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Interactive Brokers vs LegacyFX 2025

ForexBrokers.com

Written by ForexBrokers.com

February 05, 2025

In this head to head comparison of Interactive Brokers vs LegacyFX, we will compare the trading platforms, mobile apps, range of investments, costs, market research, and more. Let's dive in.

Interactive Brokers
5/5 Stars Overall
  • Minimum Deposit: $0
  • Trust Score: 99
  • Tradeable Symbols (Total): 8500
LegacyFX
3.5/5 Stars Overall
  • Minimum Deposit: $500
  • Trust Score: 67
  • Tradeable Symbols (Total): 425

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.

Regulation

Interactive Brokers and LegacyFX are both players in the online brokerage world, yet they stand apart in terms of trust and regulatory endorsements. Interactive Brokers, founded in 1977, has a stellar reputation, reflected by its maximum Trust Score of 99 out of 99 from ForexBrokers.com. It holds 9 Tier-1 licenses and 2 Tier-2 licenses, highlighting its strong compliance with top financial authorities. Furthermore, as a publicly traded company, Interactive Brokers offers transparency that can be reassuring for many investors, though it is not a bank.

In contrast, LegacyFX, founded more recently in 2012, is seen as having a higher risk with a Trust Score rating of 67 out of 99. While it is licensed with 1 Tier-1, it lacks any Tier-2 licenses, which may raise concerns for potential clients. Unlike Interactive Brokers, LegacyFX is not publicly traded, which might limit insights into its corporate practices. Similar to Interactive Brokers, LegacyFX is also not a bank. These differences highlight Interactive Brokers as the more regulated and potentially safer choice for cautious investors.

Feature Interactive Brokers logoInteractive Brokers
LegacyFX logoLegacyFX
Year Founded info 1977 2012
Publicly Traded (Listed) info Yes No
Bank info No No
Tier-1 Licenses info 9 1
Tier-2 Licenses info 2 0
Tier-3 Licenses info 0 0
Tier-4 Licenses info 0 1

Fees

Interactive Brokers offers compelling forex trading conditions with commissions that start at 0.2 basis points of the USD trade value, with a minimum fee of $2 per order. While specifics on average spreads are not published, the EUR/USD pair showed an average spread of 0.59 pips when including commission, ranking them competitively among brokers. For active traders, discounts are available, reducing per-order costs significantly as trading volumes increase. This makes Interactive Brokers an attractive choice for high-volume traders, supported by their aggregation of prices from 17 leading interbank forex dealers. Interactive Brokers' commission and fee structure has earned it a 5-star rating and a commendable #2 rank out of 63 brokers in this segment.

LegacyFX offers varying account types with different trading conditions, depending on whether you're using the EU-regulated or international entity. The absence of average spreads data makes cost assessment difficult, but the three EU account tiers—Silver, Gold, and Platinum—require minimum deposits of $500, $5,000, and $25,000, respectively, with spreads being lowest on the Platinum account. International clients have access to seven account types, where benefits include enhanced client support and access to trading tools. LegacyFX stands at a 3.5-star rating and ranks #57 out of 63 brokers for commissions and fees, reflecting its relatively higher trading costs compared to other brokers.

While Interactive Brokers shines for active traders due to its competitive pricing and discount structure, LegacyFX provides a wider range of account options, catering to different levels of trader support and trading experience. However, when considering costs, Interactive Brokers generally presents a more economical choice, significantly impacting its superior ranking and rating in the competitive broker landscape.

Feature Interactive Brokers logoInteractive Brokers
LegacyFX logoLegacyFX
Minimum Deposit info $0 $500
Average Spread EUR/USD - Standard info 0.59 info N/A
All-in Cost EUR/USD - Active info 0.59 info N/A
Active Trader or VIP Discounts info Yes Yes
ACH or SEPA Transfers info Yes No
PayPal (Deposit/Withdraw) info No No
Skrill (Deposit/Withdraw) info No Yes
Visa/Mastercard (Credit/Debit) info No Yes
Bank Wire (Deposit/Withdraw) info Yes Yes

Dive deeper: Best Low Spread Forex Brokers.

