Written by ForexBrokers.com
In this head to head comparison of iFOREX 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.
When comparing iFOREX and LegacyFX, it's clear both brokers, despite offering financial services, are not publicly traded or classified as banks. Founded in 1996, iFOREX has greater longevity in the market compared to LegacyFX, which began operations in 2012. Regulatory oversight is a critical factor in assessing trustworthiness. Both brokers hold one Tier-1 license, which signifies a high level of trust according to ForexBrokers.com. However, neither holds any Tier-2 licenses.
In terms of trust ratings from ForexBrokers.com, iFOREX received a score of 75, positioning it in the average risk category. LegacyFX, on the other hand, received a score of 67, which places it in the high-risk category. These scores suggest that while iFOREX might offer a more reliable option based on regulatory credibility, LegacyFX may present a slightly higher risk to potential investors.
| Feature |
iFOREX
|
LegacyFX
|
|---|---|---|
| Year Founded | 1996 | 2012 |
| Publicly Traded (Listed) | No | No |
| Bank | No | No |
| Tier-1 Licenses | 1 | 1 |
| Tier-2 Licenses | 0 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 1 | 1 |
When comparing iFOREX to LegacyFX in terms of commissions and fees, it's important to understand the offerings of each broker. iFOREX does not provide average spread data, making it challenging for traders to gauge potential trading costs clearly. In terms of ratings, iFOREX earns 3 out of 5 stars for its commissions and fees and holds the #61 spot out of 63 brokers reviewed by ForexBrokers.com in this category.
LegacyFX, on the other hand, presents varied account types with different fee structures, depending on the client region – EU or international. For EU clients, LegacyFX offers Silver, Gold, and Platinum accounts with minimum deposits of $500, $5,000, and $25,000, respectively. The advertised spreads decrease with higher-tier accounts, with the Silver account starting at a minimum spread of 1.6 pips for EUR/USD. International clients have access to more account types, including Standard, Bronze, and VIP, each with distinct deposit requirements and trading benefits. Unfortunately, similar to iFOREX, average spread data is not available from LegacyFX. However, LegacyFX holds a slight edge, rated at 3.5 stars and ranked #57 out of 63 brokers by ForexBrokers.com for commissions and fees.
| Feature |
iFOREX
|
LegacyFX
|
|---|---|---|
| Minimum Deposit | $100 | $500 |
| Average Spread EUR/USD - Standard | N/A | N/A |
| All-in Cost EUR/USD - Active | N/A | N/A |
| Active Trader or VIP Discounts | No | Yes |
| ACH or SEPA Transfers | No | 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.
When comparing iFOREX and LegacyFX for available investment options, both brokerages provide forex trading as a CFD or spot contract, but iFOREX stands out with a broader selection. With 750 tradeable symbols and 88 forex pairs, iFOREX offers a wider range of choices compared to LegacyFX's 425 symbols and 44 forex pairs. Both platforms do not offer direct access to exchange-traded securities in the U.S. or international markets, meaning clients cannot purchase actual shares like Apple or Vodafone directly through these brokers.
Neither iFOREX nor LegacyFX support buying actual cryptocurrencies; however, they both offer cryptocurrency derivatives as part of their services. LegacyFX sets itself apart with a feature not available with iFOREX—copy trading—which allows clients to replicate the trades of other successful investors. Despite the differences in offerings, both iFOREX and LegacyFX share the same 3.5-star rating for their range of investments. In terms of ranking, iFOREX holds the 41st position, slightly edging out LegacyFX, which is ranked 48th among 63 brokers by ForexBrokers.com.
| Feature |
iFOREX
|
LegacyFX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 750 | 425 |
| Forex Pairs (Total) | 88 | 44 |
| U.S. Stock Trading (Non CFD) | No | No |
| Int'l Stock Trading (Non CFD) | No | No |
| Social Trading / Copy Trading | No | 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 iFOREX and LegacyFX, there are notable distinctions in their trading platforms and tools that cater to different trader preferences. iFOREX offers a proprietary platform developed in-house, however, it lacks a Windows-based desktop download option. In contrast, LegacyFX provides a Windows-based desktop platform and the more advanced MetaTrader 5 (MT5) platform, though it does not have its own proprietary software. Both brokers offer web-based trading, ensuring accessibility for their users without the need for downloads. A notable advantage for LegacyFX is the availability of a free virtual demo account for simulated trading, which iFOREX does not offer.
