Written by ForexBrokers.com
In this head to head comparison of FXOpen 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.
FXOpen and LegacyFX are both online brokers that have been in operation since 2003 and 2012, respectively. Neither of the brokers is publicly traded or operates as a bank. They differ significantly in their regulatory credentials, which may influence your choice based on trust and reliability. FXOpen holds two Tier-1 licenses, while LegacyFX holds one, reflecting a stronger regulatory standing for FXOpen according to ForexBrokers.com. These Tier-1 licenses are considered highly trusted, adding a layer of assurance to their operation.
When it comes to trust ratings, FXOpen scores a 76 out of 99 according to ForexBrokers.com, placing them in the average risk category. In comparison, LegacyFX has a Trust Score of 67, indicating a higher risk. The absence of Tier-2 licenses for both shows they don't have an added trusted layer beyond their Tier-1 holdings. Understanding these regulatory elements can assist in making a more informed decision when choosing between FXOpen and LegacyFX.
| Feature |
FXOpen
|
LegacyFX
|
|---|---|---|
| Year Founded | 2003 | 2012 |
| Publicly Traded (Listed) | No | No |
| Bank | No | No |
| Tier-1 Licenses | 2 | 1 |
| Tier-2 Licenses | 0 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 1 |
When comparing FXOpen and LegacyFX, it's clear that each offers unique approaches to commissions and fees. Unfortunately, FXOpen doesn't provide average spread data, which can make direct cost comparisons challenging. However, the broker earns a favorable 4-star rating for commissions and fees, and it's ranked #44 out of 63 brokers by ForexBrokers.com, reflecting competitive pricing.
LegacyFX presents a more complex fee structure, depending on whether traders opt for its EU entity regulated by CySEC or its international entity in Vanuatu. For EU-based traders, three account types are offered: Silver, Gold, and Platinum, requiring minimum deposits of $500, $5,000, and $25,000, respectively. Advertised spreads are lowest for the Platinum account. The Vanuatu entity provides seven account choices, with the minimum deposit ranging from $500 for the Standard account to $50,000 for the VIP account. This tiered structure influences client support and access to trading tools. Despite the variety, LegacyFX's lack of average spread data can make it difficult to gauge the true trading costs. The broker receives a 3.5-star rating for its commissions and fees and is ranked #57 out of 63 brokers by ForexBrokers.com.
Both brokers demonstrate different strengths where FXOpen is recognized for its straightforward fee model, while LegacyFX offers more account variety but with more complicated cost implications. Traders should consider these factors along with star ratings and rankings when choosing a broker that aligns with their trading goals.
| Feature |
FXOpen
|
LegacyFX
|
|---|---|---|
| Minimum Deposit | $100 | $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 | Yes | Yes |
| ACH or SEPA Transfers | No | No |
| PayPal (Deposit/Withdraw) | No | 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 FXOpen and LegacyFX for the variety of investments they offer, both platforms provide opportunities to trade forex as contracts for difference (CFDs) or spot contracts. FXOpen features 87 tradeable symbols, including 25 forex pairs, while LegacyFX significantly expands your options with 425 symbols, including 44 forex pairs. Despite neither broker offering the possibility to purchase U.S. or international exchange-traded securities, such as stocks from companies like Apple or Vodafone, they both provide cryptocurrency trading in the form of derivatives—not the actual assets. Additionally, both brokers feature copy trading, enabling users to replicate the trades of experienced investors.
While both FXOpen and LegacyFX offer a similar range of services, LegacyFX stands out with a broader selection of tradeable symbols and slightly higher rating for investment diversity, boasting 3.5 stars compared to FXOpen's 3-star rating. In ForexBrokers.com's assessment of investment variety, LegacyFX ranks 48th out of 63 brokers, showing a more favorable position compared to FXOpen's 62nd rank. For investors prioritizing a more extensive array of trading options, LegacyFX may be the preferable choice while both platforms maintain essential trading services that cater to forex and crypto enthusiasts.
| Feature |
FXOpen
|
LegacyFX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 87 | 425 |
| Forex Pairs (Total) | 25 | 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). |
Dive deeper: Best Copy Trading Platforms.
