Written by ForexBrokers.com
In this head to head comparison of Fineco 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.
Founded in 1999, Fineco stands out as a highly trusted online broker with a ForexBrokers.com Trust Score of 94. Publicly traded and operating as a bank, Fineco boasts two Tier-1 licenses, indicating a strong regulatory standing. These licenses contribute to its reputation in the industry, backed by its long-established presence and comprehensive regulatory compliance.
In contrast, LegacyFX, established in 2012, holds a Trust Score of 67, suggesting a higher risk profile compared to Fineco. While LegacyFX is not publicly traded nor functions as a bank, it has secured one Tier-1 license, indicating a level of regulatory acknowledgment. Despite being newer to the market, LegacyFX strives to build trust with its regulatory commitments, yet it remains a higher-risk option relative to Fineco.
| Feature |
Fineco
|
LegacyFX
|
|---|---|---|
| Year Founded | 1999 | 2012 |
| Publicly Traded (Listed) | Yes | No |
| Bank | Yes | No |
| Tier-1 Licenses | 2 | 1 |
| Tier-2 Licenses | 0 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 1 |
When comparing the commissions and fees for Fineco and LegacyFX, both brokers show significant differences, especially in terms of transparency and account structures. Fineco’s lack of average spread data for forex and CFD trading makes it challenging to fully understand its trading costs. It lists a spread of 1 pip for EUR/USD, which is higher than the industry average, although it notes lower spreads on index CFDs. Overall, Fineco is rated 3.5 stars for commissions and fees and ranks #51 out of 63 brokers in this category.
On the other hand, LegacyFX offers a variety of account options depending on whether you trade through its EU entity under CySEC regulation or its international entity in Vanuatu. For EU clients, there are three account types, with Platinum offering the lowest spreads for a $25,000 minimum deposit, while Silver has notably higher trading costs starting at 1.6 pips for EUR/USD. The international entity provides seven account types, ranging from Standard with a $500 minimum deposit to VIP with a $50,000 minimum, with benefits such as mentoring and enhanced trading tools varying by account level. LegacyFX also holds a 3.5-star rating for commissions and fees, ranking #57 out of 63 brokers.
In summary, both Fineco and LegacyFX have room for improvement concerning transparency and cost-effectiveness. Fineco’s strength lies in offering lower spreads on index CFDs, while LegacyFX provides a tiered account structure that may suit varying trader needs. However, potential clients need to carefully consider the cost implications of each broker's offerings before making a decision.
| Feature |
Fineco
|
LegacyFX
|
|---|---|---|
| Minimum Deposit | $0 | $500 |
| Average Spread EUR/USD - Standard | N/A | N/A |
| All-in Cost EUR/USD - Active | N/A | N/A |
| Active Trader or VIP Discounts | No | Yes |
| ACH or SEPA Transfers | Yes | No |
| PayPal (Deposit/Withdraw) | No | No |
| Skrill (Deposit/Withdraw) | No | Yes |
| Visa/Mastercard (Credit/Debit) | No | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
When comparing Fineco and LegacyFX, Fineco stands out with its extensive selection of investment options. With a remarkable 9,770 tradeable symbols, including 54 forex pairs and the ability to invest in exchange-traded securities on both U.S. and international exchanges, Fineco caters to a wide range of investors. Fineco offers forex trading through both CFDs and spot contracts, making it versatile for forex enthusiasts. Despite not supporting actual cryptocurrency purchases or derivatives, Fineco scores 4.5 stars for its variety, ranking 16th out of 63 brokers for investment range.
LegacyFX, with its offering of 425 tradeable symbols, which includes 44 forex pairs, provides a more limited selection. Forex trading through CFDs or spot contracts is supported, and investors benefit from copy trading features. However, LegacyFX lacks access to direct investment in U.S. or international exchange-traded securities. While LegacyFX provides the option to trade cryptocurrency derivatives, it does not support the direct purchase of cryptocurrencies. Consequently, LegacyFX holds a 3.5-star rating for its investment range, ranking 48th out of 63 brokers in this category.
| Feature |
Fineco
|
LegacyFX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 9770 | 425 |
| Forex Pairs (Total) | 54 | 44 |
| U.S. Stock Trading (Non CFD) | Yes | No |
| Int'l Stock Trading (Non CFD) | Yes | No |
| Social Trading / Copy Trading | No | Yes |
| Cryptocurrency (Physical) | No | No |
| Cryptocurrency (Derivative) | No | 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 Fineco and LegacyFX on trading platforms and tools, key differences stand out. Fineco offers a proprietary platform developed in-house and provides a Windows-based desktop platform, alongside a web-based option. However, it lacks a simulated trading feature like a virtual demo account and does not integrate with MetaTrader 4 or MetaTrader 5. Additionally, Fineco does not support copy trading or trading directly from a stock chart. For charting, Fineco offers 7 drawing tools but does not specify the number of technical indicators available.
