Exness Review
LegacyFX Account Types
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).
- Louis Schoeman
Jump to:
Account Types Overview
Account Types
Account Features
Pros and Cons
Final Verdict
FAQ
Overall Rating
- 4.1/5
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
LegacyFX Account Types – 9 key points quick overview:
LegacyFX Overview
👉 Overall, LegacyFX is considered 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: a Standard Account, Bronze Account, Silver Account, Gold Account, Platinum Account, Premium Account, and VIP Account.
👉 LegacyFX provides seven distinct account types, one of its most distinguishing characteristics. The Vanuatu-based broker places great importance on its customers’ access to a variety of alternatives, and its multi-account selection is one of its features.
👉 If you’re weary of the same old basic accounts, LegacyFX’s extensive selection of alternatives is one incentive to choose this broker.
👉 In addition, the broker’s trading platform is the popular MetaTrader5 (MT5) software from MetaQuotes, with all the standard MT5 capabilities, including automated trading.
👉 LegacyFX provides access to contracts for difference (CFDs) on spot gold, oil, cryptocurrencies, indices, and equities, in addition to currency trading. LegacyFX provides powerful tools for novice traders and a choice of account types to meet the demands of traders of all skill levels.
👉 LegacyFX offers its customers segregated accounts with negative balance protection and complimentary trading tools like indicators and trading signals. In addition, the broker provides copy trading and algorithmic trading.
👉 LegacyFX has clients from around the world, and these areas have the largest distributions:
➡️ South Africa – 7.8%
➡️ United Arab Emirates – 5.9%
➡️ Canada – 5.2%
➡️ United Kingdom – 5.1%
➡️ Israel – 5%
LegacyFX At a Glance
| 🏛 Headquartered | Vanuatu |
| 🌎 Global Offices | Cyprus, 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 Botswana | 115.89 BWP Million in 2021 |
| 💰 Foreign Exchange Reserves in Botswana | 5270 USD Million in 2021 |
| ✔️ Local office in Gaborone? | No |
| 👨⚖️ Governor of SEC in Botswana | None, Moses Dinekere Pelaelo is the Governor of the Bank of Botswana |
| ✔️ Accepts Botswana Traders? | Yes |
| 📊 Year Founded | 2017 |
| 📞 Botswana Office Contact Number | None |
| 📱 Social Media Platforms | • Facebook • YouTube |
| ⚖️ Regulation | FCA, CySEC |
| 1️⃣ Tier-1 Licenses | • Federal Financial Supervisory Authority (BaFIN) |
| 2️⃣ Tier-2 Licenses | Cyprus Securities and Exchange Commission (CySEC) |
| 3️⃣ Tier-3 Licenses | None |
| 🪪 License Number | • United Kingdom – 797343 • Cyprus – 344/17 |
| ⚖️ MFED, BoB, or NBFIRA Regulation | No |
| ✔️ Regional Restrictions | United States of America, Israel, Iran, Syria, Afghanistan, Myanmar, North Korea, Somalia, Yemen, Iraq, Sudan, South Sudan, British Columbia, Ontario, Manito |
| ☪️ Islamic Account | Yes |
| 💻 Demo Account | Yes |
| 🛍 Retail Investor Accounts | 7 |
| ✔️ PAMM Accounts | Yes |
| 💻 Liquidity Providers | None indicated |
| ✔️ Affiliate Program | Yes |
| 📱 Order Execution | Market |
| 📊 Starting spread | 0.6 pips |
| 📉 Minimum Commission per Trade | 0.15% on stocks |
| 💰 Decimal Pricing | 5 points after the comma |
| 📞 Margin Call | 80% |
| 🛑 Stop-Out | 30% |
| 📉 Minimum Trade Size | 0.10 lots |
| 📈 Maximum Trade Size | 1,000 lots |
| ✅ Crypto trading offered? | Yes |
| ✔️ Offers a BWP Account? | No |
| 📉 Dedicated Botswana Account Manager? | No |
| 📈 Maximum Leverage | 1:200 |
| 📊 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 Stats | 250,000+ |
| 👥 Active Botswana-based LegacyFX customers | Unknown |
| 🔁 Botswana Daily Forex Turnover | Unknown, 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 Time | 3 to 5 working days |
| ⏰ Maximum Estimated Withdrawal Time | 3 to 5 working days |
| 💳 Instant Deposits and Instant Withdrawals? | No |
| 🏛 Segregated Accounts with Botswana Banks? | No |
| 📱 Trading Platforms | MetaTrader 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 Spread | No |
| ✅ Offers Botswana Stocks and CFDs | No |
| 💻 Languages supported on the Website | English, Spanish, German, Russian, Arabic |
| ☎️ Customer Support Languages | Multilingual |
| 👥 Copy Trading Support | No |
| ⏰ Customer Service Hours | 24/5 |
| 📞 Botswana-based customer support? | No |
| 💸 Bonuses and Promotions for Botswanans? | Yes |
| 📚 Education for Botswana beginner traders | Yes |
| 📱 Proprietary trading software | No |
| 🤝 Most Successful Trader in Botswana | Unknown |
| ✔️ Is LegacyFX a safe broker for Botswana Traders? | Yes |
| 🎖 Rating for LegacyFX Botswana | 7/10 |
| 🥇 Trust score for LegacyFX Botswana | 75% |
| 👉 Open Account | 👉 Open Account |
LegacyFX Account Types
👉 According to the minimum deposit needed, LegacyFX divides the Account Types it provides to traders in Botswana into several categories.
