Written by ForexBrokers.com
In this head to head comparison of OANDA 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.
OANDA, founded in 1996, holds a strong position among online brokers, with a Trust Score of 93 out of 99 according to ForexBrokers.com. Although OANDA is not publicly traded nor a bank, it is considered highly trusted in the industry, possessing an impressive seven Tier-1 licenses, which are regarded as the most reliable in the Forex market.
In contrast, LegacyFX, established in 2012, is also neither publicly traded nor a bank. However, it has a Trust Score of 67, reflecting a higher risk compared to OANDA. LegacyFX holds one Tier-1 license, indicating a lesser degree of regulatory backing. For traders prioritizing trust and regulatory strength, OANDA emerges as the more reliable choice.
| Feature |
OANDA
|
LegacyFX
|
|---|---|---|
| Year Founded | 1996 | 2012 |
| Publicly Traded (Listed) | No | No |
| Bank | No | No |
| Tier-1 Licenses | 7 | 1 |
| Tier-2 Licenses | 0 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 1 | 1 |
When comparing OANDA to LegacyFX in terms of commissions and fees, both brokers offer distinct pricing structures that cater to different types of traders. OANDA is known for its relatively high forex trading costs with bid/ask spreads comparable to brokers like FOREX.com and FxPro. However, its core pricing plan provides an opportunity for lower spreads, though it includes a commission fee of $5 per $100,000 traded. This option requires a $10,000 minimum deposit and offers a slightly more competitive all-in cost than the commission-free pricing. LegacyFX, on the other hand, offers a variety of account types with different minimum deposits, depending on whether you choose their EU entity regulated by CySEC or their international entity in Vanuatu. The advertised spreads for LegacyFX vary by account type, with the lowest spreads available to their high-tier accounts.
OANDA holds an edge with its Elite Trader program, which provides rebates based on trade volume and additional benefits like TradingView subscription reimbursements. Additionally, OANDA allows for trading in micro lots that are smaller than the typical minimum, offering greater flexibility. In contrast, LegacyFX's account tiers dictate not only the minimum spread costs but also the level of client support and access to trading resources. Unfortunately, the lack of published average spreads makes it challenging to evaluate the true cost of trading with LegacyFX, a feature expected from top brokers in this field.
In terms of rankings, OANDA receives a 4-star rating for commissions and fees and is positioned at #34 out of 62 brokers according to ForexBrokers.com. LegacyFX, meanwhile, garners a 3.5-star rating and is ranked #56 in the same category. Both brokers provide unique strengths and considerations, making them suitable for different types of traders based on their trading style, volume, and the specific features they prioritize.
| Feature |
OANDA
|
LegacyFX
|
|---|---|---|
| Minimum Deposit | $0 | $500 |
| Average Spread EUR/USD - Standard | 1.61 | N/A |
| All-in Cost EUR/USD - Active | 1.61 | N/A |
| Active Trader or VIP Discounts | Yes | Yes |
| ACH or SEPA Transfers | Yes | No |
| PayPal (Deposit/Withdraw) | Yes | 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.
OANDA and LegacyFX both offer forex trading as CFDs or spot contracts, providing traders with access to the forex market. OANDA stands out with a broader selection, offering a total of 3928 tradeable symbols, which includes 68 forex pairs. LegacyFX provides a smaller range with 425 tradeable symbols and 44 forex pairs. Neither platform allows for the purchase of exchange-traded securities on U.S. or international exchanges, meaning clients can't buy shares like Apple or Vodafone directly through either broker. For those interested in copy trading, both OANDA and LegacyFX provide this feature, allowing traders to mimic the strategies of more experienced investors.
