Written by ForexBrokers.com
In this head to head comparison of FOREX.com 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.
FOREX.com, established in 1999, stands out with a ForexBrokers.com Trust Score of 99, indicating it is highly trusted. As a publicly traded company, it holds an impressive seven Tier-1 licenses and one Tier-2 license, showcasing its commitment to regulatory compliance and investor protection. Unlike a bank, FOREX.com is distinctly separate from traditional banking institutions but remains one of the most trusted online brokers in the industry due to its long-standing reputation and strong regulatory credentials.
In contrast, LegacyFX, founded in 2012, doesn't share the same level of public exposure as it is not listed on a stock exchange. With a Trust Score of 67, it falls into the high-risk category according to ForexBrokers.com. LegacyFX is not a bank and holds only one Tier-1 license, with no Tier-2 licenses. This highlights a greater risk profile compared to FOREX.com, potentially impacting investor confidence. While both brokers are not banks, their regulatory standings and years in operation significantly differ, offering distinct choices for those interested in forex trading.
| Feature |
FOREX.com
|
LegacyFX
|
|---|---|---|
| Year Founded | 1999 | 2012 |
| Publicly Traded (Listed) | Yes | No |
| Bank | No | No |
| Tier-1 Licenses | 7 | 1 |
| Tier-2 Licenses | 1 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 1 | 1 |
FOREX.com is known for offering a variety of account types and execution methods, providing transparent execution statistics. Despite these features, FOREX.com is slightly more expensive than the industry average in terms of trading costs, especially for U.S. traders where average spreads in the Standard account are high at around 1.4 pips for the EUR/USD. However, the newly introduced RAW Spread account offers a competitive alternative, with commission-based pricing that includes lower spreads starting at 0.13 pips, catering especially to active traders trading larger volumes.
LegacyFX offers a range of accounts depending on whether you are trading under its EU entity or international entity in Vanuatu. In the EU, spreads progressively lower from the Silver to the Platinum account, with the Silver account having the highest cost at 1.6 pips for the EUR/USD, whereas international clients have an array of seven account types to choose from. These accounts require differing minimum deposits, and the level of trading support and tool access increases with higher-tier accounts. Lack of average spread data makes it difficult to determine LegacyFX's precise trading costs.
When it comes to commissions and fees, FOREX.com is rated highly with 4.5 stars and ranked 13th out of 63 brokers by ForexBrokers.com. In comparison, LegacyFX receives a rating of 3.5 stars and is ranked 57th in the same category. This highlights FOREX.com as a more cost-effective choice, especially for active traders, compared to LegacyFX which lacks comprehensive cost transparency.
| Feature |
FOREX.com
|
LegacyFX
|
|---|---|---|
| Minimum Deposit | $100 | $500 |
| Average Spread EUR/USD - Standard | 1.4 | N/A |
| All-in Cost EUR/USD - Active | 0.9 | N/A |
| Active Trader or VIP Discounts | Yes | Yes |
| ACH or SEPA Transfers | Yes | No |
| PayPal (Deposit/Withdraw) | Yes | No |
| Skrill (Deposit/Withdraw) | No | Yes |
| Visa/Mastercard (Credit/Debit) | Yes | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
FOREX.com and LegacyFX both offer forex trading through CFDs or spot contracts, but they differ significantly in the variety of investment options available. FOREX.com boasts a wide array of 5,500 tradeable symbols and 80 forex pairs, positioning itself as a fantastic option for those seeking a broad range of trading opportunities. On the other hand, LegacyFX provides 425 tradeable symbols and 44 forex pairs, offering a more focused but smaller selection than its competitor.
Neither platform allows users to buy exchange-traded securities on U.S. or international exchanges, nor do they enable purchasing of actual cryptocurrency. However, both brokers let you trade cryptocurrency derivatives. An added advantage for LegacyFX users is the availability of copy trading, a feature not offered by FOREX.com. Rated 5 stars and ranked 7th out of 63 brokers by ForexBrokers.com for its range of investments, FOREX.com clearly stands out in this comparison. In contrast, LegacyFX, with a rating of 3.5 stars and a 48th place ranking, might be better suited for traders who prioritize other account features over a vast investment range.
| Feature |
FOREX.com
|
LegacyFX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 5500 | 425 |
| Forex Pairs (Total) | 80 | 44 |
| U.S. Stock Trading (Non CFD) | No | No |
| Int'l Stock Trading (Non CFD) | No | No |
| Social Trading / Copy Trading | No | Yes |
| Cryptocurrency (Physical) | No | 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 comparing the trading platforms and tools of FOREX.com and LegacyFX, several distinctions emerge. Both brokers provide a virtual demo account, allowing users to engage in simulated trading without financial risk. However, a significant difference lies in the availability of proprietary platforms. FOREX.com has developed its own in-house platform, whereas LegacyFX relies on third-party solutions. Both brokers offer Windows-based desktop trading platforms and web-based versions accessible through browsers. When it comes to platform versatility, FOREX.com integrates the widely used MetaTrader 4 (MT4) alongside MetaTrader 5 (MT5), while LegacyFX offers only MetaTrader 5. Importantly, LegacyFX supports copy trading, which is not a feature of FOREX.com.