👉 Traders who already have an account with LegacyFX but want to change to a different account can contact customer support to request an account change.
👉 The names, minimum deposits, specific features, and general trading terms of LegacyFX’s account types are subject to change at any moment. Any account might be classified as an Islamic Account, according to LegacyFX, which would prevent it from participating in swaps or earning revenue.
👉 This applies to all traders, not only Muslim traders who comply with Sharia law, who would prefer not to deal in money exchange.
👉 LegacyFX retains the right to quickly deactivate or otherwise change the status of any account in the case of improper conduct or suspicious activities, with or without prior notice.
👉 Botswana traders can choose from many different 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 |
| Standard | 6,400 BWP / 500 USD | 1.6 | 0.45% | 16 USD |
| Bronze | 12,900 BWP / 1,000 USD | 1.6 | 0.45% | 16 USD |
| Silver | 38,700 BWP / 3,000 USD | 1.6 | 0.45% | 16 USD |
| Gold | 64,500 BWP / 5,000 USD | 1 | 0.30% | 10 USD |
| Platinum | 129,000 BWP / 10,000 USD | 1 | 0.30% | 10 USD |
| Premium | 320,000 BWP / 25,000 USD | 0.6 | 0.15% | 6 USD |
| VIP | 645,500 BWP / 50,000 USD | Custom | Custom | Custom |
LegacyFX Account Features
Standard Account
👉 The Standard Account, which is the most basic kind of account, has the following features:
➡️ Commission-free trading is offered on all instruments except stocks.
➡️ Stock commissions start from 0.45%.
➡️ There are various trading opportunities offered to Botswanans.
➡️ Botswanans can get live assistance from LegacyFX.
➡️ New traders who are just starting can enrol in the LegacyFX trading academy.
➡️ Muslim traders can change their accounts into swap-free accounts.
➡️ Botswanans have entry to an exclusive channel.
➡️ Traders get updates and advice.
➡️ There are a wide variety of commodities available to traders for trading.
Bronze Account
👉 The Bronze Account offers all the following advantages in addition to those provided by the Standard Account:
➡️ Commission-free trading is offered on all instruments except stocks.
➡️ Stock commissions start from 0.45%.
➡️ There is a wide range of possibilities for doing business.
➡️ Botswanans can get live assistance from LegacyFX.
➡️ New traders can enrol in the LegacyFX trading academy.
➡️ Traders can convert this account into a Swap-Free Islamic Account.
➡️ There is a Secure Channel for Communication.
➡️ Traders get updates and advice.
➡️ There are a wide variety of commodities available to traders for trading.
➡️ Programs are available that enable automated charting.
➡️ Three transactions are risk-free.
Silver Account
👉 With the Silver Account, traders in Botswana get access to all the key features as well as the additional ones:
➡️ Commission-free trading is offered on all instruments save stocks.
➡️ Stock commissions start from 0.45%.
➡️ There are a variety of trading opportunities offered.
➡️ The Botswana population has access to live support.
➡️ A Trading Academy is available to novice traders who are new to trading.
➡️ You have the option of converting your account to a swap-free account.
➡️ Private communication channel use is allowed on this account type.
➡️ Traders get counsel and updates.
➡️ Traders have access to an array of commodities for trading.
➡️ Software for charting automation is provided to traders.
➡️ There are three risk-free transactions offered.
➡️ Information about trading psychology is available.
➡️ The ability to participate in CFD stock trading.
➡️ Comprehensive access to Analytical Basis.
➡️ Professionals provide access to fundamental mentoring.
Gold Account
👉 The following benefits are offered to Gold Account holders:
➡️ Commission-free trading on all instruments apart from stocks.
➡️ Stock commissions start from 0.30 percent.
➡️ There are a variety of trading opportunities offered.
➡️ Traders have unlimited access to live support.
➡️ A Trading Academy is available to those starting their trading journey.
➡️ You have the option of converting your account to a swap-free account.
➡️ Private communication channel use is allowed on this account.
➡️ Traders are provided with suggestions and updated market information.
➡️ Traders have access to an array of commodities for trading.
➡️ Software for charting automation is provided to traders.
➡️ There are five risk-free transactions.
➡️ Information about trading psychology is available.
➡️ The ability to participate in CFD stock trading.
➡️ Comprehensive access to Analytical Basis.
