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 online brokers FinecoBank and LegacyFX, both platforms receive a 3.5-star rating for their commissions and fees, but their offerings in this area differ. FinecoBank does not make its average spread data public, hindering a full assessment of its trading costs. However, the broker lists spreads for the EUR/USD pair at 1 pip and 0.8 pips, although neither is confirmed as an average, nor are they tied to specific date ranges. Additionally, Fineco reportedly offers more attractive spreads on its index CFDs, yet specifics are lacking, leaving traders with an incomplete picture.
LegacyFX, conversely, exhibits variability in account options and corresponding fees based on whether clients choose its EU-regulated entity or its international branch in Vanuatu. For EU residents, LegacyFX offers three tiers: Silver, Gold, and Platinum with minimum deposits ranging from $500 to $25,000. Spreads are most favorable with the Platinum account, while higher trading costs are associated with the Silver account, which features a minimum spread of 1.6 pips for EUR/USD. International clients have an even wider selection with seven account types, starting with the Standard account at $500 and extending to the VIP account at $50,000, each providing varying levels of client support and trading tool access.
In the ForexBrokers.com rankings for the Commissions and Fees category, FinecoBank is placed at #51 out of 63 brokers, while LegacyFX is ranked slightly lower at #57. Both brokers show room for improvement in transparency and value for their commission and fee structures, offering only moderate incentives for potential traders.
| 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 FinecoBank and LegacyFX for their investment options, FinecoBank stands out with a significantly larger selection. It offers an impressive range of 9,770 tradeable symbols compared to LegacyFX's 425, giving investors a much broader spectrum to explore. Both platforms provide forex trading as CFDs or spot contracts, but FinecoBank also surpasses LegacyFX in available forex pairs, offering 54 compared to 44 pairs on LegacyFX. FinecoBank further distinguishes itself by providing access to exchange-traded securities on both U.S. and international exchanges, allowing clients to invest directly in shares like Apple's NASDAQ listing or Vodafone on the London Stock Exchange. In contrast, LegacyFX does not offer this capability.
Another divergence between the two is in their copy trading services; LegacyFX offers this feature, whereas FinecoBank does not. However, neither platform provides the opportunity to buy actual cryptocurrencies. While LegacyFX does offer cryptocurrency derivatives, FinecoBank does not, indicating a difference in their approach to digital assets. According to ForexBrokers.com, FinecoBank is rated at 4.5 stars for its range of investments and ranks at #16 out of 63 brokers. LegacyFX, however, garners a 3.5-star rating and ranks at #48, showing FinecoBank's superior position in providing a diverse range of investment opportunities.
| 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.
FinecoBank and LegacyFX each provide a distinct experience for traders on their platforms. FinecoBank excels with its proprietary, in-house trading platform, which offers a tailored experience specifically developed to meet the needs of its users. It also provides a Windows-based desktop platform and a web-based platform, making it versatile for different trading environments. However, it lacks a virtual demo account, so novice traders must dive into live trading without the safety net of practice. Moreover, FinecoBank does not support popular trading extensions like MetaTrader 4 or 5 and is not equipped with copy trading features, which may be a drawback for some users. Despite these limitations, FinecoBank's platform and tools earn a commendable four-star rating, reflecting its well-regarded status in the trading community.
LegacyFX, on the other hand, shines with its provision of a free virtual demo account which is perfect for beginners looking to practice before committing real capital. While it does not offer a proprietary platform, LegacyFX supports both web-based and Windows desktop platforms. Additionally, LegacyFX incorporates MetaTrader 5, giving traders access to a widely-used and trusted platform. It stands out with features like copy trading and allows users to trade directly from stock charts. With a wider array of drawing tools and multiple fields for watch lists, LegacyFX provides a comprehensive toolset for analysis. Despite these offerings, its platforms and tools receive a slightly lower rating of 3.5 stars, ranking it lower than FinecoBank at 60 out of 63 brokers, suggesting room for improvement in user satisfaction or feature enhancement.
| 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 comparing the mobile trading apps of FinecoBank and LegacyFX, both platforms are compatible with iPhone and Android devices, allowing users to access trading on the go. They also support price alerts for stocks and forex, though neither offers watchlist syncing with online accounts. FinecoBank offers six technical studies within its app, while LegacyFX provides a more comprehensive selection with 30 technical studies, giving traders an edge with more detailed analysis tools. Additionally, LegacyFX supports trendline drawing and auto-saving of chart drawings, features that are absent in FinecoBank's app.
FinecoBank stands out with a slightly higher user rating of 4 stars compared to LegacyFX's 3.5 stars, indicating a better overall user satisfaction. While both apps allow viewing multiple time frames on charts, LegacyFX offers the added convenience of creating watchlists with real-time quotes, which FinecoBank lacks. In rankings by ForexBrokers.com for mobile trading apps, FinecoBank holds the #42 spot, ahead of LegacyFX, which is positioned at #61, reflecting its stronger reputation in the mobile trading landscape.
| 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 the market research offerings of FinecoBank and LegacyFX, there are some key differences. FinecoBank does not provide daily market commentary, while LegacyFX does, which can benefit those looking for up-to-date insights. Both brokers supply forex news from reputable sources like Bloomberg, Reuters, and Dow Jones. However, LegacyFX offers technical and fundamental research tools from Autochartist, which FinecoBank lacks. Neither broker provides tools from Trading Central or sentiment-based trading tools to show the ratio of long or short positions across currencies. Additionally, neither partner with TipRanks or Acuity Trading for further research resources.
Both FinecoBank and LegacyFX offer economic calendars that display current and upcoming global news events, aiding traders in making timely decisions. However, FinecoBank shines slightly more in the research department with a rating of 4.0 stars compared to LegacyFX's 3.5 stars. According to ForexBrokers.com, FinecoBank ranks #33 out of 63 brokers for research, whereas LegacyFX is positioned at #46, indicating FinecoBank's stronger reputation in this area.
| 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 comparing the educational offerings of FinecoBank and LegacyFX for newcomers, both platforms shine in certain areas but have distinct differences. FinecoBank scores high for its online educational webinars held monthly and its beginner-focused video content. Additionally, it provides a comprehensive investor dictionary that covers a wide range of investing terms, which can be quite helpful for those just starting their trading journey. However, when it comes to in-depth resources on forex or CFDs, FinecoBank falls short, lacking a significant collection of educational materials like articles or archived webinars on these topics.
LegacyFX, on the other hand, provides a well-rounded array of educational resources, including a solid base of materials focused on forex and CFDs, as well as advanced trading videos for more seasoned traders. This platform also offers the convenience of a searchable archive of past webinars, making it easier for users to access previous educational content. Although both platforms offer monthly webinars and extensive investor dictionaries, LegacyFX is particularly notable for its broader range of educational offerings tailored to traders at different experience levels. Overall, while FinecoBank holds a slightly better education rating, LegacyFX provides more comprehensive resources to cater to both beginners and advanced traders alike.
| 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 63 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 #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 |
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 |
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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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