Exness Review
LegacyFX Minimum Deposit
Overall, the minimum deposit amount required to register a live trading account is $500, this minimum deposit is equivalent to 60 505 KES. 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.
- Louis Schoeman
Jump to:
Minimum Deposit Overview
Deposit Fees and Methods
Step By Step guide to depositing the Minimum Deposit
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 Minimum Deposit – 6 key points quick overview:
Minimum Deposit
👉 LegacyFX charges a minimum deposit amount of 500 USD.
👉 This works out to 6,500 Botswanan Pula (BWP) at the current exchange rate between the US Dollar and the Pula [2022/09/20]. Botswanan traders can expect to pay a minimum deposit amount according to the trading account they use, and these are as follows:
➡️ Standard Account – 6,500 BWP / 500 USD
➡️ Bronze Account – 13,000 BWP / 1,000 USD
➡️ Silver Account – 39,200 BWP / 3,000 USD
➡️ Gold Account – 65,400 BWP / 5,000 USD
➡️ Platinum Account – 130,000 BWP / 10,000 USD
➡️ Premium Account – 327,000 BWP / 25,000 USD
➡️ VIP Account – 654,300 BWP / 50,000 USD
👉 The Tier-1 FCA and Tier-2 CySEC now oversee and regulate LegacyFX in Botswana instead of local market regulators. Under these regulations, brokers’ regulations must comply with strict financial standards, such as capital adequacy.
👉 The law requires LegacyFX to have sufficient liquid cash to cover any customer deposits, expected changes in its currency holdings, and outstanding fees. Additionally, the regulator must get regular financial reports.
👉 An independent auditor also conducts a comprehensive annual audit and informs the regulator of any shortcomings. Client funds are held in separate fiduciary client bank accounts away from the broker account.
👉 These funds are not recorded on the balance sheet. Thus, they cannot be used to pay creditors in the unlikely event that LegacyFX fails.
Deposit fees and deposit methods
👉 Botswanan traders can pay the required minimum deposit amount using a variety of payment options designated for foreign transactions, such as:
➡️ Credit/Debit Card
➡️ Neteller
➡️ Skrill
➡️ Perfect Money
➡️ Crypto
➡️ Bank Wire Transfer
➡️ Jeton
👉 Traders who use LegacyFX must note that certain limitations apply to the payment methods available to certain regions. These are as follows:
➡️ Klarna – Germany, Austria, The Netherlands, Switzerland, Italy, Spain, Belgium, Finland, France, and Poland.
➡️ iDEAL – Netherlands
➡️ Giropay – Germany
➡️ AVO Payments – South Africa
➡️ EFT Pay – South Africa
➡️ Volt Deposits – UK and EU
➡️ PayRedeem – EU Countries
➡️ GIGADAT – Canada
👉 When making a minimum deposit into a live trading account with LegacyFX, Botswanan traders can choose between these deposit currencies:
➡️ Credit/Debit Card – USD, EUR, GBP, JPY, CHF, AUD, RUB, PLN, HUF, SGD, ZAR
➡️ Neteller – USD, GBP, EUR
➡️ Skrill – USD, GBP, EUR
➡️ Perfect Money – USD, GBP, EUR
➡️ Crypto – BTC, LTC, BCH, XRP
➡️ Bank Wire Transfer – USD, EUR, GBP
➡️ Jeton – USD, EUR, GBP
A step-by-step guide to LegacyFX depositing the minimum amount
👉 Deposits can be made with LegacyFX using the following steps:
➡️ Traders can fund their accounts by sending the funds to one of the LegacyFX segregated client accounts from their own bank account or execute the option to deposit the minimum amount from their personal area after a live trading account was registered and had been approved.
👉 Step 1 – Log in
➡️ Traders then log into their personal area, select the option for deposits, and follow the instructions to make a deposit into their trading account. Traders must make sure that they select the correct deposit currency if there is a choice available.
👉 Step 2 –Make the deposit
➡️ Funds must be transferred in the same currency as the bank account to which they are sending them, to prevent currency conversion fees from being charged.
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 does LegacyFX do with my funds?
LegacyFX keeps client funds separate from its own in accounts held with the best banks in Cyprus and the UK.
Who regulates LegacyFX?
LegacyFX is well-regulated by the Financial Conduct Authority in the UK (Ref. 797343) and the Cyprus Securities and Exchange Commission (344/17).
Can LegacyFX use my funds to fulfil its financial obligations?
LegacyFX is prohibited from using client funds to meet its financial obligations.
How much must I deposit to register an account with LegacyFX?
The minimum you must deposit to register an entry-level account is 500 USD / 6,500 BWP.
Are deposit fees applied when I finance my LegacyFX account?
There are currently no fees when you deposit funds into your LegacyFX account. However, you might face banking fees depending on your payment method.