➡️ Professionals provide access to fundamental mentoring.
➡️ Botswanans have access to High-Quality Ideas.
➡️ The ability to identify your “Personal Success Objective.”
➡️ Availability of a VIP EU Mastercard.
➡️ Direct Dealing Desk Access, if Available.
Platinum Account
👉 This is one of the greatest and most popular alternatives for experienced and professional traders, as shown by the following characteristics and advantages:
➡️ Commission-free trading is offered on all instruments save stocks.
➡️ Stock commissions start from 0.30%.
➡️ There are a variety of trading opportunities offered.
➡️ Traders have access to live support.
➡️ A Trading Academy is available on this account.
➡️ You have the option of converting your account to a swap-free account.
➡️ Private communication channel use is allowed on this account.
➡️ Traders are provided with suggestions and updated market information.
➡️ Traders have access to an array of commodities for trading.
➡️ Software for charting automation is provided to traders.
➡️ Seven distinct industries are governed.
➡️ Information about trading psychology is available.
➡️ Ability to participate in unlimited CFD stock trading.
➡️ Comprehensive access to Analytical Basis.
➡️ Instruction and counsel from seasoned professionals.
➡️ Access to several High-Quality Ideas.
➡️ The ability to identify your “Personal Success Objectives.”
➡️ Botswanans can access a VIP EU Mastercard.
➡️ Direct Dealing Desk Access, if Available.
➡️ Traders have access to a comprehensive trading plan.
➡️ A direct connection to the negotiating room.
Premium Account
👉 The Premium Account demands the largest initial deposit since it gives Botswana professional traders access to all offered services. The following are included in these services:
➡️ Commission-free trading on all instruments save stocks.
➡️ Stock commissions begin from 0.15%.
➡️ Traders have unlimited access to live support.
➡️ A Trading Academy is available to traders.
➡️ You have the option of converting your account to a swap-free alternative.
➡️ Private communication channel use is allowed on this account.
➡️ Traders are provided with suggestions and updated market information.
➡️ Traders have access to an array of commodities for trading.
➡️ Software for charting automation is provided to traders.
➡️ Seven distinct industries are governed.
➡️ Information about trading psychology is available.
➡️ Ability to participate in unlimited CFD stock trading.
➡️ Comprehensive access to Analytical Basis.
➡️ Access to several High-Quality Ideas.
➡️ The ability to identify your “Personal Success Objectives.”
➡️ Botswanans can access a VIP EU Mastercard.
➡️ Direct Dealing Desk Access, if Available.
➡️ Traders have access to a comprehensive trading plan.
➡️ A direct connection to the negotiating room.
➡️ There are several possibilities for profitable Platinum Trading.
➡️ Botswanan traders have access to the best mentoring from professionals.
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. As a result, the VIP Account is only available to professional traders and institutions.
LegacyFX Demo Account
👉 Demo accounts are available by LegacyFX so that users can gain a feel for the broker’s services and platforms and get some hands-on experience with trading strategies using simulated funds before investing any real money.
👉 You might use this strategy to establish confidence in a broker before committing financially to working with them for a lengthy period. But, again, the goal is to determine whether they satisfy your expectations.
LegacyFX Islamic Account
👉 Any of the seven retail accounts provided may be treated as an Islamic or Swap-Free Account per the LegacyFX Client Agreement. In terms of banking practices and Riba, or interest, this account accords with the tenets of Islamic law.
👉 Not only Muslim Botswanan traders can utilize this account; anybody who wants to could do so. The swap-free status also applies to accounts that are converted to Islamic accounts.
👉 The traders interested in opening this account should be aware that LegacyFX reserves the right to convert an Islamic Account back to a Standard Account at any time, in which case swaps and interest will be assessed.
Overall Rating
- 4.1/5
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
LegacyFX Kenya Pros and Cons
| ✔️ Pros | ❌ Cons |
| Botswanans can expect commission-free trades when they deal with LegacyFX | LegacyFX 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 option | LegacyFX has a limited range of financial instruments |
| Gold, Silver, and Platinum accounts are not subject to overnight fees | Inactivity fees are applied to all dormant accounts |
| Beginners have access to a range of comprehensive educational materials | Botswanans 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 |
Verdict on LegacyFX
👉 Overall, LegacyFX is very competitive in terms of its trading fees and spreads.
FAQ
What type of broker is LegacyFX?
LegacyFX is an ECN and STP broker that uses a Non-Dealing Desk model, with orders routed to Market Makers and pricing aggregated from liquidity providers.
Does LegacyFX have a Cent Account?
No, LegacyFX does not have a Cent Account.
Can I register a demo account with LegacyFX?
Yes, you can register a demo account with LegacyFX.
How long does it take to verify my live account with LegacyFX?
It can take up to 24 hours for LegacyFX to approve your live account.
Does LegacyFX charge fees on deposits or withdrawals?
No, LegacyFX does not charge any deposit or withdrawal fees.
