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OANDA vs LegacyFX 2025

ForexBrokers.com

Written by ForexBrokers.com

February 05, 2025

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.

OANDA
4.5/5 Stars Overall
  • Minimum Deposit: $0
  • Trust Score: 93
  • Tradeable Symbols (Total): 3928 info
LegacyFX
3.5/5 Stars Overall
  • Minimum Deposit: $500
  • Trust Score: 67
  • Tradeable Symbols (Total): 425

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.

Regulation

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 logoOANDA
LegacyFX logoLegacyFX
Year Founded info 1996 2012
Publicly Traded (Listed) info No No
Bank info No No
Tier-1 Licenses info 7 1
Tier-2 Licenses info 0 0
Tier-3 Licenses info 0 0
Tier-4 Licenses info 1 1

Fees

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 logoOANDA
LegacyFX logoLegacyFX
Minimum Deposit info $0 $500
Average Spread EUR/USD - Standard info 1.61 info N/A
All-in Cost EUR/USD - Active info 1.61 info N/A
Active Trader or VIP Discounts info Yes info Yes
ACH or SEPA Transfers info Yes info No
PayPal (Deposit/Withdraw) info Yes info No
Skrill (Deposit/Withdraw) info Yes info Yes
Visa/Mastercard (Credit/Debit) info Yes info Yes
Bank Wire (Deposit/Withdraw) info Yes Yes

Dive deeper: Best Low Spread Forex Brokers.

Featured Offers


Range of investments

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 logoOANDA
LegacyFX logoLegacyFX
Forex Trading (Spot or CFDs) info Yes info Yes
Tradeable Symbols (Total) info 3928 info 425
Forex Pairs (Total) info 68 44
U.S. Stock Trading (Non CFD) info No No
Int'l Stock Trading (Non CFD) info No No
Social Trading / Copy Trading info Yes info Yes
Cryptocurrency (Physical) info Yes No
Cryptocurrency (Derivative) info Yes info 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.

Trading platforms and tools

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 logoOANDA
LegacyFX logoLegacyFX
Virtual Trading (Demo) info Yes Yes
Proprietary Platform info Yes No
Desktop Platform (Windows) info Yes Yes
Web Platform info Yes Yes
Social Trading / Copy Trading info Yes info Yes
MetaTrader 4 (MT4) info Yes No
MetaTrader 5 (MT5) info Yes info Yes
DupliTrade info No No
ZuluTrade info No No
Charting - Indicators / Studies (Total) info 81 30
Charting - Drawing Tools (Total) info 431 15
Charting - Trade From Chart info Yes Yes
Watchlists - Total Fields info 6 7
View More

Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.

Forex trading apps

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 logoOANDA
LegacyFX logoLegacyFX
Android App info Yes Yes
Apple iOS App info Yes Yes
Mobile Alerts - Basic Fields info Yes Yes
Watchlist Syncing info No No
Mobile Charting - Indicators / Studies info 30 30
Mobile Charting - Draw Trendlines info Yes Yes
Mobile Charting - Multiple Time Frames info Yes Yes
Mobile Charting - Drawings Autosave info Yes Yes
Mobile Watchlist info Yes Yes

Dive deeper: Best Forex Trading Apps.

Market research

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 logoOANDA
LegacyFX logoLegacyFX
Daily Market Commentary info Yes Yes
Forex News (Top-Tier Sources) info Yes Yes
Autochartist info Yes Yes
Trading Central (Recognia) info No No
Social Sentiment - Currency Pairs info Yes No
TipRanks info No No
Signal Centre (Acuity Trading) info No No
Economic Calendar info Yes Yes

Dive deeper: Best Brokers for Forex Research.

Beginners and education

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 logoOANDA
LegacyFX logoLegacyFX
Education (Forex or CFDs) info Yes Yes
Client Webinars info Yes Yes
Client Webinars (Archived) info Yes Yes
Videos - Beginner Trading Videos info Yes Yes
Videos - Advanced Trading Videos info Yes Yes
Investor Dictionary (Glossary) info Yes Yes

Dive deeper: Best Forex Brokers for Beginners.

Winner

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 logoOANDA
LegacyFX logoLegacyFX
Overall Rating info 4.5/5 Stars 3.5/5 Stars
Trust Score info 93 67
Range of Investments 4/5 Stars 3.5/5 Stars
Commissions & Fees 4/5 Stars 3.5/5 Stars
Platforms & Tools 4/5 Stars 3.5/5 Stars
Research 5/5 Stars 3.5/5 Stars
Mobile Trading 5/5 Stars 3.5/5 Stars
Education 4/5 Stars 3.5/5 Stars

FAQs

Can you trade cryptocurrency with OANDA or LegacyFX?

OANDA provides the option to buy both actual cryptocurrencies and cryptocurrency derivatives, while LegacyFX only offers cryptocurrency derivatives.

What funding options does each broker offer?

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.




