Exness Review
LegacyFX Islamic Account
LegacyFX offers an Islamic account for Muslim traders. LegacyFX is considered low-risk, with an overall Trust Score of 75% out of 100. LegacyFX offers 7 retail investor accounts and is considered a trustworthy and reliable broker.
- Lesche Duvenage
Jump to:
LegacyFX Overview
What is an Islamic Account?
How to Open an Islamic Account?
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 Islamic Account – 10 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.
👉 Since 2017, LegacyFX has offered traders tools and services that enable them to trade with more than 200 instruments. In addition, the trader provides its customers with a wealth of educational resources, webinars, and courses because it believes that “knowledge is power.”
👉 Even with certain geographical limitations and a high minimum deposit charge, LegacyFX has far more to offer its consumers than many other brokers in the market right now.
👉 The owner of LegacyFX is AN All-New Investments (VA) Ltd., which is subject to Vanuatu Financial Services Commission (VFSC) regulation. To further increase customer protection and transparency, the broker also promotes the segregation of client money on their website.
👉 Given the variety of teaching resources available, LegacyFX is excellent for new traders. You may learn about the fundamentals of trading via e-books and seminars. With this broker, novices will discover a wealth of information to educate themselves.
👉 LegacyFX employs MT5, which will excite seasoned professionals, and there is more complex information for traders who have been in the business for some time. Overall, this broker is appropriate for traders of all ability levels.
LeagcyFX 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 |
What exactly is an Islamic Account for Traders?
👉 An Islamic, or swap-free, trading account is allowed by Islamic Sharia law. An Islamic Account follows the Islamic principle where interest does not apply to open positions held for longer than a trading day after the trading day has concluded.
👉 CFD and Forex brokers who serve Middle Eastern clients off Islamic Account conversions. CFD and Forex Brokers offer this option to clients from other jurisdictions who are of the Islamic faith.
👉 Certain features align with the Sharia law, which prohibits the accrual interest on funds deposited into the account.
👉 The other important feature of an Islamic Account is the immediate settlement of transactions. Direct payment requires the transfer of currencies from one account to the other right after the transaction has been completed and paid for in full.
👉 Two critical elements of Islamic law relate specifically to trading accounts. These elements are:
➡️ Riba, and
➡️ Gharar
👉 Riba is the prohibition of generating money from money, which in this case specifically refers to an interest, which is not allowed according to Sharia law. This interest is unjust and exploitive gains on trade or business.
Why is interest discouraged or prohibited by Sharia law?
👉 Because of the restrictions and specific prohibitions placed on Muslim traders when considering the intricate details involved with trading activities, the following are significantly affected:
➡️ Overnight rollovers involve the incurrence or receiving of swap points on positions open for longer after the trading day has concluded at the New York close at 5 PM EST. Subsequently, Sharia law prohibits such swap points.
➡️ Margin deposits and interest – which involve interest accrual on funds deposited into the trading account- are prohibited.
➡️ Loans – when followers of the Sharia law have funds transferred by a bank or other financial institution, it involves interest terms. Sharia prohibits this per the critical element, Riba.
➡️ Margin trading makes the Islamic trader liable for paying interest, which amounts to Riba. This interest refers to money borrowed from the broker (Riba) to buy or sell such equities, which Sharia Law prohibits.
➡️ Short sales affect shares and involve borrowing and subsequent sale of an asset, which is prohibited.
➡️ Forward sales affect forward contracts. Forward sales influence the trading of futures contracts because it involves the buying and selling contracts at a future date, according to a price agreed upon on the day of entering such a contract.
What are the steps involved in opening a LegacyFX Islamic Account?
👉 To open a LegacyFX Islamic Account, Botswanan traders must finish the registration process for a legitimate account. To do this, adhere to the following guidelines:
➡️ Traders can create a legitimate account by going to the official website and clicking “Create Real Account” on the home page.
➡️ A secondary page with the account registration information will load.
➡️ Traders could then complete the “Personal Account” registration process.
