Legends FX Markets – Can They Be Trusted?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Legends FX Markets - DO NOT TRADE WITH THIS PROVIDER
2.4/10
$100
Minimum Depositupdated 2021
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://www.legendsfxmarkets.com
Founded: 2020
Regulations: N/A
Languages: English, Spanish, Chinese, Russian
Deposit Methods: Wire Transfer, Etana Custody, GTBBank, Bitcoin, Ethereum, Ripple
Minimum Deposit: N/A
Free Demo Account: Yes
Number of Assets: 3
Types of Assets: FX Pairs, Commodities, Indices
Legends FX Markets is a new approach to trade with ultra-low market spreads, no requotes, Real STP and DMA, complete transparency, and cutting-edge technology. Their goal is to provide consumers with the finest trading environment possible so that they may concentrate on trade and grow with the firm.
Legends FX Markets is a trading platform created by traders for traders. The management team has been trading since 2005 and has successfully traded on all major financial markets across the world.
Be sure that you read this article before investing any money in this broker.
Trading Accounts and Conditions
Legends FX Market has 2 different account variations. The STP and the ECN account, both of which have no minimum deposit requirements. The difference between the two accounts are the spreads. With only a difference of 1 pip from the STP account, there’s not much to say about account variations.
Legends FX Markets – Advantages
The only advantage to using this broker is that they don’t charge deposit requirements. Although there are no minimum deposit requirements, users still won’t get any money from this broker. Thus, rendering the “no minimum deposit requirement” obsolete.
Legends FX Markets – Disadvantages
Unregulated
Regardless of the standards placed on the company by any individual regulator,” Legends FX Markets claims to have “always maintained a high degree of internal and external compliance standards.” This is quite unlikely, considering Legends FX Markets LLC, the site’s co-owner, is registered in a nation with no regulations at all — Saint Vincent and the Grenadines (SVG).
Saint Vincent and the Grenadines is a favored base of operations for dodgy brokers due to a lack of regulatory norms and oversight. While this country has a financial regulator, it does not control the activities of forex and CFD brokers, unlike other offshore jurisdictions. The Financial Services Authority (FSA) of St. Vincent and the Grenadines has issued numerous warnings on the subject, the most recent of which was issued on June 23, 2021.
The FSA “does not issue any licenses to carry in the business of FOREX Trading, Brokerage, or Binary Options Trading, nor does the FSA “Regulate, Monitor, Supervise, or License” International Business Companies that participate in such activities,” according to the statement. If a broker claims to be regulated by the Financial Services Authority of St. Vincent and the Grenadines (FSA), you are most likely dealing with a scammer.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
Trading Software Doesn’t Work
Legends FX Markets claims to provide MetaTrader 4, the industry’s most trusted trading platform (MT4). The installation file available for download from the Legends FX Markets website, however, is set up for a different broker, Pure M Global.
Fraudulent schemes that operate over many websites are known for their unusual discrepancies. It is strongly advised that you choose a regulated broker, as many of them provide MT4 and the newer MT5 to their clients. That way, you may take advantage of these platforms’ advanced features, such as Expert Advisor bots, without being duped.
Trading Conditions
Only two types of accounts are described on the Legends FX Markets website: STP and ECN. This implies that Legends FX Markets is a straight through processing and electronic communications networks broker at the same time. However, given its offshore registration and lack of a trading platform, Legends FX Markets is definitely not a legitimate broker.
For both account types, a leverage of 1:400 is set. You can choose a leverage level of up to 1:100 when you open an account. These are leverage levels that are far higher than those permitted by registered brokers. High leverage allows for bigger gains, but it also raises the danger of big losses. In the EU and the UK, regulators limit retail traders’ leverage to 1:30, but in the US, the maximum level is 1:50.
There is no mention of a minimum deposit amount anywhere. The given spread ranges from 0 to 1 pip, which is a theoretically competitive level. And, as previously said, Legends FX Markets does not offer any genuine trading.
Fees Are Shady
Only if the account is confirmed with a copy of ID and proof of address does the deposit menu appear. Wire Transfer, GTBBank, Bitcoin and Ethereum, Ripple, and the lesser-known platform Etana Custody are among the payment options featured on the website. This collection of payment options appears to be suspect. Cryptocurrencies and shady payment methods are preferred by scammers because they make transactions harder to track and non-refundable.
The withdrawal costs for some of the methods, particularly those for cryptocurrency, are rather hefty. The cost is 0.005 BTC for Bitcoin and 0.02 ETH for Ethereum. Legitimate brokers accept a variety of secure payment options, including wire transfers, credit/debit cards, and popular e-wallets like PayPal, Neteller, and Sofort.
Conclusion
The public’s attention has been drawn to the trading of financial instruments as a result of the excitement surrounding cryptocurrencies. The vast majority of individuals, however, are still unaware of financial markets. Scammers posing as brokers are increasingly taking advantage of this.
Legends FX Markets presents itself as a forex and CFD trading broker with experience. Behind this website, however, is a dubious offshore corporation that does not provide the services it offers. Legends FX Markets exhibits numerous warning signals that this is a fraudulent enterprise, which is why you should never entrust your money to them.
If you come into contact with Legends FX Markets they will promise to make you wealthy quickly, they will first try to get you to make a tiny “investment” of a few hundred dollars. If you show yourself to be vulnerable, the scammers will then court you to give them even more money. They’ll almost certainly deceive you into believing that your first investment has already yielded profits.
If you value your money in any way we recommend staying away from this shady broker that’s clearly out to take your money.
Legends FX Markets
Pros
- None
Cons
- Unregulated
- Trading Software Doesn’t Work
- Trading Conditions
- Fees Are Shady
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.