Written by ForexBrokers.com
In this head to head comparison of FP Markets 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.
FP Markets, founded in 2005, is an online brokerage not listed on any stock exchange and is not a bank. With a ForexBrokers.com Trust Score of 89, it is considered a trusted broker. FP Markets holds 2 Tier-1 licenses and 1 Tier-2 license, underscoring its regulatory strength and commitment to high standards in financial trading. This regulatory framework appears to offer a reassuring level of trust for traders concerned about the security and oversight of their broker.
In contrast, LegacyFX, established in 2012, also operates as a privately held brokerage and is not a bank. It has a ForexBrokers.com Trust Score of 67, placing it in the high-risk category compared to FP Markets. LegacyFX holds 1 Tier-1 license but lacks any Tier-2 licenses, which indicates a lesser degree of regulatory coverage. Traders looking for more regulatory assurance might prefer FP Markets, given its higher Trust Score and more extensive licensing.
| Feature |
FP Markets
|
LegacyFX
|
|---|---|---|
| Year Founded | 2005 | 2012 |
| Publicly Traded (Listed) | No | No |
| Bank | No | No |
| Tier-1 Licenses | 2 | 1 |
| Tier-2 Licenses | 1 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 2 | 1 |
When it comes to commissions and fees, FP Markets stands out as a front-runner with cost-effective pricing, especially for its ECN account. Recognized for its competitive rates, FP Markets was honored as "Best in Class" in the 2024 Annual Awards. The broker offers attractive options, particularly on its Raw ECN account, with spreads averaging as low as 0.1 pips, or 0.8 pips with commissions included. FP Markets provides various platforms, such as MetaTrader and cTrader, that cater to different trading needs. Its Iress platform offers Direct Market Access (DMA) but is more suitable for traders with substantial account balances. With a 5-star rating for commissions and fees, FP Markets ranks #6 out of 63 brokers by ForexBrokers.com, confirming its position as a top choice for cost-conscious traders.
On the other hand, LegacyFX presents a more diverse range of accounts, differing based on its regulatory jurisdiction—either with the EU entity under CySEC or the international entity in Vanuatu. While it offers several account options, LegacyFX does not provide average spread data, making it harder to gauge the overall trading costs. EU residents can choose from Silver, Gold, and Platinum accounts, with the Platinum option offering the lowest spreads. International clients have access to even more account types, each with specific deposit requirements and benefits. Despite its varied offerings, LegacyFX comes in at a lower 3.5-star rating for commissions and fees, and ranks #57 out of 63 brokers, indicating higher trading costs relative to FP Markets.
In summary, FP Markets is an excellent choice for those prioritizing low trading costs and competitive spreads, especially with its high-ranking Raw ECN account. LegacyFX, while offering a wide range of account options, lacks transparency in its spread data, which may lead to higher trading expenses, reflected in its lower ranking and star rating compared to FP Markets. Traders seeking a cost-efficient trading experience might find FP Markets preferable, given its superior rankings and accolades for its pricing strategies.
| Feature |
FP Markets
|
LegacyFX
|
|---|---|---|
| Minimum Deposit | $100 AUD | $500 |
| Average Spread EUR/USD - Standard | 1.2 | N/A |
| All-in Cost EUR/USD - Active | 0.7 | N/A |
| Active Trader or VIP Discounts | Yes | Yes |
| ACH or SEPA Transfers | No | 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 the range of investments between FP Markets and LegacyFX, it's clear that FP Markets has the edge with 10,000 tradeable symbols compared to LegacyFX's 425. Both brokers offer forex trading through CFDs or spot contracts, but FP Markets provides access to a larger selection of 71 forex pairs, while LegacyFX offers 44. Neither FP Markets nor LegacyFX offers the ability to trade exchange-traded securities on U.S. or international exchanges. However, both platforms feature copy trading and offer cryptocurrency derivatives, but neither supports the purchase of actual cryptocurrencies.
With these offerings, FP Markets earns a more favorable rating of 4.5 stars for its range of investments compared to LegacyFX's 3.5 stars. In terms of ranking on ForexBrokers.com, FP Markets is listed at #18 out of 63 brokers in the Range of Investments category, while LegacyFX stands at #48. For investors seeking a broad selection of tradeable assets and currency pairs, FP Markets presents a more compelling case over LegacyFX.
| Feature |
FP Markets
|
LegacyFX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 10000 | 425 |
| Forex Pairs (Total) | 71 | 44 |
| U.S. Stock Trading (Non CFD) | No | No |
| Int'l Stock Trading (Non CFD) | No | No |
| Social Trading / Copy Trading | Yes | 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.