➡️ Botswanan traders must fill out these fields: First Name, Last Name, Email Address, Phone Number, and a User-Selected Password that the user must input and that must have at least 6 characters, include both letters and digits and be at least 6 characters long.
➡️ Traders can then decide whether USD, EUR, or GBP will be their accounts’ default currency.
➡️ Next, Botswanans can sign their names in the space given by using their mouse cursor.
➡️ Before Botswanans choose whether to receive offers and promotions, traders must input the Captcha code in the appropriate box and agree to the Declaration Statement and the Terms and Conditions.
➡️ Traders can proceed by selecting “Continue.”
➡️ The login information, account number, trading platform number, and any other information will be sent to the trader’s email address.
➡️ The account will immediately be created when the verification and KYC documents are submitted, at which point traders from Botswana may activate their LegacyFX accounts.
➡️ Traders can complete the verification process by including more information, such as their date of birth, present address, amount of trading experience, and financing source.
➡️ Traders can use the client portal or trader dashboard to submit proof of identity and residence.
What is LegacyFX’s spread costs on an Islamic Account?
👉 The spreads Islamic traders can expect from LegacyFX will be determined by the account they convert and the financial asset in question. The following are common spreads that traders can encounter:
| 🔨 Instrument | 💰 Standard, Bronze, Silver | 📈 Gold, Platinum | 📉 Premium |
| ➡️ EUR/USD (Major) | 1.6 pips | 1 pip | 0.6 pips |
| ➡️ EUR/AUD (Minor) | 2.1 pips | 1.5 pips | 1.1 pips |
| ➡️ USD/ZAR (Exotic) | 168 pips | 142 pips | 122 pips |
| ➡️ USTECH100 | 1.75 pips | 1.35 pips | 0.75 pips |
| ➡️ US2000 | 2 pips | 1 pip | 0.75 pips |
| ➡️ COCOA | 16 pips | 12 pips | 10 pips |
| ➡️ XAG/USD | 0.067 pips | 0.037 pips | 0.027 pips |
| ➡️ XAU/USD | 0.63 pips | 0.43 pips | 0.27 pips |
| ➡️ BTC/USD | 505.03 pips | 485.03 pips | 464 pips |
| ➡️ EFA (ETF) | 0.03 pips | 0.03 pips | 0.03 pips |
| ➡️ Stocks (USA) | 0.02 pips | 0.02 pips | 0.02 pips |
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
What other features does LegacyFX’s Islamic Account offer traders?
👉 Depending on the kind of Account that Botswanan traders open, they might expect various rewards. Nevertheless, Islamic traders might expect the following comprehensive characteristics:
➡️ Commission-free trading on all instruments except for stocks.
➡️ Stock commissions begin from 0.15%.
➡️ Traders have unlimited access to live support from LegacyFX.
➡️ A Trading Academy is available to traders who are starting their trading journeys.
➡️ You can convert your account to a swap-free account regardless of whether you are a Muslim trader.
➡️ Private communication channel use is allowed on certain account types.
➡️ 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 trading.
➡️ Botswanan traders have access to the best mentoring from professionals.
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 LeagcyFX
👉 Overall, LegacyFX is very competitive in terms of its trading fees and spreads.
FAQ
Who can apply for a LegacyFX Islamic Account?
Anyone can apply for a LegacyFX Islamic conversion. However, the Islamic Account is not only limited to Muslim traders who follow Sharia law.
What are the typical spreads on the LegacyFX Islamic Account?
The typical spreads you can expect on the LegacyFX Islamic Account start from 0.6 pips EUR/USD.
Are there holding fees on the LegacyFX Islamic Account?
LegacyFX does not charge holding, admin, or other fees on the Swap-Free Account.
Can I expect commission-free trading with LegacyFX?
LegacyFX offers commission-free trading on all instruments except share CFDs.
Which trading platform can I use with my LegacyFX Islamic Account?
You can use MetaTrader 5 on mobile, web, and desktop.
