Written by ForexBrokers.com
In this head to head comparison of FinecoBank 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.
FinecoBank, established in 1999, stands out as a trusted online broker in the financial industry. As a publicly traded bank, it holds two Tier-1 licenses and boasts a high Trust Score of 94 out of 99, according to ForexBrokers.com. These attributes contribute to its reputation as a highly trusted choice for online trading, appealing to investors who prioritize security and reliability in their trading platform.
In comparison, LegacyFX, founded in 2012, operates as a non-bank and is not publicly listed. It holds one Tier-1 license and carries a Trust Score of 67, indicating a higher risk according to ForexBrokers.com. Despite being a newer entrant in the market with fewer regulatory licenses, LegacyFX provides trading services but might appeal more to those who are comfortable with a higher level of risk.
| Feature |
FinecoBank
|
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 of FinecoBank and LegacyFX, both brokers present unique offerings and challenges. FinecoBank does not provide average spread data for forex and CFD trading, making it difficult to gauge its actual trading costs. The spreads listed for FinecoBank start at 1 pip for the EUR/USD pair, which is higher than those typically offered by many forex brokers, with another option at 0.8 pips. However, no average value or specific date range is tied to these figures, adding to the uncertainty. FinecoBank fares somewhat better in offering potentially lower spreads on index CFDs but does not fully disclose a comprehensive fee structure. Rated at 3.5 stars out of 5, FinecoBank is ranked #50 out of 62 brokers for commissions and fees according to ForexBrokers.com.
LegacyFX provides a slightly clearer yet still varied fee structure through its different account types, heavily dependent on whether you are using its EU or Vanuatu entity. In the EU, account types – Silver, Gold, and Platinum – dictate trading costs, with minimum deposits ranging from $500 to $25,000. The Silver account begins with spreads as high as 1.6 pips on the EUR/USD. Internationally, via its Vanuatu entity, LegacyFX offers seven account types, each with different deposit minimums and features, affecting the cost implications. This variety indicates a flexible choice but lacks transparent average spread data, making precise cost assessment challenging. Also rated 3.5 stars, LegacyFX holds the #56 position among 62 brokers for its commissions and fees category by ForexBrokers.com.
| Feature |
FinecoBank
|
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 the range of investments offered by FinecoBank and LegacyFX, FinecoBank stands out with a significantly broader selection. FinecoBank provides access to 9,770 tradeable symbols, including 54 forex pairs, whereas LegacyFX offers 425 tradeable symbols with 44 forex pairs. FinecoBank allows clients to engage in forex trading as CFDs or spot contracts, similar to LegacyFX. However, a major distinction is that FinecoBank enables investing in exchange-traded securities on U.S. and international exchanges, such as Apple or Vodafone shares, an option unavailable with LegacyFX. On the other hand, LegacyFX supports cryptocurrency derivatives trading, which FinecoBank does not offer.
Despite the broader asset range available at FinecoBank, investors interested in copy trading might find LegacyFX more appealing, as it offers this feature, unlike FinecoBank. Both platforms do not provide options for purchasing actual cryptocurrencies. In terms of ratings, FinecoBank's extensive range of investments earns it 4.5 stars and a higher ranking of #16 by ForexBrokers.com, compared to LegacyFX's 3.5 stars and #48 ranking. This comparison highlights FinecoBank's wider variety of investment choices and higher industry recognition.
| Feature |
FinecoBank
|
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 the trading platforms and tools of FinecoBank and LegacyFX, several key differences emerge. FinecoBank stands out with its proprietary trading platform available on both Windows-based desktop and web browsers. However, it lacks a virtual demo account and features like copy trading, which some traders might find limiting. LegacyFX, on the other hand, offers a Windows-based desktop and a web-based platform, along with additional features such as MetaTrader 5 and copy trading. This makes LegacyFX appealing for traders interested in more advanced trading options, despite not having a proprietary platform.
Both brokers provide different levels of charting tools, with FinecoBank offering 7 drawing tools and LegacyFX offering slightly more at 15. LegacyFX also allows trading directly from stock charts and offers a more customizable watch list with 7 columns. Rating-wise, FinecoBank receives 4 out of 5 stars, ranking 18th out of 62 brokers in the Trading Platforms and Tools category, suggesting better overall satisfaction compared to LegacyFX, which receives a rating of 3.5 stars and ranks 59th. This data suggests that while LegacyFX may have more diverse tool offerings, FinecoBank provides a more consistently high-rated trading experience.
| Feature |
FinecoBank
|
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.
