Written by ForexBrokers.com
In this head to head comparison of IG 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.
IG and LegacyFX are two different online brokers with distinct backgrounds and regulatory standings. Founded in 1974, IG is publicly traded and operates as a bank. In terms of regulatory compliance, IG is highly recognized with 8 Tier-1 licenses and 2 Tier-2 licenses, culminating in an impressive Trust Score of 99 out of 99 from ForexBrokers.com. This designation suggests that IG is considered a highly trusted broker by industry standards.
On the other hand, LegacyFX, founded in 2012, is not publicly traded and does not operate as a bank. Its regulatory coverage includes just 1 Tier-1 license and no Tier-2 licenses. LegacyFX holds a ForexBrokers.com Trust Score of 67, indicating a high risk in comparison to IG. These differences make IG a more established and trusted option for traders prioritizing regulatory assurance and corporate transparency.
| Feature |
IG
|
LegacyFX
|
|---|---|---|
| Year Founded | 1974 | 2012 |
| Publicly Traded (Listed) | Yes | No |
| Bank | Yes | No |
| Tier-1 Licenses | 8 | 1 |
| Tier-2 Licenses | 2 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 1 | 1 |
When comparing the online brokers IG and LegacyFX, a closer look at their commissions and fees reveals distinct differences in their offerings and costs. IG, rated 5 out of 5 stars for commissions and fees, positions itself as a premium option for active traders due to its Forex Direct accounts with spreads averaging 0.62 pips as of July 2023, translating to an all-in cost of 0.82 pips after commission. IG offers competitive pricing options through tiered active trader rebates and Direct Market Access (DMA), rewarding high-volume traders with notable discounts. Ranked #8 by ForexBrokers.com, IG’s pricing is a significant advantage for those seeking substantial order execution at near industry-average costs.
On the other hand, LegacyFX, which has a 3.5-star rating for commissions and fees, provides a variety of account options depending on the jurisdiction—EU or Vanuatu. LegacyFX lacks transparency around average spreads, which makes it difficult to gauge its competitiveness accurately. For the EU entity, account types like Silver, Gold, and Platinum have minimum spreads starting at 1.6 pips for the most basic account. Internationally, its seven account types, ranging from Standard to VIP, require varying minimum deposits and provide access to differing levels of client support and trading tools. Ranked #57 by ForexBrokers.com in commissions and fees, LegacyFX may not appeal to traders focused on cost-efficiency due to its higher trading costs compared to IG.
In summary, IG stands out with its attractive pricing for active traders and comprehensive execution offerings, making it a suitable choice for those prioritizing lower spreads and advanced trading options. LegacyFX, while offering diversity in account types and client support features, may lag in cost-effectiveness due to higher spreads and lesser transparency in pricing. These factors are crucial for traders considering their priorities in trading cost analysis.
| Feature |
IG
|
LegacyFX
|
|---|---|---|
| Minimum Deposit | £250.00 | $500 |
| Average Spread EUR/USD - Standard | 0.98 | N/A |
| All-in Cost EUR/USD - Active | 0.82 | N/A |
| Active Trader or VIP Discounts | Yes | Yes |
| ACH or SEPA Transfers | Yes | No |
| PayPal (Deposit/Withdraw) | Yes | 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 IG and LegacyFX in terms of available investments, IG stands out with an extensive range of options. IG provides access to an impressive 19,537 tradeable symbols, including 97 forex pairs. This contrasts with LegacyFX's more modest offering of 425 tradeable symbols, featuring 44 forex pairs. Notably, IG allows clients to invest directly in exchange-traded securities on both U.S. and international exchanges, including well-known companies like Apple and Vodafone, while LegacyFX does not offer direct investment in these securities.
In addition to traditional securities, IG also supports both direct cryptocurrency purchases and cryptocurrency derivatives, whereas LegacyFX exclusively offers cryptocurrency derivatives. Despite not offering copy trading like LegacyFX, IG excels in its investment variety, earning a top-tier 5-star rating for Range of Investments and securing the #4 spot out of 63 brokers in this category, a testament to its extensive and diverse investment offerings. In contrast, LegacyFX has a 3.5-star rating and ranks #48, reflecting its narrower selection of investments.
| Feature |
IG
|
LegacyFX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 19537 | 425 |
| Forex Pairs (Total) | 97 | 44 |
| U.S. Stock Trading (Non CFD) | Yes | No |
| Int'l Stock Trading (Non CFD) | Yes | No |
| Social Trading / Copy Trading | No | Yes |
| Cryptocurrency (Physical) | Yes | 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 IG and LegacyFX, IG stands out with a proprietary platform developed in-house, which is not offered by LegacyFX. Both brokers provide simulated trading through free virtual demo accounts, and they offer platforms for both Windows-based desktop and web-based trading. However, IG supports MetaTrader 4 (MT4), while LegacyFX supports MetaTrader 5 (MT5), catering to different trader preferences. While IG does not offer copy trading features, LegacyFX supports copy trading, providing opportunities for traders interested in mimicking successful strategies.
