Written by ForexBrokers.com
In this head to head comparison of IronFX 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.
IronFX, established in 2010, and LegacyFX, founded in 2012, are both online brokers that are not publicly traded nor are they banks. When comparing their regulatory standing, IronFX holds three Tier-1 licenses, seen as highly trusted, while LegacyFX has one Tier-1 license. Both brokers lack Tier-2 licenses, which are also recognized for a level of trust.
In terms of reliability, IronFX earns a Trust Score of 83 from ForexBrokers.com, classifying it as a trusted broker. Meanwhile, LegacyFX has a Trust Score of 67, indicating a higher risk. These scores reflect the brokers' adherence to financial regulations and customer protection standards, with IronFX being generally more favorable in terms of trusted licensing and overall score.
| Feature |
IronFX
|
LegacyFX
|
|---|---|---|
| Year Founded | 2010 | 2012 |
| Publicly Traded (Listed) | No | No |
| Bank | No | No |
| Tier-1 Licenses | 3 | 1 |
| Tier-2 Licenses | 0 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 1 | 1 |
When comparing IronFX and LegacyFX in terms of commissions and fees, both brokers present distinct pricing structures that may appeal to different types of traders. IronFX offers a Standard variable spread account with a typical spread of 1.8 pips, a figure that is above the industry average. For those looking for a zero fixed-spread option, IronFX begins at zero but charges a commission of $18 per lot, with spreads potentially widening to 3 pips overnight. Despite these higher costs, IronFX is rated 4 out of 5 stars by ForexBrokers.com and is ranked at #46 out of 63 brokers in the Commissions and Fees category.
LegacyFX's fee structure depends significantly on the client’s choice between its EU-regulated and Vanuatu international entities. EU residents can select from Silver, Gold, and Platinum accounts, with minimum deposits of $500, $5,000, and $25,000, respectively. The Platinum account boasts the lowest spreads, while the Silver option is costlier with spreads starting at 1.6 pips on major currency pairs like EUR/USD. International clients have a wider array of account options, including Standard, Bronze, Silver, Gold, Platinum, Premium, and VIP levels, with varying levels of client support and trading tool access.
Absent of average spread data renders a cost assessment challenging for LegacyFX, earning them a slightly lower rating of 3.5 stars and a rank of #57 out of 63 brokers in the same category by ForexBrokers.com. Both IronFX and LegacyFX offer different advantages and cater to specific trading preferences, with IronFX providing more transparency in its spread information, albeit at generally higher costs.
| Feature |
IronFX
|
LegacyFX
|
|---|---|---|
| Minimum Deposit | $50 | $500 |
| Average Spread EUR/USD - Standard | 1.2 | N/A |
| All-in Cost EUR/USD - Active | N/A | N/A |
| Active Trader or VIP Discounts | Yes | Yes |
| ACH or SEPA Transfers | No | No |
| PayPal (Deposit/Withdraw) | No | 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.
IronFX and LegacyFX both offer diverse investment options, including forex trading in the form of CFDs and spot contracts. IronFX provides access to 340 tradable symbols and an impressive range of 83 forex pairs, catering to those who are particularly keen on forex trading opportunities. In contrast, LegacyFX offers a total of 425 tradable symbols, but with a smaller selection of 44 forex pairs. This indicates that while IronFX excels with its variety in forex options, LegacyFX surpasses with a wider overall selection of symbols.
Both brokers currently restrict clients from purchasing actual stocks or exchange-traded securities on both U.S. and international exchanges, meaning investments in companies like Apple or Vodafone are out of reach through traditional means. However, they do offer avenues in the form of cryptocurrency derivatives for traders looking to venture into digital assets. Both platforms support copy trading, enabling users to follow and mimic successful strategies of skilled investors. Rated equally in their range of investments, IronFX and LegacyFX each receive 3.5 stars, with ForexBrokers.com rankings placing IronFX at #51 and LegacyFX slightly ahead at #48.
| Feature |
IronFX
|
LegacyFX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 340 | 425 |
| Forex Pairs (Total) | 83 | 44 |
| U.S. Stock Trading (Non CFD) | No | No |
| Int'l Stock Trading (Non CFD) | No | 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). | 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 it comes to trading platforms and tools, both IronFX and LegacyFX present a range of similar features that cater to both novice and experienced traders. Both brokers offer simulated trading with virtual demo accounts, allowing users to practice without financial risk. Though neither company provides a proprietary platform, clients can access Windows-based desktop platforms and web-based trading environments with both brokers. For those interested in automated trading, both IronFX and LegacyFX support copy trading functionalities. However, a significant difference arises in platform offerings; IronFX supports MetaTrader 4 (MT4), while LegacyFX opts for MetaTrader 5 (MT5) as their platform of choice.