Examining tools and features for an enhanced trading experience, FOREX.com clearly takes the lead. It boasts an impressive 239 drawing tools for charting compared to LegacyFX's 15, and offers 20 fields for watch lists against just 7 available from LegacyFX. Both brokers do facilitate trading directly from a stock chart. Overall, FOREX.com holds a high rating of 5 stars for its trading platforms and tools, ranking 7th out of 63 brokers as per ForexBrokers.com. In contrast, LegacyFX is rated 3.5 stars and is ranked 60th, highlighting a considerable performance gap in this category.
| Feature |
FOREX.com
|
LegacyFX
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | No |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | No | Yes |
| MetaTrader 4 (MT4) | Yes | No |
| MetaTrader 5 (MT5) | Yes | Yes |
| DupliTrade | No | No |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 88 | 30 |
| Charting - Drawing Tools (Total) | 239 | 15 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 20 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
When considering mobile trading apps, FOREX.com and LegacyFX both cater to iPhone and Android users, ensuring accessibility across major mobile platforms. Both apps provide essential features like stock or forex price alerts, the ability to draw on charts, and view multiple time frames. FOREX.com stands out with a higher number of technical studies, offering 88 compared to LegacyFX's 30, enhancing the depth of analysis available to traders. Additionally, while both apps allow users to create watchlists with real-time quotes, only FOREX.com syncs these watchlists with a client's online account, providing a seamless experience across devices.
In terms of usability and recognition, FOREX.com achieves a rating of 5 stars for its mobile trading app, while LegacyFX is rated at 3.5 stars. This notable difference in user satisfaction is mirrored in their rankings, where FOREX.com is positioned at #3 out of 63 brokers for mobile trading apps by ForexBrokers.com, showing its widespread acclaim. On the other hand, LegacyFX finds itself much further down the list, ranked #61, indicating room for improvement. Whether prioritizing extensive charting tools or synchronized watchlists, traders will find FOREX.com's app excels in providing a comprehensive mobile trading experience.
| Feature |
FOREX.com
|
LegacyFX
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | No |
| Mobile Charting - Indicators / Studies | 88 | 30 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Multiple Time Frames | Yes | Yes |
| Mobile Charting - Drawings Autosave | Yes | Yes |
| Mobile Watchlist | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
When comparing market research offerings, both FOREX.com and LegacyFX provide daily market commentary and access to forex news from top-tier sources like Bloomberg and Reuters. However, the platforms diverge significantly regarding advanced research tools. FOREX.com supports traders with tools from Trading Central and offers a sentiment-based trading tool that displays the ratio of long and short positions across currency pairs. In contrast, LegacyFX provides technical analysis and research tools from Autochartist but lacks the sentiment analysis feature.
Both brokers cater to traders needing to stay updated with global economic events, as evidenced by their economic calendars. However, FOREX.com edges ahead in overall research quality, earning a superior rating of 4.5 stars compared to LegacyFX's 3.5 stars. Furthermore, FOREX.com is positioned higher within the industry, ranked 9th out of 63 brokers by ForexBrokers.com for research, while LegacyFX trails at the 46th spot. This distinction underscores FOREX.com's stronger emphasis on offering comprehensive market insights.
| Feature |
FOREX.com
|
LegacyFX
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | No | Yes |
| Trading Central (Recognia) | Yes | No |
| Social Sentiment - Currency Pairs | Yes | 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 resources available for beginners between FOREX.com and LegacyFX, both brokers provide substantial content to help newcomers understand trading in forex or CFDs. Each offers more than 10 educational materials in various formats like articles, videos, and webinars. In addition, beginner traders will find at least 10 videos specifically tailored to them. Both platforms also conduct regular monthly webinars and maintain a searchable archive of past sessions, enhancing accessibility for learners. Furthermore, each platform boasts an investor dictionary with detailed definitions of numerous investing terms, making the learning process smoother.
