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LegacyFX Review

Overall, LegacyFX is considered low-risk, with an overall Trust Score of 75% out of 100. LegacyFX offers 7 retail investor accounts as well as a demo and Islamic Account. LegacyFX is currently not regulated by the Central Bank of Botswana (CBB).

Updated : May 7, 2024

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005 regulations book

Overview

005 feature selection

Regulation and Safety of Funds

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Awards and Recognition

007 fees

Account Types and Features

profile

Account Registration

comparison

Broker Comparison

003 responsive design

Trading Platforms

003 stock market

Range of Markets

charge

Fees

001 cash withdrawal

Deposit and Withdrawels

003 research

Education and Research

bonus

Bonuses and Promotions

001 cash withdrawal

Affiliate Programs

customer service

Customer Support

002 affiliate marketing

Social Responsibility

008 auction

Final Verdict

004 review

Pros and Cons

001 question

FAQ

LegacyFX

Overall Rating

Min Deposit

USD 500 / 6851 BWP

Regulators

CySEC, MiFID, VFSC, BaFin, FCA, NBRB

Trading Desk

MT5

Crypto

Yes

Total Pairs

0

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

on LegacyFX’s website

Overview

Overview

 

Overall, LegacyFX is considered an average risk, with an overall Trust Score of 75 out of 100. LegacyFX is licensed by one Tier-1 Regulator (high trust), one Tier-2 Regulator (average trust), and zero Tier-3 Regulators (low trust). LegacyFX offers seven retail trading accounts namely a Standard Account, Bronze Account, Silver Account, Gold Account, Platinum Account, Premium Account, and VIP Account.

LegacyFX was founded in Cyprus, and since then the company has expanded to many other countries so that it may better serve its rapidly expanding customer base.

 

LegacyFX takes great pleasure in its openness, disclosing the details of its offers while still providing excellent service and making customers happy. In general, the organization gives investors and traders access to low spreads and a wide variety of assets.

The LegacyFX website advertises a few benefits to potential traders interested in trading Forex. If you want optimal trading circumstances, seek a broker with unparalleled liquidity.

 

When compared to other brokers, LegacyFX’s spreads are quite low. Trade using the AutoChartist MT5 plugin, which is available via LegacyFX. This allows for in-depth research into market trends, including alerts for when certain chart patterns or Fibonacci sequences begin or are finished.

It is compatible with the MetaTrader 5 trading platform on desktop and mobile devices. The website and client portal also provide live signals and several trading calculators for the convenience of the broker’s customers.

 

LegacyFX accepts Botswanan clients and has an average spread from 0.6 pips with 0.15% commission (stocks only). LegacyFX has a maximum leverage ratio of up to 1:200, and a demo and Islamic account are available.

Only the MetaTrader 5 web, mobile, and desktop platforms are supported. LegacyFX is headquartered in Vanuatu and is regulated by the Financial Conduct Authority (FCA) and Cyprus Securities and Exchange Commission (CySEC) under A.N ALLNEW INVESTMENTS LTD.

 

Distribution of Traders

Distribution of Traders

 

Currently has the largest market share in these countries:

➡️ South Africa – 7.8%

➡️ United Arab Emirates – 5.9%

➡️ Canada – 5.2%

➡️ United Kingdom – 5.1%

➡️ Israel – 5%

 

Popularity among traders 

Although Legacy does not have a considerable market share in Botswana, the brokerage firm is ranked as one of the top 100 options for retail traders in the country based on the distinctive services it provides.

