I've heard that a friend of a forex enthusiast encountered an agent claiming to be from LegacyFX? Make sure to verify carefully before trading.
Due to brand and financial issues, LegacyFX announced the cessation of its operations from May 9, 2016, and major platforms received the shutdown notice immediately. Although LegacyFX resumed operations after internal adjustments and also withdrew from the domestic market, similar to some other brands that withdrew from China, forex enthusiasts need to verify the legitimacy of the broker immediately before trading.
LegacyFX
LegacyFX was established in December 2015, headquartered in Cyprus, and is an online forex and CFD broker. They offer clients forex and CFD services, platforms, trading, positions, assets, and trading.
Official website: https://www.legacyfx.eu/
Upon inspecting the domain, it's discovered that the domain for LegacyFX's official website is about to expire. During this period, LegacyFX may update or launch promotions, especially offers and bonuses. Investors should make decisions based on their regional or national situation and should not blindly invest for small profits.
LegacyFX's official website does not support Simplified Chinese. Upon entering the site, there are no options or navigation items related to mainland China, indicating that LegacyFX's official website does not offer services to mainland Chinese investors. However, it is still relevant to inquire about LegacyFX's current regulatory and operational status.
Regulatory Status
On its official website, LegacyFX presents its sole regulatory statement: 【AN ALL NEW INVESTMENTS (VA) Limited】is regulated by the Vanuatu Financial Services Commission (VFSC), license number: 14579.
In the Vanuatu Financial Services Commission (VFSC), the license for 【AN ALL NEW INVESTMENTS (VA) Limited】displayed on LegacyFX's official website is indeed found.
【AN ALL NEW INVESTMENTS (VA) Limited】was registered in November 2022, marking the beginning of operations for the new LegacyFX brand trading company after a reorganization and cessation in 2016.
Although local companies in Vanuatu indeed can engage in financial services like fund management, the regulatory license from Vanuatu (VFSC) is not considered highly prestigious, thus not effectively safeguarding investors' funds!
It's important to note that the trading company 【AN ALL NEW INVESTMENTS (VA) Limited】is a private entity. If transactions do not go through a third-party bank but directly into a private account, this would not conform to international norms and could be considered illegal. Investors should be cautious during trading!
LegacyFX is headquartered in Cyprus, so does LegacyFX hold a Cyprus (CySEC) license?
Based on the information provided by the Vanuatu trading entity, a Cyprus entity named 【A.N. Allnew Investments Ltd】, license number: 344/17, was found. Indeed, this entity holds the Cyprus (CySEC) regulatory license for LegacyFX.
It's worth noting that the cross-border services of Cyprus (CySEC) do not include China, hence CySEC does not regulate transactions involving Chinese nationals.
Trading Platform
LegacyFX's official website highlights MT5 as the primary trading platform, available on PC and mobile apps, where real transactions are conducted by 【AN All New Investments (VA) Ltd】, the Vanuatu entity of LegacyFX.
So, the question arises, why does LegacyFX, despite holding the more prestigious and authoritative Cyprus (CySEC) license, end up conducting real transactions with investors through the account entity 【AN All New Investments (VA) Ltd】, which is regulated by the less strict Vanuatu license?
Summary:
LegacyFX is a brokerage that explicitly does not offer its services to Chinese nationals, so forex enthusiasts should be wary of scammers claiming to be the same broker. LegacyFX's main trading platform is MT5. As investigated, its only real transaction entity operates under a minor country's regulatory license with low prestige, unable to ensure the safety of funds! The high-prestige Cyprus license does not serve Chinese nationals! It's recommended to stay away!
The above information is based on document review to avoid illegal brokers exploiting their own platforms to create an absolute control trading environment. This checking is only for reference. Please verify carefully before trading!
