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 |
OANDA and LegacyFX take different paths on commissions and fees. OANDA holds a 4.0-star Commissions and Fees rating and ranks 35th out of 63 brokers at ForexBrokers.com, while LegacyFX earns 3.5 stars and ranks 58th. In short, OANDA can be pricier than the cheapest brokers but offers clearer pricing choices and ways to trim costs; LegacyFX lists many account tiers but shares limited average spread data, which makes real-world pricing harder to pin down.
OANDA offers two structures: commission-free default spreads and a Core Pricing account that swaps tighter spreads for a commission of $5 per side per $100,000 traded ($10 round turn per standard lot). Example: if the default EUR/USD spread is about 1.6 pips and Core shows 0.4 pips, adding the commission (about 1 pip total) brings Core to roughly 1.4 pips—slightly cheaper than default. In July 2024, OANDA’s non-core average spread on EUR/USD was about 1.61 pips. Core requires a $10,000 minimum deposit. You can trade in very small sizes (down to 1 unit), and active traders in select regions may get rebates of $5–$17 per million. OANDA also publishes trailing spread averages to aid transparency.
LegacyFX’s costs depend on the entity and account tier. In the EU (CySEC), Silver, Gold, and Platinum accounts require $500, $5,000, and $25,000 minimums; Platinum has the lowest advertised spreads, while Silver can be as high as 1.6 pips on EUR/USD. Internationally (Vanuatu), seven tiers range from $500 to $50,000, with higher levels unlocking more tools and support. However, LegacyFX does not publish average spreads, making it difficult to estimate all-in trading costs or compare them directly to OANDA.
| Feature |
OANDA
|
LegacyFX
|
|---|---|---|
| Minimum Deposit | $0 | $500 |
| Average spread (EUR/USD) - Standard account | 1.69 | N/A |
| All-in Cost EUR/USD - Active | 1.69 | N/A |
| Non-wire bank transfer | Yes | No |
| PayPal (Deposit/Withdraw) | Yes | |
| Skrill (Deposit/Withdraw) | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes |
Dive deeper: Best Low Spread Forex Brokers.
Comparing OANDA vs LegacyFX for range of investments: both support forex trading and copy trading. OANDA offers 4,172 tradeable symbols with 69 currency pairs, while LegacyFX lists 425 symbols and 44 pairs. OANDA also lets clients buy exchange-traded stocks on U.S. and international exchanges (not just CFDs), which LegacyFX does not provide. For digital assets, OANDA supports both purchasing actual cryptocurrencies and trading crypto CFDs; LegacyFX offers crypto CFDs only.
For range of investments, OANDA is rated 4 out of 5 stars and ranks 28th of 63 brokers, while LegacyFX is rated 3.5 stars and ranks 49th, according to ForexBrokers.com. In short, OANDA suits traders who want more markets, real share dealing, and access to actual crypto, while LegacyFX may appeal if you’re focused on a smaller CFD lineup with copy trading.
| Feature |
OANDA
|
LegacyFX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 4172 | 425 |
| Forex Pairs (Total) | 69 | 44 |
| U.S. Stocks (Shares) | Yes | No |
| Global Stocks (Non-U.S. Shares) | Yes | No |
| Copy Trading | Yes | Yes |
| Cryptocurrency (Underlying) | Yes | No |
| Cryptocurrency (CFDs) | 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.
Comparing OANDA and LegacyFX on trading platforms and tools, both brokers provide free demo (paper) accounts, web-based platforms, Windows desktop apps, copy trading, and trading directly from charts. OANDA stands out by offering a proprietary platform alongside MetaTrader 4 (MT4) and MetaTrader 5 (MT5), giving traders more platform choice. LegacyFX does not have its own in-house platform and does not support MT4, but it does offer MT5.
According to ForexBrokers.com, OANDA earns 4 stars and ranks #15 out of 63 brokers for Trading Platforms and Tools, while LegacyFX earns 3.5 stars and ranks #61. The number of built-in technical indicators and watch list columns for each broker was not specified. If you want MT4 access and an in-house platform option, OANDA has the edge; if you’re fine with MT5 only, LegacyFX covers the essentials.
| Feature |
OANDA
|
LegacyFX
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Desktop Trading Platform | Yes | No |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Copy Trading | Yes | Yes |
| MetaTrader 4 (MT4) | Yes | No |
| MetaTrader 5 (MT5) | Yes | Yes |
| Charting - Indicators / Studies (Total) | 89 | 30 |
| Charting - Trade From Chart | Yes | Yes |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Both OANDA and LegacyFX offer full-featured mobile trading apps for iPhone and Android. Each app supports stock or forex price alerts, 30 technical studies for charting, the ability to draw trendlines, and automatic saving of chart drawings. One shared limitation is watchlist symbol syncing: neither broker syncs watchlists between the mobile app and the online account.
Where they differ is overall quality ratings. OANDA’s mobile app is rated 5 stars and ranks #7 out of 63 brokers in the Mobile Trading Apps category at ForexBrokers.com. LegacyFX’s app is rated 3.5 stars and ranks #62 out of 63. If app experience and rankings matter to you, OANDA has the edge, while LegacyFX still covers core mobile trading needs.
| Feature |
OANDA
|
LegacyFX
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Price Alerts | Yes | Yes |
| Mobile Watchlists - Syncing | No | No |
| Mobile Charting - Indicators / Studies | 30 | 30 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Trendlines Autosave | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
OANDA and LegacyFX both cover the core market research needs. Each provides daily market commentary, forex news from top-tier sources like Bloomberg, Reuters, or Dow Jones, an economic calendar, and Autochartist tools. Neither broker includes Trading Central.
