LegendaryFX

LegendaryFX is a high-risk forex platform that lured investors with promises of "mentor training" and "VIP trading signals." The platform, which lacks any regulatory licenses, only supports irreversible USDT transfers for deposits and fabricates "tax audit fees" for withdrawals, a secondary scam. Numerous users have complained of account freezes, disconnected customer service, and inability to recover funds. This report will fully expose LegendaryFX's operating methods, common scam structures, and investor protection strategies.

1. Basic Platform Information (Tested in 2025)

Preliminary Conclusion : LegendaryFX has not disclosed its corporate entity, registered location, or any compliance documents, and its official website is currently inaccessible. While its promotional materials focus on "forex instructor training" and "trading signal services," some advertisements and promotional materials claim to offer "full-featured trading accounts" and "regulated brokerage services," posing a significant risk of misleading.

2. Regulatory and Compliance Investigation: No License + Ambiguous Identity

1. No mainstream regulatory filing

We searched for keywords such as "LegendaryFX" and "Legendary FX Group" in the databases of major financial regulatory agencies such as the UK FCA, Australia ASIC, Cyprus CySEC, and the US NFA, but did not find any registration records .
👉 This means that the platform does not have a retail foreign exchange business license, and the sales and promotion of all financial products are in an "unregulated" state.

2. Non-disclosure of company information

The official website does not provide information such as the company name, registered address, company registration number, or regulatory certificates. It also lacks a client agreement, risk disclosure document, or complaint process. This violates international financial services standards and means that investors' rights cannot be protected through any legal channels .

3. Evading regulation through the guise of “education/mentorship”

LegendaryFX's marketing strategy is typical: it presents itself as a "forex mentor" and "trading signal provider," yet in private chats and the registration process, it directs users to open real accounts and conduct financial transactions. This "dual identity" is a typical gray market illegal brokerage operation and can be seen as a cover for circumventing regulations .

3. Third-party test account experience (Q3 2025)

Our security team conducted a complete test in September 2025, covering registration, deposits, transactions, and withdrawals. The following is a complete record:

1. Registration Experience: Fast but Highly Suspicious

• The registration portal only requires name, email address and phone number;

• No identity documents need to be uploaded, and no KYC/AML review is conducted;

• After registration is completed, the backend page cannot provide any legal agreements or risk disclosure documents;

• The only way to access your account is through the "Account Activation Link" sent by Telegram/WhatsApp customer service.

✅Conclusion : The registration process is extremely informal and far from the account opening standards of any regulated foreign exchange platform, posing serious risks of money laundering and identity theft.

2. Deposit experience: Only supports cryptocurrencies

We tried to deposit 300 USDT into the LegendaryFX platform account. The only deposit methods available were:

• TRC20 wallet transfer;

• Receive payment to a third-party wallet address (company name not displayed).

After the deposit is completed, there is no fund arrival email or deposit receipt in the background, and no custodial account or payment institution information is provided.

⚠️Risk Analysis :

• Cryptocurrency deposits are irreversible and funds cannot be recovered once transferred;

• Without a custodial bank or third-party payment supervision, assets can easily be misappropriated;

• Deposit records do not have legal effect.

3. Transaction Testing: Data Anomalies and Suspicion of Internal Matchmaking

We tried to simulate trading EUR/USD and XAU/USD and found several anomalies:

• The average spread is 4.5 pips, which is much higher than the industry standard;

• There is a noticeable delay in placing orders, with average execution time exceeding 300ms;

• There were multiple instances of "order rejection" and "requote";

• Unable to export trade statements or view liquidity sources.

✅Conclusion : The trading environment is suspected to be fraudulent. It is very likely an internal matching system, and user transactions have not entered the real market.

4. Withdrawal Test: Fabricating “Tax Certification Fees”

When we tried to withdraw 300 USDT from our account, customer service required us to pay a 30% "tax certification fee" before we could complete the withdrawal. After we refused, our account was immediately locked and we could no longer access the backend.

⚠️Typical characteristics of fraud :

• Require additional fees to withdraw cash (false taxes and fees);

• Blocking the account after rejection;

• Customer service is out of contact and all contact channels are blocked.

✅Actual test score sheet :

📌Interim Conclusion : LegendaryFX possesses all the structural characteristics of a typical scam platform:

• No supervision, no custody, no identity verification;

• Cryptocurrency deposits are irreversible;

• Internal matching and slippage are severe;

• The withdrawal process fabricated fees and the account was blocked.

It can be clearly determined that LegendaryFX is an "educational-packaged foreign exchange scam" platform and investors should stay away from it immediately.

IV. In-depth analysis of the risk chain: a complete closed loop from "mentor-style guidance" to "capital plundering"

LegendaryFX's scam strategy differs from the simple "register—deposit—withdrawal denial" scheme of traditional fraudulent platforms. It employs a more subtle and sophisticated "educational disguise combined with brokerage" structure . This has been one of the most deceptive and difficult-to-detect scams in the forex industry in the past two years.

1. Front-end disguise: gaining trust by pretending to be a mentor

Unlike most offshore platforms that directly attract customers to open accounts through advertising, LegendaryFX first appears on social platforms as a "forex mentor," "educational institution," and "investment consultant," conducting free live broadcasts, pushing trading signals, and publishing learning courses.

