Legends Trading review

Commissions for Futures trading are the following:

$0.39 / Micro

$1.29 / Standard

Commissions per side

Please note that the amounts mentioned are solely for the commissions; additional fees, including NFA and exchange fees, will need to be accounted for as well.

Legends Trading offers futures evaluation programs where traders can qualify for a Master Account after meeting the required evaluation objectives. Legends currently separates its accounts into Apprentice and Elite plans, and the rule sets are different between the two.

Apprentice Accounts

Apprentice accounts are available in 50K, 100K, and 150K account sizes. Apprentice evaluations have no Daily Loss Limit, no evaluation consistency requirement, and may be passed in as little as 1 trading day if the trader reaches the required profit target without violating the account’s EOD Trailing Max Loss.

Apprentice evaluations use EOD Trailing Drawdown only. There is no intraday trailing drawdown and no scaling plan on Apprentice accounts.

After passing an Apprentice evaluation, traders pay a one-time Master Account activation fee based on the account size.

Elite Accounts

Elite accounts are available in 25K, 50K, 100K, and 150K account sizes. Elite evaluations are one-time-fee accounts with no activation fee and no recurring fee.

Elite evaluations have no Daily Loss Limit, but they do require 40% consistency in the evaluation stage. Elite Master Accounts also require 40% consistency for payout eligibility.

Elite accounts include a Master Account scaling plan. Scaling applies only after the trader reaches the Master Account stage, not during the evaluation.

Drawdown

Both Apprentice and Elite accounts use EOD Trailing Drawdown.

The EOD Trailing Drawdown is calculated based on the account at the end of the trading day rather than intraday. Traders must stay within their Max Loss Limit and must manage positions before the applicable end-of-day liquidation time.

Trading Times & End-of-Day Liquidation

Traders must close positions before the applicable market liquidation time.

MOC liquidation times listed by Legends:

CME Equity Futures: 3:55 PM CT
CME CBOT Equity Futures: 3:55 PM CT
CME NYMEX Futures: 3:55 PM CT
CME COMEX Futures: 3:55 PM CT
CME CBOT Financial / Interest Rate Futures: 3:55 PM CT
CME Foreign Exchange Futures: 3:55 PM CT
CME CBOT Agricultural Futures: 1:15 PM CT
CME Agricultural Livestock Futures: 12:50 PM CT

Traders who fail to liquidate before the required end-of-day time may fail the account until they purchase a reset or the subscription renews, depending on the account type.

News Trading

Apprentice Evaluation:

News trading is not clearly restricted in the provided Apprentice evaluation rules.

Apprentice Master Account:

Tier-1 news trading is prohibited on Apprentice Master Accounts. Traders may not trade 2 minutes before or 2 minutes after Tier-1 news releases.

Elite Evaluation and Elite Master Account:

Elite rules state that Tier-1 news trading is allowed and that profits from high-impact events are eligible for payout.

Restricted Trading Styles

Trade flipping is prohibited. Legends defines trade flipping as entering and exiting a position within an extremely short period of time, often within seconds, with the intent to capture minimal price movements rather than executing a structured trade.

Hedging is prohibited. Traders may not place opposing positions or use offsetting or mixed positions across the same or similar product groups, including indexes with indexes, metals with metals, and energy products with energy products.

Elite rules also state that bonds are strictly prohibited.

Account Limits

Traders may have up to 10 Evaluations.

Master Accounts:

Traders may have up to 5 Master Accounts without further review.

Inactivity

Master Accounts that remain inactive for more than 20 trading days or 30 calendar days, whichever occurs first, may be automatically deactivated.

Elite documentation states that this inactivity rule applies to both Elite Evaluation and Elite Master Accounts.

We have a list of restricted countries below, but for detailed information on whether or not your country may be restricted from trading, please refer to this link: https://ofac.treasury.gov/sanctions-programs-and-country-information.

Apprentice Consistency

Apprentice Evaluation:

There is no consistency requirement during the Apprentice evaluation stage.

Apprentice Master Account:

A 35% consistency rule applies in the Apprentice Master Account stage for payout eligibility.

This means the trader’s best trading day must be less than 35% of total profits during the payout cycle.

Apprentice DLL

Apprentice Evaluation:

There is no Daily Loss Limit.

Apprentice Master Account:

There is no Daily Loss Limit.

Apprentice accounts use EOD Trailing Drawdown only. There is no DLL in either the evaluation stage or the Master Account stage.

Elite Consistency

Elite Evaluation:

Elite evaluations require 40% consistency.

No single trading day’s profit may account for more than 40% of total cumulative profits during the evaluation stage.

If the trader reaches the profit target but one trading day exceeds the 40% threshold, the trader must continue trading until consistency is restored.

