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 it comes to commissions and fees, OANDA has earned a reputation for higher trading costs compared to top-tier brokers, yet it shines with its automated execution feature. Spreads at OANDA are somewhat comparable to those offered by FOREX.com and FxPro, with minimum spreads slightly higher than brokers offering sub-pip rates. For instance, in July 2024, OANDA's non-core pricing averaged 1.61 pips on the EUR/USD pair. Its core pricing option offers lower spreads but involves a commission of $5 per $100,000 traded, requiring a $10,000 minimum deposit. The total cost of core pricing, including spreads and commissions, can be slightly lower than the default pricing. OANDA's micro lot feature allows trading down to 1 unit (0.001 micro lot), and active traders can benefit from the Elite Trader program, which includes rebates and other perks.
LegacyFX, on the other hand, provides a variety of accounts depending on whether you choose their EU entity, regulated by CySEC, or their international entity in Vanuatu. For EU residents, the Silver, Gold, and Platinum accounts require minimum deposits of $500, $5,000, and $25,000, respectively, with spreads being lowest on the Platinum account and highest on the Silver account. For international clients, LegacyFX offers seven account types, including Standard, Bronze, Silver, Gold, Platinum, Premium, and VIP, each varying in minimum deposit and benefits like client support and access to trading tools. Unfortunately, LegacyFX does not consistently publish average spreads, making it challenging to assess the precise trading costs.
OANDA boasts a 4-star rating for commissions and fees, ranking 34th out of 63 brokers according to ForexBrokers.com. Meanwhile, LegacyFX has a slightly lower rating of 3.5 stars and ranks 57th. Both brokers have distinct strengths and weaknesses in their pricing structures, making it essential for traders to evaluate their specific trading needs and preferences before making a choice.
| 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.
When comparing the range of investments offered by OANDA and LegacyFX, both platforms provide options for trading forex through CFDs or spot contracts. OANDA stands out with an impressive 3,928 tradeable symbols compared to LegacyFX's 425. For forex enthusiasts, both offer a choice, but OANDA provides 68 tradeable forex pairs, surpassing LegacyFX's 44 pairs. Neither platform supports the trading of exchange-traded securities on U.S. or international exchanges; for instance, buying shares of Apple or Vodafone is not available on either broker.
In terms of additional investment opportunities, both OANDA and LegacyFX support copy trading, catering to those interested in mirroring successful trades. However, OANDA takes a lead in cryptocurrency investment, allowing clients to buy actual cryptocurrencies rather than just derivatives, which is the only option available at LegacyFX. Based on evaluations from ForexBrokers.com, OANDA edges ahead with a 4-star rating for Range of Investments and ranks 27th among 63 brokers, while LegacyFX has a 3.5-star rating and ranks 48th in the same category.
| 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 comparing OANDA and LegacyFX, both brokers offer a range of trading platforms and tools aimed at meeting traders' needs. OANDA stands out with its proprietary trading platform, providing users a unique interface and tailored features not found elsewhere. In contrast, LegacyFX does not have a proprietary platform but covers the essentials with a Windows-based desktop download and a web-based option, both of which OANDA also offers. Both brokers support simulated trading through free virtual demo accounts, enabling users to practice strategies risk-free. Additionally, OANDA offers the popular MetaTrader 4 and MetaTrader 5 platforms, while LegacyFX only supports MetaTrader 5.
For traders interested in enhanced charting capabilities, OANDA provides an impressive 431 drawing tools, significantly more than the 15 offered by LegacyFX. Both brokers allow users to trade directly from stock charts, streamlining the trading process. On the other hand, LegacyFX offers slightly more flexibility with its watch lists, providing seven columns compared to OANDA's six. Despite these differences, OANDA receives a higher overall rating of four stars for its trading platforms and tools, reflecting a superior user experience compared to LegacyFX's 3.5-star rating. In a ranking of 63 brokers by ForexBrokers.com, OANDA ranks #15, which further underscores its reliability, while LegacyFX ranks at #60.
| 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.
When comparing the mobile trading apps of OANDA and LegacyFX, both platforms offer users the convenience of iPhone and Android apps. Users can receive stock or forex price alerts and create watchlists with real-time quotes on both platforms. Additionally, both brokers support technical studies, with each offering 30 options for charting, and allow for drawing trendlines and viewing various time frames on forex or stock charts. Also, both mobile apps automatically save chart drawings for user convenience.
However, there are some differences in user satisfaction and features between the two brokers. OANDA scores an impressive 5-star rating for its mobile trading app, ranking 7th out of 63 brokers according to ForexBrokers.com. In contrast, LegacyFX has a 3.5-star rating and is ranked at 61. Neither of the platforms offers watchlist symbol syncing, which means that changes to watchlists made on the mobile app do not sync with the user's online account. Overall, OANDA seems to offer a more highly-rated experience for mobile trading compared to LegacyFX.
| 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.
OANDA and LegacyFX are both committed to providing daily market commentary and offering forex news from renowned sources like Bloomberg, Reuters, and Dow Jones. They each incorporate Autochartist tools for technical and fundamental analysis, ensuring that traders have access to insightful data. However, neither broker includes Trading Central tools or research from TipRanks and Acuity Trading in their offerings. To assist traders in keeping up with economic events, both OANDA and LegacyFX provide economic calendars that highlight current and upcoming global news events.
Despite these similarities, OANDA stands out with its sentiment-based trading tool, which LegacyFX does not offer. This tool gives traders an edge by showing the ratio of long and short positions across different instruments. Consequently, OANDA holds a higher rating, receiving 5 stars for research compared to LegacyFX’s 3.5 stars. OANDA's comprehensive approach to market research has also earned it a top-five ranking among 63 brokers, in contrast to LegacyFX, which ranks at 45. These distinctions make OANDA a more appealing choice for traders who prioritize in-depth market data and analysis tools.
| 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.
When comparing OANDA and LegacyFX in terms of educational resources available for beginners, both brokers excel in providing a comprehensive foundation. OANDA and LegacyFX each offer a minimum of 10 educational materials focused on forex or CFDs, such as articles, videos, and archived webinars. Additionally, both brokers host monthly online webinars, providing an interactive learning environment led by experienced professionals. Their commitment extends to maintaining searchable archives of these recorded webinars, further aiding ongoing education. For those just starting out, both platforms deliver at least 10 beginner-friendly videos tailored to fundamental trading topics.
Going beyond introductory resources, OANDA and LegacyFX cater to more seasoned traders with at least 10 advanced educational videos. Each broker also furnishes a dictionary containing definitions of over 50 investing terms, serving as a valuable reference for understanding complex financial terminology. Despite these similarities, OANDA edges ahead with a 5-star education rating, compared to LegacyFX’s 3.5 stars. In rankings by ForexBrokers.com, OANDA stands at #22, while LegacyFX is positioned at #35 out of 63 brokers. This suggests a slightly higher endorsement for OANDA's comprehensive educational offerings, setting a strong benchmark for those prioritizing learning in their trading journey.
| 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 63 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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