Written by ForexBrokers.com
In this head to head comparison of TMGM 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.
TMGM, established in 2013, and LegacyFX, founded in 2012, are both privately owned online brokers that are not publicly traded or affiliated with any banks. When diving into their regulatory standing, TMGM stands out with a Trust Score of 83 out of 99 from ForexBrokers.com, categorizing it as a trusted broker. It also holds two Tier-1 licenses, which are highly regarded in the industry for ensuring strict regulatory compliance and client fund security.
In contrast, LegacyFX holds a Trust Score of 67, placing it in the higher risk category. It possesses one Tier-1 license but lacks any Tier-2 licenses, which denotes a narrower focus on regulation compared to TMGM. Both firms provide trading services, yet TMGM's regulatory credentials and higher trust rating might offer clients more peace of mind when choosing an online broker.
| Feature |
TMGM
|
LegacyFX
|
|---|---|---|
| Year Founded | 2013 | 2012 |
| Publicly Traded (Listed) | No | No |
| Bank | No | No |
| Tier-1 Licenses | 2 | 1 |
| Tier-2 Licenses | 0 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 2 | 1 |
When it comes to comparing online brokers TMGM and LegacyFX, particularly regarding their commissions and fees, TMGM takes a slight edge with its competitive offerings. TMGM provides two main account types, the spread-only Classic account and the commission-based Edge account. The Edge account is a popular choice as it combines low spreads with a small commission of $3.50 per side, amounting to $7 per round trip, while also catering to Islamic finance customers seeking Sharia-compliant, interest-free trading options. Despite the absence of recent average spread data for the EUR/USD, TMGM earns a solid rating of 4 stars in commissions and fees, ranking 36th out of 63 brokers according to ForexBrokers.com.
LegacyFX offers a variety of account types depending on their regulatory entity, with three accounts—Silver, Gold, and Platinum—available under the EU-regulated entity. These accounts start with a minimum deposit of $500 and offer varying spreads, with the Platinum account promising the lowest spreads. However, the lack of published average spread data complicates a comprehensive assessment of trading costs. The Vanuatu entity expands the account options to seven, offering greater differentiation in terms of client support and access to trading tools. Despite these offerings, LegacyFX comes with higher relative costs, earning it a 3.5-star rating and a ranking of 57th out of 63 brokers on ForexBrokers.com in the Commissions and Fees category.
In summary, TMGM is better-rated for its user-friendly account structures and competitive cost offerings, although more transparency in average spread data could enhance its appeal. LegacyFX, while offering a broader spectrum of account options, particularly for international clients, still trails behind in value for cost-conscious traders due to the absence of average spread disclosures. As a result, TMGM provides a more favorable choice for traders prioritizing cost-efficiency in their forex trading pursuits.
| Feature |
TMGM
|
LegacyFX
|
|---|---|---|
| Minimum Deposit | $100 | $500 |
| Average Spread EUR/USD - Standard | N/A | 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) | Yes | 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.
TMGM and LegacyFX both offer forex trading as CFDs or spot contracts, providing options for traders interested in currency markets. TMGM stands out with an impressive 12,000 tradeable symbols, compared to LegacyFX's 425, offering users a significantly wider selection. When it comes to forex pairs, TMGM again has an edge with 62 available pairs, while LegacyFX offers 44. Both brokers allow cryptocurrency derivative trading instead of direct cryptocurrency purchases, and neither offers exchange traded securities on U.S. or international exchanges. For those interested in passive investment strategies, both TMGM and LegacyFX support copy trading features.
