LegacyFx

Please read this review before you open an accountPlease be extremely cautious of this company - they target new traders with little or no experience in trading and suck them dry mentally and financially - here's how they do that:1. You probably joined LegacyFX free group run by Frank Lorry, he will give you some good signals where you make abit of money, he'll tell you to open an account in order to join the private group where they provide even better signals - this is a lie - there is no centralized private group, each account manager has their own private group, the signals are nowhere near as good as the free group or as regular - i've been in multiple private groups and the updates are random and the groups are regularly abandoned - nowhere as good as the free group.2. So you fall for Frank Lorry's scam and sign up to their platform and accept their terms and conditions, the account managers will tell you how many $1000's of dollars you can make and get you really excited - they will tell you to trust them and do as they say - and obviously as a novice trader, you do.3. You'll start off by making a hand full of trades that may make a profit - the account managers will tell you to take a trades at random places with no stop losses – they’ll continue to hype up the potential profits.4. After a while, you'll need to put more money in, because the account manager has told you to open a trade in random places and not put a stop loss - so you do because at this point almost all your money is consumed and you’re too scared to lose it all.5. They'll tell you to diversify, and open trades on other instruments - they mostly trade silver, gold and oil which all are extremally volatile and have huge spreads. So you open some more positions in random places with again with no stop loss.6. Eventually, you'll get to a position where you don't have more money to put in you'll be fully hedged where you have an equal amount of buys and sells - you think you're safe but you're not - LegacyFX will expand the spread price so you either put more money in or lose it all - how is the spread prices calculated? who knows - noone tells you about it. I had to put in over £30,000 just because spread prices kept increasing, if you ask your account manager for help, he’ll say he can only help if you put more money in.7. Then you complain to Legacyfx, they'll assign you an account manager who claims to be 'Senior' - but he can only help if you put more money in.8. You put more money in - but the 'senior' trader uses the same poor trading practices as the juniors - open positions in random places and no stop losses – again you trust them because they are senior and you have no idea what you’re doing.9. You're eventually in the same situation again, fully hedged with rapidly increasing spreads - so you complain again.10. You might get an email from customer relations - who have no customer service skills and will blame this whole situation on you - even though their account manager told you to open the trades, even though you have no trading knowledge, even though the account managers use extremely poor trading practices that all real traders advise against doing - and they'll point to the terms and conditions that you accepted. They know what they are doing, this is their tactics and they intentionally target new traders who will easily fall into this trap.11. The only time the account managers are really helpful is when you have trouble depositing money they will show you every possible way to put your money into their system - including sending dodgy payment links where you pay in some random currency.If you're unfortunate enough to be in this situation as i am, please seek legal advice - do not let them get away with this scam.1. Complain to the Vanuatu and Cyprus Financial Services Ombudsman.2. Speak to your credit card company.3. Get lawyers involved - there are many no win no fee lawyers who specialise in this area, Google them.I know at least 2 others taking this company to court over their shady trading practices.Please read the other 1/2 star reviews for this company - its not a 1 off, its not just 1 account manager - this scam is widespread within this company with all the account managers using the same method to take all your money.Lastly, this company is regulated in Vanuatu - Vanuatu is a tax haven with virtually no consumer protection - your money is not safe or protected with this company. If you complain they will tell you this because they think there's nothing you can do - but they are actually based in Cyprus, this is where your money goes and is governed by CySec. Any decent company will be transparent about your protection as a investor - but not LegacyFX - you are not protected.