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 |
ThinkMarkets is renowned for its straightforward commissions and fees structure, earning a commendable 4-star rating in this category. While average spread data isn't available, the broker is generally appreciated for providing competitive pricing. In the ForexBrokers.com rankings, ThinkMarkets holds the 47th position out of 63 brokers, reflecting its solid standing among top brokers for commission and fee affordability.
LegacyFX, with a 3.5-star rating for commissions and fees, offers a wide array of account types that can impact trading costs significantly. For EU residents, LegacyFX provides three tiers of accounts: Silver, Gold, and Platinum, with minimum deposits of $500, $5,000, and $25,000, respectively. The Platinum account boasts the lowest advertised spreads, though average spreads are not disclosed. International clients have even more choices with seven account types, including Standard, Bronze, and VIP, each offering varying levels of support and access to trading tools. Despite these offerings, LegacyFX is ranked 57th by ForexBrokers.com, indicating room for improvement compared to other brokers in the same category.
| 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.
When it comes to investment options, ThinkMarkets and LegacyFX both offer forex trading through CFDs or spot contracts, catering to those interested in the foreign exchange market. However, the two brokers differ significantly in their overall range of tradeable symbols. ThinkMarkets provides access to a vast selection of 4,000 tradeable symbols, significantly more than the 425 offered by LegacyFX. Within the realm of forex pairs, the choice remains similar, with ThinkMarkets offering 46 pairs compared to LegacyFX's 44.
Both brokers have their strengths, but ThinkMarkets stands out by allowing clients to trade securities on international exchanges, while LegacyFX does not provide this option. Neither broker offers exchange-traded securities on U.S. exchanges, nor can clients purchase actual cryptocurrencies, though both brokers support cryptocurrency derivatives. For those interested in social trading, both ThinkMarkets and LegacyFX offer copy trading features. With a rating of 4.5 stars from ForexBrokers.com compared to LegacyFX’s 3.5 stars, ThinkMarkets ranks 22nd out of 63 brokers for investment range, demonstrating a broader scope of offerings compared to LegacyFX, which sits at 48th.
| 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.
ThinkMarkets and LegacyFX both cater to traders with a range of trading platforms and tools. ThinkMarkets stands out with its proprietary platform, which adds a unique option alongside widely used platforms like MetaTrader 4 (MT4) and MetaTrader 5 (MT5). LegacyFX, on the other hand, offers MT5 but does not support MT4 and lacks a proprietary platform, which could impact traders familiar with MT4. Both brokers provide Windows-based desktop and web-based trading platforms, allowing for cross-device trading convenience. Additionally, they both offer copy trading capabilities, making it easy for traders to mirror experienced investors' strategies without any support for DupliTrade or ZuluTrade.
In terms of charting tools, each platform provides 15 drawing tools, facilitating detailed technical analysis. While ThinkMarkets and LegacyFX both enable trading directly from charts, ThinkMarkets is slightly more versatile with its 15 watchlist columns compared to LegacyFX's seven. This extra flexibility may contribute to ThinkMarkets' higher rating of 4 stars for Trading Platforms and Tools, whereas LegacyFX receives a 3.5-star rating. Ranking-wise, ThinkMarkets is positioned at #28 out of 63 brokers by ForexBrokers.com, significantly ahead of LegacyFX, which sits at #60. Both brokers, however, provide free virtual demo accounts for traders to explore their offerings risk-free.
| 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.
When comparing the mobile trading apps of ThinkMarkets and LegacyFX, both brokers offer apps for iPhone and Android users, providing stock and forex price alerts, watchlist management with real-time quotes, and the ability to draw trendlines and view multiple time frames on charts. However, neither offers watchlist symbol syncing between the mobile app and online account. Where ThinkMarkets outshines its counterpart is in the number of technical studies available; its app provides a comprehensive selection of 94 options, compared to LegacyFX's 30. Additionally, both platforms allow for auto-saving of drawings on charts, but ThinkMarkets has gained a higher user satisfaction, earning a 4-star rating compared to LegacyFX's 3.5 stars.
ThinkMarkets ranks notably higher in the industry, placed at #20 out of 63 brokers in the Mobile Trading Apps category by ForexBrokers.com, in contrast to LegacyFX's #61 position. This distinction suggests that while both apps have many similarities, ThinkMarkets may deliver a more feature-rich and user-preferred experience overall. If you prioritize a broad array of technical studies and a slightly higher-ranked app, ThinkMarkets may be the better choice for your mobile trading needs.
| 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.
When comparing ThinkMarkets and LegacyFX for market research offerings, both brokers provide daily market commentary and access to forex news from top-tier sources like Bloomberg and Reuters. However, they differ in the tools they offer. LegacyFX includes technical analysis tools from Autochartist, while ThinkMarkets does not, but ThinkMarkets stands out by providing sentiment-based trading tools, which LegacyFX lacks. Both brokers do not offer resources from Trading Central or research from TipRanks, presenting limitations in this area.
In terms of research tools from Acuity Trading, ThinkMarkets offers these resources, unlike LegacyFX. Both brokers provide economic calendars, keeping traders informed of global economic events. Despite their similarities and differences, both ThinkMarkets and LegacyFX are rated 3.5 stars for their research offering, but in a ranking of 63 brokers, LegacyFX is slightly ahead at #46 compared to ThinkMarkets at #50 according to ForexBrokers.com.
| 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.
When comparing ThinkMarkets and LegacyFX, both online brokers offer a strong foundation for beginners seeking to learn about forex and CFDs. Each provides over ten educational resources, which can include articles, videos, and archived webinars to help new traders understand the basics. Both platforms host online educational webinars monthly to keep their users updated and engaged, along with maintaining searchable archives for those who wish to revisit these sessions. Furthermore, they each offer over ten educational videos specifically designed for novice traders, as well as separate advanced materials for experienced traders. To enhance user understanding, both brokers also provide an investor dictionary containing definitions for over 50 vital investing terms.
While the educational resources offered by ThinkMarkets and LegacyFX are largely comparable, there are some differences in recognition and ranking. Both have received a 3.5-star rating for their educational offerings. However, LegacyFX is ranked slightly higher, at 35th out of 63 brokers by ForexBrokers.com in the Education category, compared to ThinkMarkets, which is ranked 52nd. This difference suggests that while both platforms provide valuable educational resources, LegacyFX may have a slight edge in user satisfaction or perceived quality within the educational segment. Ultimately, both brokers offer comprehensive educational tools suitable for those beginning their trading journey.
| 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 63 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 #63.
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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