The main difference is that OANDA also offers a sentiment-based trading tool showing the ratio of long to short positions, while LegacyFX does not. This helps explain why ForexBrokers.com rates OANDA’s research at 5 stars and ranks it #4 out of 63 brokers, compared with LegacyFX’s 3.5-star score and #47 ranking. Note: OANDA does not include tools from TipRanks or Acuity Trading.
| Feature |
OANDA
|
LegacyFX
|
|---|---|---|
| Daily Market Commentary (Articles) | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | Yes | Yes |
| Trading Central | No | No |
| Client sentiment data | Yes | No |
| TipRanks | No | |
| Acuity Trading | No | |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
Both OANDA and LegacyFX provide beginner-friendly forex and CFD education with at least 10 pieces of content, including articles, videos, and archived webinars. Each broker hosts ongoing client webinars (at least monthly) and offers a sizable set of beginner video lessons—10 or more—making it easy for new traders to learn the basics step by step.
Where they differ is in quality ratings and industry standing. While both include advanced lessons with at least 10 videos for experienced topics, OANDA earns a higher education score (5 stars vs. LegacyFX’s 3.5) and ranks better with ForexBrokers.com (19th out of 63 vs. 35th). For beginners who want more polished learning paths and frequent live sessions, OANDA is the stronger pick, though LegacyFX still delivers a solid mix of tutorials and webinars for getting started.
| Feature |
OANDA
|
LegacyFX
|
|---|---|---|
| Webinars | Yes | Yes |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | 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 #63.
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
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LegacyFX
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|---|---|---|
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| Trust Score | 93 | 67 |
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OANDA vs LegacyFX: OANDA lets you buy actual delivered cryptocurrency and trade crypto CFDs, while LegacyFX offers only cryptocurrency CFDs and no access to the underlying coins.
In the OANDA vs LegacyFX comparison for deposit and withdrawal methods, OANDA supports ACH/SEPA, PayPal, Skrill, and bank wire transfers, while LegacyFX does not support ACH/SEPA and no details are provided here about its PayPal, Skrill, Visa/Mastercard, or bank wire 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.
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0 of 5| Overall Rating | OANDA | LegacyFX | |
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| Trust Score | 93 | 67 | |
| Winner | check_circle | ||
| Review | OANDA Review | LegacyFX Review |
| Broker Screenshots | OANDA | LegacyFX | |
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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) | |||
| 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) | |||
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA, FSRA, or SCA Authorised) | No | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) |
| Investments | OANDA | LegacyFX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 4172 | 425 | |
| Forex Pairs (Total) | 69 | 44 | |
| U.S. Stocks (Shares) | Yes | No | |
| Global Stocks (Non-U.S. Shares) | Yes | No | |
| Copy Trading | Yes | Yes | |
| Cryptocurrency (Underlying) | Yes | No | |
| Cryptocurrency (CFDs) | 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 account | 1.69 | N/A | |
| All-in Cost EUR/USD - Active | 1.69 | N/A | |
| Inactivity Fee | Yes | No | |
| Order execution: Agency | No | No | |
| Order execution: Market Maker | Yes | Yes |
| Funding | OANDA | LegacyFX | |
|---|---|---|---|
| Minimum Deposit | $0 | $500 | |
| PayPal (Deposit/Withdraw) | Yes | ||
| Skrill (Deposit/Withdraw) | Yes | ||
| Bank Wire (Deposit/Withdraw) | Yes | ||
| Non-wire bank transfer | Yes | No |
| Trading Platforms | OANDA | LegacyFX | |
|---|---|---|---|
| Proprietary Desktop Trading Platform | Yes | No | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Copy Trading | Yes | Yes | |
| MetaTrader 4 (MT4) | Yes | No | |
| MetaTrader 5 (MT5) | Yes | Yes | |
| cTrader | No | No |
| Trading Tools | OANDA | LegacyFX | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Price Alerts | Yes | Yes | |
| Charting - Indicators / Studies (Total) | 89 | 30 | |
| 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 Price Alerts | Yes | Yes | |
| Mobile Watchlist [DELETED] | |||
| Mobile Watchlists - Syncing | No | No | |
| Mobile Charting - Indicators / Studies | 30 | 30 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Trendlines Autosave | Yes | Yes | |
| Mobile Research - Economic Calendar | Yes | Yes |
| Research | OANDA | LegacyFX | |
|---|---|---|---|
| Daily Market Commentary (Articles) | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | Yes | Yes | |
| Trading Central | No | No | |
| TipRanks | No | ||
| Client sentiment data | Yes | No | |
| Economic Calendar | Yes | Yes |
| Education | OANDA | LegacyFX | |
|---|---|---|---|
| Webinars | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | Yes |
| Major Forex Pairs | OANDA | LegacyFX | |
|---|---|---|---|
| GBP/USD [DELETED] | |||
| USD/JPY [DELETED] | |||
| EUR/USD | Yes | Yes | |
| USD/CHF [DELETED] | |||
| USD/CAD [DELETED] | |||
| NZD/USD [DELETED] | |||
| AUD/USD [DELETED] | |||
| 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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