Beware! Legends Financial Company is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Legends Financial Company is an unregulated broker who lacks any kind of credibility. As you are going to see shortly this broker fails in providing some very essential information regarding its payment methods and trading conditions, so it would be very tricky if you decide to invest here. You can read more details in the following review.
Legends Financial Company Regulation and safety of funds
|Guaranteed Funds||Segregated Accounts||Negative balance protection|
|Legends Financial Company||❌||❌||❌|
|UK regulated brokers||£85 000||Yes||Yes|
|EU regulated brokers||€20 000||Yes||Yes|
|AU regulated brokers||No||Yes||Yes|
|US regulted brokers||Yes||Yes||No|
Legends Financial Company claims its registered address to be in London, the UK. As you know any broker based there must be authorized by the local Financial Conduct Authority (FCA) in order to operate legally. Legends Financial Company however doesn’t mention even a word on the topic, which seemed rather suspicious. Don’t forget that any reputable firm would display all the legal details about its regulation like a license number and the jurisdiction that oversees its activities. This information can easily be verified in the registers of the relevant authority. In this case we searched the registers of FCA, but no data was to be found about Legends Financial Company. Take a look:
Apparently this broker isn’t regulated therefore operates against the law. Don’t deal with such impostor websites, no matter what they might claim. The absence of a legit forex license is a strong indication that this firm is not to be trusted. Not to mention that most of these unauthorized brokers usually turn out to be yet another scam in disguise.
Legends Financial Company Trading software
|Analytical tools||Auto trading||Custom indicators||Mobile apps|
|Legends Financial Company platform||❌||❌||❌||❌|
|cTrader||40+ indicators||✅||✅||Android and iOS|
Legends Financial Company doesn’t really say anything at all about its trading software – a huge drawback if you ask us. The platform is probably the thing traders are most interested in, as it’s the main tool for your investment. In this case we were absolutely clueless what to expect from this broker, since there is no way to preview or to download the software beforehand.
Only after you register, will you be able to see the platform. It’s just a simple web-based software that can’t stand out with anything special. Take a look:
There is no mobile app provided, nor any advanced tools – you can just use a basic arsenal of features that any other web-based software has. Also don’t expect any unique analytical tools, let alone auto trading. Such features are typical only for more sophisticated platforms like MetaTrader 4 and MetaTrader 5.
Legends Financial Company Trading instruments
|Legends Financial Company||✅||✅||✅||✅||✅|
Legends Financial Company offers more or less the same assets as any reputable broker usually does – forex, commodities, indices, equity and CFDs. In short, nothing exceptional can be seen here, so better look for a legitimate firm instead
Legends Financial Company Spreads and cost of trading
|Legends Financial Company||XM||FBS||FXTM|
|Spread EURUSD||0.6 pips||1.7||1||1.1|
|Spread GBPUSD||0.7 pips||1.3||1.2||1.4|
|Spread USDJPY||0.1 pips||1.3||1.2||1.4|
As for the spread, this broker doesn’t mention anything in particular. After opening its trading software there was a spread of 1.6 pips for EURUSD. This amount is considered advantageous in general, however don’t make the mistake of investing with such an illegitimate broker. Not to mention that most of the scammers tend to manipulate their platform, so keep this in mind.
Moreover, this broker claims to ask for commissions between 1-2.5%, so your trading costs are definitely going to be higher than expected. For this reason investing here is certainly not a good idea.
Legends Financial Company Maximum leverage
|Legends Financial Company broker||100:1||❌||❌||❌||100:1|
|UK regulated brokers||30:1||5:1||❌||10:1||10:1|
|EU regulated brokers||30:1||5:1||2:1||10:1||10:1|
|AU regulated brokers||30:1||5:1||2:1||10:1||10:1|
|US regulated brokers||50:1||❌||❌||❌||❌|
Legends Financial Company displays a chart of its account types – you can choose between a Beginner, Silver, Gold or Platinum account. Take a look at some more details about all of them:
The leverage is said to be between 1:2 and 1:20 for the Beginner account which is fine in general, as the limit in the UK is 1:30. The maximum leverage this broker offers is 1:100 for the Platinum account, however note that such a volume is associated with great risk of failure.
Legends Financial Company Deposit and withdrawal methods
|Deposit time||Withdrawal time||Price|
|Not specified payment method||❌||❌||❌|
On its website Legends Financial Company doesn’t mention anything at all about its payment methods. Most legitimate brokers usually describe in detail all the deposit and withdrawal options, including the execution time and if there are any additional fees or taxes. In this case, the broker is clearly neglecting this data.
But this is not the worst part. After we registered and tried to add funds to our account, we still couldn’t see the payment methods this firm accepts. You can only choose the amount you desire to deposit and then send a request, without actually knowing what options in particular you are able to use. See for yourself:
The withdrawal options however are said to be a wire transfer and crypto transaction, so it’s very probable that the same applies for the deposits as well. Nonetheless, be extra careful, especially with crypto payments as they are proven to be completely irreversible and anonymous.
Legends Financial Company Minimum deposit
|Legends Financial Company||XM||FBS||FXTM|
The Beginner account requires a minimum deposit of 100 GBP which is a bit less than the standard amount for the sector (250 USD to be precise). However, don’t fall for this trick. Sometimes scammers offer lower minimum deposits just to allure you into investing. The outcome however is much more unpleasant – you can face not only unfavorable trading conditions, but can even end up without two nickels to rub together. That’s why what Legends Financial Company offers is certainly not worth the risk of dealing with unregulated brokers. Not to mention that most of the reputable firms offer micro accounts for as little as 10 USD.
Legends Financial Company Withdrawal requirements
|Trading volume||Fee/Tax on withdrawal||Minimum withdrawal|
|Legends Financial Company / offshore brokers||No||Not disclosed|
|UK regulated brokers||No||No||No|
|EU regulated brokers||No||No||No|
|AU regulated brokers||No||No||No|
|US regulated brokers||No||No||No|
On the website it’s not specified if there are any fees or taxes on withdrawal, but our experience with scammers tells us that such fraudsters tend to ask for around 20% fee on every withdrawal request.