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eToro vs LegacyFX 2022

ForexBrokers.com

Written by ForexBrokers.com

November 08, 2022

Is eToro better than LegacyFX? In our analysis of 23 international regulators across 39 of the best forex brokers, eToro is considered low-risk, with an overall Trust Score of 93 out of 99. LegacyFX is considered average-risk, with an overall Trust Score of 75 out of 99. Learn more about Trust Score.

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Overall RatingeToroLegacyFXIG
Overall Rating4.5 Stars3.5 Stars5 Stars
Commissions & Fees4.5 Stars3.5 Stars5 Stars
Offering of Investments5 Stars3.5 Stars5 Stars
Platform & Tools4.5 Stars3.5 Stars5 Stars
Mobile Trading4.5 Stars3.5 Stars5 Stars
Research4.5 Stars3.5 Stars5 Stars
Education4 Stars3.5 Stars5 Stars
Trust Score937599
Winnercheck_circle
RevieweToro ReviewLegacyFX ReviewIG Review
RegulationeToroLegacyFXIG
Trust Score937599
Year Founded200720121974
Publicly Traded (Listed)NoNoYes
BankNoNoYes
Tier-1 Licenses217
Tier-2 Licenses112
Tier-3 Licenses001
Authorised in European UnionYesYesYes
About RegulationA โ€œYesโ€ for any individual regulator indicates that the broker has at least one brand or entity that is licensed and/or authorized by that regulator within its group/organizational structure. Learn more about Trust Score.A โ€œYesโ€ for any individual regulator indicates that the broker has at least one brand or entity that is licensed and/or authorized by that regulator within its group/organizational structure. Learn more about Trust Score.A โ€œYesโ€ for any individual regulator indicates that the broker has at least one brand or entity that is licensed and/or authorized by that regulator within its group/organizational structure. Learn more about Trust Score.
Tier-1 Licenses (High Trust)eToroLegacyFXIG
ASIC Authorised (Australia)YesNoYes
IIROC Authorised (Canada)NoNoNo
SFC Authorised (Hong Kong)NoNoNo
CBI Authorised (Ireland)NoNoNo
FSA Authorised (Japan)NoNoYes
MAS Authorised (Singapore)NoNoYes
FINMA Authorised (Switzerland)NoNoYes
FCA Authorised (U.K.)YesYesYes
CFTC Registered (USA)NoNoYes
FMA Authorised (New Zealand)NoNoYes
Tier-2 Licenses (Average Trust)eToroLegacyFXIG
CBRC Authorised (China)NoNoNo
CySEC Authorised (Cyprus)YesYesNo
SEBI Authorised (India)NoNoNo
ISA Authorised (Israel)NoNoNo
CBR Authorised (Russia)NoNoNo
FSCA Authorised (South Africa)NoNoYes
SEC Authorised (Thailand)NoNoNo
DFSA / Central Bank Authorised (UAE)NoNoYes
Tier-3 Licenses (Low Trust)eToroLegacyFXIG
SCB Authorised (Bahamas)NoNoNo
IFSC Authorised (Belize)NoNoNo
CIMA Authorised (Cayman Islands)NoNoNo
BMA Authorised (Bermuda)NoNoYes
FSC Authorised (British Virgin Islands)NoNoNo
FSC Authorised (Mauritius)NoNoNo
VFSC Authorised (Vanuatu)NoNoNo
InvestmentseToroLegacyFXIG
Forex Trading (Spot or CFDs)YesYesYes
Tradeable Symbols (Total)345842519537
Forex Pairs (Total)4941100
U.S. Stock Trading (Non CFD)YesNoYes
Int'l Stock Trading (Non CFD)YesNoYes
Social Trading / Copy TradingYesYesYes
Cryptocurrency (Physical)YesNoNo
Cryptocurrency (CFD)YesYesYes
DisclaimersNote: 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).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).
CosteToroLegacyFXIG
Average Spread EUR/USD - Standard1 (August 2021)00.86 (September 2022)
All-in Cost EUR/USD - ActiveN/A00.5957 (September 2022)
Active Trader or VIP DiscountsYesYesYes
Execution: Agency BrokerYesNoYes
Execution: Market MakerYesNoYes
FundingeToroLegacyFXIG
Minimum Initial Deposit$10-$10,000$500ยฃ250.00
PayPal (Deposit/Withdraw)YesNoYes
Skrill (Deposit/Withdraw)YesYesNo
Visa/Mastercard (Credit/Debit)YesYesYes
Bank Wire (Deposit/Withdraw)YesYesYes
Trading PlatformseToroLegacyFXIG
Proprietary PlatformYesNoYes
Desktop Platform (Windows)NoYesYes
Web PlatformYesYesYes
Social Trading / Copy TradingYesYesYes
MetaTrader 4 (MT4)NoNoYes
MetaTrader 5 (MT5)NoYesNo
cTraderNoNoNo
DupliTradeNoNoNo
ZuluTradeNoNoNo
Trading ToolseToroLegacyFXIG
Virtual Trading (Demo)YesYesYes
Alerts - Basic FieldsYesYesYes
Watchlists - Total Fields6714
Charting - Indicators / Studies (Total)663033
Charting - Drawing Tools (Total)131520
Charting - Trade From ChartNoYesYes
Charts can be savedYesYesYes
Mobile TradingeToroLegacyFXIG
Android AppYesYesYes
Apple iOS AppYesYesYes
Mobile Alerts - Basic FieldsYesYesYes
Mobile WatchlistYesYesYes
Watchlist SyncingYesNoYes
Mobile Charting - Indicators / Studies53033
Mobile Charting - Draw TrendlinesNoYesYes
Mobile Charting - Multiple Time FramesYesYesYes
Mobile Charting - Drawings AutosaveNoYesYes
Forex CalendarNoNoYes
ResearcheToroLegacyFXIG
Daily Market CommentaryYesYesYes
Forex News (Top-Tier Sources)NoNoYes
AutochartistNoYesYes
Trading Central (Recognia)YesNoNo
Social Sentiment - Currency PairsYesNoYes
Economic CalendarYesYesYes
EducationeToroLegacyFXIG
Has Education - Forex or CFDsYesYesYes
Client WebinarsYesYesYes
Client Webinars (Archived)YesYesYes
Videos - Beginner Trading VideosYesYesYes
Videos - Advanced Trading VideosYesYesYes
Investor Dictionary (Glossary)YesYesYes
Major Forex PairseToroLegacyFXIG
GBP/USDYesYesYes
USD/JPYYesYesYes
EUR/USDYesYesYes
USD/CHFYesYesYes
USD/CADYesYesYes
NZD/USDYesYesYes
AUD/USDYesYesYes
RevieweToro ReviewLegacyFX ReviewIG Review
OveralleToroLegacyFXIG
Overall Rating4.5 Stars3.5 Stars5 Stars
Commissions & Fees4.5 Stars3.5 Stars5 Stars
Offering of Investments5 Stars3.5 Stars5 Stars
Platform & Tools4.5 Stars3.5 Stars5 Stars
Mobile Trading4.5 Stars3.5 Stars5 Stars
Research4.5 Stars3.5 Stars5 Stars
Education4 Stars3.5 Stars5 Stars
Trust Score937599
Winnercheck_circle
RevieweToro ReviewLegacyFX ReviewIG Review
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eToro vs LegacyFX Comparison