LegacyFX At a Glance

🏛 HeadquarteredVanuatu
🌎 Global OfficesCyprus, United Kingdom
🏛 Local Market Regulators in Botswana• Ministry of Finance and Economic Development (MFED)
• Bank of Botswana (BoB)
• Non-Bank Financial Institutions Regulatory Authority (NBFIRA)
💳 Foreign Direct Investment in Botswana115.89 BWP Million in 2021
💰 Foreign Exchange Reserves in Botswana5270 USD Million in 2021
✔️ Local office in Gaborone?No
👨‍⚖️ Governor of SEC in BotswanaNone, Moses Dinekere Pelaelo is the Governor of the Bank of Botswana
✔️ Accepts Botswana Traders?Yes
📊 Year Founded2017
📞 Botswana Office Contact NumberNone
📱 Social Media Platforms• Facebook
• Instagram
• LinkedIn
• WhatsApp
• Twitter
• YouTube
⚖️ RegulationFCA, CySEC
1️⃣ Tier-1 Licenses• Federal Financial Supervisory Authority (BaFIN)
2️⃣ Tier-2 LicensesCyprus Securities and Exchange Commission (CySEC)
3️⃣ Tier-3 LicensesNone
🪪 License Number• United Kingdom – 797343
• Cyprus – 344/17
⚖️ MFED, BoB, or NBFIRA RegulationNo
✔️ Regional RestrictionsUnited States of America, Israel, Iran, Syria, Afghanistan, Myanmar, North Korea, Somalia, Yemen, Iraq, Sudan, South Sudan, British Columbia, Ontario, Manito
☪️ Islamic AccountYes
💻 Demo AccountYes
🛍 Retail Investor Accounts7
✔️ PAMM AccountsYes
💻 Liquidity ProvidersNone indicated
✔️ Affiliate ProgramYes
📱 Order ExecutionMarket
📊 Starting spread0.6 pips
📉 Minimum Commission per Trade0.15% on stocks
💰 Decimal Pricing5 points after the comma
📞 Margin Call80%
🛑 Stop-Out30%
📉 Minimum Trade Size0.10 lots
📈 Maximum Trade Size1,000 lots
✅ Crypto trading offered?Yes
✔️ Offers a BWP Account?No
📉 Dedicated Botswana Account Manager?No
📈 Maximum Leverage1:200
📊 Leverage Restrictions for Botswana?No
💳 Minimum Deposit (BWP)6,400 BWP or an equivalent to 500 USD
✔️ Botswana Pula Deposits Allowed?No, only USD, GBP, EUR
📊 Active Botswana Trader Stats250,000+
👥 Active Botswana-based LegacyFX customersUnknown
🔁 Botswana Daily Forex TurnoverUnknown, Forex overall is $6.6 Trillion
💰 Deposit and Withdrawal Options• Credit/Debit Card
• Neteller
• Skrill
• Klarna
• iDEAL
• Giropay
• Perfect Money
• Crypto Wallets
• Bank Wire Transfer
• AVO Payments
• EFT Pay
• Volt Deposits
• PayRedeem
• Jeton
• GIGADAT
💻 Minimum Withdrawal Time3 to 5 working days
⏰ Maximum Estimated Withdrawal Time3 to 5 working days
💳 Instant Deposits and Instant Withdrawals?No
🏛 Segregated Accounts with Botswana Banks?No
📱 Trading PlatformsMetaTrader 5
💻 Tradable Assets• Forex
• Stock CFDs
• Commodity CFDs
• Precious Metal CFDs
• Index CFDs
• Crypto CFDs
• ETFs
✔️ Offers USD/BWP currency pair?No
📊 USD/BWP Average SpreadNo
✅ Offers Botswana Stocks and CFDsNo
💻 Languages supported on the WebsiteEnglish, Spanish, German, Russian, Arabic
☎️ Customer Support LanguagesMultilingual
👥 Copy Trading SupportNo
⏰ Customer Service Hours24/5
📞 Botswana-based customer support?No
💸 Bonuses and Promotions for Botswanans?Yes
📚 Education for Botswana beginner tradersYes
📱 Proprietary trading softwareNo
🤝 Most Successful Trader in BotswanaUnknown
✔️ Is LegacyFX a safe broker for Botswana Traders?Yes
🎖 Rating for LegacyFX Botswana7/10
🥇 Trust score for LegacyFX Botswana75%
👉 Open Account👉 Open Account

Regulation and Safety of Funds

Regulation and Safety of Funds

 

Regulation in Botswana

The local market regulators in Botswana are as follows:

➡️ Ministry of Finance and Economic Development (MFED)

➡️ Bank of Botswana (BoB)

➡️ Non-Bank Financial Institutions Regulatory Authority (NBFIRA)

 

While the broker is regulated globally, the broker does not yet have local regulations or licenses in Botswana. However, despite this, they are a popular and trustworthy broker that accommodates Botswanan traders.

 

Global Regulations

In both the United Kingdom and Cyprus, they are supervised by the following agencies:

➡️ The Cyprus Securities and Exchange Commission (CySEC), which regulates A.N ALLNEW INVESTMENTS LTD (registration number 348194), has granted LegacyFX the necessary authorization to provide both cross-border services and ancillary services in Cyprus. 

➡️ N ALLNEW INVESTMENTS LTD is regulated temporarily by the Financial Conduct Authority (FCA) in the United Kingdom.

 

Client Fund Security and Safety Features

Companies that are regulated are subject to stringent financial restrictions, such as capital adequacy criteria.

The broker is required by law to have sufficient liquid assets to cover customer deposits, possible changes in currency holdings, and current debt. Monthly financial reports must be provided to the regulator.

Every year, an independent auditor conducts a thorough audit and reports any concerns to the regulator. The broker keeps customer funds in fiduciary-separated client bank accounts.

Because the monies are not reflected on the balance sheet, they cannot be utilized to pay creditors if they collapse.

 

The broker also has corporate and customer accounts with well-known European financial institutions. LegacyFX also makes its payment sources’ information public. These are as follows:

➡️ Barclays Bank PLC has registered the brand Barclaycard. Barclays Bank PLC is governed and regulated by the Prudential Regulation Authority and the Financial Conduct Authority (Financial Services Register number: 122702). The company was founded in England, with the registration number 1026167. 1 Churchill Place, London, E14 5HP is the registered office.

➡️ Globalcollect – The Dutch Central Bank has given Globalcollect authorization to operate in the Netherlands (DNB).

➡️ Skrill (Skrill Ltd.) is allowed by the Financial Conduct Authority to issue electronic money following the Electronic Regulations 2011; its UK registration number is 900001 Skrill Ltd.

➡️ Following the Electronic Money Regulations 2011, Optimal Payments Limited, which provides the NETELLER service, has been granted permission by the Financial Conduct Authority to issue electronic money and payment instruments in the United Kingdom (FRN: 900015).

 

The ICF is a compensation fund for organizations that are licensed to offer financial services. If LegacyFX goes out of business or declares bankruptcy, ICF may be able to compensate its customers. The amount of compensation paid will be determined by the merits of the claim.

