Written by ForexBrokers.com
In this head to head comparison of IFC Markets 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.
IFC Markets and LegacyFX are two online brokers that offer trading services but differ significantly in terms of regulatory status and trust. Founded in 2006, IFC Markets has been in the industry longer than LegacyFX, which was established in 2012. Neither of the companies is publicly traded or operates as a bank. Regulatory-wise, IFC Markets holds one Tier-2 license, marking it as trusted by ForexBrokers.com, whereas LegacyFX doesn't hold any Tier-2 licenses. Moreover, IFC Markets boasts a Trust Score of 73, categorizing it under average risk, while LegacyFX has a lower score of 67, making it high risk according to the same rating criteria.
LegacyFX stands out by holding one Tier-1 license, indicating a high trust level despite its lower overall Trust Score. In contrast, IFC Markets currently lacks any Tier-1 licenses. Consequently, when weighing these brokers' regulatory credentials, LegacyFX provides an edge with its Tier-1 certification, although it doesn't necessarily translate to a higher overall trustworthiness compared to IFC Markets. Both brokers offer distinct advantages, and traders may consider these factors when choosing a platform that aligns with their security priorities.
| Feature |
IFC Markets
|
LegacyFX
|
|---|---|---|
| Year Founded | 2006 | 2012 |
| Publicly Traded (Listed) | No | No |
| Bank | No | No |
| Tier-1 Licenses | 0 | 1 |
| Tier-2 Licenses | 1 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 1 | 1 |
When comparing IFC Markets and LegacyFX for commissions and fees, IFC Markets offers an average spread of 1.44 pips for the EUR/USD currency pair, which is slightly higher than the industry average and places the broker in a less competitive position. However, for active traders, the new ECN account at IFC Markets provides more attractive effective spreads of 1.1 pips, factoring in a 0.005% commission on each side of trades. Additionally, the absence of inactivity fees and available active trader discounts add financial advantages for frequent traders. IFC Markets is rated 4 stars for its commissions and fees and is ranked #39 out of 63 brokers by ForexBrokers.com.
LegacyFX, on the other hand, provides a varied range of accounts depending on whether you're using its EU entity regulated by CySEC or its international entity based in Vanuatu. Unfortunately, detailed average spreads aren't disclosed for LegacyFX, making it challenging to assess the overall cost of trading. For EU residents, accounts like Silver, Gold, and Platinum require higher minimum deposits, with trading costs on the Silver account starting at spreads as high as 1.6 pips for the EUR/USD. Meanwhile, their Vanuatu entity caters to international clients with seven account types, offering different levels of support and access based on the account tier. LegacyFX is rated 3.5 stars for commissions and fees and holds the #57 rank among 63 brokers.
In summary, while IFC Markets offers more transparent and competitive options for active traders with their ECN account, LegacyFX presents a complex structure with varied options and support but lacks transparency in trading costs. Hilighting their respective strengths, IFC Markets ranks higher both in ratings and ForexBrokers.com's rankings compared to LegacyFX in the commissions and fees category.
| Feature |
IFC Markets
|
LegacyFX
|
|---|---|---|
| Minimum Deposit | $1 | $500 |
| Average Spread EUR/USD - Standard | 1.44 | N/A |
| All-in Cost EUR/USD - Active | 1.1 | N/A |
| Active Trader or VIP Discounts | Yes | Yes |
| ACH or SEPA Transfers | No | No |
| PayPal (Deposit/Withdraw) | No | No |
| Skrill (Deposit/Withdraw) | No | Yes |
| Visa/Mastercard (Credit/Debit) | Yes | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
When comparing the range of investments offered by IFC Markets and LegacyFX, both brokers provide forex trading through CFDs or spot contracts. However, IFC Markets stands out with a broader selection of tradeable symbols, offering 630 compared to LegacyFX's 425. In terms of forex pairs, IFC Markets provides 49 pairs, slightly edging out LegacyFX's 44 pairs. Additionally, IFC Markets allows clients to trade international exchange-traded securities, unlike LegacyFX, which does not offer this feature. Both brokers provide options for cryptocurrency derivatives but do not offer actual cryptocurrency purchases.
