Written by ForexBrokers.com
In this head to head comparison of City Index vs LegacyFX, we will compare the trading platforms, mobile apps, range of investments, costs, market research, and more. Let's dive in.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 51% and 89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
City Index, established in 1983, is a highly regarded online broker known for its strong regulatory standing. It holds an impressive 7 Tier-1 licenses, indicating a high level of trustworthiness with a ForexBrokers.com Trust Score of 99 out of 99. Being publicly traded further enhances its credibility and appeal to traders looking for a well-regulated and reliable platform.
In contrast, LegacyFX, founded in 2012, holds just 1 Tier-1 license and has a Trust Score of 67, categorizing it within the high-risk range as per ForexBrokers.com. Unlike City Index, LegacyFX is not publicly traded, which may affect investor confidence. While both do not operate as banks, their regulatory statuses differ significantly, with City Index offering a more secure trading environment.
| Feature |
City Index
|
LegacyFX
|
|---|---|---|
| Year Founded | 1983 | 2012 |
| Publicly Traded (Listed) | Yes | No |
| Bank | No | No |
| Tier-1 Licenses | 7 | 1 |
| Tier-2 Licenses | 1 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 1 | 1 |
When comparing City Index and LegacyFX for commissions and fees, City Index emerges as a competitive choice, offering pricing that aligns with industry standards for CFDs, forex, and spread-betting products. Benefiting from proprietary platforms or MetaTrader can unlock the best pricing at City Index. For those with significant deposits, a Premium Trader account offers exclusive perks and services. City Index maintains an average spread of 0.74 pips on the EUR/USD, which matches the industry average yet falls short of top performers like Tickmill and FP Markets. Additionally, active traders based in the UK and Australia can take advantage of rebate programs with varying benefits based on trading volume. City Index earns a commendable 4.5-star rating for commissions and fees, placing it at #14 out of 63 brokers by ForexBrokers.com.
LegacyFX, on the other hand, exhibits variation in account offerings, contingent on regulatory jurisdiction—either its EU entity regulated by CySEC or its international entity in Vanuatu. Unfortunately, the absence of average spread data makes it challenging to ascertain the broker's total trading costs. EU residents can choose from Silver, Gold, and Platinum accounts, each with increasingly favorable spreads linked to higher minimum deposits. Conversely, international clients have access to seven distinct account types, each influencing client support and trading tool availability based on the type selected. LegacyFX receives a 3.5-star rating for commissions and fees, ranking #57 of 63 brokers in this category according to ForexBrokers.com.
| Feature |
City Index
|
LegacyFX
|
|---|---|---|
| Minimum Deposit | £100.00 | $500 |
| Average Spread EUR/USD - Standard | 1.4 | N/A |
| All-in Cost EUR/USD - Active | 0.74 | N/A |
| Active Trader or VIP Discounts | Yes | Yes |
| ACH or SEPA Transfers | Yes | No |
| PayPal (Deposit/Withdraw) | Yes | No |
| Skrill (Deposit/Withdraw) | No | Yes |
| Visa/Mastercard (Credit/Debit) | Yes | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
When comparing City Index and LegacyFX on their range of investments, there are notable differences to consider for potential traders. City Index shines with an impressive offering of 13,500 tradable symbols, which is significantly higher than LegacyFX's 425 symbols. For those interested in forex trading, City Index provides access to 66 forex pairs, while LegacyFX offers 44 pairs. Both platforms allow you to trade forex through CFDs or spot contracts. Although neither broker offers exchange-traded securities from U.S. or international exchanges, they both cater to those interested in cryptocurrency derivatives without actual delivery.