 

Legacy FX continually analyses, assesses, and manages all operational risks. When it comes to risk management, senior management is particularly in charge of the following:

➡️ Evaluate the efficacy of the methods, processes, and policies in place regularly.

➡️ Develop Legacy FX’s risk-taking capabilities and strategy.

➡️ Review the Risk Assessment Report produced by the Risk Management Department and, if required, take the necessary steps to guarantee that Legacy FX can always meet its capital and financial responsibilities.

 

Is LegacyFX a regulated broker?

Yes, they are regulated brokers. The company operates under the regulation of the Cyprus Securities and Exchange Commission (CySEC) under license number 344/17.

 

How does LegacyFX ensure the safety of clients’ funds?

The broker prioritizes the safety of clients’ funds through various measures aimed at safeguarding assets and mitigating risks. One key practice is the segregation of client funds, where clients’ funds are kept separate from the company’s operational funds. This segregation ensures that clients’ funds remain protected in the event of insolvency or financial difficulties.

Awards and Recognition

Awards and Recognition

 

Since the company’s beginning, the broker has made a concerted effort to develop a reputable reputation among both its clients and other parties.

In recognition of the many milestones and accomplishments it has made during its years of existence, the broker is delighted to display the numerous awards it has received. This is attributable to the considerable work put in by the company’s staff and the constant help from its clientele.

 

The following are some of the broker’s most recent honors:

➡️ Best Trading Education in the MENA area (2024)

➡️ Most Innovative Forex Broker in Africa (2024)

➡️ Best Trading Signals Provider (2021)

 

Has LegacyFX received any awards or recognition for its services?

Yes, they have been recognized and honored with several awards and accolades for their exceptional services within the financial industry. These awards often acknowledge LegacyFX’s commitment to excellence in various aspects of its brokerage services, including trading platforms, customer support, and educational resources.

 

How can clients verify the awards and recognition received by LegacyFX?

Clients interested in verifying the awards and recognition received can typically find a list of accolades on the company’s official website. Additionally, LegacyFX may publish press releases or announcements regarding recent awards received.

LegacyFX Account Types and Features

LegacyFX Account Types and Features

👉 Based on the minimum deposit that traders may make, LegacyFX’s account types for Botswanan clients are divided into several categories. Traders may get in touch with LegacyFX and ask to upgrade or downgrade their accounts.

 

👉 The names, deposit requirements, characteristics, and general trading rules of LegacyFX account types may change. Any account may be categorized by LegacyFX as an Islamic Account, meaning that it is exempt from interest and swaps.

 

👉 This rule is applicable to all traders searching for swap-free trading conditions, not simply Muslim traders who adhere to Sharia. However, LegacyFX has the right to delete an account or alter its status without prior notice if any abuse or suspicious activity is discovered.

 

👉 Botswanan traders can choose from the following types of accounts:

➡️ Standard Account

➡️ Bronze Account

➡️ Silver Account

➡️ Gold Account

➡️ Platinum Account

➡️ Premium Account

➡️ VIP Account

 

💻 Live Account💳 Minimum Dep.📊 Average Spread💸 Commissions💰 Average Trading Cost
Standard6,400 BWP / 500 USD1.60.45% 16 USD
Bronze12,900 BWP / 1,000 USD1.60.45% 16 USD
Silver38,700 BWP / 3,000 USD
1.60.45% 16 USD
Gold64,500 BWP / 5,000 USD
10.30%10 USD
Platinum129,000 BWP / 10,000 USD
10.30%10 USD
Premium320,000 BWP / 25,000 USD0.60.15%6 USD
VIP645,500 BWP / 50,000 USDCustomCustomCustom

 

LegacyFX Live Trading Account Details

Standard Account

Standard Account

👉 The Standard Account is the most fundamental kind of account, and it comes equipped with the following features:

➡️ Trading without commissions on all instruments, apart from stocks.

➡️ Commissions on stocks starting at 0.45%.

➡️ A diverse selection of options for commercial exhange.

➡️ Botswanans have access to live support.

➡️ A Trading Academy is open to new traders who are just starting out.

➡️ You have the choice to switch the account to a swap-free alternative as an available option.

➡️ Access to a Private Channel.

➡️ Traders receive advice and updates.

➡️ Traders have access to a diverse selection of commodities for trading.

 

Bronze Account

Bronze Account

👉 In addition to the advantages offered by the Standard Account, the Bronze Account comes with all the following benefits:

➡️ Trading without commissions on all instruments, except for stocks.

➡️ Commissions on stocks starting at 0.45%.

➡️ A diverse selection of options for commercial exchange.

➡️ Botswanans have access to live support.

➡️ A Trading Academy is open to new traders who are just starting out.

➡️ You have the choice to switch the account to a swap-free alternative as an available option.

➡️ Use of a Private Communication Channel.

➡️ Traders receive advice and updates.

➡️ Traders have access to a diverse selection of commodities for trading.

➡️ Software for automatic charting.

➡️ There are three protected deals.

 

Silver Account

Silver Account

👉 Traders in Botswana may obtain all the essential features, plus the following ones, with the Silver Account:

➡️ Trading without commissions on all instruments, except for stocks.

➡️ Commissions on stocks starting at 0.45%.

