Security of Funds

Legacy FX, regulated by the Cyprus Securities and Exchange Commission (CySEC), has the obligation under EU Investment law (MiFID) to protect client interests. As a result, Legacy FX has takes all necessary measures to protect client funds:

Segregated

Client funds are held in Legacy FX's fiduciary segregated client bank accounts. These funds are off balance sheet and cannot be used to pay back creditors in the unlikely event of default of Legacy FX.

Bank accounts

Legacy FX maintains both operational and client holding accounts with reputable EU banking institutions.

Payment Services Providers

Barclaycard - Barclaycard is a trading name of Barclays Bank PLC. Barclays Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register number: 122702). Registered in England. Registered No. 1026167. Registered office: 1 Churchill Place, London E14 5HP.

Globalcollect - Globalcollect is authorized by the Dutch Central Bank (DNB) in Netherlands.

Skrill - Skrill Ltd. Is authorized by the Financial Conduct Authority under the Electronic Regulations 2011 for the issuing of electronic money ,Register No. 900001 ©Skrill Ltd, United Kingdom.

NETELLER - NETELLER service is operated by Optimal Payments Limited™. Optimal Payments Limited is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 (FRN: 900015) for the issuing of electronic money and payment instruments, United Kingdom.

Investor Compensation Fund (ICF)

The ICF is the compensation fund of authorized financial services firms. If Legacy FX becomes insolvent or ceases trading, ICF enables compensation to be paid to its customers. The level of compensation paid out will depend on the basis of the claim.

Regulatory Supervision

Regulated firms are obliged to meet strict financial standards, including capital adequacy requirements. Legacy FX is required to submit monthly financial reports to the regulator on a monthly basis; Legacy FX is required by law to maintain sufficient liquid capital to cover all client deposits, potential fluctuations in Legacy FX’s currency positions and outstanding expenses. A detailed annual audit is performed by an independent auditor which informs the regulator of any deficiencies.

Risk Management

Legacy FX continually monitors, assesses, and controls each type of risk associated with its operations. More specifically, when managing risks, the responsibilities of Senior Management are as follows:

• Assess on a continuous basis the effectiveness of the policies, arrangements and procedures in place;
• Decide on Legacy FX’s risk bearing capability and strategy;
• Review the Risk Assessment Report carried out by the Risk Management Department and take appropriate action where necessary; and
• Ensure that Legacy FX has the ability to cover its financial needs and capital requirement at any time.