In terms of charting and customization, iFOREX surpasses LegacyFX with 25 drawing tools and 9 columns for watch lists. LegacyFX offers 15 drawing tools and 7 columns for watch lists. Both platforms allow direct trading from stock charts, making it easy for traders to act on their analyses. Although iFOREX has a higher star rating of 4 out of 5 for trading platforms and tools, compared to LegacyFX's 3.5 stars, it still ranks 54th out of 63 brokers according to ForexBrokers.com, with LegacyFX trailing behind at 60th. LegacyFX also enhances the trading experience with its support for copy trading, a feature absent in iFOREX.
| Feature |
iFOREX
|
LegacyFX
|
|---|---|---|
| Virtual Trading (Demo) | No | Yes |
| Proprietary Platform | Yes | No |
| Desktop Platform (Windows) | No | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | No | Yes |
| MetaTrader 4 (MT4) | No | No |
| MetaTrader 5 (MT5) | No | Yes |
| DupliTrade | No | No |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 57 | 30 |
| Charting - Drawing Tools (Total) | 25 | 15 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 9 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Both iFOREX and LegacyFX offer mobile trading apps for iPhone and Android users, allowing traders to access their platforms on the go. While both brokers provide mobile apps, they differ significantly in terms of features. iFOREX does not currently support stock or forex price alerts and lacks watchlist symbol syncing, where changes made in the app do not sync with the online account. Conversely, LegacyFX does offer price alerts but similarly does not support watchlist syncing. In terms of mobile charting, LegacyFX allows users to view various time frames, draw trendlines, and provides 30 different technical studies. iFOREX, on the other hand, does not offer these functionalities in their app.
When it comes to user experience and features, LegacyFX supports creating watchlists with real-time quotes, while iFOREX does not. Furthermore, LegacyFX automatically saves drawings on charts, adding convenience for technical analysts, a feature that iFOREX lacks. Overall, iFOREX scores a bit higher with a 4-star rating compared to LegacyFX’s 3.5-star rating for mobile trading apps. Despite the feature-rich offerings from LegacyFX, iFOREX ranks 55th out of 63 brokers for mobile trading apps, while LegacyFX ranks 61st according to ForexBrokers.com. Traders considering these platforms should weigh the importance of app features against their ratings to find the best fit for their trading needs.
| Feature |
iFOREX
|
LegacyFX
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | No | Yes |
| Watchlist Syncing | No | No |
| Mobile Charting - Indicators / Studies | N/A | 30 |
| Mobile Charting - Draw Trendlines | No | Yes |
| Mobile Charting - Multiple Time Frames | No | Yes |
| Mobile Charting - Drawings Autosave | No | Yes |
| Mobile Watchlist | No | Yes |
Dive deeper: Best Forex Trading Apps.
When comparing iFOREX and LegacyFX in terms of market research offerings, both platforms provide daily market commentary, ensuring that traders have regular insights into market trends. However, LegacyFX stands out by offering forex news from well-known sources like Bloomberg and Reuters, while iFOREX does not. For traders seeking advanced technical analysis tools, iFOREX uses Trading Central's analytics, whereas LegacyFX partners with Autochartist. Moreover, iFOREX offers a sentiment-based trading tool that gives insights into market positions, a feature LegacyFX does not include.
Regarding additional research capabilities, neither iFOREX nor LegacyFX provides market research from TipRanks or tools from Acuity Trading. Both platforms, however, offer economic calendars to track global economic events. In terms of research ratings, both iFOREX and LegacyFX have earned 3.5 stars, reflecting a competitive offering in their research services. According to ForexBrokers.com, LegacyFX narrowly beats iFOREX by ranking 46th compared to iFOREX's 48th position among 63 brokers in the research category.
| Feature |
iFOREX
|
LegacyFX
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | No | Yes |
| Autochartist | No | Yes |
| Trading Central (Recognia) | Yes | 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, LegacyFX outshines iFOREX. LegacyFX provides more than ten educational materials focused on forex or CFDs, ensuring a comprehensive learning experience. They also host monthly online educational webinars and offer a searchable archive of past sessions. This allows beginners and seasoned traders alike to access a wealth of information easily. Additionally, LegacyFX includes advanced educational videos and an investor dictionary with over 50 investing term definitions, making it a well-rounded choice for those seeking in-depth trading education.
iFOREX, while offering beginner trading videos, does not meet the same depth of resources as LegacyFX. It lacks a consistent schedule of online webinars, an archive of past sessions, and advanced educational videos. Furthermore, iFOREX does not provide a detailed investor dictionary, which can be crucial for new traders. Both brokers are rated 3.5 stars for education, but LegacyFX’s higher ranking in the ForexBrokers.com education category, at #35 compared to iFOREX’s #53, indicates a greater emphasis on educational resources. With these differences, LegacyFX proves to be a more resourceful platform for beginner traders keen on developing their skills and knowledge.
| Feature |
iFOREX
|
LegacyFX
|
|---|---|---|
| Education (Forex or CFDs) | No | Yes |
| Client Webinars | No | Yes |
| Client Webinars (Archived) | No | Yes |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | No | Yes |
| Investor Dictionary (Glossary) | No | Yes |
Dive deeper: Best Forex Brokers for Beginners.
