Written by ForexBrokers.com
In this head to head comparison of Spreadex 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.
Founded in 1999, Spreadex is a private online brokerage that offers financial spread betting services. Despite not being publicly traded or functioning as a bank, Spreadex holds a Tier-1 license, indicating a high level of trust from regulators. According to ForexBrokers.com, Spreadex scores a 71 out of 99 on the Trust Score scale, placing it in the average risk category, reflecting a moderate level of reliability in the eyes of users and regulators alike.
On the other hand, LegacyFX entered the market in 2012 and shares similar traits with Spreadex, in that it is not publicly traded and holds a Tier-1 license. However, it does not hold any Tier-2 licenses. With a Trust Score of 67 from ForexBrokers.com, LegacyFX also falls into the average risk category but ranks slightly lower than Spreadex. This difference could influence the choice of investors mindful of regulatory trust and brokerage longevity.
| Feature |
Spreadex
|
LegacyFX
|
|---|---|---|
| Year Founded | 1999 | 2012 |
| Publicly Traded (Listed) | No | No |
| Bank | No | No |
| Tier-1 Licenses | 1 | 1 |
| Tier-2 Licenses | 0 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 1 |
When it comes to commissions and fees, Spreadex offers competitive pricing for traders, with an average spread of 0.81 pips for EUR/USD observed in January 2024. Impressively, a minimum spread of 0.6 pips was achieved 60% of the time during the month, contributing to Spreadex's commendable four-star rating in this category. This places the broker at a respectable rank of 27 out of 63 brokers according to ForexBrokers.com.
In contrast, LegacyFX presents a more complex picture due to its varied account options based on the chosen regulatory entity. Unfortunately, the lack of average spread data makes it challenging to gauge the exact trading costs with LegacyFX. In the EU, LegacyFX offers Silver, Gold, and Platinum accounts with minimum deposits ranging from $500 to $25,000, and spreads starting as low as 1.6 pips for the EUR/USD on the Silver account. International clients have broader options with seven account types. The broker earns a 3.5-star rating, ranking 57th in commissions and fees by ForexBrokers.com.
The comparison highlights Spreadex's relatively straightforward and cost-effective structure, whereas LegacyFX's diverse account offerings require careful consideration of each account's associated costs and benefits, especially given the higher trading costs on lower-tier accounts. Traders must weigh these factors when choosing the best fit for their investment strategies.
| Feature |
Spreadex
|
LegacyFX
|
|---|---|---|
| Minimum Deposit | $0 | $500 |
| Average Spread EUR/USD - Standard | 0.81 | N/A |
| All-in Cost EUR/USD - Active | N/A | N/A |
| Active Trader or VIP Discounts | No | 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 Spreadex and LegacyFX, both brokers facilitate forex trading as CFDs or spot contracts, but their offerings diverge significantly in terms of variety. Spreadex provides access to an impressive 10,000 tradable symbols, including 52 forex pairs, which vastly exceeds the 425 tradable symbols, including 44 forex pairs, available through LegacyFX. Neither broker offers the option to purchase actual exchange-traded securities from U.S. or international exchanges, yet both brokers support trading in cryptocurrency derivatives.
Spreadex and LegacyFX both allow investors to explore cryptocurrency derivatives, but only LegacyFX includes copy trading as part of its offerings, appealing to those interested in replicating the trades of more experienced investors. Despite being outperformed by Spreadex's broader selection, LegacyFX still caters to a specific investment audience. As a result of Spreadex's extensive range of investments, it is rated 5 stars, significantly above LegacyFX's 3.5-star rating, ranking them #13 and #48 respectively in ForexBrokers.com's Range of Investments category.
| Feature |
Spreadex
|
LegacyFX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 10000 | 425 |
| Forex Pairs (Total) | 52 | 44 |
| U.S. Stock Trading (Non CFD) | No | No |
| Int'l Stock Trading (Non CFD) | No | No |
| Social Trading / Copy Trading | No | 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.
When comparing the trading platforms and tools of Spreadex and LegacyFX, both brokers offer the opportunity to practice trading through free virtual demo accounts, allowing users to simulate trading scenarios risk-free. Spreadex stands out with its proprietary platform, developed in-house, and a web-based platform, providing a seamless browser experience. While LegacyFX doesn't have its own proprietary platform, it offers a trader-friendly Windows-based desktop download and supports MetaTrader 5 (MT5), adding flexibility for desktop users. However, LegacyFX edges out in copy trading options, making it appealing to those interested in replicating the trades of experienced traders. Both brokers allow trading directly from a stock chart, enhancing the trading experience.
