Written by ForexBrokers.com
In this head to head comparison of ThinkMarkets 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.
ThinkMarkets and LegacyFX are both established online brokers, with ThinkMarkets founded in 2010 and LegacyFX in 2012. Neither of these brokers is publicly traded or operates as a bank. When it comes to regulatory compliance, ThinkMarkets stands out with five Tier-1 licenses and a ForexBrokers.com Trust Score of 92, marking it as highly trusted. In comparison, LegacyFX holds one Tier-1 license and has a Trust Score of 67, indicating a higher level of risk.
While ThinkMarkets also boasts two Tier-2 licenses, further underpinning its reputation for trustworthiness, LegacyFX does not hold any Tier-2 licenses. For those prioritizing regulatory security and trust, ThinkMarkets clearly has the edge with its stronger licensing and higher Trust Score.
| Feature |
ThinkMarkets
|
LegacyFX
|
|---|---|---|
| Year Founded | 2010 | 2012 |
| Publicly Traded (Listed) | No | No |
| Bank | No | No |
| Tier-1 Licenses | 5 | 1 |
| Tier-2 Licenses | 2 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 3 | 1 |
When comparing ThinkMarkets and LegacyFX for their commissions and fees, both offer unique setups, but they come with different ratings and rankings. ThinkMarkets is rated 4 out of 5 stars and holds the #48 position out of 62 brokers according to ForexBrokers.com. Unfortunately, detailed average spread data is not available for ThinkMarkets, which can make it challenging for traders to assess the full cost of trading.
LegacyFX, on the other hand, receives a slightly lower rating of 3.5 stars and ranks #56 in the same category. This broker offers a variety of account types depending on the entity you choose. The EU entity regulated by CySEC provides three accounts—Silver with a $500 minimum deposit, Gold requiring $5,000, and Platinum at $25,000. Notably, spreads are lowest with the Platinum account, but considerably higher costs are associated with the Silver account, starting with spreads of 1.6 pips on the EUR/USD.
For international clients, the Vanuatu entity of LegacyFX offers seven account types ranging from Standard to VIP, each with different levels of support and access to trading tools. Minimum deposits range from $500 for the Standard account to $50,000 for the VIP account. Unfortunately, like ThinkMarkets, LegacyFX does not provide average spread data, impacting traders' ability to accurately assess trading costs.
| Feature |
ThinkMarkets
|
LegacyFX
|
|---|---|---|
| Minimum Deposit | $50 | $500 |
| Average Spread EUR/USD - Standard | 1.1 | N/A |
| All-in Cost EUR/USD - Active | N/A | N/A |
| Active Trader or VIP Discounts | Yes | Yes |
| ACH or SEPA Transfers | No | No |
| PayPal (Deposit/Withdraw) | No | No |
| Skrill (Deposit/Withdraw) | Yes | Yes |
| Visa/Mastercard (Credit/Debit) | Yes | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
For investors looking into online brokers, ThinkMarkets and LegacyFX offer different ranges of investment opportunities, though both include forex trading as CFDs. ThinkMarkets stands out by offering a substantial array of 4000 tradable symbols, while LegacyFX presents a smaller selection of 425 symbols. Both brokers provide access to similar numbers of tradable forex pairs, with ThinkMarkets offering 46 pairs and LegacyFX offering 44. Importantly, neither broker offers the option to invest in exchange-traded securities on U.S. exchanges like NASDAQ. However, ThinkMarkets does allow for investment in international exchange-traded securities, unlike LegacyFX.
Additionally, both ThinkMarkets and LegacyFX facilitate copy trading and offer trading in cryptocurrency derivatives, but do not support the purchase of actual cryptocurrencies. In terms of range of investments, ThinkMarkets is rated higher at 4.5 stars compared to LegacyFX's 3.5 stars, reflecting a broader selection and versatility. This is further highlighted by ThinkMarkets' ranking of 21st compared to LegacyFX's 48th out of 62 brokers surveyed by ForexBrokers.com. Overall, ThinkMarkets offers a wider range of investment options, making it a favored choice for investors seeking diverse opportunities on a global scale.
| Feature |
ThinkMarkets
|
LegacyFX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 4000 | 425 |
| Forex Pairs (Total) | 46 | 44 |
| U.S. Stock Trading (Non CFD) | No | 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.
