Is FXOpen better than LegacyFX? In our analysis of 23 international regulators across 39 brokers, FXOpen is considered average-risk, with an overall Trust Score of 80 out of 99. LegacyFX is considered average-risk, with an overall Trust Score of 75 out of 99. Learn more about Trust Score.
| Overall Rating | FXOpen | LegacyFX |
|---|---|---|
| Overall Rating | ||
| Commissions & Fees | ||
| Offering of Investments | ||
| Platform & Tools | ||
| Mobile Trading | ||
| Research | ||
| Education | ||
| Trust Score | 80 | 75 |
| Regulation | FXOpen | LegacyFX |
|---|---|---|
| Trust Score | 80 | 75 |
| Year Founded | 2003 | 2012 |
| Publicly Traded (Listed) | No | No |
| Bank | No | No |
| Tier-1 Licenses | 2 | 1 |
| Tier-2 Licenses | 1 | 1 |
| Tier-3 Licenses | 0 | 0 |
| Authorised in European Union | Yes | Yes |
| Tier-1 Licenses (High Trust) | FXOpen | LegacyFX |
|---|---|---|
| ASIC Authorised (Australia) | Yes | No |
| IIROC Authorised (Canada) | No | No |
| SFC Authorised (Hong Kong) | No | No |
| CBI Authorised (Ireland) | No | No |
| FSA Authorised (Japan) | No | No |
| MAS Authorised (Singapore) | No | No |
| FINMA Authorised (Switzerland) | No | No |
| FCA Authorised (U.K.) | Yes | Yes |
| CFTC Registered (USA) | No | No |
| FMA Authorised (New Zealand) | No | No |
| Tier-2 Licenses (Average Trust) | FXOpen | LegacyFX |
|---|---|---|
| CBRC Authorised (China) | No | No |
| CySEC Authorised (Cyprus) | Yes | Yes |
| NSE Authorised (India) | No | No |
| ISA Authorised (Israel) | No | No |
| CBR Authorised (Russia) | No | No |
| FSCA Authorised (South Africa) | No | No |
| SEC Authorised (Thailand) | No | No |
| DFSA / Central Bank Authorised (UAE) | No | No |
| Tier-3 Licenses (Low Trust) | FXOpen | LegacyFX |
|---|---|---|
| SCB Authorised (Bahamas) | No | No |
| IFSC Authorised (Belize) | No | No |
| CIMA Authorised (Cayman Islands) | No | No |
| BMA Authorised (Bermuda) | No | No |
| FSC Authorised (British Virgin Islands) | No | No |
| FSC Authorised (Mauritius) | No | No |
| VFSC Authorised (Vanuatu) | No | No |
| Investments | FXOpen | LegacyFX |
|---|---|---|
| Forex Trading | Yes | Yes |
| Trading - Forex or CFDs | Yes | Yes |
| Tradeable Symbols (Total) | 87 | 425 |
| Forex Pairs (Total) | 25 | 41 |
| 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 (CFD) | Yes | Yes |
| Cost | FXOpen | LegacyFX |
|---|---|---|
| Average Spread EUR/USD - Standard | N/A | 0 |
| All-in Cost EUR/USD - Active | N/A | 0 |
| Active Trader or VIP Discounts | Yes | Yes |
| Execution: Agency Broker | Yes | No |
| Execution: Market Maker | Yes | No |
| Funding | FXOpen | LegacyFX |
|---|---|---|
| Minimum Initial Deposit | $100 | $500 |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
| Visa/Mastercard (Credit/Debit) | Yes | Yes |
| PayPal (Deposit/Withdraw) | No | No |
| Skrill (Deposit/Withdraw) | Yes | Yes |
| 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 |
| Forex Calendar | Yes | No |
| Research | FXOpen | LegacyFX |
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | No |
| Autochartist | No | Yes |
| Trading Central (Recognia) | No | No |
| Social Sentiment - Currency Pairs | No | No |
| Economic Calendar | Yes | Yes |
| Education | FXOpen | LegacyFX |
|---|---|---|
| Has 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 |
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 FXOpen vs LegacyFX.
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, FXOpen offers better pricing overall for traders.
At ForexBrokers.com, we track where each forex and CFD broker is regulated across over 23 international regulator databases. Here's our findings. FXOpen holds 2 global Tier-1 licenses, while LegacyFX holds 1. Both FXOpen and LegacyFX hold [Variable A] global Tier-2 licenses. In our analysis of 23 international regulators across 50 brokers, FXOpen earned a higher Trust Score than LegacyFX.
To compare the trading platforms of both FXOpen and LegacyFX, we tested each broker's trading tools, research capabilities, and mobile apps. For trading tools, FXOpen offers a better experience. With research, LegacyFX offers superior market research. Finally, we found FXOpen to provide better mobile trading apps.
For forex and CFDs traders, copy trading and MetaTrader are both popular platform options. Neither broker offers Meta Trader.FXOpen and LegacyFX both offer copy trading.
FXOpen is not a publicly traded company, doesn't operate a bank, and is authorised by two tier-1 regulators (high trust), one tier-2 regulator (average trust), and zero tier-3 regulators (low trust). FXOpen is authorised by the following tier-1 regulators: Australian Securities & Investment Commission (ASIC) and the Financial Conduct Authority (FCA).
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).
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.
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: FXOpen
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