In terms of charting tools, LegacyFX and Spreadex offer a versatile selection, with 15 and 11 drawing tools, respectively. LegacyFX provides a slightly richer charting experience with more drawing tools, although both platforms support a broad range of trading indicators. Spreadex is praised for its user-friendly setup, offering 8 columns for watchlists compared to LegacyFX’s 7, aiding traders in effective market tracking. Based on ForexBrokers.com rankings, Spreadex is positioned at #46 out of 63 brokers for trading platforms and tools, with a rating of 4 stars, whereas LegacyFX is ranked #60 with a 3.5-star rating. Overall, Spreadex has a slight edge over LegacyFX in this category, thanks to its innovative platforms and user-friendly options.
| Feature |
Spreadex
|
LegacyFX
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | No |
| Desktop Platform (Windows) | No | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | No | Yes |
| MetaTrader 4 (MT4) | No | No |
| MetaTrader 5 (MT5) | No | Yes |
| DupliTrade | No | No |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 58 | 30 |
| Charting - Drawing Tools (Total) | 11 | 15 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 8 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Spreadex and LegacyFX both provide comprehensive iPhone and Android apps for traders on the go. Both platforms enable users to set stock or forex price alerts and draw trendlines on charts, as well as view multiple time frames including daily, weekly, or intraday. Users on either platform can also create watchlists with real-time quotes. However, LegacyFX takes a step further with its feature set, providing 30 technical studies for chart analysis in its app, whereas Spreadex doesn't specify this offering.
When it comes to synchronization and saving features, Spreadex and LegacyFX could improve. Neither app supports watchlist symbol syncing between the app and the online account, meaning any changes made are not mirrored across platforms. Moreover, while LegacyFX auto-saves chart drawings, Spreadex does not offer this functionality. Despite these areas, Spreadex earns a slightly higher rating of four stars compared to LegacyFX’s 3.5 stars and ranks better in the ForexBrokers.com mobile trading apps category.
| Feature |
Spreadex
|
LegacyFX
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | No | No |
| Mobile Charting - Indicators / Studies | N/A | 30 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Multiple Time Frames | Yes | Yes |
| Mobile Charting - Drawings Autosave | No | Yes |
| Mobile Watchlist | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
When comparing the research offerings of Spreadex and LegacyFX, both brokers provide valuable insights to help traders stay informed. They deliver daily market commentary and access to forex news from leading sources like Bloomberg and Reuters, ensuring traders are up-to-date with market developments. Additionally, both brokers utilize the powerful analytical tools of Autochartist, aiding in technical and fundamental analysis. However, neither offers resources from Trading Central or Acuity Trading, nor partner with TipRanks for market research. An economic calendar highlighting global news events is available for both, allowing traders to plan their strategies effectively.
A key differentiator is Spreadex's sentiment-based trading tool, providing insight into market trends through the ratio of long and short positions, while LegacyFX does not offer this feature. As a result, Spreadex scores a higher research rating of 4 stars compared to LegacyFX's 3.5 stars. Ranking-wise, Spreadex stands at #31 among 63 brokers in ForexBrokers.com's Research category, whereas LegacyFX is positioned at #46, emphasizing Spreadex's stronger offering in market research for traders seeking comprehensive tools and insights.
| Feature |
Spreadex
|
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.
For new traders looking to get started with online trading, both Spreadex and LegacyFX offer a variety of educational resources, though each with its distinct features. Spreadex and LegacyFX both provide at least ten educational pieces related to forex or CFDs, ensuring a solid base of knowledge for beginners. However, Spreadex fails to offer regular online educational webinars, while LegacyFX meets this need with monthly sessions and provides an archive of recorded webinars for further learning on demand. Both platforms present a substantial collection of beginner-focused educational videos, although LegacyFX outshines Spreadex by also offering advanced content tailored for experienced traders.
