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Do you want to know which is the better broker between FX Corp and LegacyFX ?
In the table below, you can compare the features of FX Corp , LegacyFX side by side to determine the best fit for your needs.
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You can determine the reliability and credibility of a broker by checking four factors:
1.Forex broker introduction。
2.Are the transaction costs and expenses of fx-corp, legacyfx lower?
3.Which broker is safer?
4.Which broker provides better trading platform?
Based on these four factors, we can compare which is reliable. We have broken down the reasons as follows:
Aspect | Information |
Registered Country/Area | Australia |
Founded Year | 5-10 years ago |
Company Name | FX Corp Pty Ltd |
Regulation | Regulated in Australia by ASIC |
Minimum Deposit | Not specified |
Maximum Leverage | Not specified |
Transaction Fees | Transaction fees vary based on the type of transfer and payment network used (e.g., $60 for SWIFT transfers) |
Trading Platforms | No trading software available |
Products | Spot contracts, Forward Exchange Contracts (FECs) |
Account Types | Not specified |
Customer Support | Phone support available, physical office in Sydney, Australia |
FX Corp is a regulated financial services provider offering a range of foreign exchange solutions to individuals and businesses. With its headquarters in Sydney, Australia, the company operates under the regulatory oversight of the Australia Securities & Investment Commission (ASIC).
For individuals, FX Corp facilitates international payment services for various purposes, including real estate transactions, luxury goods purchases, investments, inheritance management, overseas income handling, and mobile payments. Their goal is to provide efficient and secure solutions for conducting international transactions in these areas.
For businesses, FX Corp specializes in commercial foreign exchange services, catering to diverse industries. Whether it's a small online retailer or a growing global company, FX Corp aims to streamline payment processes and provide tailored solutions to meet their specific needs. The company's expert team works closely with businesses, enhancing their foreign exchange capabilities and offering valuable insights for successful expansion into new markets.
FX Corp offers a range of foreign exchange products to align with businesses' goals and requirements. These include spot contracts, which involve immediate purchase or sale of foreign exchange at prevailing rates, and forward exchange contracts (FECs), which allow businesses to lock in exchange rates for future dates to manage currency risk.
Customer support at FX Corp is available through phone communication, and their office in Sydney serves as a physical location for face-to-face interactions when needed.
While FX Corp is regulated and holds a license from ASIC, it's important for potential clients to consider the associated risk alert and conduct thorough research before engaging with the company.
FX Corp, a regulated financial services provider based in Australia, offers international payment services and foreign exchange solutions to individuals and businesses. While the company has certain advantages, it's essential to consider the associated risks and drawbacks. One of the pros of FX Corp is its legitimacy as a regulated entity under the Australia Securities & Investment Commission (ASIC), providing a level of trust and compliance with industry regulations. Additionally, the company offers competitive exchange rates, low transaction fees, and convenient international money transfer services. However, there are some cons to consider. Firstly, there is a risk alert associated with FX Corp, indicating potential risks and a negative field survey review. Moreover, the available information suggests a lack of functional trading software. Traders should exercise caution, conduct thorough research, and consider alternative options before engaging with this broker.
Here is a table summarizing the pros and cons of FX Corp:
Pros | Cons |
Regulated by the Australia Securities & Investment Commission (ASIC) | Risk alert associated with the broker |
Offers international payment services and foreign exchange solutions | No information provided about trading software |
Tailored payment processes |
FX Corp Pty Ltd, also known as FX Corp, is a regulated entity. It is regulated by the Australia Securities & Investment Commission (ASIC) in Australia. The company holds a full license under the authority of ASIC with the license number 459050. The license was granted to FX Corp Pty Ltd on October 30, 2014.
The regulatory status confirms that FX Corp Pty Ltd operates under the regulations and oversight of ASIC, ensuring compliance with the applicable rules and regulations in the financial industry.
However, it is important to note that there is a risk alert associated with this broker. The risk alert indicates that the broker has received one negative field survey review, which raises concerns about potential risks and the possibility of a scam. Additionally, the current information suggests that the broker does not have a trading software.
Traders should exercise caution and conduct thorough research before engaging with this broker. It is advisable to assess the risks involved and consider alternative options based on the available information and personal circumstances.
