Written by ForexBrokers.com
In this head to head comparison of FXCM 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.
FXCM and LegacyFX are two online brokers with distinct regulatory profiles. Founded in 1999, FXCM is publicly traded, with a high Trust Score of 95 out of 99 from ForexBrokers.com, reflecting a high level of trust. FXCM is not a bank but stands out with four Tier-1 licenses and two Tier-2 licenses, suggesting it is well-regulated and considered highly trustworthy. In terms of regulatory standing, this positions FXCM as a reliable choice for traders seeking a broker with strong compliance credentials.
On the other hand, LegacyFX, established in 2012, is not publicly traded and holds a ForexBrokers.com Trust Score of 67, placing it in the high-risk category. Like FXCM, LegacyFX is not a bank, but it holds only one Tier-1 license and lacks Tier-2 licenses. This limited regulatory oversight might be a concern for traders who prioritize safety and compliance. While LegacyFX is a younger company, its regulatory footprint is smaller, which can imply a different risk profile compared to more established brokers like FXCM.
| Feature |
FXCM
|
LegacyFX
|
|---|---|---|
| Year Founded | 1999 | 2012 |
| Publicly Traded (Listed) | Yes | No |
| Bank | No | No |
| Tier-1 Licenses | 4 | 1 |
| Tier-2 Licenses | 2 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 1 |
FXCM edges LegacyFX on pricing transparency and overall cost profile. FXCM earns 4/5 stars for Commissions and Fees and ranks #26 of 63 at ForexBrokers.com, while LegacyFX scores 3.5/5 stars and ranks #58 of 63. FXCM publishes average spreads and offers a commission-based option with clear math; LegacyFX does not publish average spreads, making it harder to gauge typical trading costs. Notably, LegacyFX’s EU Silver account lists minimum EUR/USD spreads starting as high as 1.6 pips, whereas FXCM’s commission-based effective spread on EUR/USD is about 0.74 pips when factoring in commissions.
FXCM’s May 2024 average EUR/USD spread was 0.78 pips for its EU, U.K., and Australia entities, and 1.38 pips under its St. Vincent and the Grenadines entity—slightly higher than the industry average overall. Its commission-based account showed 0.28-pip core spreads in May 2024; after adding the commission-equivalent of about 0.50 pips per round turn, the effective spread is roughly 0.74 pips. FXCM’s five-tier Active Trader Rebate Program (not available in the U.K. or EU) pays $5–$25 per million traded for clients doing at least $10 million per month. Separately, high-volume traders in the U.K. can see commissions drop to $2.5 per side ($5 round turn) with a $25,000 balance and at least $50 million in monthly volume, which yields an effective EUR/USD spread near 0.78 pips based on a 0.28-pip core. As with most brokers, spreads can widen during rollover or abnormal market conditions.
LegacyFX’s pricing depends on the entity and account tier. In the EU (CySEC-regulated), the Silver, Gold, and Platinum accounts require minimum deposits of $500, $5,000, and $25,000, respectively; the Silver tier carries higher trading costs, with minimum EUR/USD spreads starting at 1.6 pips. For international clients (Vanuatu), seven account types range from Standard ($500) up to VIP ($50,000); the tier you choose affects the level of support and access to trading tools. Because LegacyFX does not publish average spreads, it’s difficult to estimate your typical all-in trading costs compared to a broker like FXCM that provides time-weighted averages.
| Feature |
FXCM
|
LegacyFX
|
|---|---|---|
| Minimum Deposit | Starts from $50 | $500 |
| Average Spread EUR/USD - Standard | 0.78 | N/A |
| All-in Cost EUR/USD - Active | 0.78 | N/A |
| Active Trader or VIP Discounts | Yes | Yes |
| ACH or SEPA Transfers | Yes | 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.
FXCM and LegacyFX both let you trade forex as CFDs and spot contracts. FXCM lists 440 tradeable symbols and 46 currency pairs, while LegacyFX offers 425 symbols and 44 pairs. Both support copy trading and provide access to cryptocurrency through derivatives, but neither broker lets you buy actual crypto. Likewise, neither offers direct access to exchange-traded shares on U.S. or international stock exchanges.
