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 account | 1.1 | N/A |
| All-in Cost EUR/USD - Active | 0.9 | N/A |
| Non-wire bank transfer | No | No |
| PayPal (Deposit/Withdraw) | No | |
| Skrill (Deposit/Withdraw) | No | |
| Bank Wire (Deposit/Withdraw) | Yes |
Dive deeper: Best Low Spread Forex Brokers.
Saxo vs LegacyFX: for range of investments, Saxo clearly offers more choice. Saxo lists about 70,000 tradeable symbols and 190 forex pairs, while LegacyFX offers 425 symbols and 44 forex pairs. Both brokers support forex trading as CFDs or spot contracts and both provide copy trading. Independent ratings reflect the gap: Saxo earns 5 stars and ranks #3 out of 63 brokers for Range of Investments, whereas LegacyFX holds 3.5 stars and ranks #49.
When it comes to exchange-traded securities, Saxo lets clients buy shares on U.S. and international exchanges (for example, Apple on NASDAQ or Vodafone in London). LegacyFX does not offer exchange-traded stocks. For crypto, neither broker supports buying actual coins, but both allow cryptocurrency CFDs. If you want the widest selection across markets, Saxo has the edge; if your needs are simpler, LegacyFX may still cover the basics.
| Feature |
Saxo
|
LegacyFX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 70000 | 425 |
| Forex Pairs (Total) | 190 | 44 |
| U.S. Stocks (Shares) | Yes | No |
| Global Stocks (Non-U.S. Shares) | Yes | No |
| Copy Trading | Yes | Yes |
| Cryptocurrency (Underlying) | No | 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.
Saxo and LegacyFX both let you practice with a free demo (paper) account and support trading on Windows desktop and in your web browser. Saxo offers its own in-house platform, while LegacyFX does not. Both brokers support copy trading and let you place orders directly from a chart. Platform compatibility differs: LegacyFX supports MetaTrader 5 (MT5), while neither broker offers MetaTrader 4 (MT4), and Saxo does not support MT5.
For trading platforms and tools, ForexBrokers.com rates Saxo 5 stars and ranks it #1 out of 63, while LegacyFX earns 3.5 stars and ranks #61. In simple terms, pick Saxo if you want a polished, broker-built platform with chart trading and easy web/desktop access; choose LegacyFX if MT5 access is your priority alongside copy trading and a demo account.
| Feature |
Saxo
|
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) | No | No |
| MetaTrader 5 (MT5) | No | Yes |
| Charting - Indicators / Studies (Total) | 64 | 30 |
| Charting - Trade From Chart | Yes | Yes |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Both Saxo and LegacyFX offer mobile trading apps for iPhone and Android, with price alerts to keep you on top of market moves. Each app lets you draw trendlines on stock and forex charts and auto-saves your drawings, so your work isn’t lost. A key difference is watchlist syncing: Saxo syncs watchlists between the app and your online account, while LegacyFX does not, which can make day‑to‑day tracking easier with Saxo.
For charting depth, the Saxo mobile trading app includes 64 technical studies versus 30 with LegacyFX, giving more choices for technical analysis. Independent ratings reflect that gap: Saxo earns 5 stars and ranks #2 out of 63 brokers for Mobile Trading Apps at ForexBrokers.com, while LegacyFX scores 3.5 stars and ranks #62. If you want more tools and seamless watchlist management, Saxo stands out; if you need the basics across iPhone and Android with alerts and drawing tools, LegacyFX covers the essentials.
| Feature |
Saxo
|
LegacyFX
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Price Alerts | Yes | Yes |
| Mobile Watchlists - Syncing | Yes | No |
| Mobile Charting - Indicators / Studies | 64 | 30 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Trendlines Autosave | 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 (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.
Saxo vs LegacyFX for beginner education: both brokers offer forex and CFD education with well over 10 pieces of content, including articles, videos, and webinars. Each runs online client webinars at least once a month and provides 10+ beginner videos to explain basics like order types, risk management, and platform use. When you’re ready to go further, both also supply 10+ advanced videos to help you progress beyond the fundamentals.
The biggest gap shows up in independent ratings. ForexBrokers.com gives Saxo 5 stars for Education and ranks it 13th out of 63 brokers, while LegacyFX earns 3.5 stars and ranks 35th. If you want a fuller learning path with frequent webinars and a large, well-organized video library, Saxo is the stronger pick. If you just need solid beginner coverage and regular webinars, LegacyFX still delivers the essentials.
| Feature |
Saxo
|
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 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
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LegacyFX
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| Overall Rating |
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| Trust Score | 99 | 67 |
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Comparing online brokers Saxo and LegacyFX, neither supports buying actual (delivered) cryptocurrencies, but both offer cryptocurrency CFD trading.
Comparing online brokers, Saxo does not support ACH/SEPA, PayPal, or Skrill but does allow bank wire transfers (Visa/Mastercard not specified), while LegacyFX likewise does not offer ACH/SEPA and its support for PayPal, Skrill, Visa/Mastercard, and bank wires is not specified.
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, FSRA, or SCA 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. Stocks (Shares) | Yes | No | |
| Global Stocks (Non-U.S. Shares) | Yes | No | |
| Copy Trading | Yes | Yes | |
| Cryptocurrency (Underlying) | No | 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 | Saxo | LegacyFX | |
|---|---|---|---|
| Average spread (EUR/USD) - Standard account | 1.1 | N/A | |
| All-in Cost EUR/USD - Active | 0.9 | N/A | |
| Inactivity Fee | Yes | No | |
| Order execution: Agency | Yes | No | |
| Order execution: Market Maker | Yes | Yes |
| Funding | Saxo | LegacyFX | |
|---|---|---|---|
| Minimum Deposit | $0 | $500 | |
| PayPal (Deposit/Withdraw) | No | ||
| Skrill (Deposit/Withdraw) | No | ||
| Bank Wire (Deposit/Withdraw) | Yes | ||
| Non-wire bank transfer | No | No |
| Trading Platforms | Saxo | LegacyFX | |
|---|---|---|---|
| Proprietary Desktop Trading Platform | Yes | No | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Copy Trading | Yes | Yes | |
| MetaTrader 4 (MT4) | No | No | |
| MetaTrader 5 (MT5) | No | Yes | |
| cTrader | No | No |
| Trading Tools | Saxo | LegacyFX | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Price Alerts | Yes | Yes | |
| Charting - Indicators / Studies (Total) | 64 | 30 | |
| 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 Price Alerts | Yes | Yes | |
| Mobile Watchlist [DELETED] | |||
| Mobile Watchlists - Syncing | Yes | No | |
| Mobile Charting - Indicators / Studies | 64 | 30 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Trendlines Autosave | Yes | Yes | |
| Mobile Research - Economic Calendar | Yes | Yes |
| Research | Saxo | 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 | Saxo | LegacyFX | |
|---|---|---|---|
| Webinars | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | Yes |
| Major Forex Pairs | Saxo | LegacyFX | |
|---|---|---|---|
| GBP/USD [DELETED] | |||
| USD/JPY [DELETED] | |||
| EUR/USD | Yes | Yes | |
| USD/CHF [DELETED] | |||
| USD/CAD [DELETED] | |||
| NZD/USD [DELETED] | |||
| AUD/USD [DELETED] | |||
| 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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