Written by ForexBrokers.com
In this head to head comparison of Saxo 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.
Saxo and LegacyFX offer contrasting profiles for online traders looking for reliable brokers. Established in 1992, Saxo stands out with a stellar ForexBrokers.com Trust Score of 99 and holds an impressive seven Tier-1 licenses, signifying high trust levels. Recognized as a bank, Saxo also possesses one Tier-2 license, further reinforcing its credibility. Although Saxo is not listed on any stock exchange, its long-standing presence and solid regulatory approvals contribute to its reputation.
On the other hand, LegacyFX, founded in 2012, holds one Tier-1 license and has a ForexBrokers.com Trust Score of 67, placing it in the high-risk category. Not publicly traded nor a bank, LegacyFX offers fewer assurances from a regulatory perspective compared to Saxo. For traders placing emphasis on the backing of trusted licenses, Saxo presents a more compelling option with its stronger regulatory framework and extensive industry experience.
| Feature |
Saxo
|
LegacyFX
|
|---|---|---|
| Year Founded | 1992 | 2012 |
| Publicly Traded (Listed) | No | No |
| Bank | Yes | No |
| Tier-1 Licenses | 7 | 1 |
| Tier-2 Licenses | 1 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 1 |
Saxo outperforms LegacyFX on commissions and fees for most traders. Saxo earns a 5/5 star rating and ranks #9 of 63 brokers for Commissions and Fees, while LegacyFX holds 3.5/5 stars and ranks #58 of 63. Saxo publishes clear average spreads and gives high-volume and high-balance clients access to some of the most competitive pricing, whereas LegacyFX does not publish average spreads, making true cost comparisons harder.
For forex, Saxo is commission-free and prices into the spread, with a $3 per side ticket fee only if you trade under 50,000 units per month. As of November 2023, average EUR/USD spreads were 1.1 pips (Classic), 1.0 (Platinum), and 0.9 (VIP), with minimums typically about 0.2 pips lower; Classic sits slightly above the industry average, while Platinum and VIP are closer to average. Saxo’s Classic account now has a $0 minimum deposit, Platinum requires $200,000 (AUD 300,000 in Australia for forex), and VIP requires $1,000,000 or a qualifying volume-based upgrade. Saxo also waives custody fees on share trading if you opt into securities lending.
LegacyFX’s pricing varies by entity and account tier, but the lack of published average spreads limits transparency. In the EU (CySEC), minimum deposits are $500 (Silver), $5,000 (Gold), and $25,000 (Platinum), with the Silver account carrying higher costs and minimum EUR/USD spreads starting around 1.6 pips. Internationally (Vanuatu), there are seven tiers from $500 (Standard) up to $50,000 (VIP), with better perks at higher tiers, but again no average-spread data to gauge typical trading costs. Against Saxo’s documented and generally sharper pricing for active traders, LegacyFX’s fee picture is less competitive and less transparent.
| Feature |
Saxo
|
LegacyFX
|
|---|---|---|
| Minimum Deposit | $0 | $500 |
| Average Spread EUR/USD - Standard | 1.1 | N/A |
| All-in Cost EUR/USD - Active | 0.9 | N/A |
| Active Trader or VIP Discounts | Yes | Yes |
| ACH or SEPA Transfers | No | No |
| PayPal (Deposit/Withdraw) | No | No |
| Skrill (Deposit/Withdraw) | No | Yes |
| Visa/Mastercard (Credit/Debit) | Yes | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
Saxo delivers a far wider range of investments than LegacyFX. Saxo lists about 70,000 tradeable symbols and 190 forex pairs, compared with LegacyFX’s 425 symbols and 44 pairs. Both brokers let you trade forex as CFDs or spot contracts. Reflecting the broader lineup, ForexBrokers.com rates Saxo 5 stars for Range of Investments and ranks it #3 out of 63 brokers, while LegacyFX earns 3.5 stars and ranks #49.
When it comes to real shares, Saxo lets clients buy exchange-traded securities on both U.S. and international stock exchanges, whereas LegacyFX does not offer actual shares. Both brokers support copy trading and provide access to cryptocurrency derivatives, but neither allows buying actual (delivered) crypto.
| Feature |
Saxo
|
LegacyFX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 70000 | 425 |
| Forex Pairs (Total) | 190 | 44 |
| U.S. Stock Trading (Non CFD) | Yes | No |
| Int'l Stock Trading (Non CFD) | Yes | No |
| Social Trading / Copy Trading | Yes | Yes |
| Cryptocurrency (Physical) | No | 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.