When comparing the trading platforms and tools of FXOpen and LegacyFX, both brokers provide virtual demo accounts, allowing users to practice their trading strategies without financial risk. Neither broker offers a proprietary platform, but each supports downloadable desktop platforms for Windows and browser-based platforms for convenient access. FXOpen stands out by offering both MetaTrader 4 (MT4) and MetaTrader 5 (MT5), whereas LegacyFX only supports MT5. Additionally, FXOpen users can take advantage of ZuluTrade for copy trading, which LegacyFX does not provide.
Both FXOpen and LegacyFX offer 15 drawing tools for charting and allow users to trade directly from stock charts. However, FXOpen has a slight edge in trading tools, rated at 4 stars compared to LegacyFX's 3.5 stars. In terms of market ranks, FXOpen is positioned slightly higher, ranking #53 out of 63 brokers according to ForexBrokers.com, while LegacyFX holds the #60 spot. Both brokers provide ample watch list customization with seven columns each, allowing traders to monitor market movements effectively.
| Feature |
FXOpen
|
LegacyFX
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | No | 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 | Yes | No |
| Charting - Indicators / Studies (Total) | 30 | 30 |
| Charting - Drawing Tools (Total) | 15 | 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 FXOpen and LegacyFX, both brokers cater to iPhone and Android users and provide essential features such as stock and forex price alerts and the ability to draw trendlines on charts. They both offer 30 technical studies to support chart analysis and allow viewing of multiple time frames including daily, weekly, and intraday options, making them adaptable for various trading strategies. Despite not having watchlist symbol syncing, both apps let users create watchlists with real-time quotes, providing a user-friendly experience. However, FXOpen's app does not auto-save drawings on charts, whereas LegacyFX offers this feature, which may appeal to traders who frequently annotate their charts.
In terms of performance, FXOpen holds a slight edge with a 4-star rating for its mobile app, compared to LegacyFX's 3.5 stars. This difference is reflected in their rankings by ForexBrokers.com, where FXOpen is placed at #54 out of 63 brokers, while LegacyFX settles at #61. Despite their individual merits, both platforms present solid choices for traders who prioritize mobile access, but FXOpen's higher rating may suggest it is better suited for users seeking a more refined trading experience.
| Feature |
FXOpen
|
LegacyFX
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | No | No |
| Mobile Charting - Indicators / Studies | 30 | 30 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Multiple Time Frames | Yes | Yes |
| Mobile Charting - Drawings Autosave | No | Yes |
| Mobile Watchlist | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
When comparing FXOpen and LegacyFX for their market research offerings, both brokers provide daily market commentaries and deliver forex news from reputable sources like Bloomberg and Reuters. This ensures traders are kept up-to-date with the latest market trends and financial events. Both platforms also offer economic calendars, displaying current and imminent global news events that might impact various economies. However, neither broker provides sentiment-based trading tools or research services from companies such as TipRanks or Acuity Trading, nor do they offer tools from Trading Central.
A notable distinction between the two is LegacyFX's access to Autochartist's technical analysis tools, which FXOpen does not offer. Despite this edge, both brokers receive fairly similar ratings in research, with LegacyFX rated slightly higher at 3.5 stars compared to FXOpen's 3 stars. Furthermore, in a ranking of 63 brokers by ForexBrokers.com for research capabilities, LegacyFX holds the 46th position, ahead of FXOpen, which comes in at 63rd place. This suggests that while LegacyFX offers marginally better research tools and is ranked higher, both platforms have areas where they can improve their research offerings.
| Feature |
FXOpen
|
LegacyFX
|
|---|---|---|
| Daily Market Commentary | Yes | 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, LegacyFX offers significantly more opportunities than FXOpen. LegacyFX provides a comprehensive selection of over 10 educational materials, including articles and videos focused on forex and CFDs. They also hold regular online educational webinars and provide access to archived past sessions for further learning. LegacyFX goes the extra mile with more than 10 beginner-specific videos, which helps newcomers grasp trading concepts at their own pace. In contrast, FXOpen falls short in these areas, lacking a substantial library of educational materials aimed at forex and CFDs. Furthermore, they do not conduct regular client webinars or offer a recorded archive of such events for their clients.