To open an account with FX Corp, follow these steps:
1. Visit the FX Corp website and locate the “OPEN ACCOUNT” button.
2. Click on the button to initiate the account opening process.
3. You will be directed to a form that needs to be completed.
4. Fill in your personal details, including your name (first name and last name), company (if applicable), website (if applicable), email address, and phone number.
5. Optionally, you may provide additional comments or information relevant to your account opening.
6. If you wish to receive updates and information from FX Corp, you can choose to subscribe to their mailing list.
7. Once you have entered all the required information, review the details for accuracy.
8. Click on the submit or send button to complete the form.
9. A Relationship Manager from FX Corp will be in touch with you shortly to guide you through the remaining steps of the account opening process.
FX Corp's international transfer service is available in 60 currencies for over 80 international/regional locations worldwide, with payments to most countries/regions taking 1-2 business days. There are two most common payment networks in the global payments arena, the SWIFT and the Automated Clearing House (ACH), with the former requiring a $60 transaction fee.
Pros | Cons |
Transfers to over 80 international and regional locations | Risk alert associated with the broker |
Low transaction fees | Lack of functional trading software |
Option to pay in local currency | Limited information about payment networks used |
Secure payment processes | Transaction fees for SWIFT transfers |
FX Corp offers commercial foreign exchange solutions for businesses operating in various industries, ranging from small online retailers to fast-growing global companies. They understand the challenges faced by businesses expanding geographically and aim to provide tailored and modernized payment processes to meet their needs.
To support businesses in achieving their goals, FX Corp operates at the forefront of the foreign exchange services landscape. They have extensive experience working with businesses in different industries, similar to the ones they serve. By leveraging their expertise, FX Corp can enhance and improve the existing setup of businesses, helping them optimize their foreign exchange capabilities.
FX Corp's dedicated relationship managers play a crucial role. These managers keep businesses updated on the latest developments in foreign exchange and ensure that their FX capabilities remain adaptable to changing market conditions. They offer insights, advice, and support that are critical for the success of businesses' expansion plans into new markets.
FX Corp provides international payment services for individuals buying and selling real estate, buying and selling luxury goods, investments, inheritance, overseas income, mobile, etc. The personal services offered by FX Corp focus on providing international payment solutions for individuals. These services cater to various needs such as buying and selling real estate, buying and selling luxury goods, managing investments, handling inheritances, managing overseas income, and facilitating mobile payments. FX Corp aims to assist individuals in efficiently and securely conducting international transactions related to these areas.
FX Corp offers a range of foreign exchange products to align with businesses' specific goals and requirements. These products can be utilized simultaneously for different projects based on factors such as profit margin or time to completion. It is important for finance teams, who often face time constraints and pressure to meet reporting and accounting deadlines, to carefully consider FX transactions and products.
FX Corp specialists are available to assist finance teams in selecting suitable FX products while ensuring they can manage their other responsibilities effectively. By leveraging FX Corp's resources and experience, businesses can choose products that maximize their chances of success and minimize the impact of unfavorable currency movements.
Spot Contracts: One of the basic and commonly used FX products is the spot contract. Spot payments involve a binding obligation to buy or sell a specific amount of foreign exchange for fast delivery. These transactions are conducted at the prevailing live spot rate and typically settle within two business days.
Forward Exchange Contracts (FECs): FX Corp also offers forward foreign exchange contracts (FECs), which allow businesses to “lock in” an exchange rate for a specific date in the future. The forward rate for an FEC is calculated based on the current spot rate, time to maturity, and the interest rate differential between the two currencies involved. FECs provide businesses with greater certainty for forecasting costs or profits without the need to pre-purchase currency and deplete their cash flow. While a deposit may be required, the full payment of the contract amount is not necessary until the maturity date.
Pros | Cons |
Forward exchange contracts offer rate certainty | Lack of information on minimum deposit and leverage |
Low transaction fees | No mention of specific account types or options |
Spot contracts provide immediate delivery | No trading software mentioned |
FX Corp provides customer support through various channels. The primary contact method is through phone, and customers can reach their customer support team at the phone number 02 8076 9535. This phone support allows customers to directly communicate with FX Corp's representatives to address their inquiries, concerns, or seek assistance regarding their services.