On the other hand, LegacyFX provides a simulated trading experience with a demo account and supports MetaTrader 5, although it does not have its own proprietary platform. LegacyFX does offer both a Windows-based desktop and web-based platform, like Fineco. Additionally, it stands out by supporting copy trading and enabling trades directly from stock charts. With a wider array of drawing tools, totaling 15, and a more detailed watch list featuring 7 columns, LegacyFX offers greater charting flexibility. Despite its lower star rating of 3.5 stars and a ForexBrokers.com ranking of #60, LegacyFX provides distinct tools that may appeal to traders seeking specific features. Meanwhile, Fineco boasts a higher rating of 4 stars and enjoys a better overall rank at #18, reflecting its solid standing in the trading community.
| Feature |
Fineco
|
LegacyFX
|
|---|---|---|
| Virtual Trading (Demo) | No | Yes |
| Proprietary Platform | Yes | No |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | No | Yes |
| MetaTrader 4 (MT4) | No | No |
| MetaTrader 5 (MT5) | No | Yes |
| DupliTrade | No | No |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 37 | 30 |
| Charting - Drawing Tools (Total) | 7 | 15 |
| Charting - Trade From Chart | No | Yes |
| Watchlists - Total Fields | N/A | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Both Fineco and LegacyFX offer mobile trading apps for iPhone and Android users, ensuring convenience for traders on the go. They both provide crucial features like stock and forex price alerts and the ability to view charts across different timeframes, making them well-suited for keeping tabs on market movements. Despite these similarities, LegacyFX surpasses Fineco with a greater number of technical studies available, offering 30 compared to Fineco's 6, and allowing users the added functionality of drawing trendlines on charts. Additionally, LegacyFX supports auto-saving of drawings which Fineco does not, alongside the ability to create watchlists with real-time quotes, enhancing the tailored user experience.
However, Fineco holds a slight edge with a higher mobile trading app rating of 4 stars out of 5, compared to LegacyFX's 3.5 stars. This higher rating likely contributes to Fineco's superior ranking by ForexBrokers.com, where it stands at #42 out of 63 brokers, while LegacyFX is positioned at #61. Despite Fineco not supporting watchlist symbol syncing, both brokers share this limitation, making it an area for potential future improvements. Overall, Fineco's higher user rating and broader recognition may make it more appealing for those prioritizing reputation and user satisfaction in their mobile trading experience.
| Feature |
Fineco
|
LegacyFX
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | No | No |
| Mobile Charting - Indicators / Studies | 6 | 30 |
| Mobile Charting - Draw Trendlines | No | Yes |
| Mobile Charting - Multiple Time Frames | Yes | Yes |
| Mobile Charting - Drawings Autosave | No | Yes |
| Mobile Watchlist | No | Yes |
Dive deeper: Best Forex Trading Apps.
Fineco and LegacyFX offer distinct features for traders keen on market research tools. Fineco garners a slightly better reputation with four stars for research compared to LegacyFX's 3.5 stars. Both platforms provide forex news from top-tier sources like Bloomberg and Reuters, ensuring that users receive timely and credible updates. However, LegacyFX pulls ahead with daily market commentary and access to technical analysis tools from Autochartist, which Fineco does not offer. While neither broker supports sentiment-based trading tools or research from companies like TipRanks or Acuity Trading, they both feature economic calendars to help traders stay informed about upcoming global news events.
In terms of rankings, Fineco is positioned higher at #33 out of 63 brokers according to ForexBrokers.com, while LegacyFX holds the #46 spot. This reflects Fineco's stronger overall offering in the research category. For traders seeking a balance of quality news sources and economic updates, Fineco might be the preferred choice, although LegacyFX’s additional technical analysis tools can be beneficial for those prioritizing in-depth market examination.
| Feature |
Fineco
|
LegacyFX
|
|---|---|---|
| Daily Market Commentary | No | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | No | Yes |
| Trading Central (Recognia) | No | No |
| Social Sentiment - Currency Pairs | No | No |
| TipRanks | No | No |
| Signal Centre (Acuity Trading) | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When comparing Fineco and LegacyFX in terms of educational resources for beginners, there are several aspects to consider. Fineco and LegacyFX both provide online educational webinars on a monthly basis, helping new traders build their skills through live sessions. However, while Fineco lacks a searchable archive of these webinars, LegacyFX offers recorded sessions that can be accessed anytime, giving users the flexibility to learn at their own pace. Both platforms cater to beginners with at least 10 introductory videos on trading topics, and each offers a comprehensive investor dictionary with definitions for over 50 investing terms, helping users get a better understanding of trading concepts.
In contrast, LegacyFX surpasses Fineco with its diverse educational materials, offering over 10 advanced videos for experienced traders, as well as a substantial collection of educational pieces focused on forex and CFDs. This broad range of resources ultimately contributes to its higher ranking in education on ForexBrokers.com, despite having a slightly lower star rating compared to Fineco. Overall, while Fineco provides a strong foundation for beginners with its educational webinars and beginner-focused content, LegacyFX offers a more extensive learning experience, particularly for those seeking advanced knowledge in trading.
| Feature |
Fineco
|
LegacyFX
|
|---|---|---|
| Education (Forex or CFDs) | No | Yes |
| Client Webinars | Yes | Yes |
| Client Webinars (Archived) | No | Yes |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | No | 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 Fineco is better than LegacyFX. Fineco finished with an overall rank of #25, while LegacyFX finished with an overall rank of #63.
