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 two online brokers that offer trading services to investors. When comparing their trustworthiness based on ForexBrokers.com ratings, IronFX holds a Trust Score of 83, placing it in the "trusted" category, while LegacyFX has a score of 67, indicating a "high risk" profile. Neither company is publicly traded or operates as a bank. In terms of regulatory licensing, IronFX is ahead with 3 Tier-1 licenses, which are highly regarded by ForexBrokers.com, whereas LegacyFX possesses just 1 Tier-1 license. Both brokers lack Tier-2 licenses.
| Feature |
IronFX
|
LegacyFX
|
|---|---|---|
| Year Founded | 2010 | 2012 |
| Publicly Traded (Listed) | ||
| Bank | ||
| 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 | ||
| PayPal (Deposit/Withdraw) | ||
| 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 opportunities for forex trading as CFDs or spot contracts. When it comes to the sheer quantity of tradable symbols, LegacyFX leads with 425 options, while IronFX offers 340. For those particularly interested in forex pairs, IronFX has an edge with 83 pairs compared to LegacyFX's 44. Both brokers fall short when it comes to trading exchange-traded securities on U.S. and international exchanges, as they do not provide this option. Additionally, neither broker offers the ability to buy actual cryptocurrencies; however, they do offer cryptocurrency derivatives.
Both IronFX and LegacyFX provide copy trading, which is a useful feature for investors looking to follow the strategies of experienced traders. In terms of ratings, both brokers receive a similar score of 3.5 stars for their range of investments. Furthermore, according to ForexBrokers.com, IronFX is ranked 51st, while LegacyFX is slightly ahead at 48th out of 63 brokers in the range of investments category. These details suggest that while both platforms offer comparable services in some areas, LegacyFX may have a slight advantage in the breadth of its tradeable symbol options.
| 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) | ||
| Int'l Stock Trading (Non CFD) | ||
| Social Trading / Copy Trading | Yes | Yes |
| Cryptocurrency (Physical) | ||
| 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.
IronFX and LegacyFX offer comparably matching trading platforms and tools for both new and seasoned traders. Both brokers provide access to demo accounts for simulated trading, assisting beginners in honing their skills without engaging real capital. Each offers platforms that cater to various user preferences, as they include a Windows-based desktop solution and operate seamlessly via web browsers. For those interested in mirrored trading, both brokers support copy trading features. While IronFX is compatible with MetaTrader 4 (MT4), LegacyFX users benefit from access to MetaTrader 5 (MT5), offering a modern edge with more advanced features.
Charting capabilities at both IronFX and LegacyFX include 15 drawing tools, alongside the option to trade directly from a stock chart, streamlining the trading process. Watchlists can be tailored with seven columns, allowing traders to focus on preferred data points efficiently. Despite these features, both brokers share a 3.5-star rating for their trading platforms and tools category, indicating room for improvement. In a comparison among 63 brokers, IronFX and LegacyFX are closely ranked at #61 and #60, respectively, showcasing their comparable offerings but also suggesting they might not be the top choice for traders prioritizing superior trading platforms.
| Feature |
IronFX
|
LegacyFX
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | ||
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | Yes | Yes |
| MetaTrader 4 (MT4) | Yes | |
| MetaTrader 5 (MT5) | Yes | |
| DupliTrade | ||
| ZuluTrade | ||
| 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.
IronFX and LegacyFX both offer mobile trading apps that are available for iPhone and Android devices, making them accessible to a wide range of users. Both platforms have similar features, allowing traders to receive stock or forex price alerts, sync watchlist symbols with their online accounts, and create watchlists with real-time quotes. Each app comes with 30 technical studies for charting, offers the ability to draw trendlines, and provides multiple time frames for viewing stock or forex charts. Both apps also auto-save drawings, ensuring that users can conveniently pick up where they left off.
When it comes to ratings, IronFX and LegacyFX mobile trading apps both receive 3.5 out of 5 stars. However, in ForexBrokers.com's Mobile Trading Apps category, LegacyFX slightly edges out IronFX by taking the 61st spot out of 63 brokers, while IronFX lands at 62nd place. Both platforms offer a range of features for mobile trading, yet neither leads the pack in user rankings, suggesting opportunities for enhancement in user experience or additional functionalities.
| Feature |
IronFX
|
LegacyFX
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | ||
| 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 provide daily market commentary and forex news from top-tier sources such as Bloomberg and Reuters, positioning themselves as reliable sources for market updates. While IronFX offers tools backed by Trading Central, LegacyFX integrates with Autochartist, providing users unique opportunities to enhance their trading strategies. Both brokers maintain comprehensive economic calendars, essential for keeping track of significant global economic events.