Both brokers provide an investor dictionary with clear definitions of over 50 investing terms, which is a helpful tool for anyone new to trading. However, LegacyFX slightly outshines FXOpen in the educational sector with a 3.5-star rating compared to FXOpen's 3-star. According to ForexBrokers.com, LegacyFX holds a more favorable ranking of 35 out of 63 brokers for educational offerings, whereas FXOpen lags at 58. Overall, beginners looking for an online broker with ample learning resources may find LegacyFX better suited to their educational needs.
| Feature |
FXOpen
|
LegacyFX
|
|---|---|---|
| Education (Forex or CFDs) | No | Yes |
| Client Webinars | No | Yes |
| Client Webinars (Archived) | No | Yes |
| Videos - Beginner Trading Videos | No | 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 FXOpen is better than LegacyFX. FXOpen finished with an overall rank of #54, while LegacyFX finished with an overall rank of #63.
FXOpen is a long standing MetaTrader broker with a narrow offering and few benefits beyond a standard MetaTrader experience coupled with social-trading platforms ZuluTrade and Myfxbook.
| Feature |
FXOpen
|
LegacyFX
|
|---|---|---|
| Overall Rating |
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| Trust Score | 76 | 67 |
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Both FXOpen and LegacyFX do not offer the ability to purchase actual delivered cryptocurrency, but they do provide options for trading cryptocurrency derivatives.
Both FXOpen and LegacyFX do not support ACH or SEPA transfers, nor do they offer PayPal for account transactions; however, they both provide Skrill, Visa or Mastercard, and bank wire options for depositing or withdrawing funds.
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 | FXOpen | LegacyFX | |
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| Trust Score | 76 | 67 | |
| Winner | check_circle | ||
| Review | LegacyFX Review |
| Broker Screenshots | FXOpen | LegacyFX | |
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| Regulation | FXOpen | LegacyFX | |
|---|---|---|---|
| Trust Score | 76 | 67 | |
| Year Founded | 2003 | 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 | 0 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 1 |
| Tier-1 Licenses (Highly Trusted) | FXOpen | LegacyFX | |
|---|---|---|---|
| Australia (ASIC Authorised) | No | 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) | FXOpen | 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 | FXOpen | LegacyFX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 87 | 425 | |
| Forex Pairs (Total) | 25 | 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). |
| Cost | FXOpen | 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 | Yes | Yes | |
| Inactivity Fee | Yes | No | |
| Execution: Agency Broker | Yes | No | |
| Execution: Market Maker | Yes | Yes |
| Funding | FXOpen | LegacyFX | |
|---|---|---|---|
| Minimum Deposit | $100 | $500 | |
| PayPal (Deposit/Withdraw) | No | 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 | FXOpen | LegacyFX | |
|---|---|---|---|
| Proprietary Platform | No | 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 | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | Yes | No |
| Trading Tools | FXOpen | 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) | 15 | 15 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | FXOpen | 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 | 30 | 30 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Multiple Time Frames | Yes | Yes | |
| Mobile Charting - Drawings Autosave | No | Yes | |
| Mobile Economic Calendar | Yes | Yes |
| Research | FXOpen | LegacyFX | |
|---|---|---|---|
| Daily Market Commentary | Yes | 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 | FXOpen | LegacyFX | |
|---|---|---|---|
| Education (Forex or CFDs) | No | Yes | |
| Client Webinars | No | Yes | |
| Client Webinars (Archived) | No | Yes | |
| Videos - Beginner Trading Videos | No | Yes | |
| Videos - Advanced Trading Videos | No | Yes | |
| Investor Dictionary (Glossary) | Yes | Yes |
| Major Forex Pairs | FXOpen | 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 | LegacyFX Review |
| Overall | FXOpen | LegacyFX | |
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| Trust Score | 76 | 67 | |
| Winner | check_circle | ||
| Review | LegacyFX Review |
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