LegacyFX Review: Regulation, Warnings, and Why We Don’t Rate It

LegacyFX is a CFD and forex brand that has long marketed itself on its CySEC licence. But the fuller picture is more complicated: it has run a dual EU-and-offshore model where clients could not be sure which entity they were dealing with, it carries warnings from Canadian regulators, it has a documented record of withdrawal complaints, and its future is now uncertain after its licensed entity was acquired by Crypto.com. For those reasons we do not rate it.

Is LegacyFX regulated?

In part, and the detail is the whole story. LegacyFX is operated by A.N. Allnew Investments Ltd, which holds a CySEC licence (344/17) in Cyprus. That licence is genuine, and in 2025 it became the reason Crypto.com acquired the company, specifically to obtain a regulated EU entity through which to offer CFDs. So there is a real CySEC licence in the picture.

But the LegacyFX brand has historically run on two tracks. Alongside the Cyprus entity, an offshore arm operated out of Vanuatu under the Vanuatu Financial Services Commission (VFSC), a Tier 3 regulator with weak oversight and no meaningful investor protection. Reviewers repeatedly noted that you could not be certain which entity would actually hold your account, EU-regulated or offshore. For a trader, not knowing whether you have real protection or none is itself a serious problem.

LegacyFX is also not regulated by the FCA in the UK. Older claims of FCA “temporary permission” relate to a post-Brexit transitional regime that no longer provides UK authorisation. UK traders should treat LegacyFX as unregulated for their purposes.

Regulator warnings against LegacyFX

Two Canadian regulators have publicly warned about the brand:

• Ontario Securities Commission (OSC): warned that LegacyFX (legacyfx.com) and Allnew Investments Ltd are not registered in Ontario to trade in securities.
• Financial and Consumer Affairs Authority of Saskatchewan: issued a warning against LegacyFX and its owner.

There have also been reports that the brand told prospective affiliates they would receive “FCA and CySEC licences,” which risks misleading partners into believing they could legally operate in the UK under the LegacyFX name. A regulated firm does not need to overstate its permissions, and doing so is a red flag.

The withdrawal and conduct concerns

Beyond the regulatory structure, independent complaint records describe a familiar and worrying pattern: traders reporting that profits were withheld while only their initial deposit was returned, withdrawals blocked or delayed, accounts pressured by managers to deposit more, and a withdrawal charge applied to requests. Some complaints allege execution manipulation through slippage. We cannot adjudicate individual disputes, but the volume and consistency of these reports is the kind of signal that should not be ignored.

What about the Crypto.com acquisition?

In 2025, Crypto.com acquired A.N. Allnew Investments to secure its CySEC MiFID licence and expand into regulated CFDs across the EEA. This matters, but it should not be mistaken for an endorsement of the LegacyFX brand. The acquisition was about the regulatory licence, not a continuation of LegacyFX as it was, and the brand’s status going forward is unclear. A new owner of the licensed entity does not erase the brand’s prior conduct record or the warnings already issued against it.

What LegacyFX offered

For context, LegacyFX launched in 2017 (after the brand was first set up and shut down by a previous owner in 2015 to 2016), ran on the MetaTrader 5 platform across desktop, web, and mobile, and offered forex, indices, commodities, stocks, and crypto CFDs. It used a tiered account model with high minimum deposits, from $500 on the Standard account up to $50,000 and above for VIP, paired with account managers and mentoring. The trading setup itself was conventional. The reasons we do not rate it are the dual-entity structure, the warnings, and the complaint record, not the platform.

Why LegacyFX is Not TC Rated

Our Regulation First standard requires a broker to be genuinely and consistently regulated by a top-tier authority in a way that protects the people using it. LegacyFX ran a model where clients might be placed under an offshore Vanuatu entity rather than the EU one, it is not FCA-regulated for UK traders, it carries warnings from Canadian regulators, and it has a documented withdrawal-complaint history. The recent acquisition of its licensed entity does not resolve those concerns for the brand as reviewed. For these reasons it does not qualify for a TC Rating.

Conclusion

LegacyFX sits behind a real CySEC licence, now owned by Crypto.com, but the brand itself has a track record we cannot recommend: a dual EU-and-offshore structure, no FCA regulation for UK clients, warnings from the Ontario and Saskatchewan regulators, and a pattern of withdrawal complaints. We do not recommend LegacyFX. If you want a broker with clear, single-entity top-tier regulation and a clean conduct record, choose one that is fully authorised in your own market.

Frequently asked questions

Is LegacyFX regulated?
Its operating company holds a CySEC licence (344/17), now owned by Crypto.com. However, the brand also ran an offshore Vanuatu entity, is not FCA-regulated in the UK, and has been warned about by Canadian regulators.

Is LegacyFX safe?
It carries meaningful risk. There are regulator warnings from Ontario and Saskatchewan, a documented record of withdrawal complaints, and a dual-entity model where clients could not be sure which regulator covered them.

Is LegacyFX available to UK or US traders?
It is not FCA-regulated in the UK and does not accept clients from the United States.