For traders inclined towards copy trading, both City Index and LegacyFX support this feature, providing opportunities to match the strategies of experienced traders. In terms of investment range, City Index receives a higher user rating of 5 stars compared to LegacyFX's 3.5 stars, reflecting its broader selection. According to ForexBrokers.com, City Index is ranked 8th out of 63 brokers for its range of investments, while LegacyFX holds the 48th spot. This highlights City Index as a more suitable choice for those seeking a wide array of investment options.
| Feature |
City Index
|
LegacyFX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 13500 | 425 |
| Forex Pairs (Total) | 66 | 44 |
| U.S. Stock Trading (Non CFD) | No | No |
| Int'l Stock Trading (Non CFD) | No | No |
| Social Trading / Copy Trading | Yes | Yes |
| Cryptocurrency (Physical) | No | No |
| Cryptocurrency (Derivative) | Yes | Yes |
| Disclaimers | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). |
Dive deeper: Best Copy Trading Platforms.
When comparing City Index and LegacyFX for their trading platforms and tools, City Index comes out ahead with a range of features designed for diverse trader needs. Both brokers offer free virtual demo accounts, which is great for newcomers to hone their skills in a risk-free environment. City Index provides its proprietary platform, alongside the popular MetaTrader 4. It also supports Windows-based desktop and web-based browser trading, offering flexibility in how traders can access their accounts. In contrast, while LegacyFX doesn't have a proprietary platform or MT4, it does offer MetaTrader 5, giving traders a modern option with advanced features. Both brokers support copy trading, allowing users to mimic successful traders' strategies for potentially better outcomes.
City Index dominates in terms of customization with 239 drawing tools for charting and 11 fields for watch lists, compared to LegacyFX's 15 drawing tools and 7 watch list fields. Both brokers allow trading directly from stock charts, but City Index stands out as the more feature-rich choice. Consequently, City Index is rated 4.5 stars for its trading platforms and tools, ranking 11th out of 63 brokers according to ForexBrokers.com, while LegacyFX has a 3.5-star rating, placing it at 60th. This highlights City Index as a more comprehensive platform for traders looking for a wide range of tools and customization options.
| Feature |
City Index
|
LegacyFX
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | No |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | Yes | Yes |
| MetaTrader 4 (MT4) | Yes | No |
| MetaTrader 5 (MT5) | No | Yes |
| DupliTrade | No | No |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 88 | 30 |
| Charting - Drawing Tools (Total) | 239 | 15 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 11 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Both City Index and LegacyFX offer iPhone and Android apps for trading, enabling seamless access to the stock and forex markets from your mobile devices. You will receive timely price alerts from both platforms, keeping you updated on the latest market movements. However, if synchronizing your watchlists between your app and online account is important to you, City Index has an advantage in offering this feature, while LegacyFX does not.
City Index outshines LegacyFX when it comes to technical capabilities, providing 88 technical studies compared to LegacyFX's 30. Both apps allow you to draw trendlines and view multiple time frames on charts, with auto-save features for your annotations. You'll also find that both platforms support real-time watchlists. Despite these similarities, City Index is more highly regarded with a 4.5-star rating and a #9 ranking out of 63 brokers for mobile trading apps, compared to LegacyFX's 3.5-star rating and #61 ranking. This makes City Index the more appealing choice for traders seeking a comprehensive mobile trading experience.
| Feature |
City Index
|
LegacyFX
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | No |
| Mobile Charting - Indicators / Studies | 88 | 30 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Multiple Time Frames | Yes | Yes |
| Mobile Charting - Drawings Autosave | Yes | Yes |
| Mobile Watchlist | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
When evaluating market research offerings, both City Index and LegacyFX ensure their clients stay informed with daily market commentary and forex news from leading sources like Bloomberg and Reuters. For traders relying on technical analysis, City Index provides tools from Trading Central, whereas LegacyFX offers resources through Autochartist. This distinction might influence preference depending on the trader's toolset familiarity and methodology.