When it comes to cryptocurrency, OANDA offers the unique advantage of allowing clients to buy actual cryptocurrencies in addition to offering cryptocurrency derivatives. LegacyFX, on the other hand, only provides access to cryptocurrency derivatives. These differences are reflected in their ratings, with OANDA receiving 4 out of 5 stars for its range of investments, while LegacyFX scores 3.5 stars. In a ranking of 62 brokers, ForexBrokers.com places OANDA at #27, offering a more extensive range of investment options compared to LegacyFX, which is ranked at #48.
| Feature |
OANDA
|
LegacyFX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 3928 | 425 |
| Forex Pairs (Total) | 68 | 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) | 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 it comes to comparing the trading platforms and tools of OANDA and LegacyFX, both brokers offer simulated trading through free virtual demo accounts, making them accessible for beginners. OANDA stands out with its proprietary platform, alongside offering both MetaTrader 4 (MT4) and MetaTrader 5 (MT5) for more diverse trading experiences. LegacyFX, on the other hand, is limited to MetaTrader 5 and lacks a proprietary platform, which might be a consideration for traders focusing on platform features. Both brokers provide web-based platforms, Windows desktop downloads, and the capability for copy trading, but neither supports DupliTrade or ZuluTrade. Additionally, they both allow trading directly from stock charts, which is a handy feature for active traders.
In terms of technical tools, OANDA offers an impressive array of 431 drawing tools compared to LegacyFX’s 15, a significant difference for those who heavily rely on chart analysis. While watch list customization with multiple columns is available at both brokers, LegacyFX offers a slightly wider selection with 7 columns compared to OANDA’s 6. With a rating of 4 out of 5 stars for trading platforms and tools, OANDA holds a higher position at #15 out of 62 brokers according to ForexBrokers.com, while LegacyFX, rated at 3.5 stars, ranks at #59. For traders who prioritize advanced charting tools and a wider platform offering, OANDA might be the preferred choice. However, LegacyFX could appeal to those looking for simplicity and slightly more watch list customization options.
| Feature |
OANDA
|
LegacyFX
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | No |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | Yes | Yes |
| MetaTrader 4 (MT4) | Yes | No |
| MetaTrader 5 (MT5) | Yes | Yes |
| DupliTrade | No | No |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 81 | 30 |
| Charting - Drawing Tools (Total) | 431 | 15 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 6 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Both OANDA and LegacyFX provide mobile trading apps compatible with iPhone and Android devices, equipped with features traders need. Both platforms offer real-time stock and forex price alerts, enabling users to stay informed on market movements. Users can enjoy the flexibility of viewing multiple time frames on charts and drawing trendlines to analyze market patterns. Auto-saving features for chart drawings and the ability to create watchlists with real-time quotes further enhance the apps' functionality.
Despite these similarities, OANDA shines with a top-rated mobile app, receiving an impressive 5-star rating. It is ranked 7th out of 62 brokers by ForexBrokers.com for its mobile trading capabilities. In contrast, LegacyFX, while still providing essential tools like 30 technical studies for charting, was rated 3.5 stars and ranked 60th in the same category. Although neither broker offers watchlist symbol syncing, OANDA’s higher ranking and comprehensive feature set make it a stronger choice for mobile traders.
| Feature |
OANDA
|
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.
When exploring online brokers for market research, OANDA and LegacyFX both provide daily market commentary and access to forex news from top-tier sources like Bloomberg and Reuters. Both brokers also offer tools from Autochartist, aiding in both technical and fundamental research. However, neither offers tools from Trading Central or market research from TipRanks and Acuity Trading. While they share similarities in some offerings, their capabilities diverge when it comes to sentiment-based trading tools; OANDA supplies these tools, displaying a ratio of long or short positions across currency pairs, whereas LegacyFX does not.
Additionally, both brokers provide an economic calendar that keeps traders informed of global news events. Despite the similarities in their offerings, the brokers' research quality and features are rated differently; OANDA boasts a research rating of 5 stars and ranks 5th among 62 brokers on ForexBrokers.com. LegacyFX, on the other hand, holds a 3.5-star rating and ranks 45th in the same research category, highlighting a notable disparity in their overall research performance and strength.
| Feature |
OANDA
|
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 | No | No |
| Signal Centre (Acuity Trading) | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
Both OANDA and LegacyFX provide ample educational resources for those new to trading, making it easier to get started with forex and CFDs. Each broker offers over ten high-quality educational materials, including articles, videos, and webinars focused on key trading topics. Clients can also benefit from monthly webinars and access to searchable archives of past sessions, which helps enhance learning. Beginners can further explore the world of trading with a comprehensive set of videos tailored specifically for those at the initial stages of their trading journey. For more advanced traders, both brokers ensure that there are at least ten detailed videos that tackle more complex trading strategies.
