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FP Markets vs LegacyFX 2022

ForexBrokers.com

Written by ForexBrokers.com

November 08, 2022

Is FP Markets better than LegacyFX? In our analysis of 23 international regulators across 39 of the best forex brokers, FP Markets is considered average-risk, with an overall Trust Score of 86 out of 99. LegacyFX is considered average-risk, with an overall Trust Score of 75 out of 99. Learn more about Trust Score.

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Overall RatingFP MarketsLegacyFXIG
Overall Rating4.5 Stars3.5 Stars5 Stars
Commissions & Fees5 Stars3.5 Stars5 Stars
Offering of Investments4.5 Stars3.5 Stars5 Stars
Platform & Tools4 Stars3.5 Stars5 Stars
Mobile Trading4 Stars3.5 Stars5 Stars
Research4 Stars3.5 Stars5 Stars
Education4 Stars3.5 Stars5 Stars
Trust Score867599
Winnercheck_circle
ReviewFP Markets ReviewLegacyFX ReviewIG Review
RegulationFP MarketsLegacyFXIG
Trust Score867599
Year Founded200520121974
Publicly Traded (Listed)NoNoYes
BankNoNoYes
Tier-1 Licenses117
Tier-2 Licenses212
Tier-3 Licenses001
Authorised in European UnionYesYesYes
About RegulationA โ€œYesโ€ for any individual regulator indicates that the broker has at least one brand or entity that is licensed and/or authorized by that regulator within its group/organizational structure. Learn more about Trust Score.A โ€œYesโ€ for any individual regulator indicates that the broker has at least one brand or entity that is licensed and/or authorized by that regulator within its group/organizational structure. Learn more about Trust Score.A โ€œYesโ€ for any individual regulator indicates that the broker has at least one brand or entity that is licensed and/or authorized by that regulator within its group/organizational structure. Learn more about Trust Score.
Tier-1 Licenses (High Trust)FP MarketsLegacyFXIG
ASIC Authorised (Australia)YesNoYes
IIROC Authorised (Canada)NoNoNo
SFC Authorised (Hong Kong)NoNoNo
CBI Authorised (Ireland)NoNoNo
FSA Authorised (Japan)NoNoYes
MAS Authorised (Singapore)NoNoYes
FINMA Authorised (Switzerland)NoNoYes
FCA Authorised (U.K.)NoYesYes
CFTC Registered (USA)NoNoYes
FMA Authorised (New Zealand)NoNoYes
Tier-2 Licenses (Average Trust)FP MarketsLegacyFXIG
CBRC Authorised (China)NoNoNo
CySEC Authorised (Cyprus)YesYesNo
SEBI Authorised (India)NoNoNo
ISA Authorised (Israel)NoNoNo
CBR Authorised (Russia)NoNoNo
FSCA Authorised (South Africa)YesNoYes
SEC Authorised (Thailand)NoNoNo
DFSA / Central Bank Authorised (UAE)NoNoYes
Tier-3 Licenses (Low Trust)FP MarketsLegacyFXIG
SCB Authorised (Bahamas)NoNoNo
IFSC Authorised (Belize)NoNoNo
CIMA Authorised (Cayman Islands)NoNoNo
BMA Authorised (Bermuda)NoNoYes
FSC Authorised (British Virgin Islands)NoNoNo
FSC Authorised (Mauritius)NoNoNo
VFSC Authorised (Vanuatu)NoNoNo
InvestmentsFP MarketsLegacyFXIG
Forex Trading (Spot or CFDs)YesYesYes
Tradeable Symbols (Total)995642519537
Forex Pairs (Total)6341100
U.S. Stock Trading (Non CFD)NoNoYes
Int'l Stock Trading (Non CFD)NoNoYes
Social Trading / Copy TradingYesYesYes
Cryptocurrency (Physical)NoNoNo
Cryptocurrency (CFD)YesYesYes
DisclaimersNote: 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).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).
CostFP MarketsLegacyFXIG
Average Spread EUR/USD - Standard1.2 (August 2022)00.86 (September 2022)
All-in Cost EUR/USD - Active0.7 (August 2022)00.5957 (September 2022)
Active Trader or VIP DiscountsYesYesYes
Execution: Agency BrokerNoNoYes
Execution: Market MakerYesNoYes
FundingFP MarketsLegacyFXIG
Minimum Initial Deposit$100 AUD$500ยฃ250.00
PayPal (Deposit/Withdraw)YesNoYes
Skrill (Deposit/Withdraw)YesYesNo
Visa/Mastercard (Credit/Debit)YesYesYes
Bank Wire (Deposit/Withdraw)YesYesYes
Trading PlatformsFP MarketsLegacyFXIG
Proprietary PlatformYesNoYes
Desktop Platform (Windows)YesYesYes
Web PlatformYesYesYes
Social Trading / Copy TradingYesYesYes
MetaTrader 4 (MT4)YesNoYes
MetaTrader 5 (MT5)YesYesNo
cTraderNoNoNo
DupliTradeNoNoNo
ZuluTradeNoNoNo
Trading ToolsFP MarketsLegacyFXIG
Virtual Trading (Demo)YesYesYes
Alerts - Basic FieldsYesYesYes
Watchlists - Total Fields7714
Charting - Indicators / Studies (Total)303033
Charting - Drawing Tools (Total)151520
Charting - Trade From ChartYesYesYes
Charts can be savedYesYesYes
Mobile TradingFP MarketsLegacyFXIG
Android AppYesYesYes
Apple iOS AppYesYesYes
Mobile Alerts - Basic FieldsYesYesYes
Mobile WatchlistYesYesYes
Watchlist SyncingNoNoYes
Mobile Charting - Indicators / StudiesMetaTrader (Default)3033
Mobile Charting - Draw TrendlinesYesYesYes
Mobile Charting - Multiple Time FramesYesYesYes
Mobile Charting - Drawings AutosaveYesYesYes
Forex CalendarYesNoYes
ResearchFP MarketsLegacyFXIG
Daily Market CommentaryYesYesYes
Forex News (Top-Tier Sources)YesNoYes
AutochartistYesYesYes
Trading Central (Recognia)NoNoNo
Social Sentiment - Currency PairsYesNoYes
Economic CalendarYesYesYes
EducationFP MarketsLegacyFXIG
Has Education - Forex or CFDsYesYesYes
Client WebinarsYesYesYes
Client Webinars (Archived)YesYesYes
Videos - Beginner Trading VideosYesYesYes
Videos - Advanced Trading VideosYesYesYes
Investor Dictionary (Glossary)YesYesYes
Major Forex PairsFP MarketsLegacyFXIG
GBP/USDYesYesYes
USD/JPYYesYesYes
EUR/USDYesYesYes
USD/CHFYesYesYes
USD/CADYesYesYes
NZD/USDYesYesYes
AUD/USDYesYesYes
ReviewFP Markets ReviewLegacyFX ReviewIG Review
OverallFP MarketsLegacyFXIG
Overall Rating4.5 Stars3.5 Stars5 Stars
Commissions & Fees5 Stars3.5 Stars5 Stars
Offering of Investments4.5 Stars3.5 Stars5 Stars
Platform & Tools4 Stars3.5 Stars5 Stars
Mobile Trading4 Stars3.5 Stars5 Stars
Research4 Stars3.5 Stars5 Stars
Education4 Stars3.5 Stars5 Stars
Trust Score867599
Winnercheck_circle
ReviewFP Markets ReviewLegacyFX ReviewIG Review
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FP Markets vs LegacyFX Comparison

