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OANDA vs LegacyFX 2023

ForexBrokers.com

Written by ForexBrokers.com

December 27, 2022

Is OANDA better than LegacyFX? In our analysis of 23 international regulators across 62 of the best forex brokers, OANDA is considered low-risk, with an overall Trust Score of 92 out of 99. LegacyFX is considered average-risk, with an overall Trust Score of 66 out of 99. Learn more about Trust Score.

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Overall RatingOANDALegacyFX
Overall Rating 4.5/5 Stars 3.5/5 Stars
Commissions & Fees 4/5 Stars 3.5/5 Stars
Offering of Investments 3.5/5 Stars 3.5/5 Stars
Platform & Tools 4/5 Stars 3.5/5 Stars
Mobile Trading 4.5/5 Stars 3.5/5 Stars
Research 4.5/5 Stars 3.5/5 Stars
Education 4/5 Stars 3.5/5 Stars
Trust Score 92 67
Winner check_circle
Review OANDA Review LegacyFX Review
RegulationOANDALegacyFX
Trust Score 92 67
Year Founded 1996 2012
Publicly Traded (Listed) No No
Bank No No
Authorised in European Union Yes info Yes info
Tier-1 Licenses 6 0
Tier-2 Licenses 0 1
Tier-3 Licenses 1 1
Tier-1 Licenses (High Trust)OANDALegacyFX
ASIC Authorised (Australia) Yes No
IIROC Authorised (Canada) Yes No
SFC Authorised (Hong Kong) No No
CBI Authorised (Ireland) No No
FSA Authorised (Japan) Yes No
MAS Authorised (Singapore) Yes No
FINMA Authorised (Switzerland) No No
FCA Authorised (U.K.) Yes No
CFTC Registered (USA) Yes No
FMA Authorised (New Zealand) No No
Tier-2 Licenses (Average Trust)OANDALegacyFX
CBRC Authorised (China) No No
CySEC Authorised (Cyprus) No Yes
SEBI Authorised (India) No No
ISA Authorised (Israel) No No
CBR Authorised (Russia) No No
FSCA Authorised (South Africa) No No
SEC Authorised (Thailand) No No
DFSA / Central Bank Authorised (UAE) No No
Tier-3 Licenses (Low Trust)OANDALegacyFX
SCB Authorised (Bahamas) No No
IFSC Authorised (Belize) No No
CIMA Authorised (Cayman Islands) No No
BMA Authorised (Bermuda) No No
FSC Authorised (British Virgin Islands) Yes No
FSC Authorised (Mauritius) No No
VFSC Authorised (Vanuatu) No Yes
InvestmentsOANDALegacyFX
Forex Trading (Spot or CFDs) Yes Yes
Tradeable Symbols (Total) 124 425
Forex Pairs (Total) 71 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 (CFD) 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).
CostOANDALegacyFX
Average Spread EUR/USD - Standard 1.26 info N/A
All-in Cost EUR/USD - Active 1.26 info N/A
Active Trader or VIP Discounts Yes Yes
Execution: Agency Broker No No
Execution: Market Maker Yes Yes
FundingOANDALegacyFX
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
Trading PlatformsOANDALegacyFX
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 Yes No
Trading ToolsOANDALegacyFX
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 TradingOANDALegacyFX
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 33 30
Mobile Charting - Draw Trendlines Yes Yes
Mobile Charting - Multiple Time Frames Yes Yes
Mobile Charting - Drawings Autosave Yes Yes
Forex Calendar Yes Yes
ResearchOANDALegacyFX
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
Economic Calendar Yes Yes
EducationOANDALegacyFX
Has 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 PairsOANDALegacyFX
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
OverallOANDALegacyFX
Overall Rating 4.5/5 Stars 3.5/5 Stars
Commissions & Fees 4/5 Stars 3.5/5 Stars
Offering of Investments 3.5/5 Stars 3.5/5 Stars
Platform & Tools 4/5 Stars 3.5/5 Stars
Mobile Trading 4.5/5 Stars 3.5/5 Stars
Research 4.5/5 Stars 3.5/5 Stars
Education 4/5 Stars 3.5/5 Stars
Trust Score 92 67
Winner check_circle
Review OANDA Review LegacyFX Review
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OANDA vs LegacyFX Comparison

Comparing forex brokers side by side is no easy task. For our 2023 annual forex broker review, we spent hundreds of hours assessing 62 forex and CFD brokerages to find the best forex broker. Let's compare OANDA vs LegacyFX.

Does OANDA or LegacyFX offer lower pricing?

Comparing the trading costs of forex and CFDs is not easy. Not every broker publishes average spreads data, and pricing structures vary. Based on our thorough annual assessment, OANDA offers better pricing overall for traders.

Is OANDA or LegacyFX safer for forex and CFDs trading?

At ForexBrokers.com, we track where each forex and CFD broker is regulated across over 23 international regulator databases. Here's our findings. OANDA holds 6 global Tier-1 licenses, while LegacyFX holds 0. LegacyFX holds 1 global Tier-2 licenses, while OANDA holds 0. In our analysis of 23 international regulators across 50 brokers, OANDA earned a higher Trust Score than LegacyFX.

Which trading platform is better: OANDA or LegacyFX?

To compare the trading platforms of both OANDA and LegacyFX, we tested each broker's trading tools, research capabilities, and mobile apps. For trading tools, OANDA offers a better experience. With research, OANDA offers superior market research. Finally, we found OANDA to provide better mobile trading apps.

What about MetaTrader and copy trading?

For forex and CFDs traders, copy trading and MetaTrader are both popular platform options. Neither broker offers Meta Trader.OANDA and LegacyFX both offer copy trading.

How many forex pairs and CFDs are available to trade?

OANDA provides traders 71 currency pairs (e.g., EUR/USD) compared to LegacyFX's 44 available pairs. Forex pairs aside, LegacyFX offers traders access to 425 CFDs while OANDA has 124 available CFDs, a difference of 301.

Can I trust OANDA?

OANDA is not publicly traded and does not operate a bank. OANDA is authorised by six tier-1 regulators (high trust), zero tier-2 regulators (average trust), and one tier-3 regulators (low trust). OANDA is authorised by the following tier-1 regulators: Australian Securities & Investment Commission (ASIC), Investment Industry Regulatory Organization of Canada (IIROC), Japanese Financial Services Authority (JFSA), Monetary Authority of Singapore (MAS), Financial Conduct Authority (FCA), and the Commodity Futures Trading Commission (CFTC).

Can I trust LegacyFX?

LegacyFX is not publicly traded and does not operate a bank. LegacyFX is authorised by zero tier-1 regulators (high trust), one tier-2 regulator (average trust), and zero tier-3 regulators (low trust).

Is OANDA good?

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.

Is LegacyFX good?

LegacyFX is a plain-vanilla MetaTrader 5 (MT5) broker that offers a medium range of CFD markets and forex pairs. It has built a good foundation of research offerings, and its investor education content is on par with the industry average. Overall, LegacyFX still has room to grow, and trails behind the best MetaTrader brokers.

Overall winner: OANDA

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announcementPlease 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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