Written by ForexBrokers.com
In this head to head comparison of HFM 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.
HFM and LegacyFX are two online brokers that have been serving traders since 2010 and 2012, respectively. Neither of them is publicly traded nor operates as a bank. In terms of regulatory credentials, HFM boasts a stronger position with two Tier-1 licenses and three Tier-2 licenses. These credentials contribute to its Trust Score of 86 out of 99 on ForexBrokers.com, categorizing it as trusted.
In comparison, LegacyFX holds one Tier-1 license and no Tier-2 licenses, resulting in a ForexBrokers.com Trust Score of 67, which places it in the high-risk category. While both brokers are not publicly listed or banks, HFM has a wider regulatory protection net, offering traders a relatively more trusted environment for online trading.
| Feature |
HFM
|
LegacyFX
|
|---|---|---|
| Year Founded | 2010 | 2012 |
| Publicly Traded (Listed) | No | No |
| Bank | No | No |
| Tier-1 Licenses | 2 | 1 |
| Tier-2 Licenses | 3 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 2 | 1 |
When comparing the commissions and fees of online brokers HFM and LegacyFX, there are notable distinctions. HFM's trading costs are slightly above the industry average, with standard accounts typically having a spread of 1.2 pips. However, without a specified date range, this may vary. The Zero account offers a better effective spread of 0.7 pips after commissions. ForexBrokers.com gives HFM a 4-star rating and ranks it #31 out of 63 brokers in the Commissions and Fees category, reflecting its competitive pricing despite not leading the pack.
LegacyFX, on the other hand, offers a range of account choices that vary based on whether you are dealing with their EU entity regulated by CySEC or their international entity based in Vanuatu. However, the lack of detailed average spreads makes it challenging to gauge the exact trading costs. For the EU entity, LegacyFX provides three account types—Silver, Gold, and Platinum—with different minimum deposits and associated costs, starting at 1.6 pips for the least costly account. For the international entity, seven account types are available, each with different levels of support and tool access. Despite its diverse offerings, LegacyFX's lack of transparency in average spreads results in a 3.5-star rating from ForexBrokers.com, ranking it #57 out of 63 brokers for commissions and fees.
To summarize, while HFM might have slightly higher base costs, its more transparent fee structure and favorable rating make it a strong choice for those closely considering commissions and fees. LegacyFX offers a wide account range but falls short in transparency concerning spreads, impacting its overall value as reflected in its rankings.
| Feature |
HFM
|
LegacyFX
|
|---|---|---|
| Minimum Deposit | $0 | $500 |
| Average Spread EUR/USD - Standard | 1.2 | N/A |
| All-in Cost EUR/USD - Active | 0.7 | N/A |
| Active Trader or VIP Discounts | No | 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 HFM and LegacyFX regarding their range of investments, both brokers offer forex trading through CFDs or spot contracts. However, HFM provides a broader selection with 500 tradeable symbols, including 102 forex pairs. In contrast, LegacyFX offers 425 tradeable symbols and 44 forex pairs. Neither platform offers exchange-traded securities, like Apple shares on U.S. exchanges or Vodafone shares on international exchanges. Both brokers do support copy trading and provide options to trade cryptocurrency derivatives, but they do not facilitate the purchase of actual cryptocurrencies.
In terms of recognition, HFM scores slightly higher with a 4-star rating for its range of investments, whereas LegacyFX holds a 3.5-star rating. According to ForexBrokers.com, HFM ranks 36th out of 63 brokers, compared to LegacyFX's 48th position. This showcases HFM's edge in offering a more diversified trading experience. However, clients of both platforms can expect solid options in forex and cryptocurrency trading derivatives.
| Feature |
HFM
|
LegacyFX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 500 | 425 |
| Forex Pairs (Total) | 102 | 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 offered by HFM and LegacyFX, both brokers provide essential features like simulated trading accounts and web-based and desktop platforms compatible with Windows. However, HFM stands out by offering a proprietary platform developed in-house, while LegacyFX does not offer a unique platform of its own. Both brokers provide copy trading options, but only HFM supports both MetaTrader 4 (MT4) and MetaTrader 5 (MT5), whereas LegacyFX supports only MT5. Neither broker offers DupliTrade or ZuluTrade for trading.
In terms of technical capabilities, HFM provides a more extensive range of drawing tools, with 30 options compared to LegacyFX’s 15. Both brokers allow you to trade directly from stock charts and offer seven columns for creating watch lists. According to a ForexBrokers.com ranking of 63 brokers, HFM is placed higher for trading platforms and tools at #42, receiving a 4-star rating, while LegacyFX is ranked #60 with a 3.5-star rating. Overall, HFM offers a slightly more advanced toolset suited for traders looking for more flexibility and options.
| Feature |
HFM
|
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) | Yes | Yes |
| DupliTrade | No | No |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 15 | 30 |
| Charting - Drawing Tools (Total) | 30 | 15 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 7 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
When it comes to mobile trading, both HFM and LegacyFX offer convenient apps for iPhone and Android devices. Each provides essential features like stock or forex price alerts and charting capabilities, including the ability to draw trendlines and view multiple time frames. Both brokers also support creating a watchlist with real-time quotes directly in the mobile app, which is a valuable tool for traders on the go. However, neither HFM nor LegacyFX syncs watchlist symbols between the mobile app and the online account, which may be a consideration for those looking for seamless integration across platforms.