Comparing forex brokers side by side is no easy task. For our 2022 annual forex broker review, we spent hundreds of hours assessing 39 forex and CFD brokerages to find the best forex broker. Let's compare eToro vs LegacyFX.

Does eToro or LegacyFX offer lower pricing?

Comparing the trading costs of forex and CFDs is not easy. Not every broker publishes average spreads data, and pricing structures vary. Based on our thorough annual assessment, IG offers better pricing overall for traders.

Is eToro or LegacyFX safer for forex and CFDs trading?

At ForexBrokers.com, we track where each forex and CFD broker is regulated across over 23 international regulator databases. Here's our findings. eToro holds 2 global Tier-1 licenses, while LegacyFX holds 1. Both eToro and LegacyFX hold 1 global Tier-2 licenses. In our analysis of 23 international regulators across 50 brokers, eToro earned a higher Trust Score than LegacyFX.

Which trading platform is better: eToro or LegacyFX?

To compare the trading platforms of both eToro and LegacyFX, we tested each broker's trading tools, research capabilities, and mobile apps. For trading tools, IG offers a better experience. With research, IG offers superior market research. Finally, we found IG to provide better mobile trading apps.

What about MetaTrader and copy trading?

For forex and CFDs traders, copy trading and MetaTrader are both popular platform options. Neither broker offers Meta Trader.eToro and LegacyFX both offer copy trading.

How many forex pairs and CFDs are available to trade?

eToro provides traders 49 currency pairs (e.g., EUR/USD) compared to LegacyFX's 41 available pairs. Forex pairs aside, eToro offers traders access to 3458 CFDs while LegacyFX has 425 available CFDs, a difference of 3033.

Can I trust eToro?

eToro is not publicly traded and does not operate a bank. eToro is authorised by two tier-1 regulators (high trust), one tier-2 regulator (average trust), and zero tier-3 regulators (low trust). eToro is authorised by the following tier-1 regulators: Australian Securities & Exchange Commission (ASIC) and the Financial Conduct Authority (FCA).

Can I trust LegacyFX?

LegacyFX is not publicly traded and does not operate a bank. LegacyFX is authorised by one tier-1 regulator (high trust), one tier-2 regulator (average trust), and zero tier-3 regulators (low trust). LegacyFX is authorised by the following tier-1 regulators: Financial Conduct Authority (FCA).

Is eToro good?

eToro is a winner for its easy-to-use copy-trading platform, where traders can copy the trades of experienced investors โ€“ or receive exclusive perks for sharing their own trading strategies.

Is LegacyFX good?

LegacyFX is a plain-vanilla MetaTrader 5 (MT5) broker that offers a medium range of CFD markets and forex pairs. It has built a good foundation of research offerings, and its investor education content is on par with the industry average. Overall, LegacyFX still has room to grow, and trails behind the best MetaTrader brokers.

Overall winner: IG

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We review each brokerโ€™s overall global offering โ€“ a โ€œYesโ€ 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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