For sheer breadth, FXCM has a slight edge, though the gap is small. In ForexBrokers.com’s Range of Investments category, each earns 3.5 out of 5 stars, with FXCM ranked 48th and LegacyFX 49th out of 63 brokers. If you want a few more markets, FXCM may appeal; otherwise, LegacyFX is comparable for most traders.
| Feature |
FXCM
|
LegacyFX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 440 | 425 |
| Forex Pairs (Total) | 46 | 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.
FXCM and LegacyFX both offer free demo accounts, plus Windows desktop and web trading platforms. FXCM provides its own proprietary platform, while LegacyFX does not. Platform support differs: FXCM offers MetaTrader 4 (MT4) but not MetaTrader 5 (MT5), whereas LegacyFX offers MT5 but not MT4. Both brokers support copy trading; FXCM also connects with ZuluTrade, and neither supports DupliTrade. Trading from charts is available with both. Chart indicator totals were not specified, but FXCM lists 10 drawing tools versus 15 at LegacyFX.
For watchlists, FXCM includes 13 columns compared with 7 at LegacyFX, giving more ways to sort and view markets. In independent reviews of trading platforms and tools, FXCM is rated 5 stars and ranks #6 out of 63 brokers on ForexBrokers.com, while LegacyFX is rated 3.5 stars and ranks #61. Overall, FXCM leans toward broader platform choice and integrations, while LegacyFX centers on MT5 and offers more drawing tools.
| Feature |
FXCM
|
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) | No | Yes |
| DupliTrade | No | No |
| ZuluTrade | Yes | No |
| Charting - Indicators / Studies (Total) | 115 | 30 |
| Charting - Drawing Tools (Total) | 10 | 15 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 13 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
FXCM and LegacyFX both offer mobile trading apps for iPhone and Android. Each app includes price alerts and lets you build watchlists with real-time quotes. Charting basics are covered on both: you can draw trendlines, switch between intraday, daily, or weekly time frames, and your drawings auto-save.
Where they differ is depth and convenience. FXCM packs in 59 technical studies compared with 30 on LegacyFX, and FXCM syncs watchlists with your online account while LegacyFX does not. That advantage shows up in the scores: FXCM earns 4.5 out of 5 stars and ranks #16 out of 63 brokers for Mobile Trading Apps on ForexBrokers.com, while LegacyFX scores 3.5 stars and ranks #62. If you want more indicators and seamless watchlist syncing across devices, FXCM is the stronger pick; LegacyFX covers the essentials for simpler mobile trading.
| Feature |
FXCM
|
LegacyFX
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | No |
| Mobile Charting - Indicators / Studies | 59 | 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.
Comparing FXCM vs LegacyFX for market research: both brokers publish daily market commentary and stream forex news from top-tier sources like Bloomberg, Reuters, or Dow Jones. Each offers an economic calendar. FXCM stands out with Trading Central analytics, a sentiment tool that shows long-versus-short positioning, and access to TipRanks research; it does not include tools from Acuity Trading. LegacyFX counters with Autochartist for chart pattern scanning, but does not provide Trading Central or a sentiment tool. TipRanks and Acuity Trading availability at LegacyFX is not specified in the information provided.
Overall, FXCM earns 4.5/5 stars for Research and ranks #11 out of 63 brokers on ForexBrokers.com, while LegacyFX scores 3.5/5 stars and ranks #47. If you want Trading Central, sentiment data, and TipRanks, FXCM is the stronger choice; if Autochartist is your priority, LegacyFX may fit your needs—both still cover daily news and key market events.
| Feature |
FXCM
|
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 | Yes | |
| Signal Centre (Acuity Trading) | No | |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When evaluating educational resources for forex and CFD trading, both FXCM and LegacyFX provide ample material to help beginners get started. Both brokers offer a collection of educational pieces that includes articles, videos, and archived webinars, with more than ten items focusing on trading essentials. Additionally, newcomers can benefit from at least ten beginner-friendly videos tailored to their needs, while those seeking advanced knowledge have access to more specialized content. Both platforms also host online webinars monthly, accompanied by searchable archives of past sessions, aiding traders of all experience levels in reviewing and understanding trading concepts. Furthermore, they both feature investor dictionaries with over 50 terms, offering valuable insights into trading jargon.