➡️ A diverse selection of options for commercial exchange.

➡️ Botswanans have access to live support.

➡️ A Trading Academy is open to new traders who are just starting.

➡️ You have the choice to switch the account to a swap-free alternative as an available option.

➡️ Use of a Private Communication Channel.

➡️ Traders receive advice and updates.

➡️ Traders have access to a diverse selection of commodities for trading.

➡️ Software for automatic charting.

➡️ There are three protected deals.

➡️ Access to information on trading psychology.

➡️ The capacity to engage in stock CFD trading.

➡️ Features of the Analytical Foundation.

➡️ Mentoring of a Fundamental Nature is Made Available by Experts.

 

Gold Account

Gold Account

👉 The following perks are available to users with a Gold Account:

➡️ Trading without commissions on all instruments, except for stocks.

➡️ Commissions on stocks starting at 0.30 percent.

➡️ A diverse selection of options for commercial exchange.

➡️ Botswanans have access to live support.

➡️ A Trading Academy is open to new traders who are just starting out.

➡️ You have the choice to switch the account to a swap-free alternative as an available option.

➡️ Use of a Private Communication Channel.

➡️ Traders are given hints and updated information.

➡️ Traders have access to a diverse selection of commodities for trading.

➡️ Software for automatic charting.

➡️ There are five protected deals.

➡️ Access to information on trading psychology.

➡️ The capacity to engage in stock CFD trading.

➡️ Features of the Analytical Foundation.

➡️ Mentoring of a Fundamental Nature is Made Available by Experts.

➡️ Access to High-Quality Concepts.

➡️ The ability to see your “Personal Success objective.”

➡️ Access to a VIP EU Mastercard.

➡️ Use of a Direct Dealing Desk if Available.

 

Platinum Account

Platinum Account

👉 This is one of the best and most popular options for experienced and professional traders, and here are some of the traits and benefits that make it so:

➡️ Trading without commissions on all instruments, except for stocks.

➡️ Commissions on stocks starting at 0.30 percent.

➡️ A diverse selection of options for commercial exchange.

➡️ Botswanans have access to live support.

➡️ A Trading Academy is open to new traders who are just starting out.

➡️ You have the choice to switch the account to a swap-free alternative as an available option.

➡️ Use of a Private Communication Channel.

➡️ Traders are given hints and updated information.

➡️ Traders have access to a diverse selection of commodities for trading.

➡️ Software for automatic charting.

➡️ Seven distinct regulated industries.

➡️ Access to information on trading psychology.

➡️ The capacity to engage in stock CFD trading.

➡️ Features of the Analytical Foundation.

➡️ Instruction and advice from experienced experts.

➡️ Access to High-Quality Concepts.

➡️ The ability to see your “Personal Success objective.”

➡️ Access to a VIP EU Mastercard.

➡️ Use of a Direct Dealing Desk if Available.

➡️ Possibility to have access to a detailed trade strategy.

➡️ A line that goes straight to the negotiation room.

 

Premium Account

Premium Account

👉 The Premium Account requires the greatest initial investment since it gives Botswanan professional traders access to the full range of available services. These services include the following:

➡️ Trading without commissions on all instruments, except for stocks.

➡️ Commissions on stocks starting at 0.15%.

➡️ Botswanans have access to live support.

➡️ A Trading Academy is open to new traders who are just starting out.

➡️ You have the choice to switch the account to a swap-free alternative as an available option.

➡️ Use of a Private Communication Channel.

➡️ Traders are given hints and updated information.

➡️ Traders have access to a diverse selection of commodities for trading.

➡️ Software for automatic charting.

➡️ Seven distinct regulated industries.

➡️ Access to information on trading psychology.

➡️ The capacity to engage in stock CFD trading.

➡️ Features of the Analytical Foundation.

➡️ Access to High-Quality Concepts.

➡️ The ability to see your “Personal Success objective.”

➡️ Access to a VIP EU Mastercard.

➡️ Use of a Direct Dealing Desk if Available.

➡️ Possibility to have access to a detailed trade strategy.

➡️ A line that goes straight to the negotiation room.

➡️ Possibilities for Making a Profit Trading Platinum.

➡️ More Experienced Mentoring.

 

VIP Account

VIP Account

👉 The VIP Account does not have a predetermined list of features, allowing traders to tailor this product to their own trading requirements and goals. The VIP Account is only available to professional traders and institutions.

 

LegacyFX Base Account Currencies

👉 When opening a live trading account with LegacyFX, traders from Botswana are only offered the option of setting their base currency as either the US dollar (USD), the euro (EUR), or the British pound (GBP).

 

👉 In accordance with the Client Agreement, traders who make deposits or withdrawals in currencies other than those indicated below will be liable for currency conversion fees.

 

LegacyFX Demo Account

LegacyFX Demo Account

👉 There is no risk involved since LegacyFX offers demo accounts that let you test the broker’s platforms and services as well as practice your trading methods with fictitious funds.

 

👉 This approach might be helpful in determining if the broker meets your requirements and boosting your trust in them before you commit long-term financial resources to them.

 

LegacyFX Islamic Account

LegacyFX Islamic Account

👉 According to the LegacyFX Client Agreement, any of the seven retail accounts offered may be regarded as an Islamic or Swap-Free Account. This account complies with the principles of Islamic law in terms of banking procedures and Riba, or interest.