Saxo vs LegacyFX: both brokers offer free demo (paper) accounts, Windows desktop and web-based platforms, and copy trading. Saxo provides a proprietary in-house platform, while LegacyFX does not. Neither supports MetaTrader 4, but LegacyFX offers MetaTrader 5 and Saxo does not. Neither integrates DupliTrade or ZuluTrade. Both let you place trades directly from charts.
For charting and workflow, Saxo lists 20 drawing tools versus 15 at LegacyFX, and watchlists are far more flexible at Saxo with up to 60 columns compared with 7 at LegacyFX. These gaps show up in independent ratings: Saxo earns 5 stars and ranks #1 out of 63 brokers for Trading Platforms and Tools, while LegacyFX scores 3.5 stars and ranks #61. If you want deeper platform features and flexible watchlists, Saxo stands out; if you specifically want MT5, LegacyFX is the pick.
| Feature |
Saxo
|
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) | No | No |
| MetaTrader 5 (MT5) | No | Yes |
| DupliTrade | No | No |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 64 | 30 |
| Charting - Drawing Tools (Total) | 20 | 15 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 60 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Saxo and LegacyFX both deliver mobile trading apps for iPhone and Android, complete with price alerts, trendline drawing, multiple time frames, auto‑saved chart drawings, and real‑time quote watchlists. These shared features make it easy to track markets and manage trades on the go.
The key differences show up in charting depth and convenience. Saxo syncs watchlists between the app and the web platform, while LegacyFX does not. Saxo also offers 64 technical studies in its mobile charts compared with LegacyFX’s 30. Reflecting these gaps, Saxo earns 5/5 stars and ranks #2 out of 63 brokers for Mobile Trading Apps at ForexBrokers.com, whereas LegacyFX holds 3.5/5 stars and ranks #62. If you want deeper chart tools and seamless watchlist syncing across devices, Saxo stands out; LegacyFX suits traders who need the basics.
| Feature |
Saxo
|
LegacyFX
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | No |
| Mobile Charting - Indicators / Studies | 64 | 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.
Saxo vs LegacyFX for research: both brokers deliver daily market commentary and stream forex news from top-tier sources like Bloomberg, Reuters, or Dow Jones. Each platform integrates Autochartist for technical analysis and offers an economic calendar covering global events. Neither broker provides Trading Central. Saxo does not include TipRanks or tools from Acuity Trading; for LegacyFX, availability of TipRanks and Acuity Trading isn’t specified.
The biggest difference is sentiment data: Saxo offers a tool showing long/short positioning, while LegacyFX does not. In independent ratings, Saxo earns 5 stars for Research and ranks #1 out of 63 brokers, whereas LegacyFX holds 3.5 stars and ranks #47. If you want richer, sentiment-driven insights alongside news and charting tools, Saxo stands out; if you only need the essentials—news, commentary, Autochartist, and a calendar—LegacyFX covers the basics.
| Feature |
Saxo
|
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 | |
| Signal Centre (Acuity Trading) | No | |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When it comes to educational resources for beginners, both Saxo and LegacyFX offer a wide range of materials designed to help new traders navigate the forex and CFD markets. If you're looking for articles, videos, and webinars on forex or CFDs, both brokers cover these bases with a minimum of 10 educational pieces dedicated to these topics. Each platform also provides online webinars at least once a month and has an easily accessible archive of past webinars, ensuring that clients can learn on their own schedule. Additionally, both Saxo and LegacyFX boast at least 10 educational videos specifically tailored for beginners, offering a strong foundation for those new to trading.
While both brokers meet the basic educational criteria, there are differences in the depth and recognition of their offerings. Saxo not only offers beginner videos but also provides at least 10 advanced videos for more experienced traders, alongside a comprehensive investor dictionary with over 50 terms explained. LegacyFX mirrors these offerings but falls slightly behind in terms of overall educational acclaim. In ratings, Saxo receives a full five stars compared to LegacyFX's 3.5 stars and ranks 13th out of 63 brokers according to ForexBrokers.com, while LegacyFX places at 35th. This indicates that while both platforms are well-equipped to educate beginners, Saxo is regarded as a stronger choice for a more thorough educational experience.
| Feature |
Saxo
|
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 Saxo is better than LegacyFX. Saxo finished with an overall rank of #3, while LegacyFX finished with an overall rank of #63.