Despite these similarities, FXCM stands out as a preferred choice based on educational excellence. Earning a 4.5-star rating, FXCM surpasses LegacyFX, which holds a 3.5-star rating in the education category. On ForexBrokers.com's rankings, FXCM ranks 14th out of 63 brokers, reflecting its stronger educational offering. In contrast, LegacyFX is positioned at 35th place, suggesting room for improvement in this area. For beginners prioritizing educational resources, FXCM provides a more highly rated and recognized platform to start their trading journey.
| Feature |
FXCM
|
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 FXCM is better than LegacyFX. FXCM finished with an overall rank of #15, while LegacyFX finished with an overall rank of #63.
For traders who appreciate advanced trading tools and quality market research, FXCM is a winner, especially for algorithmic trading. Its range of tradeable markets is fairly narrow, however, and the pricing at FXCM is just average.
| Feature |
FXCM
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LegacyFX
|
|---|---|---|
| Overall Rating |
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| Trust Score | 95 | 67 |
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Both FXCM and LegacyFX do not offer the ability to buy actual (delivered) cryptocurrency, but they both provide the option to purchase cryptocurrency derivatives.
FXCM stands out by offering a wider range of deposit and withdrawal options compared to LegacyFX, such as ACH, SEPA, and PayPal, while both brokers support Skrill, Visa/Mastercard, and bank wires.
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 | FXCM | LegacyFX | |
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| Trust Score | 95 | 67 | |
| Winner | check_circle | ||
| Review | FXCM Review | LegacyFX Review |
| Broker Screenshots | FXCM | LegacyFX | |
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| Regulation | FXCM | LegacyFX | |
|---|---|---|---|
| Trust Score | 95 | 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 | 4 | 1 | |
| Tier-2 Licenses | 2 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 1 |
| Tier-1 Licenses (Highly Trusted) | FXCM | LegacyFX | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | No | |
| Canada (CIRO Authorised) | Yes | 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) | 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) | FXCM | LegacyFX | |
|---|---|---|---|
| Kenya (CMA Authorised) | |||
| Israel (ISA Authorised) | Yes | No | |
| South Africa (FSCA Authorised) | Yes | No | |
| UAE (DFSA/Central Bank Authorised) | No | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) |
| Investments | FXCM | LegacyFX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 440 | 425 | |
| Forex Pairs (Total) | 46 | 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 | FXCM | LegacyFX | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 0.78 | N/A | |
| All-in Cost EUR/USD - Active | 0.78 | N/A | |
| Active Trader or VIP Discounts | Yes | Yes | |
| Inactivity Fee | Yes | No | |
| Execution: Agency Broker | Yes | No | |
| Execution: Market Maker | Yes | Yes |
| Funding | FXCM | LegacyFX | |
|---|---|---|---|
| Minimum Deposit | Starts from $50 | $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 | Yes | No |
| Trading Platforms | FXCM | 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) | No | Yes | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | Yes | No |
| Trading Tools | FXCM | LegacyFX | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 13 | 7 | |
| Charting - Indicators / Studies (Total) | 115 | 30 | |
| Charting - Drawing Tools (Total) | 10 | 15 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | FXCM | 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 | 59 | 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 | FXCM | LegacyFX | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | No | Yes | |
| Trading Central (Recognia) | Yes | No | |
| TipRanks | Yes | ||
| Social Sentiment - Currency Pairs | Yes | No | |
| Economic Calendar | Yes | Yes |
| Education | FXCM | 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 | FXCM | 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 | FXCM Review | LegacyFX Review |
| Overall | FXCM | LegacyFX | |
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| Trust Score | 95 | 67 | |
| Winner | check_circle | ||
| Review | FXCM Review | LegacyFX Review |
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