 

👉 Swap-free status is open to any customers who desire to use this account, not only Muslim Botswanan merchants, and it will apply to any account that is converted to an Islamic Account.

 

👉 The traders who seek this account should be informed that LegacyFX retains the right to convert an Islamic Account back to a Standard Account at any time, in which case swaps and interest will be charged.

How to open an Account with LegacyFX in Botswana

How to open an Account with LegacyFX in Kenya

➡️ On the front page of the official website, visitors can click “Open Real Account.”

➡️ A new page with the account registration process will open.

➡️ From this page, Botswanans may complete the “Personal Account” registration form.

➡️ The following fields must be filled out by Botswanan traders: The following information is required: First Name, Last Name, Email Address, Phone Number, and a User-Selected Password that must be at least six characters and include both letters and digits.

➡️ After that, Botswanans must choose the USD, EUR, or GBP as the currency for their base account.

➡️ Botswanan merchants must affix their signature using the mouse pointer in the designated area.

➡️ Traders must enter the Captcha code in the designated place and accept the Declaration Statement and the Terms and Conditions before selecting whether to receive offers and incentives.

➡️ Traders can select “Continue” to continue the transaction once done.

➡️ Along with the login details, the trading platform number, account number, and any other pertinent information will be sent to the trader’s email address.

➡️ The account will be immediately formed after completing the verification and KYC documentation, and traders from Botswana may now activate their accounts with LegacyFX.

➡️ Botswanans may complete the verification process by supplying further information, including their birthday, present residence, degree of trading expertise, and financing source.

➡️ Traders can upload their proof of residence and identity via their client portals or dashboards.

LegacyFX Vs HFM Vs IC Markets – Broker Comparison

🥇 LegacyFX🥈 HFM🥉 IC Markets
⚖️ RegulationFCA, CySECFSCA, CySEC, DFSA, FSA, FCA, FSC, and CMA with registration in ACPR, BaFin, MNB, CONSOB, CNMV, FI, FMA, FSC, and other regionsASIC, CySEC, FSA, SCB
📱 Trading Platform• MetaTrader 5• MetaTrader 4
•MetaTrader 5
• HF App
• MetaTrader 4
• MetaTrader 5
• cTrader
💰 Withdrawal FeeNoNoNo
📊 Demo AccountYesYesYes
📈 Minimum Deposit6,400 BWP ($500)64 BWP ($1)2,500 BWP ($200)
📊 Leverage1:2001:10001:500
📊 SpreadFrom 0.6 pips0.0 pipsFrom 0.0 pips
💰 Commissions0.15% on stocks$3 to $4From $3 to $3.5
✴️ Margin Call/Stop-Out80%/30%• 40%/10%
• 50%/20%
100%/50%
💻 Order ExecutionMarketMarketMarket
💳 No-Deposit BonusNoNoNo
📊 Cent AccountsNoNoNo
📈 Account Types• Standard Account
• Bronze Account
• Silver Account
• Gold Account
• Platinum Account
• Premium Account
• VIP Account
• Micro Account
• Premium Account
• Nigeria HFcopy Account
• Nigeria Zero Spread Account
• Auto Account
• cTrader Account
• Raw Spread Account
• Standard Account
⚖️ CBN RegulationNoNoNo
💳 BWP DepositsNoYesNo
📊 Botswana Pula AccountNoNoNo
👥 Customer Service Hours24/524/524/7
📊 Retail Investor Accounts753
☪️ Islamic AccountYesYesYes
📉 Minimum Trade Size0.01 lots0.01 lots0.01 lots
📈 Maximum Trade Size1,000 lots60 lotsUnlimited
💰 Minimum Withdrawal Time3 to 5 working days10 MinutesInstant
📊 Maximum Estimated Withdrawal Time3 to 5 working days10 MinutesUp to 14 business days
💸 Instant Deposits and Instant Withdrawals?NoNoYes, on PayPal, Neteller, and Skrill

LegacyFX Trading Platforms

LegacyFX Trading Platforms

👉 LegacyFX offers Botswanan traders a choice between these trading platforms:

➡️ MetaTrader 5

 

👉 LegacyFX provides you with convenient access to the world market using the dependable and user-friendly MetaTrader 5 (MT5) platform created by the software firm MetaQuotes.

 

👉 The well-known online trading platform MT5, which is used by millions of traders, is renowned for its user-friendly interface that enables speedy and real-time transaction execution.

 

👉 MetaTrader 5 may be adjusted to meet the requirements of every trader. Using the platform’s built-in charts and technical indicators, you can quickly conduct a complete examination of the financial markets.

 

👉 LegacyFX’s MT5 is available to anybody who wants to trade manually using strategy templates or automatically using trading software. On desktop PCs, laptop computers, and mobile devices, MT5 is used (iOS & Android).

 

👉 The MT5 WebTrader may be used directly in web browsers without the need to download or install any extra software, making it helpful for clients who need to access their accounts and place trades from any location with an internet connection.

 

👉 It should be mentioned that the web and mobile versions lack a few features that are present on the desktop platform.