When comparing ThinkMarkets and LegacyFX in terms of trading platforms and tools, both brokers provide users with free virtual demo accounts to simulate trading. ThinkMarkets distinguishes itself by offering a proprietary platform developed in-house, whereas LegacyFX does not feature a platform of their own creation. Both brokers provide access to a Windows-based desktop download platform, web-based trading options, and support for MetaTrader 5 (MT5). However, ThinkMarkets adds further versatility with the inclusion of MetaTrader 4 (MT4), which is not available with LegacyFX. While both platforms support copy trading, neither offers additional trading services like DupliTrade or ZuluTrade.
ThinkMarkets provides traders with 15 drawing tools for charting and allows trading directly from stock charts, similar to LegacyFX, but surpasses with 15 columns for watch lists compared to LegacyFX’s 7 columns. With a rating of 4 stars for its trading platforms and tools, ThinkMarkets stands out in this category, obtaining a #28 ranking out of 62 brokers on ForexBrokers.com. In contrast, LegacyFX, rated at 3.5 stars, ranks significantly lower at #59. These differences highlight ThinkMarkets' broader range of trading features and higher user satisfaction in platform performance.
| Feature |
ThinkMarkets
|
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) | Yes | No |
| MetaTrader 5 (MT5) | Yes | Yes |
| DupliTrade | No | No |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 30 | 30 |
| Charting - Drawing Tools (Total) | 15 | 15 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 15 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Both ThinkMarkets and LegacyFX offer mobile trading apps compatible with iPhone and Android devices, providing traders with convenient access to the markets on the go. Users can set up stock or forex price alerts, and both platforms allow for drawing trendlines on charts and viewing different time frames like daily, weekly, or intraday. However, neither platform synchronizes watchlist symbols between the mobile app and their clients' online accounts. Despite offering similar basic functionalities, ThinkMarkets excels in technical charting features, providing users with 94 technical studies compared to LegacyFX's 30.
When it comes to user experience and ratings, ThinkMarkets stands out, earning a 4-star rating for its mobile trading app compared to LegacyFX's 3.5 stars. This difference is reflected in their rankings by ForexBrokers.com, where ThinkMarkets is placed at #20 among 62 brokers, while LegacyFX is ranked at #60. Both platforms allow users to save drawings on charts automatically and create watchlists with real-time quotes, making them practical tools for traders. Overall, ThinkMarkets offers a more comprehensive mobile trading experience, particularly in technical analysis, contributing to its higher rating and ranking.
| Feature |
ThinkMarkets
|
LegacyFX
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | No | No |
| Mobile Charting - Indicators / Studies | 94 | 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.
ThinkMarkets and LegacyFX both provide valuable insights with their daily market commentary and forex news sourced from prominent names like Bloomberg and Reuters. However, when diving into specific research tools, the two start to show distinct differences. LegacyFX benefits from the inclusion of Autochartist tools that support technical analysis and fundamental research, whereas ThinkMarkets opts for other offerings. ThinkMarkets edges ahead in sentiment-based trading with a tool for assessing long and short position ratios, while LegacyFX lacks this feature. Both brokers maintain standard resources like an economic calendar, though ThinkMarkets enhances its research toolkit with assets from Acuity Trading.
In terms of ratings, both ThinkMarkets and LegacyFX achieve 3.5 stars for their research capabilities. Yet, the details in broker rankings reveal a slight difference in their standing, with LegacyFX securing the 45th spot and ThinkMarkets ranked at 50th out of 62 brokers by ForexBrokers.com. While each platform has its unique strengths, these rankings offer a perspective into their relative positions within the industry in terms of research offerings.
| Feature |
ThinkMarkets
|
LegacyFX
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | No | Yes |
| Trading Central (Recognia) | No | No |
| Social Sentiment - Currency Pairs | Yes | No |
| TipRanks | No | No |
| Signal Centre (Acuity Trading) | Yes | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
ThinkMarkets and LegacyFX both provide a wealth of educational resources tailored to beginners, making them valuable platforms for new traders. Each broker offers over ten educational pieces focused on forex or CFDs, including articles, videos, and webinars. New traders can also benefit from regular online webinars held at least once a month and have access to a searchable archive of past webinar recordings. This allows learners to engage with content at their own pace and revisit essential lessons whenever needed.
