broker, you will have access to a vast library of video lectures and tutorials that will teach you about the highs and lows of the retail market. However, it could appear as though the downloadable ebooks are lacking in important information.
What Do the Clients Say About LegacyFx?
There is a broad spectrum of opinion regarding this broker in terms of the services they provide, the procedures for making withdrawals, and their level of credibility. Some individuals have the opinion that using this broker enables them to make profitable trades and financial investments. In addition to this, they have stated that they have been able to withdraw the profits without any problems.
A number of the customers commented that this broker was dependable and that they were able to earn a satisfactory quantity of money from working with him. One of the users stated that it was his mistake and added that he had some issues while he was trying to deposit money, but the support service was able to assist him. Another customer shared his opinion that LegacyFx is completely trustworthy since he was able to generate a respectable amount of profit despite only making a nominal initial investment.
On the other hand, many people wrote bad things about this broker’s rules and payout process, and some even said it was a scam and a fake. One of the clients told the new traders not to go with LegacyFx because this broker gave the client a manager who used sweet talk to get the client to spend more and keep buying and selling.
The team did this because the number of covers makes them money. This customer finally lost all of his money, which was a shame. Another user said that all of the reviews were made up and that LegacyFx stole his money. One client made his objection clear and said that it had to do with the signals, but he did agree that the company was real.
Another investor said that the broker is perfect for skilled traders because the investors had to put down at least $5,000 to stay in the market. He also didn’t like the fact that the company didn’t train the new person. Another trader wrote that one of the people who worked for this company was very rude and made him pay more and more money.
It is not safe!
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.