LegacyFX Range of Markets

👉 Botswanan traders can expect the following range of markets from LegacyFX:

➡️ Forex

➡️ Stock CFDs

➡️ Commodity CFDs

➡️ Precious Metal CFDs

➡️ Index CFDs

➡️ Crypto CFDs

➡️ ETFs

 

Financial Instruments and Leverage offered by LegacyFX

🔨 Instrument💰 Number of Assets Offered📈 Max Leverage Offered
➡️ Forex48• Major – 1:200
• Minor – 1:200
• Exotic – 1:100
➡️ Stocks200+1:100
➡️ Precious Metals71:20
➡️ Cryptocurrency101:100
➡️ ETFs131:5

Broker Comparison for  Range of Markets

🥇 LegacyFX🥈 HFM🥉 IC Markets
➡️️ ForexYesYesYes
➡️️ Precious MetalsYesYesYes
➡️️ ETFsYesNoYes
➡️️ CFDsYesYesYes
➡️️ IndicesYesYesYes
➡️️ StocksYesYesYes
➡️️ CryptocurrencyYesNoYes
➡️️ OptionsNoNoNo
➡️️ EnergiesYesYesYes
➡️️ BondsNoNoNo

LegacyFX Trading and Non-Trading Fees

LegacyFX Trading and Non-Trading Fees

Spreads

👉 LegacyFX evaluates different spreads based on the account level and the financial items being traded.

 

👉 The average spreads shown below are only a guide for Botswanans to expect; spreads might also be impacted by the state of the market on the trading day:

🔨 Instrument💰 Standard, Bronze, Silver📈 Gold, Platinum📉 Premium
➡️ EUR/USD (Major)1.6 pips1 pip0.6 pips
➡️ EUR/AUD (Minor)2.1 pips1.5 pips1.1 pips
➡️ USD/ZAR (Exotic)168 pips142 pips122 pips
➡️ USTECH1001.75 pips1.35 pips0.75 pips
➡️ US20002 pips1 pip0.75 pips
➡️ COCOA16 pips12 pips10 pips
➡️ XAG/USD0.067 pips0.037 pips0.027 pips
➡️ XAU/USD0.63 pips0.43 pips0.27 pips
➡️ BTC/USD505.03 pips485.03 pips464 pips
➡️ EFA (ETF)0.03 pips0.03 pips0.03 pips
➡️ Stocks (USA)0.02 pips0.02 pips0.02 pips

 

Commissions

👉 Apart from stock trading, LegacyFX does not charge trading fees on any instruments for trading accounts except stock trading. The following commission schedules apply to Stock CFD trading for Botswana-based investors:

➡️ Standard Account – 0.45%

➡️ Bronze Account – 0.45%

➡️ Silver Account – 0.45%

➡️ Gold Account – 0.30%

➡️ Platinum Account – 0.30%

➡️ Premium Account – 0.15%

➡️ VIP Account – Custom

 

Overnight Fees, Rollovers, or Swaps

Overnight Fees, Rollovers, or Swaps

👉 When Botswanan traders continue to hold a position after the trading day has ended, they risk paying an overnight charge and a swap cost.

 

👉 These fees could be charged to or received from the trader based on the amount of the deal, the instrument being traded, and whether the trade was entered as a long or short.

 

Deposit and Withdrawal Fees

👉 LegacyFX does not seem to assess any fees for deposits or withdrawals. The Client Agreement does, however, permit the broker to impose fees for deposits and withdrawals.

 

Inactivity Fees

👉 According to the terms of the client agreement that LegacyFX uses, if an account is inactive for a period of ninety days or longer, the firm will remove ten dollars from the remaining amount in the account.

 

Currency Conversion Fees

👉 According to the Client Agreement, Botswanan traders who use LegacyFX’s currency conversion services are responsible for exchange rates and related risks.

👉 If Botswanan traders prefer to transact in a currency other than the EUR, GBP, or USD that are supported as account base currencies, they must pay a currency conversion fee. These expenses are calculated by LegacyFX’s current exchange rate.

LegacyFX Deposits and Withdrawals

LegacyFX Deposits and Withdrawals

👉 LegacyFX offers the following deposit and withdrawal methods:

➡️ Credit/Debit Card

➡️ Neteller

➡️ Skrill

➡️ Klarna

➡️ iDEAL

➡️ Giropay

➡️ Perfect Money

➡️ Crypto Wallets

➡️ Bank Wire Transfer

➡️ AVO Payments

➡️ EFT Pay

➡️ Volt Deposits

➡️ PayRedeem

➡️ Jeton

➡️ GIGADAT

 

Broker Comparison: Deposit and Withdrawals

🥇 LegacyFX🥈 HFM🥉 IC Markets
Minimum Withdrawal Time3 to 5 working days10 MinutesInstant
Maximum Estimated Withdrawal Time3 to 5 working days10 business daysUp to 14 business days
Instant Deposits and Instant Withdrawals?NoNoYes, on PayPal, Neteller, and Skrill

 

Supported Currencies, Maximum Amount per Deposit/Withdrawal, Countries Allowed to use the method

