Legal CFD Review – A Trusted Broker?

Legal CFD is an unregulated broker who offers a wide array of assets. Their platform is web based and is very user-friendly. The spreads charged by them are reasonable. However, they have some downsides as well. If you are trying to figure out whether, this broker meets your needs then join us in this review.

Disclosure: We get commissions for purchases made through links in this post.

Licence and Support

Forex and CFD trading is quickly becoming regulated in most of the countries. Since the number of scams operating in the pretext of trading platforms is increasing. It is better to stick with regulated entities. We are not saying that every unregulated broker is a fraud, but most of them are.

This broker is based in Bulgaria. However, they are not licensed by any regulatory body which means it is very hard to trust them. If you need any assistance on their platform, then you will be happy to know that, they offer 24/5 support.

The modes of communication include both email and telephone. So, you can seamlessly interact with them whatever you want to. Here are their contact details.

Email – support@legalcfd.com

Phone – +44 2039616436

Account Types and Asset Class

There are 4 types of account offered by this broker. The main distinguishing factor among them are trading sessions and bonus. Note that, there are no commissions involved in any of the accounts. We have not experienced their educational material firsthand.

So, we cannot comment anything about them yet but it’s nice to know that it is present. The number of trading instruments offered by this broker is huge. If you are a fan of cryptocurrencies, then you will like their platform even more. Below are the list of major account types they offer.

Silver

Minimum Deposit – $5000

3 Education Sessions

Up to 100% Trading Bonus

Gold

Minimum Deposit – $10,000

5 Education Sessions

Up to 125% Trading Bonus

Gold 2

Minimum Deposit – $50,000

10 Education Sessions

Unlimited Demo Account

Up to 150% Trading Bonus

Platinum

Minimum Deposit – $100,000

Platform Introduction

Up to 200% Trading Bonus

Charting Solution

Regardless of what type of trader you are, charts play an important role in trading decisions. This broker offers TradingView Charts on their platform. As far as practicality goes, this one is one of the best solutions out there.

Trader’s can access all the type of tools and indicators on the web based platform to help them take quick decisions. However, there is a big drawback as well. Since, this broker does not offer MT4 or MT5 support, there will be no integration of Expert Advisor.

In short, if you are a fan of auto trading, then you will have to look elsewhere. On the bright side, they do have MAM accounts. If you are a beginner and would like to copy other traders positions automatically, then this service is for you.

There are no details about the fees they charge for the service, but usually it will be normal. However, remember that all type of copy trading suffer from execution delay which might have a big impact on the results.

Domain Information

The actual details of the owners are unknown as they have used privacy protection services. Below are some of the important details concerning this domain.

Registrar – NameCheap, Inc

Registered on – 21/03/2018

Expires on – 21/03/2020

Alexa Global Rank – 8,088,796

There isn’t enough data available to pinpoint their traffic source.

Deposit and Withdrawals

This broker offers two base currencies which are USD and EUR. Though, they have a number of crypto trading assets they still do not accept BTC or any of the major cryptocurrencies as deposit options. Moreover, they are not integrated with any of the e-wallets like Skrill or Neteller.

This might be a deal broker for some of you, but that is the way they are structured. Apart from debit or credit cards and wire transfer, there are no ways to withdraw or deposit the funds.

The minimum deposit is $250 and the minimum withdrawal amount is unknown. However, they do claim to process withdrawals in under a week. Sadly, we do not know whether they are any fee imposed on the withdrawals.

Legal CFD Review Conclusion

Legal CFD offers an exceptional service, but it comes at a cost. Moreover, they are a market maker as well. So, it means that they have conflict of interest with the clients as the only make money when their clients lose.

Considering all the risks involved, it comes down to your personal performance, but we strongly suggest all our readers to indulge only with regulated brokers and exchanges. Since there aren’t any testimonials about their service yet, it is advisable to deal with them cautiously.

Before you accept any bonus from them, make sure that you have fully understood the conditions. Otherwise, it might create a problem in the future.

If you have any experience with this broker, feel free to share them in the comments section.