IG excels in charting functionality, offering 20 drawing tools compared to LegacyFX's 15, and enables trading directly from stock charts. Despite LegacyFX providing a slightly greater number of columns for watch lists, IG's platform holds a five-star rating for its superior trading tools, outclassing LegacyFX’s 3.5-star rating. This difference in user satisfaction is highlighted in the rankings by ForexBrokers.com, where IG takes the #2 spot among 63 brokers for trading platforms and tools, while LegacyFX is positioned at #60, showcasing the significant gap in platform quality and feature richness between the two brokers.
| Feature |
IG
|
LegacyFX
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | No |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | No | Yes |
| MetaTrader 4 (MT4) | Yes | No |
| MetaTrader 5 (MT5) | No | Yes |
| DupliTrade | No | No |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 33 | 30 |
| Charting - Drawing Tools (Total) | 20 | 15 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 5 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Both IG and LegacyFX provide mobile trading apps compatible with iPhone and Android devices, ensuring a seamless trading experience across different platforms. Users of both brokers can receive stock and forex price alerts and have the ability to draw trendlines and view multiple time frames on their charts. Additionally, both apps auto-save drawings, further enhancing user convenience. When it comes to watchlists, while both platforms allow for real-time quote tracking through watchlists, IG has an edge with its watchlist symbol syncing feature, which allows user preferences to update automatically between mobile and online accounts, a feature LegacyFX lacks.
In terms of technical studies available for charting, IG offers 33 compared to LegacyFX's 30, providing slightly more in-depth analysis tools for traders. IG's app consistently receives high praise, earning a five-star rating for its mobile trading app capabilities. As a testament to its quality, IG is ranked #1 out of 63 brokers by ForexBrokers.com for mobile trading apps, while LegacyFX, receiving a 3.5-star rating, is ranked at #61. This notably higher rating suggests that IG offers a more comprehensive and user-friendly mobile trading experience compared to LegacyFX.
| Feature |
IG
|
LegacyFX
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | No |
| Mobile Charting - Indicators / Studies | 33 | 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 IG and LegacyFX for market research, IG holds a notable edge. Both brokers provide daily market commentary and access to top-tier forex news from sources like Bloomberg and Reuters. They also both utilize Autochartist for technical and fundamental analysis. However, IG offers a wider range of tools, including sentiment-based trading tools that display position ratios across currency pairs, plus exclusive market research from TipRanks and tools from Acuity Trading like Signal Centre. These advantages contribute to IG's superior research capabilities.
Both IG and LegacyFX include an economic calendar that tracks global news events, keeping traders informed of crucial market changes. However, IG's comprehensive research tools and additional offerings are reflected in its higher research rating of five stars compared to LegacyFX's 3.5 stars. Ranked second out of 63 brokers by ForexBrokers.com in the research category, IG significantly outpaces LegacyFX, which stands at 46th position. This ranking underscores IG's advanced resources for traders seeking in-depth market insights.
| Feature |
IG
|
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 | Yes | No |
| Signal Centre (Acuity Trading) | Yes | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When comparing the educational resources provided by online brokers IG and LegacyFX, it’s clear that beginners looking to learn about forex and CFDs have strong offerings from both platforms. IG excels with a top-ranked position among 63 brokers, offering a wide array of educational materials including a minimum of 10 articles, videos, and archived webinars focusing on forex and CFDs. They ensure their clients stay informed with monthly webinars and accessible archives of past sessions. In addition, IG’s dedication to both novice and seasoned traders is evidenced by their extensive collection of educational videos tailored for each group, alongside a comprehensive investor dictionary that unravels over 50 investing terms.