💳 Payment Method✔️ Accepted Currencies💳 Max Deposit💸 Max Withdrawal🌎 Countries
Credit/Debit CardUSD, EUR, GBP, JPY, CHF, AUD, RUB, PLN, HUF, SGD, ZAR10,000 currency units10,000 currency unitsInternational
NetellerUSD, GBP, EURInstant50,000 USD / GBP / EURInternational
SkrillUSD, GBP, EUR3 to 10 working days50,000 USD / GBP / EURInternational
KlarnaEUR2,500 EUR5,000 EURGermany, Austria, The Netherlands,
Switzerland, Italy, Spain, Belgium,
Finland, France, Poland
iDEALEURNetherlands
GiropayUSD, EUR10,000 USD or EURNo Limit Germany
Perfect MoneyUSD, GBP, EUR100,000 USD / GBP / EUR10,000 USD / GBP / EURInternational
Crypto WalletsBTC, LTC, BCH, XRP200,000200,000International
Bank Wire TransferUSD, EUR, GBPNoneInternational
AVO PaymentsZAR500,000 ZAR500,000 ZARSouth Africa
EFT PayZAR180,000 ZAR95,000 ZARSouth Africa
Volt DepositsEUR, GBPUK and EU
PayRedeemEUR, USD500 per voucherEU Countries
JetonUSD, EUR, GBPDepends on the country50,000 USD / EUR / GBPInternational
GIGADATCAD3,000 CADCanada

How to Deposit Funds with LegacyFX

How to Deposit Funds with LegacyFX

👉 To deposit funds to an account with LegacyFX, Botswanan traders can follow these steps:

➡️ Traders must ensure they have completed the KYC procedure before trying to deposit money into an account.

➡️ Through the LegacyFX website, traders from Botswana may access their trading accounts.

➡️ Botswanan traders have various Deposit Method alternatives from which to select.

➡️ Botswanan traders may enter the deposit amount by clicking the deposit method’s logo after choosing the account they intend to fill.

➡️ Traders must then enter their email address associated with their account as well as their password from the time they subscribed for it.

➡️ The payment method’s pay gate will then be shown to the traders to complete the process and confirm the deposit.

➡️ The deposit must be given at least 3 to 5 working days to reflect, according to traders.

LegacyFX Fund Withdrawal Process

LegacyFX Fund Withdrawal Process

👉 Botswanan Traders using LegacyFX accounts should know that there are certain withdrawal rules and criteria. Traders who have a LegacyFX account may access their withdrawal options after login into their account.

 

👉 Withdrawal is contingent upon satisfying the following requirements, as they relate to the various payment methods available.

 

Credit and Debit Card Withdrawals

👉 This is the primary withdrawal channel and all withdrawal requests, regardless of withdrawal mode, will be processed via it.

 

👉 If you seek to withdraw funds that come from both your original deposit and your earnings, your request will be processed as two separate withdrawals. If the third-party remitter allows it, the request may be fulfilled in a single step.

 

Electronic Gateway Withdrawals (Skrill, Neteller, etc.)

👉 When using an electronic gateway or e-wallet, funds will be credited to the original wallet address. If a third-party remitter does not treat a credit/debit card withdrawal request as a single transaction (as described above), the profit amount may be paid through an electronic wallet.

 

All other methods

👉 After alternative deposit methods, including bank wire withdrawals, have been exhausted, users will turn to credit cards or electronic wallets.

LegacyFX Education and Research

LegacyFX Education and Research

Education

👉 LegacyFX offers the following Educational Materials:

➡️ Beginners Education

➡️ Advanced Education

➡️ “What is Forex?” Guide

➡️ Glossary

➡️ eBooks

➡️ Videos on-demand

➡️ Intro to Forex

➡️ Intro to Futures

 

Research and Trading Tool Comparison

🥇 LegacyFX🥈 HFM🥉 IC Markets
➡️ Economic CalendarYesYesYes
➡️ VPSYesYesYes
➡️ AutoChartistNoYesYes
➡️ Trading ViewNoNoYes
➡️ Trading CentralYesNoNo
➡️ Market AnalysisYesNoYes
➡️ News FeedYesYesYes
➡️ BlogYesYesYes

 

👉 LegacyFX also offers Botswanan traders the following additional Research and Trading Tools:

➡️ Market Opportunities

➡️ Calculators

➡️ Trading Signals

➡️ Technical Analysis

➡️ Data and Analytics

LegacyFX Bonuses and Promotions

LegacyFX Bonuses and Promotions

👉 LegacyFX offers Botswanan traders the following bonuses and promotions:

➡️ Loyalty Program

➡️ Refer a friend bonus

➡️ Special Promotions

How to open an Affiliate Account with LegacyFX

How to open an Affiliate Account with LegacyFX

👉 To register an Affiliate Account, Botswanan traders can follow these steps:

➡️ To enrol in the affiliate program, Botswanans should visit the LegacyFX website and go to the “Promotions” section.

➡️ Click the “Affiliate Program” link and then the “Easy Sign Up” banner for Botswanans to get started.

➡️ The website will direct investors to a registration page where they must provide the required information (denoted by an Asterisk).

➡️ Applicants from Botswana can easily submit their completed forms whenever they’re ready and then check their email for updates.

How to open an Affiliate Account with LiteFinance

👉 To register an Affiliate Account, Botswanan traders can follow these steps:

➡️ Botswanans may access the Affiliate portion of the LiteFinance website and follow these procedures to become an affiliate:

➡️ Fill out the brief registration form.

➡️ Select a single program or many programs.

➡️ Access the affiliate link from the affiliate menu and begin promoting it.

