Written by ForexBrokers.com
In this head to head comparison of CMC Markets 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.
CMC Markets, established in 1989, stands out as a highly trusted online broker with a Trust Score of 99 out of 99 from ForexBrokers.com. As a publicly traded company, CMC Markets is regulated with five Tier-1 licenses, reflecting a high level of trust and security. Additionally, CMC Markets holds one Tier-2 license, further solidifying its status as a secure choice for traders.
LegacyFX, founded in 2012, offers a different profile by comparison. With a Trust Score of 67, indicating a higher risk level, LegacyFX operates without being listed on a stock exchange. In terms of regulatory oversight, it holds just one Tier-1 license and lacks Tier-2 licenses, which may influence a trader's confidence in its services. Both companies are not banks but serve as dedicated online brokers in the financial markets.
| Feature |
CMC Markets
|
LegacyFX
|
|---|---|---|
| Year Founded | 1989 | 2012 |
| Publicly Traded (Listed) | Yes | No |
| Bank | No | No |
| Tier-1 Licenses | 5 | 1 |
| Tier-2 Licenses | 1 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 1 |
When it comes to commissions and fees, CMC Markets stands out as a leader in the industry. Ranked #1 by ForexBrokers.com and boasting a five-star rating, CMC Markets offers highly competitive pricing, particularly on the EUR/USD pair with average spreads of 0.61 pips as of August 2023. The broker's innovative Price Plus Scheme rewards active traders with discounts based on trading volume, making it a cost-effective choice for frequent traders. In addition, their FX Active program delivers a commission-based pricing model, resulting in excellent all-in costs for key currency pairs.
In contrast, LegacyFX, ranked #57 with a 3.5-star rating, offers a range of account types that vary based on geographic location, but lacks detailed average spread data. Its EU-regulated accounts—Silver, Gold, and Platinum—demand higher minimum deposits, starting from $500, up to $25,000. Trading costs are particularly significant for lower-tier accounts, with spreads beginning at 1.6 pips on the EUR/USD pair. LegacyFX's international accounts offer more flexibility but similarly link costs to account tier and initial deposit.
The disparity in rankings and ratings highlights CMC Markets' strong focus on providing traders with cost-efficient and transparent options, whether through low spreads or innovative pricing schemes. LegacyFX, while offering a variety of accounts, falls short in terms of transparency and affordability, especially when compared with industry leaders like CMC Markets.
| Feature |
CMC Markets
|
LegacyFX
|
|---|---|---|
| Minimum Deposit | $0 | $500 |
| Average Spread EUR/USD - Standard | 0.61 | N/A |
| All-in Cost EUR/USD - Active | 0.51 | 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 the range of investments available at CMC Markets and LegacyFX, it's clear that CMC Markets offers a more extensive selection for traders. CMC Markets boasts an impressive 11,925 tradeable symbols, including 156 forex pairs, allowing investors to explore a wide range of markets. In contrast, LegacyFX provides access to 425 tradeable symbols with 44 forex pairs. Both platforms support CFD trading for forex, but CMC Markets stands out by offering direct access to exchange-traded securities on U.S. and international exchanges. This means traders can buy shares like Apple or Vodafone directly through CMC Markets, whereas LegacyFX does not offer this service.
Although both CMC Markets and LegacyFX provide options for cryptocurrency derivatives, neither allows the purchase of actual cryptocurrencies. Furthermore, both brokers enable copy trading, appealing to those who wish to mirror the strategies of successful investors. In terms of overall investment variety, CMC Markets takes the lead with a 5-star rating and a ranking of #9 in the Range of Investments category on ForexBrokers.com, out of 63 brokers. LegacyFX, while offering a decent trading experience, falls behind with a 3.5-star rating and a ranking of #48 in the same category.