Comparing forex brokers side by side is no easy task. For our 2022 annual forex broker review, we spent hundreds of hours assessing 39 forex and CFD brokerages to find the best forex broker. Let's compare FP Markets vs LegacyFX.

Does FP Markets or LegacyFX offer lower pricing?

Comparing the trading costs of forex and CFDs is not easy. Not every broker publishes average spreads data, and pricing structures vary. Based on our thorough annual assessment, FP Markets offers better pricing overall for traders.

Is FP Markets or LegacyFX safer for forex and CFDs trading?

At ForexBrokers.com, we track where each forex and CFD broker is regulated across over 23 international regulator databases. Here's our findings. Both FP Markets and LegacyFX hold 1 global Tier-1 licenses. FP Markets holds 2 global Tier-2 licenses, while LegacyFX holds 1. In our analysis of 23 international regulators across 50 brokers, FP Markets earned a higher Trust Score than LegacyFX.

Which trading platform is better: FP Markets or LegacyFX?

To compare the trading platforms of both FP Markets and LegacyFX, we tested each broker's trading tools, research capabilities, and mobile apps. For trading tools, IG offers a better experience. With research, IG offers superior market research. Finally, we found IG to provide better mobile trading apps.

What about MetaTrader and copy trading?

For forex and CFDs traders, copy trading and MetaTrader are both popular platform options. Neither broker offers Meta Trader.FP Markets and LegacyFX both offer copy trading.

How many forex pairs and CFDs are available to trade?

FP Markets provides traders 63 currency pairs (e.g., EUR/USD) compared to LegacyFX's 41 available pairs. Forex pairs aside, FP Markets offers traders access to 9956 CFDs while LegacyFX has 425 available CFDs, a difference of 9531.

Can I trust FP Markets?

FP Markets is not publicly traded and does not operate a bank. FP Markets is authorised by one tier-1 regulator (high trust), two tier-2 regulator (average trust), and zero tier-3 regulators (low trust). FP Markets is authorised by the following tier-1 regulator: Australian Securities & Exchange Commission (ASIC).

Can I trust LegacyFX?

LegacyFX is not publicly traded and does not operate a bank. LegacyFX is authorised by one tier-1 regulator (high trust), one tier-2 regulator (average trust), and zero tier-3 regulators (low trust). LegacyFX is authorised by the following tier-1 regulators: Financial Conduct Authority (FCA).

Is FP Markets good?

FP Markets shines as a low-cost broker for trading forex and CFDs โ€“ as long as you use the MetaTrader platform. The Iress platform suite offers well over 9,000 tradeable symbols, but itโ€™s mostly a share trading platform โ€“ and is generally a much pricier option.

Is LegacyFX good?

LegacyFX is a plain-vanilla MetaTrader 5 (MT5) broker that offers a medium range of CFD markets and forex pairs. It has built a good foundation of research offerings, and its investor education content is on par with the industry average. Overall, LegacyFX still has room to grow, and trails behind the best MetaTrader brokers.

Overall winner: IG

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We review each brokerโ€™s overall global offering โ€“ a โ€œYesโ€ 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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