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 |
When it comes to comparing commissions and fees, Saxo Bank outshines LegacyFX with competitive pricing and a higher rating. Saxo offers a top-notch trading experience with a 5-star rating and is ranked 9th out of 63 brokers by ForexBrokers.com. The broker's spread rates on its Classic, Platinum, and VIP accounts are notably competitive, with the Platinum and VIP accounts aligning closely with industry averages, even offering exceptionally low minimum spreads. Saxo also waives custody fees for share trading when clients participate in securities lending. Additionally, Saxo provides commission-free forex trading, although a small fee applies for trading fewer than 50,000 units a month.
In contrast, LegacyFX offers a more standard trading experience with a 3.5-star rating and ranks 57th among brokers in the Commissions and Fees category. LegacyFX does not provide average spread data, making it challenging to accurately gauge trading costs. Their EU entity account basics include higher minimum spreads for their Silver account at 1.6 pips on the EUR/USD, whereas the Platinum account boasts the most favorable conditions. For international clients, LegacyFX extends a broader array of account types, with support levels varying by account tier, but still lacks the competitive pricing edge that Saxo offers.
In summary, for traders looking for low fees and commissions, Saxo is a clear front-runner with its low spreads and zero commission structure, ideally suited for active and high-volume traders. LegacyFX, while offering numerous account options and personalized support, falls short in overall pricing transparency and competitiveness compared to Saxo.
| 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.
When comparing Saxo and LegacyFX for their range of investments, Saxo stands out with an impressive selection that includes 70,000 tradeable symbols and 190 forex pairs. Saxo provides access to exchange-traded securities on both U.S. and international exchanges, allowing clients to invest in companies like Apple and Vodafone directly. Additionally, Saxo offers forex trading as both CFDs and spot contracts, as well as the opportunity to trade cryptocurrency derivatives. Rated five stars for its range of investments, Saxo is ranked third out of 63 brokers by ForexBrokers.com.
On the other hand, LegacyFX offers a more limited selection with 425 tradeable symbols and 44 forex pairs. Unlike Saxo, LegacyFX does not provide access to exchange-traded securities on U.S. or international exchanges, but it does offer forex trading as CFDs and the ability to trade cryptocurrency derivatives. Also supporting copy trading, LegacyFX is rated at 3.5 stars and ranked 48th for its range of investments according to ForexBrokers.com. Both platforms do not offer the ability to purchase actual cryptocurrencies, offering only derivatives instead.
| 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.
Both Saxo and LegacyFX provide simulated trading options, allowing users to familiarize themselves with their platforms through free virtual demo accounts. Saxo shines with its proprietary platform developed in-house, compared to LegacyFX, which lacks this feature. Both brokers offer Windows-based desktop platforms and web-based platforms, ensuring versatile trading experiences for users. Saxo stands out with superior charting tools, offering 20 drawing tools compared to LegacyFX's 15, and a vast array of 60 columns for watch lists, far surpassing LegacyFX's 7. Saxo also allows users to trade directly from stock charts, a feature shared with LegacyFX.
When it comes to additional trading options like MetaTrader, Saxo and LegacyFX diverge, with only LegacyFX providing MetaTrader 5 (MT5). Both brokers offer copy trading but do not support DupliTrade or ZuluTrade. Saxo takes the lead in the overall trading platform and tools category, boasting a perfect 5-star rating and ranking first among 63 brokers according to ForexBrokers.com. In comparison, LegacyFX is rated at 3.5 stars and ranks much lower. This stark difference highlights Saxo's advanced features and capabilities, catering to traders seeking comprehensive tools and a more expansive trading environment.
| 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.
When comparing the mobile trading apps of Saxo and LegacyFX, both brokers offer platforms compatible with iPhone and Android devices. Each provides users with the ability to set stock or forex price alerts and draw trendlines on charts. However, a key difference lies in watchlist symbol syncing. Saxo allows users to sync watchlists between the mobile app and the online account, ensuring seamless updates across devices, a feature LegacyFX lacks.
In terms of technical capabilities, Saxo offers an impressive 64 technical studies for charting in its mobile app, compared to the 30 provided by LegacyFX. Both platforms support multiple time frames and auto-save drawings on charts. Watchlists with real-time quotes can also be created on both apps. Despite these similarities, Saxo's mobile trading app is rated 5 stars and ranked 2nd out of 63 brokers by ForexBrokers.com, while LegacyFX receives a 3.5-star rating and occupies the 61st spot, indicating a significant difference in user satisfaction and app functionality.
| 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.
Both Saxo and LegacyFX provide daily market commentary and access to forex news from high-profile sources like Bloomberg and Reuters, making them reliable choices for keeping up-to-date with the latest market trends. They each offer technical analysis tools from Autochartist, though neither uses Trading Central’s tools or offers research from Acuity Trading and TipRanks. However, Saxo has an edge with its sentiment-based trading tool, displaying ratios of long or short positions across various instruments, a feature LegacyFX does not provide. Additionally, both brokers support their users with economic calendars highlighting crucial global news events.
While both platforms exhibit strengths in market research tools, Saxo stands out with a higher research rating of 5 stars compared to LegacyFX's 3.5 stars. This is reflected in their rankings on ForexBrokers.com, where Saxo is proudly positioned as the number one broker for research, whereas LegacyFX holds the 46th spot among 63 brokers. These distinctions underscore Saxo's comprehensive offerings and its commitment to equipping traders with advanced insights, ensuring they stay ahead in the market.
| 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 | No |
| Signal Centre (Acuity Trading) | No | 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 |
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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 | No | |
| 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) | No | No | |
| 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) | No | No |
| 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 | 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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