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 and LegacyFX present distinct profiles when it comes to trust and regulation within the online brokerage industry. Established in 1989, CMC Markets has been a part of the market for decades and is publicly listed, enhancing its transparency and credibility. In terms of regulatory strength, CMC Markets holds six Tier-1 licenses and one Tier-2 license, which contribute to its exceptional Trust Score of 99 out of 99 as assessed by ForexBrokers.com. This indicates a high level of trust and reliability for investors and traders using its services.
On the other hand, LegacyFX was founded in 2012 and is not publicly traded, which may influence its perceived level of openness. It holds one Tier-1 license and does not have any Tier-2 licenses. As a result, LegacyFX has a ForexBrokers.com Trust Score of 67, placing it in the high-risk category. Investors considering LegacyFX should take note of this score in their decision-making process. Both brokers are not banks, which is an important factor for clients to consider in assessing security and trust.
| Feature |
CMC Markets
|
LegacyFX
|
|---|---|---|
| Year Founded | 1989 | 2012 |
| Publicly Traded (Listed) | Yes | No |
| Bank | No | No |
| Tier-1 Licenses | 6 | 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 | 1.3 | N/A |
| All-in Cost EUR/USD - Active | 0.65 | 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 between CMC Markets and LegacyFX, it's clear that CMC Markets offers a more extensive array of options to its clients. CMC Markets provides investors with the opportunity to trade 12,029 symbols, including 141 forex pairs, which significantly surpasses LegacyFX's 425 symbols and 44 forex pairs. Additionally, CMC Markets offers the ability to purchase exchange-traded securities on both U.S. and international exchanges, allowing clients to invest in companies like Apple and Vodafone directly. LegacyFX does not offer these non-CFD exchange-traded securities, limiting investors' ability to diversify in individual stocks directly.
Both platforms offer forex trading as either CFDs or spot contracts and provide access to cryptocurrency derivatives, although neither allows for the purchase of actual crypto coins. Copy trading is supported by both brokers, catering to those looking to replicate the trades of more seasoned investors. However, CMC Markets' advanced offerings earn it a 5-star rating and a #9 ranking out of 63 brokers for the range of investments by ForexBrokers.com. LegacyFX, with its more limited selection, receives 3.5 stars and ranks #48 in the same category.
| Feature |
CMC Markets
|
LegacyFX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 12029 | 425 |
| Forex Pairs (Total) | 141 | 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 of CMC Markets and LegacyFX, both brokers offer opportunities for simulated trading with free virtual demo accounts. CMC Markets stands out with its proprietary trading platform, developed in-house, offering traders a unique experience, alongside industry-standard platforms like MetaTrader 4 and MetaTrader 5. LegacyFX doesn't offer a proprietary platform but does provide access to MetaTrader 5 for those familiar with this widely-used platform. Both brokers offer desktop and web-based platforms, as well as copy trading features, though neither supports third-party tools like DupliTrade or ZuluTrade. When it comes to charting tools, CMC Markets provides a more extensive selection, with 36 drawing tools compared to LegacyFX's 15. Additionally, CMC Markets allows for a more personalized approach to watch lists, with 11 columns available, compared to LegacyFX's 7 columns.
CMC Markets is highly rated for its trading platforms and tools, earning a 5-star rating compared to LegacyFX's 3.5 stars. In rankings by ForexBrokers.com, CMC Markets shines in the 4th position out of 63 brokers, while LegacyFX lags behind at the 60th spot. The advanced tools, proprietary platform, and extensive customization options offered by CMC Markets contribute to its higher ranking and better usability for traders seeking a comprehensive trading experience.
| 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) | 73 | 30 |
| Charting - Drawing Tools (Total) | 36 | 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 it comes to market research, both CMC Markets and LegacyFX deliver commendable features for traders. Both brokers provide daily market commentary and access to forex news from leading sources like Bloomberg, Reuters, and Dow Jones, keeping their users informed with reliable information. Each platform also includes one or more tools from Autochartist, aiding traders with technical and fundamental research insights. Additionally, both offer an economic calendar that highlights current and upcoming global news events, ensuring traders aren't left in the dark.
However, there are some notable differences between the two. CMC Markets provides a sentiment-based trading tool, which gives traders insights into the ratio of long or short positions across currency pairs. LegacyFX lacks this feature. Neither broker offers tools from Trading Central or market research from TipRanks, nor do they utilize tools from Acuity Trading such as Signal Centre. In terms of overall research quality, CMC Markets stands out with a 5-star rating and ranks 6th among 63 brokers, while LegacyFX holds a 3.5-star rating, placing it in 46th position. These distinctions make CMC Markets the preferred choice for those seeking a more comprehensive research experience.
| 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 | |
| Signal Centre (Acuity Trading) | 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 |
| Broker Screenshots | CMC Markets | LegacyFX | |
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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 | 6 | 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) | |||
| 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) | |||
| 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) |
| Investments | CMC Markets | LegacyFX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 12029 | 425 | |
| Forex Pairs (Total) | 141 | 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 | 1.3 | N/A | |
| All-in Cost EUR/USD - Active | 0.65 | 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) | 73 | 30 | |
| Charting - Drawing Tools (Total) | 36 | 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 | ||
| 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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