After testing 63 of the best forex brokers, our research and account testing finds that iFOREX is better than LegacyFX. iFOREX finished with an overall rank of #52, while LegacyFX finished with an overall rank of #63.
iFOREX is operated by a long-standing company, previously known as Vestle, with regulatory status in a growing number of jurisdictions, offering forex and CFDs through its proprietary platform. The biggest drawback is the lack of markets you can trade with fewer than 200, compared to the best multi asset forex and CFD brokers.
| Feature |
iFOREX
|
LegacyFX
|
|---|---|---|
| Overall Rating |
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| Trust Score | 75 | 67 |
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Both iFOREX and LegacyFX provide the opportunity to trade cryptocurrency derivatives, but neither platform facilitates the purchase of actual, delivered cryptocurrencies.
When comparing online brokers iFOREX and LegacyFX, both do not support ACH or SEPA transfers for deposits and withdrawals, but iFOREX uniquely offers PayPal, while both platforms support Skrill, Visa, Mastercard, and bank wire options for managing account funds.
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 | iFOREX | LegacyFX | |
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| Trust Score | 75 | 67 | |
| Winner | check_circle | ||
| Review | LegacyFX Review |
| Broker Screenshots | iFOREX | LegacyFX | |
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| Regulation | iFOREX | LegacyFX | |
|---|---|---|---|
| Trust Score | 75 | 67 | |
| Year Founded | 1996 | 2012 | |
| Publicly Traded (Listed) | No | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 1 | 1 | |
| Tier-2 Licenses | 0 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 1 | 1 |
| Tier-1 Licenses (Highly Trusted) | iFOREX | 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) | iFOREX | LegacyFX | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA/Central Bank Authorised) | No | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | iFOREX | LegacyFX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 750 | 425 | |
| Forex Pairs (Total) | 88 | 44 | |
| U.S. Stock Trading (Non CFD) | No | No | |
| Int'l Stock Trading (Non CFD) | No | No | |
| Social Trading / Copy Trading | No | 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 | iFOREX | LegacyFX | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | N/A | N/A | |
| All-in Cost EUR/USD - Active | N/A | N/A | |
| Active Trader or VIP Discounts | No | Yes | |
| Inactivity Fee | No | No | |
| Execution: Agency Broker | No | No | |
| Execution: Market Maker | Yes | Yes |
| Funding | iFOREX | LegacyFX | |
|---|---|---|---|
| Minimum Deposit | $100 | $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 | No | No |
| Trading Platforms | iFOREX | LegacyFX | |
|---|---|---|---|
| Proprietary Platform | Yes | No | |
| Desktop Platform (Windows) | No | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | No | Yes | |
| MetaTrader 4 (MT4) | No | No | |
| MetaTrader 5 (MT5) | No | Yes | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | iFOREX | LegacyFX | |
|---|---|---|---|
| Virtual Trading (Demo) | No | Yes | |
| Alerts - Basic Fields | No | Yes | |
| Watchlists - Total Fields | 9 | 7 | |
| Charting - Indicators / Studies (Total) | 57 | 30 | |
| Charting - Drawing Tools (Total) | 25 | 15 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | No | Yes |
| Mobile Trading | iFOREX | LegacyFX | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | No | Yes | |
| Mobile Watchlist | No | Yes | |
| Watchlist Syncing | No | No | |
| Mobile Charting - Indicators / Studies | N/A | 30 | |
| Mobile Charting - Draw Trendlines | No | Yes | |
| Mobile Charting - Multiple Time Frames | No | Yes | |
| Mobile Charting - Drawings Autosave | No | Yes | |
| Mobile Economic Calendar | No | Yes |
| Research | iFOREX | LegacyFX | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | No | Yes | |
| Autochartist | No | Yes | |
| Trading Central (Recognia) | Yes | No | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | Yes | No | |
| Economic Calendar | Yes | Yes |
| Education | iFOREX | LegacyFX | |
|---|---|---|---|
| Education (Forex or CFDs) | No | Yes | |
| Client Webinars | No | Yes | |
| Client Webinars (Archived) | No | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | No | Yes | |
| Investor Dictionary (Glossary) | No | Yes |
| Major Forex Pairs | iFOREX | 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 | iFOREX | LegacyFX | |
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| Trust Score | 75 | 67 | |
| Winner | check_circle | ||
| Review | LegacyFX Review |
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