Featured Offers


Range of investments

When examining the range of investment options available, Interactive Brokers clearly stands out as a leader compared to LegacyFX. Interactive Brokers offers an impressive 8,500 tradeable symbols, which includes a diverse mix of assets such as equities, options, futures, and more. This comprehensive range allows clients to trade 90 forex pairs, and they also have the option to purchase actual cryptocurrencies alongside derivatives. Furthermore, Interactive Brokers provides access to exchange-traded securities from both U.S. and international markets, adding to their extensive offerings. In contrast, LegacyFX features 425 tradeable symbols and 44 forex pairs, without options for direct stock purchases from U.S. or international exchanges. Additionally, while LegacyFX supports the purchase of cryptocurrency derivatives, it does not offer the ability to buy real cryptocurrencies.

Despite lacking copy trading options, Interactive Brokers is rated 5 out of 5 stars for its range of investments, securing the number one position on ForexBrokers.com's list of 63 brokers. On the other hand, LegacyFX supports copy trading but receives a lower rating of 3.5 stars, ranking it 48th on the same list. This comparison highlights Interactive Brokers' superior investment variety, making it an attractive option for investors seeking a wide selection of global financial instruments.

Feature Interactive Brokers logoInteractive Brokers
LegacyFX logoLegacyFX
Forex Trading (Spot or CFDs) info Yes Yes
Tradeable Symbols (Total) info 8500 425
Forex Pairs (Total) info 90 44
U.S. Stock Trading (Non CFD) info Yes No
Int'l Stock Trading (Non CFD) info Yes No
Social Trading / Copy Trading info No Yes
Cryptocurrency (Physical) info Yes No
Cryptocurrency (Derivative) info 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.

Trading platforms and tools

Interactive Brokers and LegacyFX both offer their users the ability to engage in paper trading, allowing traders to practice and refine their strategies with a free virtual demo account. While both brokers provide web-based and Windows-based desktop trading platforms, Interactive Brokers stands out with its proprietary platform developed in-house. In contrast, LegacyFX does not have a proprietary platform but offers MetaTrader 5 (MT5), appealing to traders familiar with this popular software. An area where LegacyFX takes the lead is in copy trading, a service not available with Interactive Brokers.

In terms of technical tools, Interactive Brokers impresses by providing 85 drawing tools for charting compared to LegacyFX’s 15. Furthermore, Interactive Brokers facilitates a more comprehensive experience by offering 659 columns for watch lists, greatly surpassing LegacyFX's 7 fields. Both brokers allow trading directly from stock charts. However, in terms of overall platform rating, Interactive Brokers is rated 5 stars by ForexBrokers.com and ranks #3 out of 63 brokers, whereas LegacyFX receives a 3.5-star rating and ranks #60. These distinctions highlight Interactive Brokers as a more advanced choice for trading platforms and tools.

Feature Interactive Brokers logoInteractive Brokers
LegacyFX logoLegacyFX
Virtual Trading (Demo) info Yes Yes
Proprietary Platform info Yes No
Desktop Platform (Windows) info Yes Yes
Web Platform info Yes Yes
Social Trading / Copy Trading info No Yes
MetaTrader 4 (MT4) info No No
MetaTrader 5 (MT5) info No Yes
DupliTrade info No No
ZuluTrade info No No
Charting - Indicators / Studies (Total) info 155 30
Charting - Drawing Tools (Total) info 85 15
Charting - Trade From Chart info Yes Yes
Watchlists - Total Fields info 659 7

Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.

Forex trading apps

Interactive Brokers and LegacyFX both offer mobile trading apps for iPhone and Android users, making it easy to trade on the go. Both apps support price alerts for stock or forex, and users can create watchlists with real-time quotes. However, when it comes to watchlist syncing, Interactive Brokers stands out as it allows synchronization with the client's online account, ensuring seamless updates across platforms. On the other hand, LegacyFX does not offer this feature, which may require users to manually update lists separately on different devices.