Furthermore, both brokers present a robust collection of beginner and advanced educational videos, ensuring that content is relevant for traders at different experience levels. Additionally, each platform includes an investor dictionary with over 50 investing term definitions, aiding in the understanding of key financial concepts. While they share similar educational features, their ranking differs slightly; ThinkMarkets holds a #52 position and LegacyFX secures a #35 ranking in the education category by ForexBrokers.com, both earning a rating of 3.5 stars out of five. This highlights LegacyFX's slight edge in educational offerings as perceived in the broader industry context.
| Feature |
ThinkMarkets
|
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 62 of the best forex brokers, our research and account testing finds that ThinkMarkets is better than LegacyFX. ThinkMarkets finished with an overall rank of #27, while LegacyFX finished with an overall rank of #62.
ThinkMarkets has multiple regulatory license and offers a proprietary trading platform, as well as the entire MetaTrader suite. The broker has made progress in key areas, such as research and education, and the range of markets available, although trails behind the best brokers in these categories.
| Feature |
ThinkMarkets
|
LegacyFX
|
|---|---|---|
| Overall Rating |
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| Trust Score | 92 | 67 |
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Both ThinkMarkets and LegacyFX do not offer the ability to buy actual (delivered) cryptocurrency, but they do provide options for trading cryptocurrency derivatives.
ThinkMarkets and LegacyFX both do not support ACH or SEPA transfers and PayPal for depositing or withdrawing funds, but they do offer options like Skrill, Visa or Mastercard, and bank wire transfers for seamless transaction processes.
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 | ThinkMarkets | LegacyFX | |
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| Trust Score | 92 | 67 | |
| Winner | check_circle | ||
| Review | LegacyFX Review |
| Broker Screenshots | ThinkMarkets | LegacyFX | |
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| Regulation | ThinkMarkets | LegacyFX | |
|---|---|---|---|
| Trust Score | 92 | 67 | |
| Year Founded | 2010 | 2012 | |
| Publicly Traded (Listed) | No | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 5 | 1 | |
| Tier-2 Licenses | 2 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 3 | 1 |
| Tier-1 Licenses (Highly Trusted) | ThinkMarkets | LegacyFX | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | No | |
| Canada (CIRO Authorised) | No | No | |
| Hong Kong (SFC Authorised) | No | No | |
| Japan (SFC Authorised) | Yes | 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) | Yes | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes |
| Tier-2 Licenses (Trusted) | ThinkMarkets | LegacyFX | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | Yes | No | |
| UAE (DFSA/Central Bank Authorised) | Yes | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | ThinkMarkets | LegacyFX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 4000 | 425 | |
| Forex Pairs (Total) | 46 | 44 | |
| U.S. Stock Trading (Non CFD) | No | 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 | ThinkMarkets | LegacyFX | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.1 | N/A | |
| All-in Cost EUR/USD - Active | N/A | N/A | |
| Active Trader or VIP Discounts | Yes | Yes | |
| Inactivity Fee | Yes | No | |
| Execution: Agency Broker | Yes | No | |
| Execution: Market Maker | Yes | Yes |
| Funding | ThinkMarkets | LegacyFX | |
|---|---|---|---|
| Minimum Deposit | $50 | $500 | |
| PayPal (Deposit/Withdraw) | No | No | |
| Skrill (Deposit/Withdraw) | Yes | Yes | |
| Visa/Mastercard (Credit/Debit) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | No | No |
| Trading Platforms | ThinkMarkets | LegacyFX | |
|---|---|---|---|
| Proprietary Platform | Yes | No | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | Yes | Yes | |
| MetaTrader 4 (MT4) | Yes | No | |
| MetaTrader 5 (MT5) | Yes | Yes | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | ThinkMarkets | LegacyFX | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 15 | 7 | |
| Charting - Indicators / Studies (Total) | 30 | 30 | |
| Charting - Drawing Tools (Total) | 15 | 15 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | ThinkMarkets | 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 | 94 | 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 | ThinkMarkets | LegacyFX | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | No | Yes | |
| Trading Central (Recognia) | No | No | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | Yes | No | |
| Economic Calendar | Yes | Yes |
| Education | ThinkMarkets | 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 | ThinkMarkets | 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 | LegacyFX Review |
| Overall | ThinkMarkets | LegacyFX | |
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| Trust Score | 92 | 67 | |
| Winner | check_circle | ||
| Review | LegacyFX Review |
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