In addition to videos and articles, both brokers provide an investor dictionary with definitions of over 50 investing terms, which greatly aids beginners in becoming familiar with industry jargon. Despite LegacyFX's broader range of advanced resources, Spreadex takes the upper hand in overall educational quality, boasting a higher educational star rating at 4 stars compared to LegacyFX's 3.5 stars. However, when ranked among 63 brokers on ForexBrokers.com, LegacyFX secures a higher position at #35, whereas Spreadex is placed at #45. This comparison suggests that while LegacyFX may offer a more comprehensive education program, Spreadex still delivers a commendable selection for those new to trading.
| Feature |
Spreadex
|
LegacyFX
|
|---|---|---|
| Education (Forex or CFDs) | Yes | Yes |
| Client Webinars | No | Yes |
| Client Webinars (Archived) | No | Yes |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | No | 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 Spreadex is better than LegacyFX. Spreadex finished with an overall rank of #39, while LegacyFX finished with an overall rank of #63.
Spreadex is an FCA-regulated broker in the UK, offering forex and CFDs, and is well known for its sports betting business, and proprietary web trading platforms. Spreadex still has considerable room to improve, in key categories such as research and education, compared to the best forex brokers.
| Feature |
Spreadex
|
LegacyFX
|
|---|---|---|
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| Trust Score | 71 | 67 |
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Both Spreadex and LegacyFX do not offer the ability to buy actual delivered cryptocurrencies, but they do provide options for purchasing cryptocurrency derivatives.
In comparing online brokers, both Spreadex and LegacyFX do not offer ACH, SEPA transfers, or PayPal for fund transactions, but while they both accept Visa and Mastercard, as well as bank wires for deposits and withdrawals, only LegacyFX provides Skrill as an additional payment option.
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 | Spreadex | LegacyFX | |
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| Trust Score | 71 | 67 | |
| Winner | check_circle | ||
| Review | Spreadex Review | LegacyFX Review |
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| Regulation | Spreadex | LegacyFX | |
|---|---|---|---|
| Trust Score | 71 | 67 | |
| Year Founded | 1999 | 2012 | |
| Publicly Traded (Listed) | No | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | No | Yes | |
| Tier-1 Licenses | 1 | 1 | |
| Tier-2 Licenses | 0 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 1 |
| Tier-1 Licenses (Highly Trusted) | Spreadex | LegacyFX | |
|---|---|---|---|
| Australia (ASIC Authorised) | No | No | |
| Canada (CIRO Authorised) | No | No | |
| Hong Kong (SFC Authorised) | No | No | |
| Japan (SFC Authorised) | No | No | |
| Singapore (MAS Authorised) | No | No | |
| Switzerland (FINMA Authorised) | No | 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). | No | Yes |
| Tier-2 Licenses (Trusted) | Spreadex | LegacyFX | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA/Central Bank Authorised) | No | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | Spreadex | LegacyFX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 10000 | 425 | |
| Forex Pairs (Total) | 52 | 44 | |
| U.S. Stock Trading (Non CFD) | No | No | |
| Int'l Stock Trading (Non CFD) | No | No | |
| Social Trading / Copy Trading | No | 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 | Spreadex | LegacyFX | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 0.81 | N/A | |
| All-in Cost EUR/USD - Active | N/A | N/A | |
| Active Trader or VIP Discounts | No | Yes | |
| Inactivity Fee | No | No | |
| Execution: Agency Broker | No | No | |
| Execution: Market Maker | Yes | Yes |
| Funding | Spreadex | 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 | Spreadex | LegacyFX | |
|---|---|---|---|
| Proprietary Platform | Yes | No | |
| Desktop Platform (Windows) | No | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | No | Yes | |
| MetaTrader 4 (MT4) | No | No | |
| MetaTrader 5 (MT5) | No | Yes | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | Spreadex | LegacyFX | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 8 | 7 | |
| Charting - Indicators / Studies (Total) | 58 | 30 | |
| Charting - Drawing Tools (Total) | 11 | 15 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | Spreadex | LegacyFX | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | No | No | |
| Mobile Charting - Indicators / Studies | N/A | 30 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Multiple Time Frames | Yes | Yes | |
| Mobile Charting - Drawings Autosave | No | Yes | |
| Mobile Economic Calendar | Yes | Yes |
| Research | Spreadex | 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 | Spreadex | LegacyFX | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | Yes | |
| Client Webinars | No | Yes | |
| Client Webinars (Archived) | No | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | No | Yes | |
| Investor Dictionary (Glossary) | Yes | Yes |
| Major Forex Pairs | Spreadex | 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 | Spreadex Review | LegacyFX Review |
| Overall | Spreadex | LegacyFX | |
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| Trust Score | 71 | 67 | |
| Winner | check_circle | ||
| Review | Spreadex Review | LegacyFX Review |
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