For charting tools, both IronFX and LegacyFX provide equal resources, offering 15 drawing tools to assist traders in their analysis, as well as the ability to trade directly from a stock chart. They also facilitate a similar experience in managing watch lists, with seven columns available for customization. Despite these comparable offerings, both brokers have been rated 3.5 out of 5 stars for their trading platforms and tools. However, they rank near the lower end of the scale among 63 brokerage firms reviewed by ForexBrokers.com, with IronFX at the 61st position and LegacyFX narrowly ahead at 60th.
| Feature |
IronFX
|
LegacyFX
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | No | No |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | Yes | Yes |
| MetaTrader 4 (MT4) | Yes | No |
| MetaTrader 5 (MT5) | No | 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 IronFX and LegacyFX, both platforms offer apps for iPhone and Android devices. They also provide stock and forex price alerts, facilitate drawing trendlines on charts, and allow users to create watchlists with real-time quotes. Each app includes 30 technical studies for charting and enables viewing charts in various time frames like daily, weekly, or intraday. Additionally, these apps can automatically save chart drawings, although neither supports watchlist symbol syncing between the app and online accounts. Despite these features, both platforms have received a rating of 3.5 out of 5 stars for their mobile trading apps.
In terms of rankings from ForexBrokers.com, LegacyFX holds a slight advantage, securing the 61st position out of 63 brokers, while IronFX ranks 62nd. Whether you're an advanced trader or just starting, it's clear that both brokers offer comprehensive functionality for trading on the go, while also having room for improvement in their mobile services based on consumer rankings. While features like charting tools and alerts are well-covered, those relying heavily on synced watchlists may find the lack of this feature a limitation when managing their portfolios across devices.
| Feature |
IronFX
|
LegacyFX
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | No | 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.
Both IronFX and LegacyFX offer daily market commentary and access to forex news from top-tier sources such as Bloomberg and Reuters, providing traders with timely updates and insights. While IronFX integrates tools from Trading Central, offering enhanced technical analytics to its users, LegacyFX differentiates itself by utilizing Autochartist, which delivers a distinct suite of analysis and research capabilities. Although neither broker supplies sentiment-based trading tools nor collaborates with TipRanks or Acuity Trading, they both feature economic calendars to keep users informed of global news events.
In terms of research ratings, IronFX is rated slightly higher at 4 stars compared to LegacyFX's 3.5 stars. This is reflected in their respective rankings by ForexBrokers.com, where IronFX is placed at number 28, while LegacyFX is ranked at number 46 out of 63 brokers. These rankings suggest IronFX has a marginal edge in research offerings, although both platforms provide substantial resources for informed trading decisions.
| Feature |
IronFX
|
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 | No | 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, both IronFX and LegacyFX offer solid options for those starting out in forex or CFDs trading. Each provides at least ten educational pieces, such as articles and videos, making foundational knowledge accessible. Both brokers also have searchable archives of webinars for revisiting past sessions. However, LegacyFX goes a step further by hosting monthly webinars to keep learners engaged with fresh content, a service IronFX does not provide.
Beginners can find over ten targeted educational videos with both brokers, but LegacyFX has an edge for advanced traders with additional in-depth video content. Both IronFX and LegacyFX supply an investor dictionary with more than 50 defined terms, supporting users in their learning journey. Despite LegacyFX’s broader webinar and advanced video offerings, IronFX receives a slightly higher education rating at 4 stars compared to LegacyFX's 3.5 stars. Yet, in terms of reputation, LegacyFX is ranked higher on ForexBrokers.com's Education category, standing at 35 out of 63 brokers, while IronFX is at 44.
| Feature |
IronFX
|
LegacyFX
|
|---|---|---|
| Education (Forex or CFDs) | Yes | Yes |
| Client Webinars | No | Yes |
| Client Webinars (Archived) | Yes | Yes |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | No | 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 IronFX is better than LegacyFX. IronFX finished with an overall rank of #48, while LegacyFX finished with an overall rank of #63.