For those interested in sentiment analysis, City Index takes a step further by providing a tool that displays long or short positions across currency pairs, a feature missing from LegacyFX. Both platforms equally provide economic calendars. In terms of overall research excellence, City Index holds an edge with a 4.5-star rating and a #10 ranking by ForexBrokers.com, compared to LegacyFX’s 3.5-star rating and #46 ranking.
| Feature |
City Index
|
LegacyFX
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | No | Yes |
| Trading Central (Recognia) | Yes | No |
| Social Sentiment - Currency Pairs | Yes | No |
| TipRanks | No | No |
| Signal Centre (Acuity Trading) | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When it comes to educational resources for forex and CFD trading, both City Index and LegacyFX offer ample materials to help beginners. Each platform provides more than ten educational pieces, including articles, videos, and archived webinars, with a monthly schedule of online client webinars to further enhance learning. Both also host a searchable archive of past webinars, making it easy for beginners to revisit topics of interest whenever they need. Additionally, new traders can benefit from over ten beginner-focused trading videos available on each platform as they start their trading journey. Both services offer advanced educational videos for more experienced traders, ensuring continued learning as traders become more seasoned. Furthermore, each broker provides an investor dictionary with definitions of at least 50 investing terms, reinforcing essential knowledge.
Despite the similarities in available resources, City Index stands out with a higher educational satisfaction rating. It has earned 4.5 out of 5 stars for its educational offerings, while LegacyFX has garnered 3.5 stars. Moreover, City Index ranks 9th among 63 brokers in the Education category according to ForexBrokers.com, indicating a stronger reputation in this area compared to LegacyFX, which holds the 35th spot. For those weighing their options, City Index might be the preferable choice if ranking and user satisfaction in educational resources are significant factors.
| Feature |
City Index
|
LegacyFX
|
|---|---|---|
| Education (Forex or CFDs) | Yes | Yes |
| Client Webinars | Yes | Yes |
| Client Webinars (Archived) | Yes | Yes |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | Yes | Yes |
| Investor Dictionary (Glossary) | Yes | Yes |
Dive deeper: Best Forex Brokers for Beginners.
After testing 63 of the best forex brokers, our research and account testing finds that City Index is better than LegacyFX. City Index finished with an overall rank of #8, while LegacyFX finished with an overall rank of #63.
Backed by StoneX Group, City Index is a trusted brand known for its versatile trading platforms, excellent mobile app, diverse market research, and extensive range of tradeable markets.
| Feature |
City Index
|
LegacyFX
|
|---|---|---|
| Overall Rating |
|
|
| Trust Score | 99 | 67 |
| Range of Investments |
|
|
| Commissions & Fees |
|
|
| Platforms & Tools |
|
|
| Research |
|
|
| Mobile Trading |
|
|
| Education |
|
|
Both City Index and LegacyFX do not offer the ability to buy actual delivered cryptocurrency, but they do provide options to purchase cryptocurrency derivatives.
City Index stands out by offering ACH and SEPA transfers, PayPal, Visa, Mastercard, and bank wires for deposits and withdrawals, while LegacyFX supports Visa, Mastercard, Skrill, and bank wires but lacks ACH, SEPA, and PayPal options.
Please note:
We review each broker’s overall global offering – a “Yes” checkmark in our Compare Tool does not guarantee the availability of any specific features in your country of residence. To verify the availability of any features within your country of residence, please contact the broker directly.