The educational offerings are completed with an investor dictionary, providing definitions for over 50 essential investment terms, which is invaluable for understanding trading jargon. OANDA edges ahead with a 5-star rating for its educational content, as opposed to LegacyFX's 3.5-star rating. Ranking-wise, OANDA is positioned at 22 out of 62 brokers in ForexBrokers.com's Education category, showcasing its commitment to trader education. On the other hand, LegacyFX ranks at 35, signifying that while it provides solid educational resources, it may not match the comprehensive educational insight that OANDA offers.
| Feature |
OANDA
|
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 62 of the best forex brokers, our research and account testing finds that OANDA is better than LegacyFX. OANDA finished with an overall rank of #12, while LegacyFX finished with an overall rank of #62.
A trusted global brand, OANDA stands out for its reputation and quality market research. Its regulatory track record is strong, and its support for third-party features bolsters its overall offering.
| Feature |
OANDA
|
LegacyFX
|
|---|---|---|
| Overall Rating |
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| Trust Score | 93 | 67 |
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OANDA provides the option to buy both actual cryptocurrencies and cryptocurrency derivatives, while LegacyFX only offers cryptocurrency derivatives.
OANDA surpasses LegacyFX in offering a broader range of deposit and withdrawal methods, including ACH, SEPA, and PayPal, which are unavailable with LegacyFX, although both brokers support Skrill, Visa, Mastercard, and bank wire transactions.
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 | OANDA | LegacyFX | |
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| Trust Score | 93 | 67 | |
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| Review | OANDA Review | LegacyFX Review |
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| Regulation | OANDA | LegacyFX | |
|---|---|---|---|
| Trust Score | 93 | 67 | |
| Year Founded | 1996 | 2012 | |
| Publicly Traded (Listed) | No | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 7 | 1 | |
| Tier-2 Licenses | 0 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 1 | 1 |
| Tier-1 Licenses (Highly Trusted) | OANDA | LegacyFX | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | No | |
| Canada (CIRO Authorised) | Yes | No | |
| Hong Kong (SFC Authorised) | No | No | |
| Japan (SFC Authorised) | Yes | No | |
| Singapore (MAS Authorised) | Yes | No | |
| Switzerland (FINMA Authorised) | No | 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) | OANDA | 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 | OANDA | LegacyFX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 3928 | 425 | |
| Forex Pairs (Total) | 68 | 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) | 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 | OANDA | LegacyFX | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.61 | N/A | |
| All-in Cost EUR/USD - Active | 1.61 | N/A | |
| Active Trader or VIP Discounts | Yes | Yes | |
| Inactivity Fee | Yes | No | |
| Execution: Agency Broker | No | No | |
| Execution: Market Maker | Yes | Yes |
| Funding | OANDA | LegacyFX | |
|---|---|---|---|
| Minimum Deposit | $0 | $500 | |
| PayPal (Deposit/Withdraw) | Yes | No | |
| Skrill (Deposit/Withdraw) | Yes | Yes | |
| Visa/Mastercard (Credit/Debit) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | Yes | No |
| Trading Platforms | OANDA | LegacyFX | |
|---|---|---|---|
| Proprietary Platform | Yes | No | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | Yes | Yes | |
| MetaTrader 4 (MT4) | Yes | No | |
| MetaTrader 5 (MT5) | Yes | Yes | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | OANDA | LegacyFX | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 6 | 7 | |
| Charting - Indicators / Studies (Total) | 81 | 30 | |
| Charting - Drawing Tools (Total) | 431 | 15 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | OANDA | 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 | OANDA | LegacyFX | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | Yes | Yes | |
| Trading Central (Recognia) | No | No | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | Yes | No | |
| Economic Calendar | Yes | Yes |
| Education | OANDA | 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 | OANDA | 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 | OANDA Review | LegacyFX Review |
| Overall | OANDA | LegacyFX | |
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| Trust Score | 93 | 67 | |
| Winner | check_circle | ||
| Review | OANDA Review | LegacyFX Review |
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