IronFX has come a long way to rebuild its brand, acquiring multiple regulatory licenses to improve its Trust Score, and creating balanced educational material. That said, pricing is an area where IronFX has room to further improve as spreads appeared higher than the industry average.
| Feature |
IronFX
|
LegacyFX
|
|---|---|---|
| Overall Rating |
|
|
| Trust Score | 83 | 67 |
| Range of Investments |
|
|
| Commissions & Fees |
|
|
| Platforms & Tools |
|
|
| Research |
|
|
| Mobile Trading |
|
|
| Education |
|
|
Both IronFX and LegacyFX do not offer the ability to buy actual (delivered) cryptocurrency; however, they both provide options for purchasing cryptocurrency derivatives.
Both IronFX and LegacyFX allow account deposits and withdrawals via Skrill, Visa, Mastercard, and bank wires, but neither supports ACH, SEPA transfers, or PayPal options.
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.
Select Brokers
↓×Compare
0 of 5| Overall Rating | IronFX | LegacyFX | |
|---|---|---|---|
| Overall Rating |
|
| |
| Commissions & Fees |
|
| |
| Range of Investments |
|
| |
| Platforms & Tools |
|
| |
| Mobile Trading |
|
| |
| Research |
|
| |
| Education |
|
| |
| Trust Score | 83 | 67 | |
| Winner | check_circle | ||
| Review | LegacyFX Review |
| Broker Screenshots | IronFX | LegacyFX | |
|---|---|---|---|
| Trading Platforms Gallery (click to expand) |
| ||
| Mobile Trading Gallery (click to expand) |
| ||
| Research Gallery (click to expand) |
| ||
| Education Gallery (click to expand) |
|
| Regulation | IronFX | LegacyFX | |
|---|---|---|---|
| Trust Score | 83 | 67 | |
| Year Founded | 2010 | 2012 | |
| Publicly Traded (Listed) | No | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 3 | 1 | |
| Tier-2 Licenses | 0 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 1 | 1 |
| Tier-1 Licenses (Highly Trusted) | IronFX | LegacyFX | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | 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) | IronFX | 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 | IronFX | LegacyFX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 340 | 425 | |
| Forex Pairs (Total) | 83 | 44 | |
| U.S. Stock Trading (Non CFD) | No | No | |
| Int'l Stock Trading (Non CFD) | No | 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). | 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 | IronFX | LegacyFX | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.2 | N/A | |
| All-in Cost EUR/USD - Active | N/A | N/A | |
| Active Trader or VIP Discounts | Yes | Yes | |
| Inactivity Fee | No | No | |
| Execution: Agency Broker | Yes | No | |
| Execution: Market Maker | Yes | Yes |
| Funding | IronFX | LegacyFX | |
|---|---|---|---|
| Minimum Deposit | $50 | $500 | |
| PayPal (Deposit/Withdraw) | No | 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 | IronFX | LegacyFX | |
|---|---|---|---|
| Proprietary Platform | No | No | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | Yes | Yes | |
| MetaTrader 4 (MT4) | Yes | No | |
| MetaTrader 5 (MT5) | No | Yes | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | IronFX | 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 | IronFX | LegacyFX | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | No | 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 | IronFX | LegacyFX | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | No | Yes | |
| Trading Central (Recognia) | Yes | No | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | No | No | |
| Economic Calendar | Yes | Yes |
| Education | IronFX | LegacyFX | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | Yes | |
| Client Webinars | No | Yes | |
| Client Webinars (Archived) | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | No | Yes | |
| Investor Dictionary (Glossary) | Yes | Yes |
| Major Forex Pairs | IronFX | 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 | IronFX | LegacyFX | |
|---|---|---|---|
| Overall Rating |
|
| |
| Commissions & Fees |
|
| |
| Range of Investments |
|
| |
| Platforms & Tools |
|
| |
| Mobile Trading |
|
| |
| Research |
|
| |
| Education |
|
| |
| Trust Score | 83 | 67 | |
| Winner | check_circle | ||
| Review | LegacyFX Review |
IG
CMC Markets
FOREX.com
XTB
eToro
AvaTrade
Plus500
Pepperstone
FP Markets
Tickmill