In terms of research tools and ratings, IronFX slightly outshines with a 4-star rating compared to LegacyFX's 3.5 stars, according to ForexBrokers.com. Furthermore, IronFX is ranked #28 out of 63 brokers in the Research category, whereas LegacyFX is positioned at #46. These differences highlight IronFX's broader research offerings and higher user satisfaction, making it a preferred choice for traders looking for in-depth market insights.
| Feature |
IronFX
|
LegacyFX
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | Yes | |
| Trading Central (Recognia) | Yes | |
| Social Sentiment - Currency Pairs | ||
| TipRanks | ||
| Signal Centre (Acuity Trading) | ||
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When it comes to educational resources for beginners, both IronFX and LegacyFX provide foundational tools to help new traders understand the world of forex and CFDs. IronFX offers more than 10 educational pieces such as articles, videos, and archived webinars focused on forex and CFDs, and also includes a searchable archive of recorded webinars. For those starting out, IronFX has more than 10 beginner-oriented educational videos and even offers an investor dictionary with definitions of over 50 investing terms. However, it doesn't conduct regular client webinars each month or offer advanced educational videos, contributing to its 4-star education rating and a #44 ranking out of 63 brokers by ForexBrokers.com.
LegacyFX also provides over 10 educational materials like articles and videos focusing on forex and CFDs. It hosts monthly educational webinars and maintains a searchable archive of past webinars, helping beginners gain a better grip on trading concepts. Like IronFX, LegacyFX offers over 10 beginner-based educational videos and features an investor dictionary with extensive term definitions. Additionally, LegacyFX presents over 10 advanced educational videos for experienced traders. Despite these offerings, its education resources are rated at 3.5 stars, ranking #35 out of 63 brokers on ForexBrokers.com.
| Feature |
IronFX
|
LegacyFX
|
|---|---|---|
| Education (Forex or CFDs) | Yes | Yes |
| Client Webinars | Yes | |
| Client Webinars (Archived) | Yes | Yes |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | 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
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LegacyFX
|
|---|---|---|
| Overall Rating |
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| Trust Score | 83 | 67 |
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Both IronFX and LegacyFX do not offer the ability to buy actual (delivered) cryptocurrency, but they both provide the option to trade cryptocurrency derivatives using CFDs, allowing traders to speculate on price movements without owning the underlying asset.
When comparing online brokers IronFX and LegacyFX, both brokers provide the option to deposit or withdraw account funds using Skrill, Visa, Mastercard, and bank wires, while neither offers ACH, SEPA, or PayPal as an option.
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 | IronFX | LegacyFX | |
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| Trust Score | 83 | 67 | |
| Winner | check_circle | ||
| Review | LegacyFX Review |
| Broker Screenshots | IronFX | LegacyFX | |
|---|---|---|---|
| Broker Gallery (click to expand) |
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| Regulation | IronFX | LegacyFX | |
|---|---|---|---|
| Trust Score | 83 | 67 | |
| Year Founded | 2010 | 2012 | |
| Publicly Traded (Listed) | |||
| Bank | |||
| 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 | ||
| Canada (CIRO Authorised) | |||
| Hong Kong (SFC Authorised) | |||
| Japan (SFC Authorised) | |||
| Singapore (MAS Authorised) | |||
| Switzerland (FINMA Authorised) | |||
| United Kingdom (U.K.) (FCA Authorised) | Yes | ||
| USA (CFTC Authorized) | |||
| New Zealand (FMA Authorised) | |||
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes |
| Tier-2 Licenses (Trusted) | IronFX | LegacyFX | |
|---|---|---|---|
| Kenya (CMA Authorised) | |||
| Israel (ISA Authorised) | |||
| South Africa (FSCA Authorised) | |||
| UAE (DFSA/Central Bank Authorised) | |||
| India (SEBI Authorised) | |||
| Jordan (JSC Authorised) |
| 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) | |||
| Int'l Stock Trading (Non CFD) | |||
| Social Trading / Copy Trading | Yes | Yes | |
| Cryptocurrency (Physical) | |||
| 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 | |||
| Execution: Agency Broker | Yes | ||
| Execution: Market Maker | Yes | Yes |
| Funding | IronFX | LegacyFX | |
|---|---|---|---|
| Minimum Deposit | $50 | $500 | |
| PayPal (Deposit/Withdraw) | |||
| Skrill (Deposit/Withdraw) | Yes | Yes | |
| Visa/Mastercard (Credit/Debit) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers |
| Trading Platforms | IronFX | LegacyFX | |
|---|---|---|---|
| Proprietary Platform | |||
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | Yes | Yes | |
| MetaTrader 4 (MT4) | Yes | ||
| MetaTrader 5 (MT5) | Yes | ||
| cTrader | |||
| DupliTrade | |||
| ZuluTrade |
| 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 | |||
| 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 | Yes | ||
| Trading Central (Recognia) | Yes | ||
| TipRanks | |||
| Social Sentiment - Currency Pairs | |||
| Economic Calendar | Yes | Yes |
| Education | IronFX | LegacyFX | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | Yes | |
| Client Webinars | Yes | ||
| Client Webinars (Archived) | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | 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 | |
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| Trust Score | 83 | 67 | |
| Winner | check_circle | ||
| Review | LegacyFX Review |
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