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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Compare

0 of 5
Overall Rating OANDA LegacyFX
Overall Rating info 4.5/5 Stars 3.5/5 Stars
Commissions & Fees 4/5 Stars 3.5/5 Stars
Range of Investments 4/5 Stars 3.5/5 Stars
Platforms & Tools 4/5 Stars 3.5/5 Stars
Mobile Trading 5/5 Stars 3.5/5 Stars
Research 5/5 Stars 3.5/5 Stars
Education 4/5 Stars 3.5/5 Stars
Trust Score info 93 67
Winner check_circle
Review OANDA Review LegacyFX Review
Broker Screenshots OANDA LegacyFX
Trading Platforms Gallery (click to expand) info
Mobile Trading Gallery (click to expand) info
Research Gallery (click to expand) info
Education Gallery (click to expand) info
Regulation OANDA LegacyFX
Trust Score info 93 67
Year Founded info 1996 2012
Publicly Traded (Listed) info No No
Bank info No No
Regulated in one or more EU or EEA countries (MiFID). info Yes info Yes info
Tier-1 Licenses info 7 1
Tier-2 Licenses info 0 0
Tier-3 Licenses info 0 0
Tier-4 Licenses info 1 1
Tier-1 Licenses (Highly Trusted) OANDA LegacyFX
Australia (ASIC Authorised) info Yes No
Canada (CIRO Authorised) info Yes No
Hong Kong (SFC Authorised) info No No
Japan (SFC Authorised) info Yes No
Singapore (MAS Authorised) info Yes No
Switzerland (FINMA Authorised) info No No
United Kingdom (U.K.) (FCA Authorised) info Yes No
USA (CFTC Authorized) info Yes No
New Zealand (FMA Authorised) info No No
Regulated in one or more EU or EEA countries (MiFID). info Yes info Yes info
Tier-2 Licenses (Trusted) OANDA LegacyFX
Kenya (CMA Authorised) info No No
Israel (ISA Authorised) info No No
South Africa (FSCA Authorised) info No No
UAE (DFSA/Central Bank Authorised) info No No
India (SEBI Authorised) info No No
Jordan (JSC Authorised) info No No
Investments OANDA LegacyFX
Forex Trading (Spot or CFDs) info Yes info Yes
Tradeable Symbols (Total) info 3928 info 425
Forex Pairs (Total) info 68 44
U.S. Stock Trading (Non CFD) info No No
Int'l Stock Trading (Non CFD) info No No
Social Trading / Copy Trading info Yes info Yes
Cryptocurrency (Physical) info Yes No
Cryptocurrency (Derivative) info Yes info 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 info 1.61 info N/A
All-in Cost EUR/USD - Active info 1.61 info N/A
Active Trader or VIP Discounts info Yes info Yes
Inactivity Fee info Yes No
Execution: Agency Broker info No No
Execution: Market Maker info Yes Yes
Funding OANDA LegacyFX
Minimum Deposit info $0 $500
PayPal (Deposit/Withdraw) info Yes info No
Skrill (Deposit/Withdraw) info Yes info Yes
Visa/Mastercard (Credit/Debit) info Yes info Yes
Bank Wire (Deposit/Withdraw) info Yes Yes
ACH or SEPA Transfers info Yes info No
Trading Platforms OANDA LegacyFX
Proprietary Platform info Yes No
Desktop Platform (Windows) info Yes Yes
Web Platform info Yes Yes
Social Trading / Copy Trading info Yes info Yes
MetaTrader 4 (MT4) info Yes No
MetaTrader 5 (MT5) info Yes info Yes
cTrader info No No
DupliTrade info No No
ZuluTrade info No No
Trading Tools OANDA LegacyFX
Virtual Trading (Demo) info Yes Yes
Alerts - Basic Fields info Yes Yes
Watchlists - Total Fields info 6 7
Charting - Indicators / Studies (Total) info 81 30
Charting - Drawing Tools (Total) info 431 15
Charting - Trade From Chart info Yes Yes
Charts can be saved info Yes Yes
Mobile Trading OANDA LegacyFX
Android App info Yes Yes
Apple iOS App info Yes Yes
Mobile Alerts - Basic Fields info Yes Yes
Mobile Watchlist info Yes Yes
Watchlist Syncing info No No
Mobile Charting - Indicators / Studies info 30 30
Mobile Charting - Draw Trendlines info Yes Yes
Mobile Charting - Multiple Time Frames info Yes Yes
Mobile Charting - Drawings Autosave info Yes Yes
Mobile Economic Calendar info Yes Yes
Research OANDA LegacyFX
Daily Market Commentary info Yes Yes
Forex News (Top-Tier Sources) info Yes Yes
Autochartist info Yes Yes
Trading Central (Recognia) info No No
TipRanks info No No
Social Sentiment - Currency Pairs info Yes No
Economic Calendar info Yes Yes
Education OANDA LegacyFX
Education (Forex or CFDs) info Yes Yes
Client Webinars info Yes Yes
Client Webinars (Archived) info Yes Yes
Videos - Beginner Trading Videos info Yes Yes
Videos - Advanced Trading Videos info Yes Yes
Investor Dictionary (Glossary) info Yes Yes
Major Forex Pairs OANDA LegacyFX
GBP/USD info Yes Yes
USD/JPY info Yes Yes
EUR/USD info Yes Yes
USD/CHF info Yes Yes
USD/CAD info Yes Yes
NZD/USD info Yes Yes
AUD/USD info Yes Yes
Review OANDA Review LegacyFX Review
Overall OANDA LegacyFX
Overall Rating info 4.5/5 Stars 3.5/5 Stars
Commissions & Fees 4/5 Stars 3.5/5 Stars
Range of Investments 4/5 Stars 3.5/5 Stars
Platforms & Tools 4/5 Stars 3.5/5 Stars
Mobile Trading 5/5 Stars 3.5/5 Stars
Research 5/5 Stars 3.5/5 Stars
Education 4/5 Stars 3.5/5 Stars
Trust Score info 93 67
Winner check_circle
Review OANDA Review LegacyFX Review
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