Additionally, FX Corp has a physical office located in Sydney, Australia. The office is situated at Level 14, 1 Castlereagh Street, Sydney, NSW, 2000. Customers can visit the office in person if they prefer face-to-face interactions or have specific needs that require an in-person meeting.
In conclusion, FX Corp Pty Ltd offers international payment services and foreign exchange solutions to businesses and individuals. As a regulated entity, it operates under the oversight of the Australia Securities & Investment Commission (ASIC), providing a level of legitimacy. However, it is important to note the risk alert associated with this broker, indicating potential risks and a lack of functional trading software. While FX Corp offers competitive exchange rates, low transaction fees, and convenient international money transfer services, traders should exercise caution, conduct thorough research, and consider alternative options before engaging with this broker.
Q: Is FX Corp a legitimate broker?
A: Yes, FX Corp is a regulated entity and holds a full license from the Australia Securities & Investment Commission (ASIC).
Q: How can I open an account with FX Corp?
A: To open an account, visit the FX Corp website and click on the “OPEN ACCOUNT” button. Fill out the required form with your personal details, and a Relationship Manager will contact you to guide you through the rest of the process.
Q: What international money transfer services does FX Corp offer?
A: FX Corp provides international money transfer services in 60 currencies to over 80 international and regional locations. They offer competitive exchange rates, low transaction fees, and the option to pay in local currency.
Q: What products does FX Corp offer for businesses?
A: FX Corp offers spot contracts and forward exchange contracts (FECs) as foreign exchange products for businesses. Spot contracts involve fast delivery of foreign exchange at the prevailing spot rate, while FECs allow businesses to lock in an exchange rate for future transactions.
Q: What services does FX Corp offer for individuals?
A: FX Corp provides international payment solutions for individuals, including services for buying and selling real estate, luxury goods, investments, handling inheritances, managing overseas income, and facilitating mobile payments.
Q: How can I contact FX Corp for customer support?
A: You can reach FX Corp's customer support team by phone at 02 8076 9535. They also have a physical office located at Level 14, 1 Castlereagh Street, Sydney, NSW, 2000.
LegacyFX | Basic Information |
Company Name | LegacyFX |
Headquarters | Belarus |
Regulations | Regulated |
Tradable Assets | Currencies, stocks, indices, commodities, and cryptocurrencies |
Payment Methods | International banks |
Trading Platforms | MT5 trading platform |
Customer Support | Email (info@legacyfx.by)Phone (+375 291788410) |
The Brand LegacyFX is an established broker providing a wide range of products and services for traders worldwide since 2017. It grants traders access to a broad spectrum of tradable assets, encompassing currencies, stocks, indices, commodities, and cryptocurrencies. Through its MT5 trading platform, LegacyFX provides users with a seamless and intuitive interface, known for its robust functionality and ease of use.
The company “AN All New Investments BY LLC” (operating under the LegacyFX brand) was registered on 12/14/2018 (UNP 193180778) with Company Registration number 193180778 (Certificate of the National Bank of the Republic of Belarus No. 17). The activities of AN All New Investments BY LLC are regulated by Decree of the President of the Republic of Belarus No. 231 dated June 4, 2015 “On the implementation of activities in the OTC Forex market”.
LegacyFX is regulated, operating under the supervision of the National Bank of the Republic of Belarus and licensed under number 193180778. It ensures that brokers operate legally, minimizing the risk of fraudulent activities and fostering a secure trading environment. Regulated brokers adhere to stringent financial reporting standards, offering investors transparent and dependable information to make informed decisions. However, while regulation enhances oversight and accountability, it does not entirely eliminate risks. Therefore, traders should maintain vigilance and exercise caution when participating in online trading activities.
LegacyFX offers a diverse range of trading instruments, providing traders with ample opportunities to diversify their portfolios and explore various markets. The platform utilizes the popular MetaTrader 5 platform, known for its advanced trading tools and user-friendly interface, enhancing the trading experience for users. Additionally, LegacyFX operates with regulatory oversight, providing clients with an added layer of security and peace of mind. However, the platform's website is currently inaccessible, which could pose challenges for users trying to access essential information or execute trades. Furthermore, high account minimums can be a burden to most traders, especially beginners.