In terms of additional features, both IFC Markets and LegacyFX provide copy trading services, enhancing their appeal to different trader types. Despite their differences in investment ranges, both platforms are evaluated similarly, with a rating of 3.5 stars for the range of investments. However, in the ForexBrokers.com ranking for investment diversity, IFC Markets is placed at #43, slightly ahead of LegacyFX, which holds the #48 position. This detailed comparison gives potential investors a clearer understanding of what each broker offers in terms of investment options, helping them make a more informed choice.
| Feature |
IFC Markets
|
LegacyFX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 630 | 425 |
| Forex Pairs (Total) | 49 | 44 |
| U.S. Stock Trading (Non CFD) | No | No |
| Int'l Stock Trading (Non CFD) | Yes | 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.
Both IFC Markets and LegacyFX offer traders access to simulated trading through free virtual demo accounts, allowing users to practice and familiarize themselves with the platforms without financial risk. IFC Markets stands out with its proprietary trading platform, an in-house development that provides unique features to enhance the trading experience. In contrast, LegacyFX does not offer a proprietary platform. Both brokers provide a Windows-based desktop application and a web-based trading platform, ensuring flexibility and accessibility for traders. When it comes to third-party trading software, IFC Markets offers both MetaTrader 4 and MetaTrader 5, providing options for those who favor these popular platforms, while LegacyFX only supports MT5. The availability of copy trading features is a common advantage for both platforms, but neither broker supports DupliTrade or ZuluTrade for social trading enthusiasts.
Charting capabilities are similar for both brokers, with each offering 15 drawing tools and allowing trading directly from a stock chart, which can be a significant advantage for active traders. While the number of technical indicators provided is unspecified, both firms offer similar depth in market analysis tools. For managing investments, each broker accommodates seven columns in watch lists, giving traders adequate customization to monitor their portfolios. However, when it comes to overall ratings and industry rankings, IFC Markets slightly outperforms LegacyFX, securing a 4-star rating compared to LegacyFX's 3.5 stars. Additionally, IFC Markets holds a higher rank at #36 among 63 brokers as per ForexBrokers.com, compared to LegacyFX’s position at #60, reflecting a broader approval of IFC's trading platforms and tools among industry peers.
| Feature |
IFC Markets
|
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) | 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 IFC Markets and LegacyFX, both platforms offer applications available on iPhone and Android devices. Traders using either app have access to features like stock or forex price alerts and the ability to create watchlists with real-time quotes. Both apps come with 30 technical studies for charting, allow drawing trendlines, and let users view multiple time frames, such as daily, weekly, or intraday. Additionally, your app drawings will auto-save on both platforms, ensuring that your technical work is preserved.
While IFC Markets and LegacyFX share many similarities, IFC Markets offers the additional benefit of watchlist symbol syncing. This means any changes made to watchlists within the mobile app automatically sync with the user's online account, a feature LegacyFX lacks. Despite these similarities and differences, IFC Markets receives a slightly higher user rating with four stars compared to LegacyFX's 3.5 stars. According to ForexBrokers.com, IFC Markets ranks #52 while LegacyFX is positioned at #61 out of 63 brokers evaluated for mobile trading applications.
| Feature |
IFC Markets
|
LegacyFX
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | 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.
IFC Markets and LegacyFX both provide daily market commentary and comprehensive economic calendars, offering traders insights into current and upcoming global news events. However, while IFC Markets includes a sentiment-based trading tool that reveals the ratio of long or short positions across various instruments, it misses out on providing forex news from leading sources like Bloomberg or Reuters, which is a feature LegacyFX proudly offers. Additionally, LegacyFX distinguishes itself by integrating technical and fundamental research tools from Autochartist, enhancing their analytical offerings for traders.
Neither IFC Markets nor LegacyFX utilizes research tools from Trading Central or Acuity Trading and both fall short of including market research from TipRanks. Despite their differences, both brokers are equally rated at 3.5 stars for research capabilities. Yet, when ranked among 63 brokers, IFC Markets holds a slightly better research position at #40, compared to LegacyFX's rank at #46. This comparison highlights the key strengths and gaps between the two options, enabling traders to make informed decisions aligned with their specific research needs.
| Feature |
IFC Markets
|
LegacyFX
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | No | Yes |
| Autochartist | No | 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.
For beginners seeking to dive into forex and CFD trading, both IFC Markets and LegacyFX provide a wealth of learning resources. Each broker offers a minimum of ten educational materials such as articles and videos that primarily focus on forex and CFDs, ensuring a solid start for newcomers. They both shine in offering beginner-centric videos, with at least ten tailored to ease beginners into the trading world. Furthermore, each platform provides advanced educational videos and an investor dictionary packed with over 50 terms, making technical jargon more accessible to traders of all levels.