Select Brokers
↓×Compare
0 of 5| Overall Rating | City Index | LegacyFX | |
|---|---|---|---|
| Overall Rating |
|
| |
| Commissions & Fees |
|
| |
| Range of Investments |
|
| |
| Platforms & Tools |
|
| |
| Mobile Trading |
|
| |
| Research |
|
| |
| Education |
|
| |
| Trust Score | 99 | 67 | |
| Winner | check_circle | ||
| Review | City Index Review | LegacyFX Review |
| Broker Screenshots | City Index | LegacyFX | |
|---|---|---|---|
| Trading Platforms Gallery (click to expand) |
|
| |
| Mobile Trading Gallery (click to expand) |
|
| |
| Research Gallery (click to expand) |
|
| |
| Education Gallery (click to expand) |
|
|
| Regulation | City Index | LegacyFX | |
|---|---|---|---|
| Trust Score | 99 | 67 | |
| Year Founded | 1983 | 2012 | |
| Publicly Traded (Listed) | Yes | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 7 | 1 | |
| Tier-2 Licenses | 1 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 1 | 1 |
| Tier-1 Licenses (Highly Trusted) | City Index | LegacyFX | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | No | |
| Canada (CIRO Authorised) | Yes | No | |
| Hong Kong (SFC Authorised) | No | No | |
| Japan (SFC Authorised) | No | No | |
| Singapore (MAS Authorised) | Yes | No | |
| Switzerland (FINMA Authorised) | No | No | |
| United Kingdom (U.K.) (FCA Authorised) | Yes | No | |
| USA (CFTC Authorized) | No | No | |
| New Zealand (FMA Authorised) | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes |
| Tier-2 Licenses (Trusted) | City Index | LegacyFX | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA/Central Bank Authorised) | Yes | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | City Index | LegacyFX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 13500 | 425 | |
| Forex Pairs (Total) | 66 | 44 | |
| U.S. Stock Trading (Non CFD) | No | No | |
| Int'l Stock Trading (Non CFD) | No | No | |
| Social Trading / Copy Trading | Yes | Yes | |
| Cryptocurrency (Physical) | No | No | |
| Cryptocurrency (Derivative) | Yes | Yes | |
| Disclaimers | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). |
| Cost | City Index | LegacyFX | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.4 | N/A | |
| All-in Cost EUR/USD - Active | 0.74 | N/A | |
| Active Trader or VIP Discounts | Yes | Yes | |
| Inactivity Fee | Yes | No | |
| Execution: Agency Broker | No | No | |
| Execution: Market Maker | Yes | Yes |
| Funding | City Index | LegacyFX | |
|---|---|---|---|
| Minimum Deposit | £100.00 | $500 | |
| PayPal (Deposit/Withdraw) | Yes | No | |
| Skrill (Deposit/Withdraw) | No | Yes | |
| Visa/Mastercard (Credit/Debit) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | Yes | No |
| Trading Platforms | City Index | LegacyFX | |
|---|---|---|---|
| Proprietary Platform | Yes | No | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | Yes | Yes | |
| MetaTrader 4 (MT4) | Yes | No | |
| MetaTrader 5 (MT5) | No | Yes | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | City Index | LegacyFX | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 11 | 7 | |
| Charting - Indicators / Studies (Total) | 88 | 30 | |
| Charting - Drawing Tools (Total) | 239 | 15 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | City Index | LegacyFX | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | Yes | No | |
| Mobile Charting - Indicators / Studies | 88 | 30 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Multiple Time Frames | Yes | Yes | |
| Mobile Charting - Drawings Autosave | Yes | Yes | |
| Mobile Economic Calendar | Yes | Yes |
| Research | City Index | LegacyFX | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | No | Yes | |
| Trading Central (Recognia) | Yes | No | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | Yes | No | |
| Economic Calendar | Yes | Yes |
| Education | City Index | LegacyFX | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | Yes | |
| Client Webinars | Yes | Yes | |
| Client Webinars (Archived) | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | Yes | |
| Investor Dictionary (Glossary) | Yes | Yes |
| Major Forex Pairs | City Index | LegacyFX | |
|---|---|---|---|
| GBP/USD | Yes | Yes | |
| USD/JPY | Yes | Yes | |
| EUR/USD | Yes | Yes | |
| USD/CHF | Yes | Yes | |
| USD/CAD | Yes | Yes | |
| NZD/USD | Yes | Yes | |
| AUD/USD | Yes | Yes | |
| Review | City Index Review | LegacyFX Review |
| Overall | City Index | LegacyFX | |
|---|---|---|---|
| Overall Rating |
|
| |
| Commissions & Fees |
|
| |
| Range of Investments |
|
| |
| Platforms & Tools |
|
| |
| Mobile Trading |
|
| |
| Research |
|
| |
| Education |
|
| |
| Trust Score | 99 | 67 | |
| Winner | check_circle | ||
| Review | City Index Review | LegacyFX Review |
IG
CMC Markets
FOREX.com
XTB
eToro
AvaTrade
Plus500
Pepperstone
FP Markets
Tickmill