On the technical front, each platform impresses with 30 technical studies available for chart analysis, and capably auto-saves drawings on charts, ensuring traders don’t lose their insights. While both brokers deliver solid features, HFM edges out with a higher customer rating of four stars for its mobile trading app compared to LegacyFX's 3.5 stars. Additionally, in a review by ForexBrokers.com, HFM ranks #39 out of 63 brokers, placing it ahead of LegacyFX, which sits at #61. These differences could influence a trader's choice based on their individual preferences and priorities in mobile trading functionality.
| Feature |
HFM
|
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 | Yes | Yes |
| Mobile Watchlist | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
When comparing HFM and LegacyFX for market research offerings, both brokers provide daily market commentary and forex news from top-tier sources like Bloomberg and Reuters. They also share the benefit of using Autochartist for technical analysis and fundamental research, but neither offers tools from Trading Central or research from TipRanks and Acuity Trading. HFM stands out with a sentiment-based trading tool that showcases the ratio of long or short positions, a feature LegacyFX lacks. Both platforms supply economic calendars to keep traders informed of critical global events.
In terms of ratings, HFM holds an edge with a 4-star rating for research, placing 20th out of 63 brokers on ForexBrokers.com. LegacyFX, while still competitive, is rated 3.5 stars, ranking 46th in the same category. This suggests that while both brokers deliver solid research capabilities, HFM provides a slightly more comprehensive offering for traders seeking in-depth market analysis.
| Feature |
HFM
|
LegacyFX
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | Yes | Yes |
| Trading Central (Recognia) | No | No |
| Social Sentiment - Currency Pairs | Yes | 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, both HFM and LegacyFX offer a well-rounded selection tailored to those new to forex and CFDs trading. Each broker provides over 10 educational pieces, including articles, videos, and archived webinars, all focusing on essential trading topics. Beginners will also benefit from at least 10 videos created specifically for them, helping to break down complex trading concepts into digestible content. Monthly webinars are available from both brokers, allowing clients to engage with interactive sessions to enhance their learning experience. Furthermore, each broker hosts a searchable archive of these past webinars, offering flexibility for those eager to reinforce their learning on their own time.
In addition to beginner-friendly content, both HFM and LegacyFX cater to more experienced traders with a suite of advanced videos. A comprehensive investor dictionary offered by each platform helps clarify over 50 investing terms, serving as a handy reference tool for traders at any stage. While HFM and LegacyFX deliver comparably rich educational offerings, HFM edges out slightly in rating with a 4-star education rating versus LegacyFX's 3.5-star rating. Interestingly, despite its higher educational rating, HFM ranks 37th among 63 brokers, slightly below LegacyFX's 35th place ranking in the Education category according to ForexBrokers.com.
| Feature |
HFM
|
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 HFM is better than LegacyFX. HFM finished with an overall rank of #30, while LegacyFX finished with an overall rank of #63.
Alongside its enhanced MetaTrader offering and quality research, HFM (HF Markets), previously known as HotForex, offers a proprietary copy trading platform, HFcopy, a proprietary HF mobile app, and a decent selection of over 1,000 CFDs and 47 forex pairs. Still, trading costs at HFM are slightly above the industry average.
| Feature |
HFM
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LegacyFX
|
|---|---|---|
| Overall Rating |
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| Trust Score | 86 | 67 |
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Both HFM and LegacyFX do not offer the ability to buy actual delivered cryptocurrency, but they do provide the option to trade cryptocurrency derivatives.
Both HFM and LegacyFX do not offer ACH or SEPA transfers or PayPal as options for depositing or withdrawing funds, but they do support Skrill, Visa or Mastercard, and bank wire transfers for such transactions.
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 | HFM | LegacyFX | |
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| Trust Score | 86 | 67 | |
| Winner | check_circle | ||
| Review | HFM Review | LegacyFX Review |
| Broker Screenshots | HFM | LegacyFX | |
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| Regulation | HFM | LegacyFX | |
|---|---|---|---|
| Trust Score | 86 | 67 | |
| Year Founded | 2010 | 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 | 3 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 2 | 1 |
| Tier-1 Licenses (Highly Trusted) | HFM | 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) | HFM | LegacyFX | |
|---|---|---|---|
| Kenya (CMA Authorised) | Yes | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | Yes | No | |
| UAE (DFSA/Central Bank Authorised) | Yes | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | HFM | LegacyFX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 500 | 425 | |
| Forex Pairs (Total) | 102 | 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 | HFM | LegacyFX | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.2 | N/A | |
| All-in Cost EUR/USD - Active | 0.7 | N/A | |
| Active Trader or VIP Discounts | No | Yes | |
| Inactivity Fee | Yes | No | |
| Execution: Agency Broker | No | No | |
| Execution: Market Maker | Yes | Yes |
| Funding | HFM | LegacyFX | |
|---|---|---|---|
| Minimum Deposit | $0 | $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 | HFM | 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) | Yes | Yes | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | HFM | LegacyFX | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 7 | 7 | |
| Charting - Indicators / Studies (Total) | 15 | 30 | |
| Charting - Drawing Tools (Total) | 30 | 15 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | HFM | 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 | Yes | Yes | |
| Mobile Economic Calendar | Yes | Yes |
| Research | HFM | LegacyFX | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | Yes | Yes | |
| Trading Central (Recognia) | No | No | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | Yes | No | |
| Economic Calendar | Yes | Yes |
| Education | HFM | 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 | HFM | 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 | HFM Review | LegacyFX Review |
| Overall | HFM | LegacyFX | |
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| Trust Score | 86 | 67 | |
| Winner | check_circle | ||
| Review | HFM Review | LegacyFX Review |
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