LegacyFX, while providing similar resources like a sizable selection of educational content and monthly webinars, is rated slightly lower in the educational sphere with 3.5 stars and a ranking of 35 out of 63. Beginners can still benefit from LegacyFX’s accessible educational materials and specialized videos for both newcomers and advanced traders. Like IG, LegacyFX also features a searchable archive of webinars and a detailed investor dictionary for quick reference. However, despite these offerings, IG remains the stronger contender for educational resources, providing a more highly rated and comprehensive learning experience geared towards traders at all levels.
| Feature |
IG
|
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 IG is better than LegacyFX. IG finished with an overall rank of #1, while LegacyFX finished with an overall rank of #63.
IG offers the ultimate comprehensive trading package, featuring excellent trading and research tools, industry-leading education, and an extensive range of tradeable markets.
| Feature |
IG
|
LegacyFX
|
|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 67 |
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IG provides the option to purchase actual delivered cryptocurrencies as well as cryptocurrency derivatives, while LegacyFX exclusively offers cryptocurrency derivatives.
IG supports a diverse range of funding options including ACH, SEPA, PayPal, Visa, Mastercard, and bank wires, whereas LegacyFX provides a more limited selection with Skrill, Visa, Mastercard, and bank wires, but does not offer ACH, SEPA, or PayPal services.
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 | IG | LegacyFX | |
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| Trust Score | 99 | 67 | |
| Winner | check_circle | ||
| Review | IG Review | LegacyFX Review |
| Broker Screenshots | IG | LegacyFX | |
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| Regulation | IG | LegacyFX | |
|---|---|---|---|
| Trust Score | 99 | 67 | |
| Year Founded | 1974 | 2012 | |
| Publicly Traded (Listed) | Yes | No | |
| Bank | Yes | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 8 | 1 | |
| Tier-2 Licenses | 2 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 1 | 1 |
| Tier-1 Licenses (Highly Trusted) | IG | LegacyFX | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | No | |
| Canada (CIRO Authorised) | No | No | |
| Hong Kong (SFC Authorised) | No | No | |
| Japan (SFC Authorised) | Yes | No | |
| Singapore (MAS Authorised) | Yes | No | |
| Switzerland (FINMA Authorised) | Yes | No | |
| United Kingdom (U.K.) (FCA Authorised) | Yes | No | |
| USA (CFTC Authorized) | Yes | No | |
| New Zealand (FMA Authorised) | Yes | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes |
| Tier-2 Licenses (Trusted) | IG | LegacyFX | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | 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 | IG | LegacyFX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 19537 | 425 | |
| Forex Pairs (Total) | 97 | 44 | |
| U.S. Stock Trading (Non CFD) | Yes | No | |
| Int'l Stock Trading (Non CFD) | Yes | No | |
| Social Trading / Copy Trading | No | Yes | |
| Cryptocurrency (Physical) | Yes | 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 | IG | LegacyFX | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 0.98 | N/A | |
| All-in Cost EUR/USD - Active | 0.82 | N/A | |
| Active Trader or VIP Discounts | Yes | Yes | |
| Inactivity Fee | Yes | No | |
| Execution: Agency Broker | Yes | No | |
| Execution: Market Maker | Yes | Yes |
| Funding | IG | LegacyFX | |
|---|---|---|---|
| Minimum Deposit | £250.00 | $500 | |
| PayPal (Deposit/Withdraw) | Yes | No | |
| Skrill (Deposit/Withdraw) | No | Yes | |
| Visa/Mastercard (Credit/Debit) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | Yes | No |
| Trading Platforms | IG | LegacyFX | |
|---|---|---|---|
| Proprietary Platform | Yes | No | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | No | Yes | |
| MetaTrader 4 (MT4) | Yes | No | |
| MetaTrader 5 (MT5) | No | Yes | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | IG | LegacyFX | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 5 | 7 | |
| Charting - Indicators / Studies (Total) | 33 | 30 | |
| Charting - Drawing Tools (Total) | 20 | 15 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | IG | 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 | 33 | 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 | IG | LegacyFX | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | Yes | Yes | |
| Trading Central (Recognia) | No | No | |
| TipRanks | Yes | No | |
| Social Sentiment - Currency Pairs | Yes | No | |
| Economic Calendar | Yes | Yes |
| Education | IG | 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 | IG | 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 | IG Review | LegacyFX Review |
| Overall | IG | LegacyFX | |
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| Trust Score | 99 | 67 | |
| Winner | check_circle | ||
| Review | IG Review | LegacyFX Review |
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