While both platforms match in numerous educational aspects, LegacyFX edges ahead in live online interaction. It provides monthly webinars and maintains a searchable archive of past sessions, allowing learners to revisit key topics at their convenience. However, IFC Markets lacks this feature. Despite these differences, both brokers earn a 3.5-star rating in education, with IFC Markets slightly ahead in the ForexBrokers.com rankings at #30 compared to LegacyFX's #35. This detailed comparison should guide you in selecting the broker that aligns best with your educational needs.
| Feature |
IFC Markets
|
LegacyFX
|
|---|---|---|
| Education (Forex or CFDs) | Yes | Yes |
| Client Webinars | No | Yes |
| Client Webinars (Archived) | No | 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 IFC Markets is better than LegacyFX. IFC Markets finished with an overall rank of #45, while LegacyFX finished with an overall rank of #63.
IFC Markets is a well-established broker that has been in operation for 17 years. Forex traders at IFC Markets gain access to multiple trading platforms, a growing range of tradeable markets, and a balanced offering of research and educational content. However, IFC Markets’ Trust Score suffers due to the broker’s limited range of regulatory licenses.
| Feature |
IFC Markets
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LegacyFX
|
|---|---|---|
| Overall Rating |
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| Trust Score | 73 | 67 |
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Both IFC Markets and LegacyFX do not offer the ability to buy actual cryptocurrencies, but they do provide options for trading cryptocurrency derivatives.
When comparing online brokers IFC Markets and LegacyFX, neither offers ACH or SEPA transfers or PayPal for account funding options, while both support Visa, Mastercard, and bank wire transactions; however, only LegacyFX provides the additional option of using Skrill for deposits and withdrawals.
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 | IFC Markets | LegacyFX | |
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| Trust Score | 73 | 67 | |
| Winner | check_circle | ||
| Review | LegacyFX Review |
| Broker Screenshots | IFC Markets | LegacyFX | |
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| Regulation | IFC Markets | LegacyFX | |
|---|---|---|---|
| Trust Score | 73 | 67 | |
| Year Founded | 2006 | 2012 | |
| Publicly Traded (Listed) | No | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | No | Yes | |
| Tier-1 Licenses | 0 | 1 | |
| Tier-2 Licenses | 1 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 1 | 1 |
| Tier-1 Licenses (Highly Trusted) | IFC Markets | 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) | No | No | |
| USA (CFTC Authorized) | No | No | |
| New Zealand (FMA Authorised) | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | No | Yes |
| Tier-2 Licenses (Trusted) | IFC Markets | LegacyFX | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | Yes | No | |
| UAE (DFSA/Central Bank Authorised) | No | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | IFC Markets | LegacyFX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 630 | 425 | |
| Forex Pairs (Total) | 49 | 44 | |
| U.S. Stock Trading (Non CFD) | No | No | |
| Int'l Stock Trading (Non CFD) | Yes | 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 | IFC Markets | LegacyFX | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.44 | N/A | |
| All-in Cost EUR/USD - Active | 1.1 | N/A | |
| Active Trader or VIP Discounts | Yes | Yes | |
| Inactivity Fee | No | No | |
| Execution: Agency Broker | Yes | No | |
| Execution: Market Maker | Yes | Yes |
| Funding | IFC Markets | LegacyFX | |
|---|---|---|---|
| Minimum Deposit | $1 | $500 | |
| PayPal (Deposit/Withdraw) | No | No | |
| Skrill (Deposit/Withdraw) | No | Yes | |
| Visa/Mastercard (Credit/Debit) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | No | No |
| Trading Platforms | IFC Markets | 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 | IFC Markets | 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 | IFC Markets | 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 | 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 | IFC Markets | LegacyFX | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | No | Yes | |
| Autochartist | No | Yes | |
| Trading Central (Recognia) | No | No | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | Yes | No | |
| Economic Calendar | Yes | Yes |
| Education | IFC Markets | LegacyFX | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | Yes | |
| Client Webinars | No | Yes | |
| Client Webinars (Archived) | No | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | Yes | |
| Investor Dictionary (Glossary) | Yes | Yes |
| Major Forex Pairs | IFC Markets | 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 | IFC Markets | LegacyFX | |
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| Trust Score | 73 | 67 | |
| Winner | check_circle | ||
| Review | LegacyFX Review |
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