• The Instagram and Facebook pages frequently use words such as “Forex Academy” and “Learn & Earn”;

• The promotional copy focuses on "lifelong mentor service" and "VIP internal reference signal";

• Some communities claim that "you can open a trading account for free after joining the course."

This method is extremely misleading because it uses the form of "knowledge output" to establish a trust barrier, making investors psychologically believe that the platform is "professional" and "trustworthy", thereby lowering their guard.

2. Mid-stage transformation: from education to "account opening"

After a user joins a course or signal group, LegendaryFX will gradually guide them to register a platform account. However, the registration is not completed publicly, but through a dedicated registration link sent by the instructor or a third-party form :

• The registration page is not a public domain name, but a short link/form-based entry;

• Some users reported that the account opening process was completed in a WhatsApp private chat;

• After registration, the backend system is so simple that it is almost an empty shell, displaying only the "account balance" and "open/close position" buttons.

At this stage, the fraud team has completed the key link of "transforming trust into funds": users have changed from "students" to "investors", but they are unaware that this so-called "broker" has no supervision or market access capabilities at all.

3. Core deprivation: Funds are transferred into an irreversible black hole

Once investors deposit funds, LegendaryFX’s true purpose begins to become apparent:

• Funds flow : Almost all deposits go to anonymous USDT wallets or third-party accounts;

• Fund isolation : no escrow account, no third-party payment institution involved;

• Transaction transparency : Reports cannot be exported, there is no transaction price comparison source, and orders cannot be confirmed to enter the real market.

What’s worse is that some users reported that they continued to increase their positions under the “guidance of the instructor” and even doubled their leverage, resulting in their accounts quickly being liquidated, and the platform claimed that “this is a market risk.”

In fact, all prices, market conditions, and slippage can be manipulated at will by the platform background. The so-called "loss" of the account is essentially just the "profit" of the fraud team.

4. Exit blockade: triple blockade measures

When investors try to withdraw their funds, LegendaryFX's "harvest phase" officially begins. Its exit barriers are more complicated than those of ordinary fraudulent platforms:

These strategies have only one purpose - to prevent investors from getting any money back .

5. Rights Protection and Operational Suggestions (Based on Real Cases)

For investors who have come into contact with or encountered LegendaryFX, we have compiled common and effective coping strategies in the industry:

✅ 1. Save on-chain evidence

Because most platforms use cryptocurrencies such as USDT for payment, please be sure to keep:

• Transfer TXID;

• Wallet address screenshot;

• Screenshot of platform account balance;

• Customer service conversation records.

This information is crucial for police and blockchain analysis firms to subsequently trace the path of funds.

✅ 2. Report the case immediately to your country’s regulatory authorities

Even if the platform is registered offshore, you can still report "illegal investment solicitation" to the regulatory authorities of your country. Such reports will be included in the Financial Intelligence Unit (FIU) database, increasing the possibility of cross-border cooperation between law enforcement agencies.

✅ 3. Avoid secondary scams from "recovery services"

Many victims will encounter so-called "law firms" or "fund recovery companies" when searching for "fund recovery" online. These are almost all the "second wave" operations of the fraud group, and they will ask you to pay a "recovery deposit" or "data analysis fee" again.

✅ Remember: Real regulators will not charge any fees to recover funds.

6. Comparison of Global Exposure and Blacklist

7. FAQ (Adapting to Google Rich Results)

Q1: Is LegendaryFX a legitimate broker?
A: No. It does not have any regulatory licenses, its registration information is not public, and it is a high-risk offshore operation entity.

Q2: Can I withdraw my funds smoothly after investing in LegendaryFX?
A: You cannot withdraw funds successfully. The platform usually requires payment of false "audit fees" or "taxes" and directly freezes your account if you fail to pay.

Q3: Why does LegendaryFX appear as a “mentor”?
A: This is to circumvent regulation and lower user vigilance. Through the “educational” packaging, it can carry out financial activities without any permission.

Q4: What should I do after being cheated?
A: Preserve evidence immediately, report to your country’s regulatory authorities, publicize the case on a third-party exposure platform, and be wary of “recovery fee” scams.

Q5: How to avoid similar scams?
A: Any legitimate forex platform must hold a financial license, complete Know Your Customer (KYC) verification, and provide transparent deposit and withdrawal channels. Before opening an account, please verify the license information on the regulatory website.

📊 Conclusion: LegendaryFX = an “educational packaged” unregulated scam platform

Unlike traditional fraudulent platforms, LegendaryFX employs a more sophisticated disguise, creating a complete fraud loop from tutoring courses to account opening and fund expropriation. Validated data shows that the platform lacks any real market access, regulatory audits, or fund segregation mechanisms . All operations revolve around a three-step process of "absorbing funds, locking them, and freezing them."

✅Final judgment: LegendaryFX is a "scam brokerage platform disguised as an educational institution". It is recommended to stay away from it immediately and report it to the regulatory authorities.

👉 Visit the BrokerHiveX Exposure column to view the latest list of scam platforms, failed withdrawal cases, fake license warnings, and investor complaint records.