When it comes to mobile trading apps, both FinecoBank and LegacyFX provide users with iPhone and Android apps for on-the-go trading. Both apps also support stock and forex price alerts, ensuring traders receive timely updates. However, a standout difference is in the number of technical studies offered for charting. FinecoBank provides 6, while LegacyFX offers a more extensive selection with 30. Despite this, FinecoBank's app scores higher in user ratings with 4 stars compared to LegacyFX's 3.5 stars.
FinecoBank and LegacyFX do not feature syncing of watchlist symbols across devices, but LegacyFX shines with its additional functionality. LegacyFX allows users to draw trendlines and autosave drawings, alongside creating watchlists with real-time quotes, features that FinecoBank's app lacks. Both apps support viewing multiple time frames on charts, helping traders analyze stocks and forex effectively. FinecoBank ranks #42 in the Mobile Trading Apps category, outranking LegacyFX which holds the #60 spot out of 62 brokers reviewed by ForexBrokers.com.
| Feature |
FinecoBank
|
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.
When comparing FinecoBank and LegacyFX, several differences and similarities emerge regarding their market research offerings. FinecoBank provides forex news from reputable sources like Bloomberg and Reuters and an economic calendar detailing global news events, though it lacks daily market commentary and advanced analysis tools like Autochartist and Trading Central's Technical Analytics. LegacyFX similarly offers top-tier forex news and an economic calendar, and it further distinguishes itself by offering daily market commentary and Autochartist tools for technical analysis. However, neither FinecoBank nor LegacyFX provides sentiment-based trading tools or market research from companies like TipRanks and Acuity Trading.
Both brokers are notable in their respective fields, yet they differ in research ratings and rankings. FinecoBank earns a higher research rating of 4.0 stars compared to LegacyFX's 3.5 stars and is ranked 33rd out of 62 brokers by ForexBrokers.com, indicating a more favorable reception in the research category. LegacyFX holds the 45th position, reflecting its blend of daily commentary and Autochartist tools, despite missing some other advanced research features. Overall, FinecoBank offers solid fundamental news resources, while LegacyFX balances daily insights with technical analysis options, making them each appealing to different trading needs.
| Feature |
FinecoBank
|
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 it comes to educational resources for beginners, FinecoBank and LegacyFX each have their own strengths. FinecoBank offers online webinars every month and supports new traders with a solid collection of beginner-focused videos. They also provide an investor dictionary covering more than 50 terms. However, if you're primarily interested in forex or CFDs education, FinecoBank might fall short as they offer fewer materials in this area than LegacyFX.
LegacyFX boasts a wide range of educational content on forex and CFDs, surpassing FinecoBank with over 10 pieces of educational material dedicated to these topics. They provide both live webinars and a searchable archive for revisiting past sessions. Additionally, LegacyFX offers a well-rounded selection of beginner and advanced trading videos. Both platforms support learners with an investor dictionary, but FinecoBank slightly surpasses LegacyFX with a higher star rating for education. Despite this, LegacyFX ranks higher among brokers for its educational offerings, making it an excellent option for beginners eager to explore trading.
| Feature |
FinecoBank
|
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 62 of the best forex brokers, our research and account testing finds that FinecoBank is better than LegacyFX. FinecoBank finished with an overall rank of #25, while LegacyFX finished with an overall rank of #62.
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 |
FinecoBank
|
LegacyFX
|
|---|---|---|
| Overall Rating |
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| Trust Score | 94 | 67 |
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FinecoBank does not offer the ability to buy actual cryptocurrencies or cryptocurrency derivatives, whereas LegacyFX does not provide actual cryptocurrencies but does offer the ability to buy cryptocurrency derivatives.
FinecoBank allows ACH and SEPA transfers, as well as bank wires for deposits and withdrawals, while LegacyFX provides options for bank wires, Skrill, Visa, and Mastercard, but not PayPal or ACH/SEPA transfers.
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 | FinecoBank | LegacyFX | |
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| Trust Score | 94 | 67 | |
| Winner | check_circle | ||
| Review | FinecoBank Review | LegacyFX Review |
| Broker Screenshots | FinecoBank | LegacyFX | |
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| Regulation | FinecoBank | 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) | FinecoBank | 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) | FinecoBank | 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 | FinecoBank | 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 | FinecoBank | 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 | FinecoBank | 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 | FinecoBank | 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 | FinecoBank | 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 | FinecoBank | 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 | FinecoBank | 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 | FinecoBank | 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 | FinecoBank | 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 | FinecoBank Review | LegacyFX Review |
| Overall | FinecoBank | LegacyFX | |
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| Trust Score | 94 | 67 | |
| Winner | check_circle | ||
| Review | FinecoBank Review | LegacyFX Review |
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