This post was most recently updated on June 24th, 2022
What is a Forex interest calculator?
A Forex interest Calculator is one of the most popular tools used by Forex traders to simulate the growth of one’s trading account, by compounding the gains with a set gain percentage per trade, over a specified period of time.
Using this tool can help traders see how powerful compounding the gains can be, even with a low-profit percentage or moderate gain percentage of e.g. 1% per trade where after just 70 successful trades the initial investment value would double!
How does Forex interest calculator work?
To calculate the profits from your foreign exchange trading, over a number of periods with a set gain percentage please follow the steps below.
Enter your trading account starting balance
Enter the no. of periods you’re compounding the starting balance
Enter the percentage of gain you’ll aim for per trade
Click the ‘Calculate’ button and watch the magic happen
By using live market data
By using live market data, our set of calculators allows traders to always get the most accurate results possible, and they work with most FX pairs, metals and even digi-currencies. Also, these great calculators are translated into 23 different languages including Arabic, Russian, Japanese and Chinese.
What is the forex compounding interest formula?
Formula: FV = P (1 + r/n) (NT)
- FV = Future Value of your investment
- P = Principal or Initial deposit
- R = Gain % per period
- N = The number of times the investment is compounded in a period
- T = Number of periods
LegacyFX review 2022
LegacyFX reviews according is a multi-commodity trading technology provider that provides forex trading and CFD trading services for gold, oil, cryptocurrensets, indices, and major stocks, internationally to international traders from 2017.
LegacyFX is a GDPR comprised and fully regulated by CySEC, FCA and BaFin, with the ultimate goal of improving financial transparency and providing greater customer security. Its trading conditions are among the strongest in the market, ranging from only 0.6 pips.
The dealer offers more than 200 trading tools. LegacyFX offers its customers MetaTrader 5. Legacy FX offers forex market access keys 24 hours a day, 5 days a week, allowing users to trade in the most popular, small and foreign currency pairs.
For full investment protection LegacyFX uses poor balance protection and complete segregation of client funds in the company’s assets.
- Dealer with a good record and establishment under European laws
- Accounts have poor balance protection and are separated from the company’s assets
- Mainstay on popular MT5 for customers
- A non-exchange account is available to all clients
- Circumstances vary according to consumer rules
- Minimum maximum deposit
- Do not accept clients from the U.S. or in Canada
How are you protected?
As the LegacyFX license implies compliance with all strict regulatory requirements, the trader’s investment is considered safe, as the trader had completely separated the funds from LegacyFX’s operating funds while residing in the leading and reputable EU banks.
Also, CySEC regulatory standards are fully compliant with the European Miffed mandate which also enables LegacyFX to provide its services within the EEA and beyond. The stated objective of Miffed is to contribute to the building of a more integrated, deeper, more efficient and effective growing financial market while strengthening investor protection. However, this type of control does not allow LegacyFX to provide its services where the trader is NOT controlled.
There are several account types designed by LegacyFX – Standard, Silver, Gold, Platinum, Bronze, Gold, and Premium. All accounts feature the same competitive trading conditions and available services, while higher grade accounts will add on extra benefits.
The Silver account is available from a minimum deposit of $3 000, with the smallest spread of 1.6 pips. This is reduced to 1.0 pips in the Gold account for a deposit of $5,000.
Each of the account types brings a particular possibility for your trading strategy while allowing either beginning traders, investors, or professionals to find their own way in trading.
- Islamic Account
The LegacyFX Islamic account adheres to the principles of Islamic law regarding banking activity and Riba (interest). It is an interest-free or swap-free account type, for those who, for religious reasons cannot trade on interest/swap incurring accounts. However, account holders will still enjoy all of the benefits of all the Account Types offered by LegacyFX, their same spreads, and the same trading conditions.
- Demo Account
LegacyFX demo accounts allow clients to try out the broker’s services, and platforms and to practice trading strategies risk-free by using virtual funds.