Written by ForexBrokers.com
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.
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.
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
|
LegacyFX
|
|---|---|---|
| Year Founded | 1977 | 2012 |
| Publicly Traded (Listed) | Yes | No |
| Bank | No | No |
| Tier-1 Licenses | 9 | 1 |
| Tier-2 Licenses | 2 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 1 |
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
|
LegacyFX
|
|---|---|---|
| Minimum Deposit | $0 | $500 |
| Average Spread EUR/USD - Standard | 0.59 | N/A |
| All-in Cost EUR/USD - Active | 0.59 | N/A |
| Active Trader or VIP Discounts | Yes | Yes |
| ACH or SEPA Transfers | Yes | No |
| PayPal (Deposit/Withdraw) | No | No |
| Skrill (Deposit/Withdraw) | No | Yes |
| Visa/Mastercard (Credit/Debit) | No | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
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
|
LegacyFX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 8500 | 425 |
| Forex Pairs (Total) | 90 | 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.
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
|
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) | No | No |
| MetaTrader 5 (MT5) | No | Yes |
| DupliTrade | No | No |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 155 | 30 |
| Charting - Drawing Tools (Total) | 85 | 15 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 659 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
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
|
LegacyFX
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | No |
| Mobile Charting - Indicators / Studies | 97 | 30 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Multiple Time Frames | Yes | Yes |
| Mobile Charting - Drawings Autosave | No | Yes |
| Mobile Watchlist | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
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
|
LegacyFX
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | No | Yes |
| Trading Central (Recognia) | Yes | 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 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
|
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 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
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LegacyFX
|
|---|---|---|
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| Trust Score | 99 | 67 |
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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.
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.
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 | Interactive Brokers | LegacyFX | |
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| Trust Score | 99 | 67 | |
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| Review | Interactive Brokers Review | LegacyFX Review |
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| Regulation | Interactive Brokers | LegacyFX | |
|---|---|---|---|
| Trust Score | 99 | 67 | |
| Year Founded | 1977 | 2012 | |
| Publicly Traded (Listed) | Yes | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 9 | 1 | |
| Tier-2 Licenses | 2 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 1 |
| Tier-1 Licenses (Highly Trusted) | Interactive Brokers | LegacyFX | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | No | |
| Canada (CIRO Authorised) | Yes | No | |
| Hong Kong (SFC Authorised) | Yes | 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) | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes |
| Tier-2 Licenses (Trusted) | Interactive Brokers | LegacyFX | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA/Central Bank Authorised) | Yes | No | |
| India (SEBI Authorised) | Yes | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | Interactive Brokers | LegacyFX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 8500 | 425 | |
| Forex Pairs (Total) | 90 | 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 | Interactive Brokers | LegacyFX | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 0.59 | N/A | |
| All-in Cost EUR/USD - Active | 0.59 | N/A | |
| Active Trader or VIP Discounts | Yes | Yes | |
| Inactivity Fee | No | No | |
| Execution: Agency Broker | Yes | No | |
| Execution: Market Maker | No | Yes |
| Funding | Interactive Brokers | LegacyFX | |
|---|---|---|---|
| Minimum Deposit | $0 | $500 | |
| PayPal (Deposit/Withdraw) | No | No | |
| Skrill (Deposit/Withdraw) | No | Yes | |
| Visa/Mastercard (Credit/Debit) | No | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | Yes | No |
| Trading Platforms | Interactive Brokers | LegacyFX | |
|---|---|---|---|
| Proprietary Platform | Yes | No | |
| Desktop Platform (Windows) | Yes | 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 | Interactive Brokers | LegacyFX | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 659 | 7 | |
| Charting - Indicators / Studies (Total) | 155 | 30 | |
| Charting - Drawing Tools (Total) | 85 | 15 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | Interactive Brokers | 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 | 97 | 30 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Multiple Time Frames | Yes | Yes | |
| Mobile Charting - Drawings Autosave | No | Yes | |
| Mobile Economic Calendar | Yes | Yes |
| Research | Interactive Brokers | LegacyFX | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | No | Yes | |
| Trading Central (Recognia) | Yes | No | |
| TipRanks | Yes | No | |
| Social Sentiment - Currency Pairs | Yes | No | |
| Economic Calendar | Yes | Yes |
| Education | Interactive Brokers | 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 | Interactive Brokers | 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 | Interactive Brokers Review | LegacyFX Review |
| Overall | Interactive Brokers | LegacyFX | |
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| Trust Score | 99 | 67 | |
| Winner | check_circle | ||
| Review | Interactive Brokers Review | LegacyFX Review |
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