| Feature |
CMC Markets
|
LegacyFX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 11925 | 425 |
| Forex Pairs (Total) | 156 | 44 |
| U.S. Stock Trading (Non CFD) | Yes | No |
| Int'l Stock Trading (Non CFD) | Yes | 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 the trading platforms and tools offered by CMC Markets and LegacyFX, clear distinctions emerge. CMC Markets impresses with its proprietary platform, which showcases their commitment to offering a personalized trading experience. Additionally, they provide both MetaTrader 4 and MetaTrader 5, giving traders a range of options for advanced trading. CMC Markets also offers paper trading with a virtual demo account, ensuring users can practice without any financial risk. LegacyFX, on the other hand, lacks a proprietary platform but does offer MetaTrader 5 and a paper trading account to ease traders into their environment. Both brokers offer Windows-based and web-based platforms, as well as copy trading, but only CMC Markets supports the widely-used MetaTrader 4.
Chart enthusiasts may appreciate that CMC Markets offers a wider selection of tools with 40 drawing options compared to LegacyFX's 15. Additionally, CMC Markets provides 11 columns for watch lists, offering more customization than LegacyFX, which allows for 7. Both platforms enable trading directly from a stock chart. Rated 5 stars for their platforms and tools, CMC Markets ranks as the 4th broker out of 63 on ForexBrokers.com, while LegacyFX receives 3.5 stars and a lower ranking of 60. This distinction reflects CMC Markets’ advanced offerings and user-friendly options that cater to traders looking for comprehensive and versatile trading experiences.
| Feature |
CMC Markets
|
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) | Yes | Yes |
| DupliTrade | No | No |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 79 | 30 |
| Charting - Drawing Tools (Total) | 40 | 15 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 11 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Both CMC Markets and LegacyFX provide mobile trading apps compatible with iPhone and Android devices, catering to traders on the go. These apps enable crucial features like stock and forex price alerts, trendline drawing, and viewing of various time frames on charts. CMC Markets stands out by offering watchlist symbol syncing, allowing users to sync changes between their mobile app and online accounts seamlessly. LegacyFX, on the other hand, lacks this syncing capability. In terms of technical studies for charting, LegacyFX offers slightly more options with 30, compared to CMC Markets' 29 studies.
When it comes to user ratings and rankings, the CMC Markets app shines with a 5-star rating, reflecting its high app satisfaction, while LegacyFX lags behind with a 3.5-star rating. According to ForexBrokers.com, CMC Markets holds a prominent position, ranked #5 out of 63 brokers for their mobile trading capabilities. In contrast, LegacyFX finds itself much further down the list at #61. Clearly, CMC Markets is favored by many for its versatile and user-friendly mobile trading features.
| Feature |
CMC Markets
|
LegacyFX
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | No |
| Mobile Charting - Indicators / Studies | 29 | 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 comparing CMC Markets and LegacyFX for market research, both platforms excel in offering valuable daily market commentary and access to high-quality forex news from renowned sources like Bloomberg and Reuters. Additionally, traders using either broker can leverage technical and fundamental research tools from Autochartist. However, neither provides tools from Trading Central or market research from TipRanks and Acuity Trading. Both platforms are equipped with an economic calendar to help users track significant global events, although CMC Markets has a slight edge with its inclusion of a sentiment-based trading tool, which is absent in LegacyFX.
In terms of ratings and rankings, CMC Markets stands out with a perfect 5-star rating from ForexBrokers.com, securing the 6th position out of 63 brokers for research quality. In contrast, LegacyFX holds a 3.5-star rating, ranking much lower at 46th. This substantial difference highlights CMC Markets as the more research-driven choice for traders looking to leverage comprehensive market analysis and tools to inform their trading strategies.
| Feature |
CMC Markets
|
LegacyFX
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | Yes | Yes |
| Trading Central (Recognia) | No | 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 offerings, both CMC Markets and LegacyFX provide a comprehensive suite of resources to help beginners get started with forex and CFD trading. CMC Markets excels in delivering diverse educational content, including over 10 pieces focusing solely on forex and CFDs. While they don't host monthly webinars for clients, they do maintain a searchable archive of past webinars, allowing users to revisit crucial topics at their convenience. CMC Markets also caters to novices with at least 10 beginner-focused trading videos and an investor dictionary containing over 50 key investing terms. With this range of offerings, CMC Markets earns a top-notch education rating of 5 stars.