For traders interested in technical analysis, Interactive Brokers provides an extensive toolkit with 97 technical studies compared to LegacyFX's 30. Both apps support drawing trendlines and viewing multiple time frames on charts, although only LegacyFX saves chart drawings automatically. Interactive Brokers receives a high rating of 5 stars for its mobile app, ranking 4th out of 63 brokers by ForexBrokers.com, reflecting its usability and features. Meanwhile, LegacyFX has a 3.5-star rating, ranked 61st, highlighting areas for improvement in its mobile trading experience.

Feature Interactive Brokers logoInteractive Brokers
LegacyFX logoLegacyFX
Android App info Yes Yes
Apple iOS App info Yes Yes
Mobile Alerts - Basic Fields info Yes Yes
Watchlist Syncing info Yes No
Mobile Charting - Indicators / Studies info 97 30
Mobile Charting - Draw Trendlines info Yes Yes
Mobile Charting - Multiple Time Frames info Yes Yes
Mobile Charting - Drawings Autosave info No Yes
Mobile Watchlist info Yes Yes

Dive deeper: Best Forex Trading Apps.

Market research

When comparing the market research offerings between Interactive Brokers and LegacyFX, both platforms provide daily market commentary and access to forex news from reputable sources like Bloomberg and Reuters. However, Interactive Brokers stands out with a wider range of research tools. It incorporates insights from Trading Central, sentiment-based trading tools, analysis from TipRanks, and tools from Acuity Trading such as Signal Centre. On the other hand, LegacyFX leverages tools from Autochartist but lacks some of the advanced features that Interactive Brokers offers.

In terms of rankings and recognition, Interactive Brokers is highly acclaimed in the industry with a research rating of five stars and a third-place ranking out of 63 brokers on ForexBrokers.com. Meanwhile, LegacyFX is awarded 3.5 stars for its research capabilities and holds the 46th position in the same rankings. Both brokers offer an economic calendar, highlighting their commitment to providing information on global economic events, but Interactive Brokers' comprehensive suite of tools gives it a discernible edge in market research.

Feature Interactive Brokers logoInteractive Brokers
LegacyFX logoLegacyFX
Daily Market Commentary info Yes Yes
Forex News (Top-Tier Sources) info Yes Yes
Autochartist info No Yes
Trading Central (Recognia) info Yes No
Social Sentiment - Currency Pairs info Yes No
TipRanks info Yes No
Signal Centre (Acuity Trading) info Yes No
Economic Calendar info Yes Yes

Dive deeper: Best Brokers for Forex Research.

Beginners and education

When comparing the educational offerings for beginners at Interactive Brokers and LegacyFX, both brokers excel in providing a consistent and comprehensive learning experience. Interactive Brokers impresses with a wealth of forex and CFDs educational content, alongside monthly live webinars and a library of past sessions. Their array of beginner-friendly resources includes over ten tailored videos that cover essential trading concepts efficiently. Additionally, Interactive Brokers’ investor dictionary offers clear explanations of over 50 investing terms, making it a valuable tool for newcomers. Rated 5 stars for education, Interactive Brokers stands out as the third-best among 63 brokers according to ForexBrokers.com.

Similarly, LegacyFX also delivers valuable educational content with more than ten educational pieces focused on forex and CFDs and hosts regular webinars to engage clients. They offer a collection of beginner videos akin to Interactive Brokers and maintain a searchable archive of past webinars for easy access. They match the interactive tools provided by Interactive Brokers with their own comprehensive investor dictionary. Despite these offerings, LegacyFX is rated 3.5 stars overall for education and ranks 35th, suggesting that while they provide substantial resources, there may be areas where they lag slightly behind Interactive Brokers in overall educational quality and engagement strategies.

Feature Interactive Brokers logoInteractive Brokers
LegacyFX logoLegacyFX
Education (Forex or CFDs) info Yes Yes
Client Webinars info Yes Yes
Client Webinars (Archived) info Yes Yes
Videos - Beginner Trading Videos info Yes Yes
Videos - Advanced Trading Videos info Yes Yes
Investor Dictionary (Glossary) info Yes Yes

Dive deeper: Best Forex Brokers for Beginners.