FP Markets and LegacyFX both provide their users with a diverse array of trading platforms and tools aimed at enhancing the trading experience. A notable similarity between the two is the offer of simulated trading through free virtual demo accounts, allowing traders to practice without risk. While both brokers feature a Windows-based desktop platform and browser access, FP Markets edges out LegacyFX by offering a proprietary platform and support for MetaTrader 4 (MT4), in addition to MetaTrader 5 (MT5) which both brokers provide. However, neither FP Markets nor LegacyFX includes social and automated trading solutions like DupliTrade or ZuluTrade.
In terms of charting tools, FP Markets presents a slight advantage with 17 drawing tools compared to LegacyFX's 15. Both brokers enable trading directly from stock charts and have the same capacity for watch lists with 7 configurable columns. Despite their similarities, FP Markets has a higher rating for trading platforms and tools, achieving 4 stars compared to LegacyFX’s 3.5 stars. This distinction is further supported by their rankings out of 63 brokers by ForexBrokers.com, where FP Markets is placed at #23 whereas LegacyFX stands at #60. These ratings and rankings suggest FP Markets might be the preferable option for those prioritizing trading platforms and tools.
| Feature |
FP Markets
|
LegacyFX
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | No |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | Yes | Yes |
| MetaTrader 4 (MT4) | Yes | No |
| MetaTrader 5 (MT5) | Yes | Yes |
| DupliTrade | No | No |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 30 | 30 |
| Charting - Drawing Tools (Total) | 17 | 15 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 7 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
When comparing the mobile trading apps of FP Markets and LegacyFX, both platforms provide apps compatible with iPhone and Android devices, and each delivers essential features like stock and forex price alerts, drawing tools, and the ability to view charts with multiple time frames. Users will also find the option to create watchlists with real-time quotes on both platforms. However, neither FP Markets nor LegacyFX offers watchlist symbol syncing to ensure changes made on the mobile app are reflected in the user’s online account.
In terms of technical capabilities, FP Markets utilizes MetaTrader as its default charting tool, whereas LegacyFX offers 30 technical studies within its app. Although both apps allow users to draw trendlines and automatically save these drawings, FP Markets edges out with a higher user rating and industry ranking. With a 4-star rating and a rank of 18 out of 63 brokers on ForexBrokers.com, FP Markets surpasses LegacyFX’s 3.5-star rating and position of 61. This positions FP Markets as the more favorable option for traders valuing comprehensive app functionality and higher user satisfaction.
| Feature |
FP Markets
|
LegacyFX
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | No | No |
| Mobile Charting - Indicators / Studies | MetaTrader (Default) | 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 it comes to market research, both FP Markets and LegacyFX excel in providing essential insights for traders. FP Markets offers daily market commentary and receives forex news from top-tier sources like Bloomberg and Reuters. LegacyFX matches this with its coverage, also delivering daily commentary and access to elite forex news sources. Both brokers include research tools from Autochartist, aiding traders with technical and fundamental analysis. However, FP Markets provides an edge by offering additional tools from Trading Central, which LegacyFX does not. Furthermore, FP Markets distinguishes itself with a sentiment-based trading tool that shows the ratio of long or short positions, a feature LegacyFX lacks.
FP Markets and LegacyFX both offer economic calendars to track significant global events. Despite these similarities, FP Markets stands out with a slightly higher research rating of four stars compared to LegacyFX's 3.5 stars. This higher rating is echoed in their respective rankings, with FP Markets placed 25th out of 63 brokers by ForexBrokers.com, while LegacyFX is ranked 46th. This performance indicates that FP Markets generally offers a richer array of research options and better overall resources for informed trading decisions.
| Feature |
FP Markets
|
LegacyFX
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | Yes | Yes |
| Trading Central (Recognia) | Yes | No |
| Social Sentiment - Currency Pairs | Yes | No |
| TipRanks | No | |
| Signal Centre (Acuity Trading) | No | |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
FP Markets and LegacyFX both provide excellent educational resources for beginners interested in forex or CFD trading. Both platforms offer a minimum of 10 educational content pieces such as articles, videos, and archived webinars centered around forex or CFDs. Additionally, they both host online webinars for clients each month and maintain a searchable archive of past sessions, making learning convenient and flexible. Whether you're a beginner or an advanced trader, each broker offers at least 10 educational videos tailored to your trading experience level, allowing you to continue advancing along your learning path.