LegacyFX also offers more than 10 educational resources centered on forex and CFDs, showcasing their commitment to trader education. They distinguish themselves by hosting at least one educational webinar per month, complementing their robust library of recorded webinars that users can search through at any time. LegacyFX provides a similar volume of beginner educational videos and an extensive investor dictionary akin to that of CMC Markets. However, their overall educational rating stands at 3.5 stars. According to ForexBrokers.com, CMC Markets ranks 10th out of 63 brokers in education, while LegacyFX holds the 35th spot. This positions CMC Markets as a more highly recognized leader in trading education compared to LegacyFX.
| Feature |
CMC Markets
|
LegacyFX
|
|---|---|---|
| Education (Forex or CFDs) | Yes | Yes |
| Client Webinars | No | 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 CMC Markets is better than LegacyFX. CMC Markets finished with an overall rank of #4, while LegacyFX finished with an overall rank of #63.
CMC Markets is well-trusted across the globe, and delivers a terrific trading experience thanks to its excellent pricing and selection of over 12,000 tradeable instruments.
| Feature |
CMC Markets
|
LegacyFX
|
|---|---|---|
| Overall Rating |
|
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| Trust Score | 99 | 67 |
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Both CMC Markets and LegacyFX do not offer the purchase of actual delivered cryptocurrency, but they do provide the capability to trade cryptocurrency derivatives.
When comparing online brokers, CMC Markets distinguishes itself by offering ACH or SEPA transfers and PayPal for depositing or withdrawing account funds, while LegacyFX lacks these options but supports Skrill instead; both platforms, however, accept Visa, Mastercard, and bank wires.
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.
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0 of 5| Overall Rating | CMC Markets | LegacyFX | |
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| Trust Score | 99 | 67 | |
| Winner | check_circle | ||
| Review | CMC Markets Review | LegacyFX Review |
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| Regulation | CMC Markets | LegacyFX | |
|---|---|---|---|
| Trust Score | 99 | 67 | |
| Year Founded | 1989 | 2012 | |
| Publicly Traded (Listed) | Yes | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 5 | 1 | |
| Tier-2 Licenses | 1 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 1 |
| Tier-1 Licenses (Highly Trusted) | CMC Markets | 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) | Yes | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes |
| Tier-2 Licenses (Trusted) | CMC Markets | 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 | CMC Markets | LegacyFX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 11925 | 425 | |
| Forex Pairs (Total) | 156 | 44 | |
| U.S. Stock Trading (Non CFD) | Yes | No | |
| Int'l Stock Trading (Non CFD) | Yes | 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 | CMC Markets | LegacyFX | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 0.61 | N/A | |
| All-in Cost EUR/USD - Active | 0.51 | N/A | |
| Active Trader or VIP Discounts | Yes | Yes | |
| Inactivity Fee | Yes | No | |
| Execution: Agency Broker | No | No | |
| Execution: Market Maker | Yes | Yes |
| Funding | CMC Markets | LegacyFX | |
|---|---|---|---|
| Minimum Deposit | $0 | $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 | CMC Markets | 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) | Yes | Yes | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | CMC Markets | LegacyFX | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 11 | 7 | |
| Charting - Indicators / Studies (Total) | 79 | 30 | |
| Charting - Drawing Tools (Total) | 40 | 15 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | CMC Markets | 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 | 29 | 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 | CMC Markets | LegacyFX | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | Yes | Yes | |
| Trading Central (Recognia) | No | No | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | Yes | No | |
| Economic Calendar | Yes | Yes |
| Education | CMC Markets | LegacyFX | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | Yes | |
| Client Webinars | No | 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 | CMC Markets | 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 | CMC Markets Review | LegacyFX Review |
| Overall | CMC Markets | LegacyFX | |
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| Trust Score | 99 | 67 | |
| Winner | check_circle | ||
| Review | CMC Markets Review | LegacyFX Review |
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