Pros | Cons |
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Besides a good selection of currency pairs, traders can diversify their portfolio with indices, commodity CFDs, metals, cryptocurrency pairs, and stocks on LegacyFX platform.
There are four account options on offer: Silver, Gold, Platinum, and VIP. The Silver account is available from a minimum deposit of $500, the Gold account for a deposit of $5,000, $25,000 for the Platinum account, and the VIP account is yielded for deposits exceeding $50,000. Swap-free Accounts are available, but swap-free accounts are granted to all traders.
Leverage varies from 1:5 to 1:200 depending on the asset traded: Stocks – 1:5, Forex – 1:200, Metals – 1:100
Indices – 1:100, Commodities – 1:100, Cryptocurrencies – 1:5.
Traders can choose between fixed or variable spread accounts. Variable spreads for major forex pairs such as EUR/USD start at 1.6 pips with the Silver account. Spreads get tighter with the Gold and Platinum accounts, going down to 0.6 pips. Fixed spreads are around 3 pips for EUR/USD with the Silver account. All assets are commission-free, except for stocks where charges range from 0.15% to 0.45% depending on the account.
LegacyFX offers traders access to the MetaTrader 5 (MT5) trading platform, renowned for its advanced features and versatility. With the MT5 platform, traders can execute trades across various financial markets, including forex, stocks, indices, commodities, and cryptocurrencies.
The minimum deposit for a LegacyFX account is $500, while there is a maximum deposit of $10,000 with credit/debit cards. LegacyFX‘s website clearly states that withdrawals to credit cards can only be in the amount of the deposit from that particular card; the remainder will be wired to the client’s bank account. Clicking on Bank Wire Transfers returns the bank wire information, while all other buttons lead to a log-in screen. Legacy FX covers all deposit and withdrawal fees for transactions via major credit/debit cards, Skrill, Neteller, and bank wires above $200.
LegacyFX offers customer support through email at info@legacyfx.by and phone at +375 291788410.
In summary, LegacyFX offers traders a wide array of trading instruments and account types, coupled with the renowned MetaTrader 5 platform, fostering flexible and accessible trading opportunities. The platform operates under regulatory oversight, ensuring adherence to industry standards and bolstering investor confidence. However, the inability to access the website and the lack of clarity regarding account types may hinder the trading experience for some users. Traders are advised to proceed with caution, conduct thorough research, and verify information directly with LegacyFX to mitigate potential risks and ensure a safer trading journey.
Q: Is LegacyFX regulated?
A: Yes, LegacyFX is regulated by the National Bank of the Republic of Belarus and holds license number 193180778.
Q: What trading instruments are available on LegacyFX?
A: LegacyFX offers a diverse range of trading instruments, including currencies, stocks, indices, commodities, and cryptocurrencies.
Q: How can I contact LegacyFX's customer support?
A: You can contact LegacyFX's customer support via email at info@legacyfx.by or by phone at +375 291788410.
Trading online carries inherent risks, and there's a possibility of losing your entire investment capital. It's crucial to acknowledge these risks and understand that the information presented in this review may not always be up-to-date due to changes in the company's services and policies. Therefore, readers are encouraged to verify the information directly with the company before making any decisions. Ultimately, it's the responsibility of the reader to use the information provided in this review wisely and make informed decisions.
To compare transaction costs across different brokers, our experts analyze the transaction-specific fees (such as spreads) and non-trading fees (such as inactivity fees and payment costs).
To get a comprehensive understanding of how cheap or expensive fx-corp and legacyfx are, we first considered common fees for standard accounts. On fx-corp, the average spread for the EUR/USD currency pair is -- pips, while on legacyfx the spread is --.
To determine the safety of our top brokers, our experts will consider many factors. This includes which licenses the broker holds and the credibility of these licenses. We also consider the history of brokers, because long-term brokers are usually more reliable and trustworthy than new brokers.
fx-corp is regulated by ASIC. legacyfx is regulated by NBRB.
When our experts review brokers, they will open their own accounts and trade through the broker's trading platform. This enables them to comprehensively evaluate the quality, ease of use, and function of the platform.
fx-corp provides trading platform including -- and trading variety including --. legacyfx provides trading platform including VIP,PREMIUM,PLATINUM,GOLD,SILVER,BRONZE,STANDARD and trading variety including --.