Winner

After testing 63 of the best forex brokers, our research and account testing finds that Interactive Brokers is better than LegacyFX. Interactive Brokers finished with an overall rank of #2, while LegacyFX finished with an overall rank of #63.

Interactive Brokers is a highly trusted multi-asset broker with an extensive offering of tradeable global markets. It delivers competitive fees and high-quality research and education, as well as a modern, institutional-grade trading platform suite.

Feature Interactive Brokers logoInteractive Brokers
LegacyFX logoLegacyFX
Overall Rating info 5/5 Stars 3.5/5 Stars
Trust Score info 99 67
Range of Investments 5/5 Stars 3.5/5 Stars
Commissions & Fees 5/5 Stars 3.5/5 Stars
Platforms & Tools 5/5 Stars 3.5/5 Stars
Research 5/5 Stars 3.5/5 Stars
Mobile Trading 5/5 Stars 3.5/5 Stars
Education 5/5 Stars 3.5/5 Stars

FAQs

Can you trade cryptocurrency with Interactive Brokers or LegacyFX?

Interactive Brokers allows users to purchase actual (delivered) cryptocurrencies and offers cryptocurrency derivatives, while LegacyFX only provides cryptocurrency derivatives without the option to buy the actual cryptocurrencies.

What funding options does each broker offer?

When comparing Interactive Brokers and LegacyFX in terms of deposit and withdrawal options, Interactive Brokers supports ACH and SEPA transfers as well as bank wires, while LegacyFX offers bank wires, Skrill, and credit card transactions with Visa or Mastercard, but neither broker supports PayPal.




announcementPlease 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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Compare

