Written by ForexBrokers.com
In this head to head comparison of eToro 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.
eToro, founded in 2007, and LegacyFX, established in 2012, are both prominent online brokers in the financial market. Neither company is publicly traded or a bank. When it comes to regulatory compliance, eToro stands out with three Tier-1 licenses and one Tier-2 license, contributing to its high Trust Score of 93, categorizing it as highly trusted according to ForexBrokers.com. In contrast, LegacyFX holds one Tier-1 license without any Tier-2 licenses, resulting in a Trust Score of 67, which places it in the high-risk category.
Both platforms provide users with the tools to trade a variety of financial assets, but their regulatory standings are quite distinct. eToro’s multiple Tier-1 licenses and high Trust Score reflect strong regulatory oversight, offering added confidence to traders. Meanwhile, LegacyFX, with fewer regulatory licenses and a lower Trust Score, may present more risks, highlighting the importance of considering regulatory credentials when choosing a trading platform.
| Feature |
eToro
|
LegacyFX
|
|---|---|---|
| Year Founded | 2007 | 2012 |
| Publicly Traded (Listed) | No | No |
| Bank | No | No |
| Tier-1 Licenses | 3 | 1 |
| Tier-2 Licenses | 1 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 1 | 1 |
eToro, a well-known market-maker broker, typically features a variable spread of 1 pip on the EUR/USD, a rate that is just above the industry norm. While eToro may not be the first choice for traders focused on low spreads, it shines with its unique social copy trading platform, offering an engaging trading experience. For those interested in additional perks, eToro offers a VIP club called eToro Club. This club presents five membership tiers from Silver to Diamond for account balances ranging from $5,000 to $250,000, with benefits that include reduced withdrawal fees and access to Trading Central, among others. eToro has earned a commission and fees rating of 4.5 stars and ranks 22nd out of 62 brokers in this category by ForexBrokers.com.
On the other hand, LegacyFX provides different experiences depending on the regulatory entity chosen. EU residents can choose between Silver, Gold, and Platinum accounts with minimum deposits of $500, $5,000, and $25,000, respectively. Among these, the Platinum account offers the lowest spreads, while the Silver account has much higher trading costs, starting at 1.6 pips for EUR/USD. LegacyFX's international clients, regulated by its Vanuatu entity, can select from seven account types, each providing varying access to support and tools, with minimum deposits ranging from $500 for a Standard account to $50,000 for a VIP account. LegacyFX holds a commissions and fees rating of 3.5 stars and is ranked 56th among 62 brokers in this category by ForexBrokers.com.
| Feature |
eToro
|
LegacyFX
|
|---|---|---|
| Minimum Deposit | $50-$10,000 | $500 |
| Average Spread EUR/USD - Standard | 1 | N/A |
| All-in Cost EUR/USD - Active | N/A | N/A |
| Active Trader or VIP Discounts | Yes | Yes |
| ACH or SEPA Transfers | Yes | No |
| PayPal (Deposit/Withdraw) | Yes | No |
| Skrill (Deposit/Withdraw) | Yes | Yes |
| Visa/Mastercard (Credit/Debit) | Yes | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
When comparing eToro and LegacyFX in terms of available investment options, eToro clearly stands out with its extensive offerings. eToro provides access to 5,461 tradeable symbols, which includes 55 forex pairs, while LegacyFX offers 425 tradeable symbols and 44 forex pairs. Both platforms allow forex trading through CFDs or spot contracts, but eToro distinguishes itself by offering exchange-traded securities on both U.S. and international exchanges, enabling clients to invest in actual shares of major companies like Apple and Vodafone. Conversely, LegacyFX does not offer this capability. Additionally, eToro supports copy trading and the purchase of actual cryptocurrencies, setting it apart from LegacyFX, which only offers cryptocurrency derivatives.
Given these differences, eToro receives a higher rating of five stars for its range of investments, positioning it at rank 10 out of 62 brokers according to ForexBrokers.com. LegacyFX, while offering a decent variety, is rated 3.5 stars and ranks 48 in the same category. The comprehensive options at eToro make it an appealing choice for investors seeking a diverse portfolio, especially those interested in direct share buying and cryptocurrency investments, while LegacyFX might cater more to those focusing on forex and CFD trading.
| Feature |
eToro
|
LegacyFX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 5461 | 425 |
| Forex Pairs (Total) | 55 | 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) | Yes | 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 it comes to trading platforms and tools, eToro and LegacyFX have their unique offerings and strengths. eToro shines with its proprietary platform, which is developed in-house and offers a user-friendly web-based interface, catering to both beginners and advanced traders. It also provides a free virtual demo account for simulated trading and boasts an impressive 161 drawing tools for charting. Additionally, eToro is well-regarded for its popular copy trading feature, allowing users to mirror the trades of successful investors. Despite lacking support for MetaTrader 4 and MetaTrader 5, eToro has earned a high rating of 4.5 stars for its trading platforms and tools, ranking 8th out of 62 brokers on ForexBrokers.com.
