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's pricing for forex trading is slightly above the industry average. For its EU, U.K., and Australia offerings, FXCM's spreads on the EUR/USD pair had a time-weighted average of 0.78 pips in May 2024. In contrast, its St. Vincent and the Grenadines entity showcased higher spreads at 1.38 pips. FXCM also offers commission-based accounts, which average spreads of 0.28 pips, although commissions need to be added to this figure. Traders residing outside the U.K. and EU can benefit from its Active Trader Rebate Program, which offers tiered rebates based on trading volume, potentially reducing overall trading costs.
The LegacyFX trading experience will vary depending on whether you choose its EU entity regulated by CySEC or its international entity in Vanuatu. Within the EU, LegacyFX offers three account plans: Silver, Gold, and Platinum, requiring minimum deposits of $500, $5,000, and $25,000, respectively. Trading costs are lowest with the Platinum account, whereas the Silver account carries higher spreads, starting at 1.6 pips on the EUR/USD. The Vanuatu entity provides more flexibility with seven account types, ranging from Standard to VIP, with the highest requiring a $50,000 deposit.
FXCM earns a 4-star rating and ranks 25th out of 63 on ForexBrokers.com for commissions and fees, reflecting its slightly higher pricing tempered by discount programs for active traders. In contrast, LegacyFX holds a 3.5-star rating and is positioned at the 57th spot out of 63 brokers. LegacyFX's costs are less transparent than those of FXCM, but its varied account options give traders some flexibility depending on their trading needs and locations.
| 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 provide traders with opportunities in forex trading through CFDs, offering a comparable selection when it comes to the types of contracts available. FXCM edges out with a slightly larger number of tradable symbols, featuring 440 symbols compared to LegacyFX's 425. Both platforms offer a similar range of forex pairs, with FXCM providing access to 46 pairs, just marginally more than LegacyFX's 44. In terms of advanced trading options, both brokers allow for copy trading, providing users the ability to follow and emulate successful trading strategies from other investors. Additionally, they both offer the option of trading cryptocurrency derivatives, but do not provide access to buying actual cryptocurrencies.
In contrast to specific areas they excel in, neither FXCM nor LegacyFX include exchange-traded securities, meaning investors cannot directly buy or hold shares from U.S. or international stock exchanges. Despite the slight differences in available tradable instruments, both brokers have received an identical rating of 3.5 stars for their range of investments. According to ForexBrokers.com rankings, FXCM holds a marginally better position at 47th place, just ahead of LegacyFX, which sits at 48th in the range of investments category. These factors make them relatively balanced choices for those focusing on forex and CFD trading, without the option to diversify into spot securities or actual cryptocurrencies.
| 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.
When comparing the trading platforms and tools of FXCM and LegacyFX, it is clear that both brokers offer options that cater to a range of traders. FXCM stands out with its proprietary platform alongside offering the widely used MetaTrader 4 (MT4), whereas LegacyFX provides support for MetaTrader 5 (MT5) only. Both platforms give users the convenience of web-based and Windows-based desktop trading opportunities, as well as the benefit of free virtual demo accounts for simulated trading. In the realm of copy trading, both brokers provide this service; however, FXCM includes ZuluTrade in its offerings, which is not available with LegacyFX.
Regarding charting capabilities, LegacyFX provides more drawing tools on its platform, offering 15 compared to FXCM’s 10. In contrast, FXCM allows for a more detailed watch list with 13 available fields compared to LegacyFX's 7. Additionally, both brokers support direct trading from stock charts, making transactions seamless for users. Ranking and reviews further underscore FXCM’s superior offering in this category, with a 5-star rating and a 6th place ranking out of 63 brokers by ForexBrokers.com. LegacyFX, with a 3.5-star rating and a 60th place ranking, suggests room for enhancement in its trading platforms and tools offering.
| 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.
When comparing the mobile trading apps of FXCM and LegacyFX, both brokers offer apps for iPhone and Android users, ensuring accessibility for all. They each provide features like stock and forex price alerts, trendline drawing, multiple time frame viewing, and real-time quote watchlists. However, FXCM stands out with its watchlist symbol syncing capabilities, allowing users to seamlessly sync their watchlists between their mobile app and online accounts—a feature LegacyFX lacks. Additionally, FXCM impresses with 59 technical studies available for charting, nearly doubling the 30 offered by LegacyFX.
FXCM's commitment to a comprehensive mobile trading experience is reflected in its higher rating, receiving 4.5 stars compared to LegacyFX's 3.5 stars. This is further underscored by FXCM's placement as the 16th best mobile trading app out of 63 brokers, a stark contrast to LegacyFX's position at 61st. For traders prioritizing a feature-rich and highly rated mobile platform, FXCM emerges as the more favorable choice.
| 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.
FXCM and LegacyFX both provide a strong foundation for traders who rely on market research, offering daily market commentary and access to top-tier forex news from insider sources like Bloomberg and Reuters. However, FXCM shines in areas such as offering sentiment-based trading tools and market research from TipRanks, and it also provides tools from Trading Central. On the other hand, LegacyFX stands out by providing technical analysis and fundamental research tools from Autochartist, a feature FXCM does not include.
Both brokers provide an economic calendar to keep traders informed about global news events. When it comes to research ratings, FXCM scores higher with 4.5 stars, as opposed to LegacyFX's 3.5 stars. In a broader comparison of 63 brokers reviewed by ForexBrokers.com, FXCM ranks at #11 in the research category, significantly ahead of LegacyFX, which is ranked at #46. These distinctions make a considerable difference for traders who prioritize detailed market analysis and research when making trading decisions.
| 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
|
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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