➡️ Access banner ads and landing pages.

➡️ Commence receiving compensation for each customer introduced to the LiteFinance website.

LegacyFX Affiliate Program Features

LegacyFX Affiliate Program Features

👉 Botswanans have easy access to LegacyFX’s very powerful marketing tools via CellXpert, and they can make more with a customized plan and a range of commission structures, including CPA, Revenues Share, and Hybrid agreements.

 

👉 LegacyFX offers the highest CPA Affiliate Partnership Program. As associate partners, Botswanans would have unique access to a comprehensive marketing platform and might earn substantial referral bonuses.

 

👉 Here, affiliates may discover unique marketing materials aimed to increase their potential overall income. Using CellXpert, affiliates may quickly analyse data, measure conversions, and manage the performance of their campaigns.

 

👉 In addition, businesses, and individuals from all around the world may engage in LegacyFX’s CPA partnership programs.

 

👉 When Botswanans evaluate LegacyFX’s options, whether they are trading geniuses, social media influencers, marketing professionals, or SEO specialists, they could choose the most lucrative strategy for them.

LegacyFX Customer Support

LegacyFX Customer Support

👉 Monday through Friday, LegacyFX’s customer service is accessible through phone, live chat, and email around the clock. The broker respects the client’s business in the greatest regard and will gladly address any general, technical, or account-related inquiries.

Customer SupportLegacyFX’s Customer Support
⏰ Operating Hours24/5
🗣 Support LanguagesMultilingual
🗯 Live ChatYes
📧 Email AddressYes
☎️ Telephonic SupportYes
📞 Local Support in Botswana?No
🥇 Overall quality of LegacyFX Support3/5

LegacyFX Corporate Social Responsibility

LegacyFX Corporate Social Responsibility

👉 LegacyFX is supporting events all around the world, including the Larnaca and Famagusta Classic Cars Festival in Cyprus.

 

👉 Proceeds from the sale of meal tickets, contributions from event sponsors, and the purchase of food and drink were all donated to the Christakis Hassapis home in Larnaca, which offers care to people with special needs.

 

👉 A LegacyFX spokesperson said that improving the lives of others is one of the company’s primary motivations. This is because the broker is convinced that financial success and ethical behaviour are not incompatible.

Our Verdict on LegacyFX

👉 LegacyFX provides services that are comparable to those of numerous other well-established brokers with longer track records, even though the company is still relatively new to the online forex brokerage sector.

 

👉 Trading on over 200 and more CFD products, including Forex, Commodities, Indices, Stocks, and Cryptocurrencies, is completely free of commission and swap fees with LegacyFX. The only exception to this is trading on stocks.

 

👉 Because it offers a wide selection of different educational tools, LegacyFX is an excellent choice for new traders. You will be introduced the foundations of trading via the use of e-books and seminars, and LegacyFX provides a variety of learning possibilities for novices in Botswana.

LegacyFX Pros and Cons

✔️ Pros❌ Cons
Botswanans can expect commission-free trades when they deal with LegacyFXLegacyFX does not currently offer BWP as a base currency, resulting in currency conversion fees
LegacyFX has Tier 1 and 2 regulations, making it a trustworthy optionLegacyFX has a limited range of financial instruments
Gold, Silver, and Platinum accounts are not subject to overnight feesInactivity fees are applied to all dormant accounts
Beginners have access to a range of comprehensive educational materialsBotswanans cannot trade individual shares, only CFDs
Botswanans can choose an account level according to their level of trading experience
LegacyFX offers Trading Central and a range of other useful trading tools
Negative balance protection is applied to retail accounts and investor protection is given to eligible clients
MetaTrader 5 is available across different devices

FAQ

How can I add funds to my trading account with LegacyFX?

Deposit options include a range of channels such as bank wire, online portals, and credit/debit cards. You might deposit money after completing the KYC process and login into your account on the LegacyFX website.

 

Is LegacyFX a Market Maker?

No, LegacyFX is not a Market Maker or Dealing Desk broker. Instead, LegacyFX employs a Non-Dealing Desk and is an ECN and STP broker.

 

Can I open a demo account with LegacyFX?

Yes, you can open a free demo account with LegacyFX.

 

How long do withdrawals from LegacyFX take?

They can take between three and five business days.

 

Is Nasdaq available with a LegacyFX account?

Yes, LegacyFX offers NASDAQ as an index CFD.

 

Does LegacyFX have VIX 75 or Volatility 75?

No, LegacyFX does not provide access to VIX 75.

 

What is the smallest amount that I can fund to my LegacyFX account?

The minimum deposit requirement for a Standard Account with LegacyFX is 500 USD / 6,400 BWP.

Conclusion

👉 Now it is your turn to participate:

➡️ Do you have any prior experience with LegacyFX?

➡️ What was the determining factor in your decision to engage with LegacyFX?

➡️ Was it because of the minimum deposit, regulation, retail trading accounts, or other factors?

➡️ Have you experienced any issues with LegacyFX, such as difficulty withdrawing funds, inability to verify regulations, irresponsive customer support, etc.?

 

👉 Regardless, please share your thoughts in the comments below.

Addendum/Disclosure:

👉 No matter how diligently we strive to maintain accuracy, the forex market is a volatile environment that may change at any time, even if the information supplied is correct at the time of going live.

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