LegacyFX, on the other hand, presents a Windows-based desktop trading platform for those who prefer a downloadable option. While it doesn't offer a proprietary platform, LegacyFX supports the MetaTrader 5 platform, appealing to traders familiar with this setup. Like eToro, LegacyFX also provides a web-based platform and a free virtual demo account. Although not as feature-rich in drawing tools—offering only 15—LegacyFX allows for trading directly from a stock chart, which eToro does not. With a slight edge in watch list customization, LegacyFX has 7 watch list columns compared to eToro's 6. However, it receives a lower rating of 3.5 stars and is ranked 59th out of 62 brokers for its trading platforms and tools on ForexBrokers.com.
| Feature |
eToro
|
LegacyFX
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | No |
| Desktop Platform (Windows) | No | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | Yes | Yes |
| MetaTrader 4 (MT4) | No | No |
| MetaTrader 5 (MT5) | No | Yes |
| DupliTrade | No | No |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 104 | 30 |
| Charting - Drawing Tools (Total) | 161 | 15 |
| Charting - Trade From Chart | No | Yes |
| Watchlists - Total Fields | 6 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Both eToro and LegacyFX offer comprehensive mobile trading apps available on iPhone and Android devices, allowing users to access vital trading features on the go. While both platforms provide price alerts and support multiple time frames on charts, eToro stands out for its extensive offering of 104 technical studies for charting, compared to LegacyFX's 30. Additionally, eToro provides the convenience of watchlist symbol syncing across the mobile app and online account, ensuring seamless updates, whereas LegacyFX does not offer this feature.
When it comes to drawing tools, LegacyFX users benefit from the ability to draw trendlines and have their chart drawings autosaved, features that eToro currently lacks. Both apps allow the creation of watchlists with real-time quotes, catering to active traders. In terms of user satisfaction and industry ranking, eToro enjoys a superior rating of 4.5 stars and holds a commendable 10th place out of 62 brokers in ForexBrokers.com's Mobile Trading Apps category, while LegacyFX scores 3.5 stars and ranks at 60th place, reflecting a significant difference in overall user experience and functionality.
| Feature |
eToro
|
LegacyFX
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | No |
| Mobile Charting - Indicators / Studies | 104 | 30 |
| Mobile Charting - Draw Trendlines | No | Yes |
| Mobile Charting - Multiple Time Frames | Yes | Yes |
| Mobile Charting - Drawings Autosave | No | Yes |
| Mobile Watchlist | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
When comparing the market research offerings of eToro and LegacyFX, both brokers provide daily market commentary and maintain an economic calendar with global events. However, LegacyFX excels in delivering forex news from distinguished sources like Bloomberg and Reuters, while eToro does not. LegacyFX also integrates Autochartist for technical and fundamental analysis, a feature missing from eToro. On the flip side, eToro offers Trading Central tools, notably Technical Analytics, which aren't available through LegacyFX. Additionally, eToro provides a sentiment-based trading tool to gauge market trends by showing ratios of long or short positions, a feature LegacyFX lacks.
Further enhancing its offerings, eToro delivers market research from TipRanks, complementing its suite of research tools, whereas LegacyFX does not include this resource. Neither platform includes tools from Acuity Trading. Reflecting these differences in research capabilities, eToro earns a higher research star rating of 4.5 out of 5, comfortably surpassing LegacyFX's rating of 3.5. According to the ForexBrokers.com rankings, eToro is placed at 13 out of 62 brokers for research, while LegacyFX lags behind at 45th. These distinctions highlight eToro's superior standing in research support compared to LegacyFX.
| Feature |
eToro
|
LegacyFX
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | No | Yes |
| Autochartist | No | Yes |
| Trading Central (Recognia) | Yes | No |
| Social Sentiment - Currency Pairs | Yes | No |
| TipRanks | Yes | No |
| Signal Centre (Acuity Trading) | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When it comes to providing educational resources for beginners, both eToro and LegacyFX offer a solid foundation for anyone looking to dive into forex or CFDs trading. Each platform guarantees more than ten educational pieces, ranging from articles to webinars, allowing newcomers to gain a comprehensive understanding of trading basics. Additionally, both eToro and LegacyFX host live client webinars monthly, complemented by resources like searchable archives of past webinars. This ensures that learners have access to an extensive variety of materials to suit their learning styles and schedules. Each broker also caters to a broad spectrum of skill levels with more than ten beginner-focused videos and an equal count of advanced videos for experienced traders. For those new to trading terms, both platforms include an investor dictionary containing definitions for over 50 relevant terms, making it easier for users to get familiar with industry jargon.