0 of 5
Overall Rating Interactive Brokers LegacyFX
Overall Rating info 5/5 Stars 3.5/5 Stars
Commissions & Fees 5/5 Stars 3.5/5 Stars
Range of Investments 5/5 Stars 3.5/5 Stars
Platforms & Tools 5/5 Stars 3.5/5 Stars
Mobile Trading 5/5 Stars 3.5/5 Stars
Research 5/5 Stars 3.5/5 Stars
Education 5/5 Stars 3.5/5 Stars
Trust Score info 99 67
Winner check_circle
Review Interactive Brokers Review LegacyFX Review
Broker Screenshots Interactive Brokers LegacyFX
Trading Platforms Gallery (click to expand) info
Mobile Trading Gallery (click to expand) info
Research Gallery (click to expand) info
Education Gallery (click to expand) info
Regulation Interactive Brokers LegacyFX
Trust Score info 99 67
Year Founded info 1977 2012
Publicly Traded (Listed) info Yes No
Bank info No No
Regulated in one or more EU or EEA countries (MiFID). info Yes info Yes info
Tier-1 Licenses info 9 1
Tier-2 Licenses info 2 0
Tier-3 Licenses info 0 0
Tier-4 Licenses info 0 1
Tier-1 Licenses (Highly Trusted) Interactive Brokers LegacyFX
Australia (ASIC Authorised) info Yes No
Canada (CIRO Authorised) info Yes No
Hong Kong (SFC Authorised) info Yes No
Japan (SFC Authorised) info Yes No
Singapore (MAS Authorised) info Yes No
Switzerland (FINMA Authorised) info Yes No
United Kingdom (U.K.) (FCA Authorised) info Yes No
USA (CFTC Authorized) info Yes No
New Zealand (FMA Authorised) info No No
Regulated in one or more EU or EEA countries (MiFID). info Yes info Yes info
Tier-2 Licenses (Trusted) Interactive Brokers LegacyFX
Kenya (CMA Authorised) info No No
Israel (ISA Authorised) info No No
South Africa (FSCA Authorised) info No No
UAE (DFSA/Central Bank Authorised) info Yes No
India (SEBI Authorised) info Yes No
Jordan (JSC Authorised) info No No
Investments Interactive Brokers LegacyFX
Forex Trading (Spot or CFDs) info Yes Yes
Tradeable Symbols (Total) info 8500 425
Forex Pairs (Total) info 90 44
U.S. Stock Trading (Non CFD) info Yes No
Int'l Stock Trading (Non CFD) info Yes No
Social Trading / Copy Trading info No Yes
Cryptocurrency (Physical) info Yes No
Cryptocurrency (Derivative) info 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 Interactive Brokers LegacyFX
Average Spread EUR/USD - Standard info 0.59 info N/A
All-in Cost EUR/USD - Active info 0.59 info N/A
Active Trader or VIP Discounts info Yes Yes
Inactivity Fee info No No
Execution: Agency Broker info Yes No
Execution: Market Maker info No Yes
Funding Interactive Brokers LegacyFX
Minimum Deposit info $0 $500
PayPal (Deposit/Withdraw) info No No
Skrill (Deposit/Withdraw) info No Yes
Visa/Mastercard (Credit/Debit) info No Yes
Bank Wire (Deposit/Withdraw) info Yes Yes
ACH or SEPA Transfers info Yes No
Trading Platforms Interactive Brokers LegacyFX
Proprietary Platform info Yes No
Desktop Platform (Windows) info Yes Yes
Web Platform info Yes Yes
Social Trading / Copy Trading info No Yes
MetaTrader 4 (MT4) info No No
MetaTrader 5 (MT5) info No Yes
cTrader info No No
DupliTrade info No No
ZuluTrade info No No
Trading Tools Interactive Brokers LegacyFX
Virtual Trading (Demo) info Yes Yes
Alerts - Basic Fields info Yes Yes
Watchlists - Total Fields info 659 7
Charting - Indicators / Studies (Total) info 155 30
Charting - Drawing Tools (Total) info 85 15
Charting - Trade From Chart info Yes Yes
Charts can be saved info Yes Yes
Mobile Trading Interactive Brokers LegacyFX
Android App info Yes Yes
Apple iOS App info Yes Yes
Mobile Alerts - Basic Fields info Yes Yes
Mobile Watchlist info Yes Yes
Watchlist Syncing info Yes No
Mobile Charting - Indicators / Studies info 97 30
Mobile Charting - Draw Trendlines info Yes Yes
Mobile Charting - Multiple Time Frames info Yes Yes
Mobile Charting - Drawings Autosave info No Yes
Mobile Economic Calendar info Yes Yes
Research Interactive Brokers LegacyFX
Daily Market Commentary info Yes Yes
Forex News (Top-Tier Sources) info Yes Yes
Autochartist info No Yes
Trading Central (Recognia) info Yes No
TipRanks info Yes No
Social Sentiment - Currency Pairs info Yes No
Economic Calendar info Yes Yes
Education Interactive Brokers LegacyFX
Education (Forex or CFDs) info Yes Yes
Client Webinars info Yes Yes
Client Webinars (Archived) info Yes Yes
Videos - Beginner Trading Videos info Yes Yes
Videos - Advanced Trading Videos info Yes Yes
Investor Dictionary (Glossary) info Yes Yes
Major Forex Pairs Interactive Brokers LegacyFX
GBP/USD info Yes Yes
USD/JPY info Yes Yes
EUR/USD info Yes Yes
USD/CHF info Yes Yes
USD/CAD info Yes Yes
NZD/USD info Yes Yes
AUD/USD info Yes Yes
Review Interactive Brokers Review LegacyFX Review
Overall Interactive Brokers LegacyFX
Overall Rating info 5/5 Stars 3.5/5 Stars
Commissions & Fees 5/5 Stars 3.5/5 Stars
Range of Investments 5/5 Stars 3.5/5 Stars
Platforms & Tools 5/5 Stars 3.5/5 Stars
Mobile Trading 5/5 Stars 3.5/5 Stars
Research 5/5 Stars 3.5/5 Stars
Education 5/5 Stars 3.5/5 Stars
Trust Score info 99 67
Winner check_circle
Review Interactive Brokers Review LegacyFX Review
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