Saxo is an exclusive multi-asset broker with brilliant research and a superb trading platform experience – as well as a stunning selection of over 40,000 securities.
| Feature |
Saxo
|
LegacyFX
|
|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 67 |
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Both Saxo and LegacyFX do not offer the option to buy actual delivered cryptocurrencies, but they provide the ability to purchase cryptocurrency derivatives.
Both Saxo and LegacyFX provide users the ability to deposit or withdraw funds using Visa, Mastercard, and bank wires, but only LegacyFX offers the additional flexibility of Skrill, whereas neither platform supports ACH, SEPA, or PayPal 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 | Saxo | LegacyFX | |
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| Trust Score | 99 | 67 | |
| Winner | check_circle | ||
| Review | Saxo Review | LegacyFX Review |
| Broker Screenshots | Saxo | LegacyFX | |
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| Regulation | Saxo | LegacyFX | |
|---|---|---|---|
| Trust Score | 99 | 67 | |
| Year Founded | 1992 | 2012 | |
| Publicly Traded (Listed) | No | No | |
| Bank | Yes | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 7 | 1 | |
| Tier-2 Licenses | 1 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 1 |
| Tier-1 Licenses (Highly Trusted) | Saxo | LegacyFX | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | No | |
| Canada (CIRO Authorised) | No | No | |
| Hong Kong (SFC Authorised) | Yes | No | |
| Japan (SFC Authorised) | Yes | No | |
| Singapore (MAS Authorised) | Yes | No | |
| Switzerland (FINMA Authorised) | Yes | ||
| United Kingdom (U.K.) (FCA Authorised) | Yes | No | |
| USA (CFTC Authorized) | No | No | |
| New Zealand (FMA Authorised) | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes |
| Tier-2 Licenses (Trusted) | Saxo | LegacyFX | |
|---|---|---|---|
| Kenya (CMA Authorised) | |||
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA/Central Bank Authorised) | Yes | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) |
| Investments | Saxo | LegacyFX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 70000 | 425 | |
| Forex Pairs (Total) | 190 | 44 | |
| U.S. Stock Trading (Non CFD) | Yes | No | |
| Int'l Stock Trading (Non CFD) | Yes | No | |
| Social Trading / Copy Trading | Yes | Yes | |
| Cryptocurrency (Physical) | No | 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 | Saxo | LegacyFX | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.1 | N/A | |
| All-in Cost EUR/USD - Active | 0.9 | N/A | |
| Active Trader or VIP Discounts | Yes | Yes | |
| Inactivity Fee | Yes | No | |
| Execution: Agency Broker | Yes | No | |
| Execution: Market Maker | Yes | Yes |
| Funding | Saxo | LegacyFX | |
|---|---|---|---|
| Minimum Deposit | $0 | $500 | |
| PayPal (Deposit/Withdraw) | No | No | |
| Skrill (Deposit/Withdraw) | No | Yes | |
| Visa/Mastercard (Credit/Debit) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | No | No |
| Trading Platforms | Saxo | LegacyFX | |
|---|---|---|---|
| Proprietary Platform | Yes | No | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | Yes | Yes | |
| MetaTrader 4 (MT4) | No | No | |
| MetaTrader 5 (MT5) | No | Yes | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | Saxo | LegacyFX | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 60 | 7 | |
| Charting - Indicators / Studies (Total) | 64 | 30 | |
| Charting - Drawing Tools (Total) | 20 | 15 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | Saxo | LegacyFX | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | Yes | No | |
| Mobile Charting - Indicators / Studies | 64 | 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 | Saxo | LegacyFX | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | Yes | Yes | |
| Trading Central (Recognia) | No | No | |
| TipRanks | No | ||
| Social Sentiment - Currency Pairs | Yes | No | |
| Economic Calendar | Yes | Yes |
| Education | Saxo | 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 | Saxo | 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 | Saxo Review | LegacyFX Review |
| Overall | Saxo | LegacyFX | |
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| Trust Score | 99 | 67 | |
| Winner | check_circle | ||
| Review | Saxo Review | LegacyFX Review |
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