FinecoBank is a trusted multi-asset broker offering forex and CFDs across its brands regulated in the U.K. and Italy. However, unless you visit a physical branch as a citizen of the EU – or you are a resident of Italy or the U.K. – you will not be permitted to open an online account with FinecoBank.
| Feature |
Fineco
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LegacyFX
|
|---|---|---|
| Overall Rating |
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| Trust Score | 94 | 67 |
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In comparing Fineco and LegacyFX regarding cryptocurrency trading - neither Fineco nor LegacyFX offer the ability to buy actual, delivered cryptocurrency, but LegacyFX provides the option to buy cryptocurrency derivatives, whereas Fineco does not.
In the comparison between online brokers Fineco and LegacyFX, Fineco offers ACH, SEPA, and bank wire transfers for depositing or withdrawing account funds but lacks options like PayPal, Skrill, and Visa/Mastercard, whereas LegacyFX provides Skrill, Visa/Mastercard, and bank wire transfers but does not support ACH or SEPA transfers, nor does it offer PayPal integration.
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 | Fineco | LegacyFX | |
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| Trust Score | 94 | 67 | |
| Winner | check_circle | ||
| Review | Fineco Review | LegacyFX Review |
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| Regulation | Fineco | LegacyFX | |
|---|---|---|---|
| Trust Score | 94 | 67 | |
| Year Founded | 1999 | 2012 | |
| Publicly Traded (Listed) | Yes | No | |
| Bank | Yes | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 2 | 1 | |
| Tier-2 Licenses | 0 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 1 |
| Tier-1 Licenses (Highly Trusted) | Fineco | 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) | Fineco | 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 | Fineco | LegacyFX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 9770 | 425 | |
| Forex Pairs (Total) | 54 | 44 | |
| U.S. Stock Trading (Non CFD) | Yes | No | |
| Int'l Stock Trading (Non CFD) | Yes | No | |
| Social Trading / Copy Trading | No | Yes | |
| Cryptocurrency (Physical) | No | No | |
| Cryptocurrency (Derivative) | No | 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 | Fineco | LegacyFX | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | N/A | N/A | |
| All-in Cost EUR/USD - Active | N/A | N/A | |
| Active Trader or VIP Discounts | No | Yes | |
| Inactivity Fee | No | No | |
| Execution: Agency Broker | No | No | |
| Execution: Market Maker | No | Yes |
| Funding | Fineco | LegacyFX | |
|---|---|---|---|
| Minimum Deposit | $0 | $500 | |
| PayPal (Deposit/Withdraw) | No | No | |
| Skrill (Deposit/Withdraw) | No | Yes | |
| Visa/Mastercard (Credit/Debit) | No | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | Yes | No |
| Trading Platforms | Fineco | LegacyFX | |
|---|---|---|---|
| Proprietary Platform | Yes | No | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | No | Yes | |
| MetaTrader 4 (MT4) | No | No | |
| MetaTrader 5 (MT5) | No | Yes | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | Fineco | LegacyFX | |
|---|---|---|---|
| Virtual Trading (Demo) | No | Yes | |
| Alerts - Basic Fields | No | Yes | |
| Watchlists - Total Fields | N/A | 7 | |
| Charting - Indicators / Studies (Total) | 37 | 30 | |
| Charting - Drawing Tools (Total) | 7 | 15 | |
| Charting - Trade From Chart | No | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | Fineco | LegacyFX | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | No | Yes | |
| Watchlist Syncing | No | No | |
| Mobile Charting - Indicators / Studies | 6 | 30 | |
| Mobile Charting - Draw Trendlines | No | Yes | |
| Mobile Charting - Multiple Time Frames | Yes | Yes | |
| Mobile Charting - Drawings Autosave | No | Yes | |
| Mobile Economic Calendar | Yes | Yes |
| Research | Fineco | LegacyFX | |
|---|---|---|---|
| Daily Market Commentary | No | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | No | Yes | |
| Trading Central (Recognia) | No | No | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | No | No | |
| Economic Calendar | Yes | Yes |
| Education | Fineco | LegacyFX | |
|---|---|---|---|
| Education (Forex or CFDs) | No | Yes | |
| Client Webinars | Yes | Yes | |
| Client Webinars (Archived) | No | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | No | Yes | |
| Investor Dictionary (Glossary) | Yes | Yes |
| Major Forex Pairs | Fineco | 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 | Fineco Review | LegacyFX Review |
| Overall | Fineco | LegacyFX | |
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| Trust Score | 94 | 67 | |
| Winner | check_circle | ||
| Review | Fineco Review | LegacyFX Review |
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