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LegacyFX are scammers! and not properly regulated.
United Kingdom 2022-09-12
Related Broker:
Regulators: CySEC,VFSC
Claims: Misleading claims,Fund Recovery
Amount: --
Progress: Processing
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We have received your complaint about LegacyFx. 

Could you please provide your trading account number in LegacyFx? We will try to contact this broker for you.

MAKHFX Replenished the Complaint

The first call i had with Legacyfx i told them i was inexperienced and will rely heavily on what the account manager tells me to do - i was assured that i was in good hands and all i had to do was open trades as they suggested - which is what i did. I was assured that i don't need to put any stop losses - which i now know is how they trap traders from leaving their platform and put them in a position where they need to keep adding more funds to not lose everything. I've since made a formal complaint about the behavior of their account managers and they continue to blame me for placing the trade even though they knew well in advance that i didn't have the required knowledge to judge weather a trade was good to take or not.

MAKHFX File a Complaint

Please 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. They suck in new inexperienced traders with promises of making hundreds of thousands

  2. Ask you to open large positions in highly volatile instruments with no stop loss or risk management

  3. Keep telling you to add more funds in order to stop your account from closing

  4. If you complain to LegacyFX HQ they will blame you for listening to the account managers

  5. They might make you an offer which will be peanuts compared to your losses - so far they have offered 15% and then 35% even though its their account managers using shady trading practices. So far i have no accepted this and am looking to take them to court.

Stay away from these crooks, they are regulated in Vanuatu which has no consumer protection laws and that's how they get away with scamming people.