Despite these similarities, eToro stands out with a higher educational rating of 4.5 stars compared to LegacyFX's 3.5 stars. This places eToro at an impressive #5 in ForexBrokers.com's ranking of 62 brokers, while LegacyFX is ranked at #35. These rankings reflect eToro's commitment to delivering superior educational content that effectively meets the needs of both beginners and seasoned traders, ensuring users are well-informed and confident in their trading journey. This makes eToro an attractive choice for those who prioritize high-quality educational resources in their selection of an online broker.
| Feature |
eToro
|
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 62 of the best forex brokers, our research and account testing finds that eToro is better than LegacyFX. eToro finished with an overall rank of #9, while LegacyFX finished with an overall rank of #62.
eToro is a winner for its easy-to-use copy-trading platform, where traders can copy the trades of experienced investors – or receive exclusive perks for sharing their own trading strategies.
| Feature |
eToro
|
LegacyFX
|
|---|---|---|
| Overall Rating |
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| Trust Score | 93 | 67 |
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When comparing eToro and LegacyFX in terms of cryptocurrency offerings, eToro allows for the purchase of both actual delivered cryptocurrency and cryptocurrency derivatives, whereas LegacyFX provides the option only to buy cryptocurrency derivatives.
Comparing eToro to LegacyFX, eToro offers a wider range of deposit and withdrawal options including ACH, SEPA transfers, and PayPal, which are not available with LegacyFX, while both platforms support options like Skrill, 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 | eToro | LegacyFX | |
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| Trust Score | 93 | 67 | |
| Winner | check_circle | ||
| Review | eToro Review | LegacyFX Review |
| Broker Screenshots | eToro | LegacyFX | |
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| Regulation | eToro | LegacyFX | |
|---|---|---|---|
| Trust Score | 93 | 67 | |
| Year Founded | 2007 | 2012 | |
| Publicly Traded (Listed) | No | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 3 | 1 | |
| Tier-2 Licenses | 1 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 1 | 1 |
| Tier-1 Licenses (Highly Trusted) | eToro | LegacyFX | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | No | |
| Canada (CIRO Authorised) | No | No | |
| Hong Kong (SFC Authorised) | No | No | |
| Japan (SFC Authorised) | No | No | |
| Singapore (MAS Authorised) | No | 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) | eToro | LegacyFX | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA/Central Bank Authorised) | No | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | eToro | LegacyFX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 5461 | 425 | |
| Forex Pairs (Total) | 55 | 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) | Yes | 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 | eToro | LegacyFX | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1 | N/A | |
| All-in Cost EUR/USD - Active | N/A | N/A | |
| Active Trader or VIP Discounts | Yes | Yes | |
| Inactivity Fee | Yes | No | |
| Execution: Agency Broker | Yes | No | |
| Execution: Market Maker | Yes | Yes |
| Funding | eToro | LegacyFX | |
|---|---|---|---|
| Minimum Deposit | $50-$10,000 | $500 | |
| PayPal (Deposit/Withdraw) | Yes | No | |
| Skrill (Deposit/Withdraw) | Yes | Yes | |
| Visa/Mastercard (Credit/Debit) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | Yes | No |
| Trading Platforms | eToro | LegacyFX | |
|---|---|---|---|
| Proprietary Platform | Yes | No | |
| Desktop Platform (Windows) | No | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | Yes | Yes | |
| MetaTrader 4 (MT4) | No | No | |
| MetaTrader 5 (MT5) | No | Yes | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | eToro | LegacyFX | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 6 | 7 | |
| Charting - Indicators / Studies (Total) | 104 | 30 | |
| Charting - Drawing Tools (Total) | 161 | 15 | |
| Charting - Trade From Chart | No | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | eToro | 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 | 104 | 30 | |
| Mobile Charting - Draw Trendlines | No | Yes | |
| Mobile Charting - Multiple Time Frames | Yes | Yes | |
| Mobile Charting - Drawings Autosave | No | Yes | |
| Mobile Economic Calendar | No | Yes |
| Research | eToro | LegacyFX | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | No | Yes | |
| Autochartist | No | Yes | |
| Trading Central (Recognia) | Yes | No | |
| TipRanks | Yes | No | |
| Social Sentiment - Currency Pairs | Yes | No | |
| Economic Calendar | Yes | Yes |
| Education | eToro | 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 | eToro | 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 | eToro Review | LegacyFX Review |
| Overall | eToro | LegacyFX | |
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| Trust Score | 93 | 67 | |
| Winner | check_circle | ||
| Review | eToro Review | LegacyFX Review |
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