New traders can also benefit from the investor dictionaries provided by both FP Markets and LegacyFX, which contain definitions for over 50 investment terms. However, FP Markets seems to have a slight edge over LegacyFX when rated on their educational offerings, receiving four stars compared to LegacyFX's 3.5 stars. This distinction ranks FP Markets at #23 out of 63 brokers for education on ForexBrokers.com, while LegacyFX is placed at #35, making FP Markets a slightly stronger choice for those who prioritize educational resources.
| Feature |
FP Markets
|
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 FP Markets is better than LegacyFX. FP Markets finished with an overall rank of #19, while LegacyFX finished with an overall rank of #63.
FP Markets shines as a low-cost broker for trading forex and CFDs – as long as you use the MetaTrader platform. The Iress platform suite offers well over 9,000 tradeable symbols, but it’s mostly a share trading platform – and is generally a much pricier option.
| Feature |
FP Markets
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LegacyFX
|
|---|---|---|
| Overall Rating |
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| Trust Score | 89 | 67 |
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Both FP Markets and LegacyFX do not offer the ability to buy actual cryptocurrency but do allow for the trading of cryptocurrency derivatives.
While both FP Markets and LegacyFX provide options for depositing or withdrawing funds via Skrill, Visa or Mastercard, and bank wires, FP Markets offers additional flexibility with PayPal, which is not available with LegacyFX, whereas neither broker offers ACH or 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 | FP Markets | LegacyFX | |
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| Trust Score | 89 | 67 | |
| Winner | check_circle | ||
| Review | FP Markets Review | LegacyFX Review |
| Broker Screenshots | FP Markets | LegacyFX | |
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| Regulation | FP Markets | LegacyFX | |
|---|---|---|---|
| Trust Score | 89 | 67 | |
| Year Founded | 2005 | 2012 | |
| Publicly Traded (Listed) | No | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 2 | 1 | |
| Tier-2 Licenses | 1 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 2 | 1 |
| Tier-1 Licenses (Highly Trusted) | FP Markets | 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) | |||
| United Kingdom (U.K.) (FCA Authorised) | No | 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) | FP Markets | LegacyFX | |
|---|---|---|---|
| Kenya (CMA Authorised) | |||
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | Yes | No | |
| UAE (DFSA/Central Bank Authorised) | No | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) |
| Investments | FP Markets | LegacyFX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 10000 | 425 | |
| Forex Pairs (Total) | 71 | 44 | |
| U.S. Stock Trading (Non CFD) | No | No | |
| Int'l Stock Trading (Non CFD) | No | No | |
| Social Trading / Copy Trading | Yes | 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 | FP Markets | LegacyFX | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.2 | N/A | |
| All-in Cost EUR/USD - Active | 0.7 | N/A | |
| Active Trader or VIP Discounts | Yes | Yes | |
| Inactivity Fee | No | No | |
| Execution: Agency Broker | No | No | |
| Execution: Market Maker | Yes | Yes |
| Funding | FP Markets | LegacyFX | |
|---|---|---|---|
| Minimum Deposit | $100 AUD | $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 | No | No |
| Trading Platforms | FP Markets | LegacyFX | |
|---|---|---|---|
| Proprietary Platform | Yes | No | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | Yes | Yes | |
| MetaTrader 4 (MT4) | Yes | No | |
| MetaTrader 5 (MT5) | Yes | Yes | |
| cTrader | Yes | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | FP Markets | LegacyFX | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 7 | 7 | |
| Charting - Indicators / Studies (Total) | 30 | 30 | |
| Charting - Drawing Tools (Total) | 17 | 15 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | FP Markets | LegacyFX | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | No | No | |
| Mobile Charting - Indicators / Studies | MetaTrader (Default) | 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 | FP Markets | LegacyFX | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | Yes | Yes | |
| Trading Central (Recognia) | Yes | No | |
| TipRanks | No | ||
| Social Sentiment - Currency Pairs | Yes | No | |
| Economic Calendar | Yes | Yes |
| Education | FP Markets | 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 | FP Markets | 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 | FP Markets Review | LegacyFX Review |
| Overall | FP Markets | LegacyFX | |
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| Trust Score | 89 | 67 | |
| Winner | check_circle | ||
| Review | FP Markets Review | LegacyFX Review |
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