LegacyFX
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77% of retail CFD accounts lose money.

Vs.

NAGA
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Majority of retail CFD accounts lose money.

LegacyFX Vs. NAGA - Compare Trustworthiness, Capabilities, Fees and Legitimacy

Updated Dec 19 2022

Visit

77% of retail CFD accounts lose money.

Visit

Majority of retail CFD accounts lose money.

Overview

Legacy FX is a cypriot broker founded in 2017 that specialises in CFDs trading via MetaTrader 5 for mobile, web and desktop devices.

Naga is an international broker belonging to the NAGA Group A.G, a publicly listed company in the Frankfurt stock exchange. Their specialty is social and copy trading of both real stocks and ETFs along with CFDs on all major asset classes.

Best For
  • Traders looking for a CySec broker that offers a trading signals service
  • Beginners looking to explore copy and social trading in detail
  • Passive investors looking to buy real stocks or ETFs
Licenses

Financial
Licenses

Regulation

Regulated

Top-tier Licenses

0

Other Licenses

2

Provided by
TheTradingBible.com

Learn More

Financial
Licenses

Regulation

Regulated

Top-tier Licenses

0

Other Licenses

1

Provided by
TheTradingBible.com

Learn More
🏛 Financial Regulators
  • CySec (Cyprus)
  • VFSC (Vanuatu)
  • CySec (Cyprus)
The Good
  • Proprietary signals channel (untested by us)
  • Fixed spreads (at their discretion subject to change)
  • Gamified social trading platform full of features and very responsive
  • Independent services such as cryptocurrency wallet or Naga Pay which provides a debit card and banking functionality
The Bad
  • High minimum deposits (From $500 to $25,000) for their various account types
  • Extremely high spreads when compared to similar brokers
  • Low asset offering with poor categorisation
  • Subpar regulatory framework
  • Only MT5 platform is offered
  • There is no way to easily understand which is the leverage factor being applied per asset
  • Asset offering is not that comprehensive when compared to similar competitors
  • An overall feeling of playing a game in a fun-app
Status
Operational Operational
Recent News

No fresh news at the moment. Check again soon!

No fresh news at the moment. Check again soon!

Key Data
⌛ Account Opening Time
1 day 1 day
📋 Documents Required
  • Valid identity document (Passport, ID Card, etc)
  • Valid proof of residence document (Bank statement, utility bills)

All documents must be under the account holder's name.

  • Valid identity document (Passport, ID Card, etc)
  • Valid proof of residence document (Bank statement, utility bills)

All documents must be under the account holder's name.

📍 Year Founded
2017 2015
💳 Minimum Deposit Range
From $500 to $25,000 $250
💰 Payment Methods
  • Visa
  • Mastercard
  • Neteller
  • Skrill
  • Klarna
  • iDeal
  • GiroPay
  • Perfect Money
  • AVOPayments
  • eftPay
  • Volt
  • Cash
  • Load
  • Jeton
  • Gigadat
  • Credit Cards
  • Debit Cards
  • Bank Transfers
  • PayPal
  • Skrill
  • Neteller
  • PaySafeCard
  • GiroPay
  • EPS
  • Prezelewy24
  • KB
  • Euteller
  • Neosurf
  • MyBank
💵 Account Base Currencies
11 - USD, EUR, GBP, JPY, CHF, AUD, RUB, PLN, HUF, SGD, ZAR. 4 - EUR, GBP, USD, PLN.
🗽 Available to U.S Citizens
No No
❌ Restricted Countries

US, CA, BE, FR, IL, IR, SY, AF, MM, SO, YE, IQ, SS, SD.

US, CA, SY, IR.

📊 STP Account
No No
📊 DMA Account
No Yes
📊 ECN Account
No No
Banking License
No No
Debit Card
No No
Assets
📚 Assets Type
CFDs Hybrid
Total Asset Offering
292 1,580
Exchange Access
0 0
📙 Real Stocks
0 700
📙 Stock CFDs
200 700
📘 Currency Pairs
0 0
📘 Currency Pair CFDs
40 80
📗 Commodities
0 0
📗 Commodities CFDs
24 4
📕 Indices
0 0
📕 Indices CFDs
18 20
📔 ETFs
0 0
📔 ETFs CFDs
0 17
💸 Cryptocurrencies
0 0
💸 Cryptocurrency CFDs
10 37
📒 Bonds
0 0
📒 Bonds CFDs
0 0
📓 Options
0 0
📓 Options CFDs
0 0
📗 Futures
0 0
📗 Futures CFDs
0 22
Trading Experience
📈 Minimum Stock Trade Size
Unavailable Unavailable
📉 Minimum ETFs Trade Size
Unavailable Unavailable
📈 Minimum Crypto Trade Size
Unavailable Unavailable
📉 Minimum FX Trade Size
$10,000 (0.1 Lots) $1,000 (0.01 Lots)
📈 Minimum Commodities Trade Size
$10,000 (0.1 Lots) $1,000 (0.01 Lots)
📉 Minimum Bonds Trade Size
Unavailable Unavailable
📈 Minimum Futures Trade Size
Unavailable Unavailable
📉 Minimum Options Trade Size
Unavailable Unavailable
💪 Retail Leverage
30 30
💪 Professional Leverage
500 500
✍ Customisable Leverage
No No
🎲 Deleveraged Trading
No Yes
🎓 Demo Account
Yes Yes
📱 IOS App
No Yes
📱 Android App
No Yes
📺 MetaTrader 4
No Yes
📺 MetaTrader 5
Yes Yes
📺 cTrader
No No
💻 Web trader
Yes No
💻 TradingView Platform
No Yes
💻 Proprietary Platform
No No
📊 Multi-chart Tools
Yes Yes
👬 Copy Trading
No Yes
👫 Social Trading
No Yes
🔑 Guaranteed Stop-loss
No No
🔨 Trailing Stop-loss
No No
Fees
💰 Inactivity Fee

Yes, 10 units of account base currency after 90 days of inactivity.

None
💰 Deposit Fees
None None
💰 Withdrawal Fees
None

Yes, from 0 to $5 depending on your account level.

💰 Commissions

Yes, ranging from 0.15% to 0.45% of trade value for stocks only.

Yes depending on asset (Eg: 0.99 € for real stocks in-and-out, $2.5 for Stock CFDs, etc)

Spreads
📈 EUR/USD
Dynamic - From 1.6 Pips Dynamic - From 1.7 Pips
📉 SP500
Dynamic - From 120 Pips Dynamic - Market Spread
📈 GOLD
Dynamic - From 63 Pips Dynamic - From 36 Pips
📉 TSLA (Stock CFD)
Unavailable Dynamic - Market Spread
📈 XLK (ETF - CFD)
Unavailable Dynamic - Market Spread
📉 BTC
Dynamic - From $505 Dynamic - From $130
Research and Analysis
⭐ Watchlists
Yes Yes
🔭 Stock Screener
No No
🗓 Economic Calendar
Yes Yes
📜 Integrated Newsfeed
No No
📡 Reuters Feed
No No
📡 Educational Content
No Yes
📡 Live Chat Support
No Yes
📡 Video Tutorials
No No
📡 Account Management
Yes Yes
📡 Webinars
No No