Elite Master Account:

Elite Master Accounts also require 40% consistency for payout eligibility.

To qualify for a withdrawal, the trader must show:

5 winning days
Profits exceeding the required buffer
40% or better consistency

Elite DLL

Elite Evaluation:

There is no Daily Loss Limit during the Elite evaluation stage.

Elite Master Account:

Daily Loss Limits apply on Elite Master Accounts.

Elite Master Account DLL by account size:

25K Elite: $700
50K Elite: $1,200
100K Elite: $2,000
150K Elite: $3,000

Hitting the Elite Master Account DLL results in liquidation, but the account is unlocked the following session according to the Elite scaling notes.

Elite Scaling

The Elite scaling plan applies only to Master Accounts, not evaluations.

25K Elite Master Scaling:

Up to $700 profit: 1 mini / 10 micros
Above $700 profit: 2 minis / 20 micros

50K Elite Master Scaling:

Up to $1,000 profit: 2 minis / 20 micros
Above $1,000 and up to $2,000 profit: 3 minis / 30 micros
Above $2,000 profit: 4 minis / 40 micros

100K Elite Master Scaling:

Up to $1,000 profit: 3 minis / 30 micros
Above $1,000 and up to $2,000 profit: 4 minis / 40 micros
Above $2,000 and up to $3,000 profit: 5 minis / 50 micros
Above $3,000 profit: 8 minis / 80 micros

150K Elite Master Scaling:

Up to $1,000 profit: 3 minis / 30 micros
Above $1,000 and up to $2,000 profit: 4 minis / 40 micros
Above $2,000 and up to $3,000 profit: 7 minis / 70 micros
Above $3,000 profit: 12 minis / 120 micros

Payouts can be requested once the trader meets the payout eligibility requirements for their account type.

Legends states that payout requests can be made anytime during the month and that there is no payout request window.

Payouts are sent through Rise. Once a Master Account is eligible for its first payout, the trader receives an invitation from Rise for onboarding. Tax documents are also prepared by Rise.

Apprentice Master Account Payout Eligibility

To unlock payouts on an Apprentice Master Account, traders must complete the required winning days and reach the required payout cycle profit target.

Apprentice Master Account requirements:

7 winning days
Minimum $200+ profit per winning day
35% consistency
No DLL
EOD Trailing Drawdown compliance
Required payout target for the cycle

A day below $200 profit does not count as a qualified winning day, but the profit remains in the account balance.

Apprentice First Payout Targets

50K Apprentice: $3,000
100K Apprentice: $5,000
150K Apprentice: $7,500

Apprentice Subsequent Payout Targets

50K Apprentice: $2,000
100K Apprentice: $3,000
150K Apprentice: $4,500

Apprentice Payout Caps

50K Apprentice: $1,200 max payout per request
100K Apprentice: $2,000 max payout per request
150K Apprentice: $2,500 max payout per request

Apprentice Minimum Payout Request

The minimum payout request is $1,000 for all Apprentice payout requests.

Apprentice Payout Split

Apprentice payout split is listed as 90/10.

Elite Master Account Payout Eligibility

Elite payouts are buffer-based.

To qualify for an Elite payout, traders must meet three requirements:

5 winning days
Profits above the account’s required buffer
40% consistency

Elite Winning Day Requirements

25K Elite: 5 winning days of $100+ per day
50K Elite: 5 winning days of $150+ per day
100K Elite: 5 winning days of $200+ per day
150K Elite: 5 winning days of $250+ per day

Elite Buffer Requirements

25K Elite: $1,000 buffer
50K Elite: $1,500 buffer
100K Elite: $3,000 buffer
150K Elite: $3,500 buffer

The buffer is not a fee or deduction. It is the amount of profit the trader must build before becoming eligible to take profits out of the account.

Once the trader’s equity exceeds the required buffer and all other payout conditions are met, payouts can begin up to the allowed payout cap.

Elite Minimum Withdrawal

Elite minimum withdrawal is $500.

Elite Payout Caps

25K Elite: $800 max payout per cycle
50K Elite: $2,000 max payout per cycle
100K Elite: $3,000 max payout per cycle
150K Elite: $3,500 max payout per cycle

Elite Payout Example

If a 50K Elite trader earns $2,100 total profit, the $1,500 buffer must remain in the account. The trader has $600 above the buffer and may request $600, assuming all payout conditions are met.

If a 50K Elite trader earns $3,500 total profit, the trader has $2,000 above the $1,500 buffer and may request the full $2,000 payout cap, assuming all payout conditions are met.

Payout Limits

Payout caps do not scale upward with each cycle. The cap remains fixed.

After a payout, traders continue trading from the post-payout balance without a reset.