However, when it comes to the quality and recognition of these educational resources, FOREX.com seems to take a significant lead. It garners a 4.5-star rating for its educational offerings, while LegacyFX holds a 3.5-star rating. This difference is reflected in their rankings by ForexBrokers.com, where FOREX.com is placed 4th out of 63 brokers in the Education category, compared to LegacyFX's rank of 35th. In summary, while both brokers provide extensive materials for novice traders, FOREX.com appears to offer a more highly regarded learning experience for those looking to deepen their understanding of trading.
| Feature |
FOREX.com
|
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 63 of the best forex brokers, our research and account testing finds that FOREX.com is better than LegacyFX. FOREX.com finished with an overall rank of #5, while LegacyFX finished with an overall rank of #63.
FOREX.com is a trusted brand that delivers an excellent trading experience for forex and CFDs traders across the globe. It offers a wide range of markets and provides an impressive suite of proprietary platforms – alongside limited access to MetaTrader.
| Feature |
FOREX.com
|
LegacyFX
|
|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 67 |
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Both FOREX.com and LegacyFX do not provide options for purchasing actual delivered cryptocurrency, but they do offer the ability to trade cryptocurrency derivatives, allowing investors to engage in the crypto market indirectly.
FOREX.com supports ACH, SEPA, PayPal, Visa, Mastercard, and bank wire transfers for deposits and withdrawals, while LegacyFX offers Visa, Mastercard, bank wires, and Skrill options, but lacks ACH, SEPA, and PayPal support.
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 | FOREX.com | LegacyFX | |
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| Trust Score | 99 | 67 | |
| Winner | check_circle | ||
| Review | FOREX.com Review | LegacyFX Review |
| Broker Screenshots | FOREX.com | LegacyFX | |
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| Regulation | FOREX.com | LegacyFX | |
|---|---|---|---|
| Trust Score | 99 | 67 | |
| Year Founded | 1999 | 2012 | |
| Publicly Traded (Listed) | Yes | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 7 | 1 | |
| Tier-2 Licenses | 1 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 1 | 1 |
| Tier-1 Licenses (Highly Trusted) | FOREX.com | LegacyFX | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | No | |
| Canada (CIRO Authorised) | Yes | No | |
| Hong Kong (SFC Authorised) | No | No | |
| Japan (SFC Authorised) | Yes | No | |
| Singapore (MAS Authorised) | Yes | No | |
| Switzerland (FINMA Authorised) | No | No | |
| United Kingdom (U.K.) (FCA Authorised) | Yes | No | |
| USA (CFTC Authorized) | Yes | No | |
| New Zealand (FMA Authorised) | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes |
| Tier-2 Licenses (Trusted) | FOREX.com | LegacyFX | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA/Central Bank Authorised) | Yes | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | FOREX.com | LegacyFX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 5500 | 425 | |
| Forex Pairs (Total) | 80 | 44 | |
| U.S. Stock Trading (Non CFD) | No | No | |
| Int'l Stock Trading (Non CFD) | No | No | |
| Social Trading / Copy Trading | No | Yes | |
| Cryptocurrency (Physical) | No | 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 | FOREX.com | LegacyFX | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.4 | N/A | |
| All-in Cost EUR/USD - Active | 0.9 | N/A | |
| Active Trader or VIP Discounts | Yes | Yes | |
| Inactivity Fee | Yes | No | |
| Execution: Agency Broker | No | No | |
| Execution: Market Maker | Yes | Yes |
| Funding | FOREX.com | LegacyFX | |
|---|---|---|---|
| Minimum Deposit | $100 | $500 | |
| PayPal (Deposit/Withdraw) | Yes | No | |
| Skrill (Deposit/Withdraw) | No | Yes | |
| Visa/Mastercard (Credit/Debit) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | Yes | No |
| Trading Platforms | FOREX.com | LegacyFX | |
|---|---|---|---|
| Proprietary Platform | Yes | No | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | No | Yes | |
| MetaTrader 4 (MT4) | Yes | No | |
| MetaTrader 5 (MT5) | Yes | Yes | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | FOREX.com | LegacyFX | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 20 | 7 | |
| Charting - Indicators / Studies (Total) | 88 | 30 | |
| Charting - Drawing Tools (Total) | 239 | 15 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | FOREX.com | 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 | 88 | 30 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Multiple Time Frames | Yes | Yes | |
| Mobile Charting - Drawings Autosave | Yes | Yes | |
| Mobile Economic Calendar | Yes | Yes |
| Research | FOREX.com | LegacyFX | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | No | Yes | |
| Trading Central (Recognia) | Yes | No | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | Yes | No | |
| Economic Calendar | Yes | Yes |
| Education | FOREX.com | 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 | FOREX.com | 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 | FOREX.com Review | LegacyFX Review |
| Overall | FOREX.com | LegacyFX | |
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| Trust Score | 99 | 67 | |
| Winner | check_circle | ||
| Review | FOREX.com Review | LegacyFX Review |
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