TMGM's range of investments is rated highly at 4.5 stars, given its vast array of tradeable symbols and forex pairs, positioning it at #17 out of 63 brokers by ForexBrokers.com. In comparison, LegacyFX receives a rating of 3.5 stars, ranking it at #48 for range of investments. Despite both platforms lacking in direct stock and cryptocurrency purchases, TMGM offers a more extensive selection of financial instruments for active traders, which may explain its higher ranking and rating in this category.
| Feature |
TMGM
|
LegacyFX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 12000 | 425 |
| Forex Pairs (Total) | 62 | 44 |
| U.S. Stock Trading (Non CFD) | No | No |
| Int'l Stock Trading (Non CFD) | No | 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 TMGM and LegacyFX for their trading platforms and tools, both brokers offer simulated trading through free virtual demo accounts, providing beginners and seasoned traders alike a chance to practice their strategies without real financial risk. Users will find that neither broker has developed a proprietary platform, but both offer the popular MetaTrader 5 (MT5) platform, while only TMGM provides access to MetaTrader 4 (MT4). For those who prefer flexibility, both brokers cater to traders with a Windows-based desktop download option and a web-based platform accessible via browsers. Copy trading is another shared feature, allowing users to replicate successful strategies.
Charting capabilities at both TMGM and LegacyFX include 15 drawing tools each and the convenience to trade directly from stock charts. Watch lists are comprehensive, offering 7 customizable columns for users to track their preferred instruments closely. However, neither broker supports DupliTrade or ZuluTrade integration. In terms of platform ratings, TMGM has a slightly higher score of 4 out of 5 stars compared to LegacyFX’s 3.5 stars, likely reflecting the broader platform support including MT4. TMGM also fares better in rankings, sitting at #48 out of 63 brokers in ForexBrokers.com's Trading Platforms and Tools category, compared to LegacyFX's position at #60.
| Feature |
TMGM
|
LegacyFX
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | No | 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 | 7 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
When comparing the mobile trading apps of TMGM and LegacyFX, both platforms cater to iPhone and Android users, offering necessary functionality for stock and forex trading on the go. Both apps provide traders with stock or forex price alerts, along with the capability to draw trendlines and view multiple time frames on charts. Each platform offers 30 technical studies, equipping traders with the tools they need for in-depth market analysis. However, neither TMGM nor LegacyFX supports syncing watchlists between their mobile apps and online accounts, which might be a drawback for some users.
Both TMGM and LegacyFX allow users to create watchlists with real-time quotes and ensure that any annotations made on charts are saved automatically. Despite these similarities, TMGM edges out with a slightly higher rating of 4 stars compared to LegacyFX's 3.5 stars, reflecting a marginally better overall user experience. Additionally, according to ForexBrokers.com, TMGM is ranked at #47 out of 63 brokers in the mobile trading apps category, whereas LegacyFX holds the #61 spot. This ranking emphasizes TMGM's slight advantage in mobile trading app experience.
| Feature |
TMGM
|
LegacyFX
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | No | No |
| Mobile Charting - Indicators / Studies | 30 | 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 the market research offerings between TMGM and LegacyFX, both brokers provide daily market commentary and access to forex news from major sources like Bloomberg and Reuters, ensuring traders stay informed. However, when it comes to additional research tools, TMGM and LegacyFX have distinct offerings. TMGM partners with Trading Central, providing technical analytics tools, and offers sentiment-based trading tools and resources from Acuity Trading, enhancing their research capabilities. In contrast, LegacyFX features technical and fundamental analysis tools through Autochartist, but does not provide sentiment-based tools or Acuity Trading resources.
Both TMGM and LegacyFX include an economic calendar, keeping traders up-to-date with global economic events. In terms of overall research ratings, both brokers receive 3.5 stars. However, LegacyFX has a slight edge in ranking, placing 46th compared to TMGM's 53rd position on ForexBrokers.com among a list of 63 brokers. These rankings highlight small differences in research offerings that may influence a trader's choice based on their specific needs in market analysis and resources.
| Feature |
TMGM
|
LegacyFX
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | No | Yes |
| Trading Central (Recognia) | Yes | 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 it comes to educational resources for beginners, TMGM and LegacyFX have distinct offerings. TMGM provides a solid investor dictionary containing over 50 investing terms and has a searchable archive of past webinars, making it easier for users to revisit previous sessions. However, TMGM does not provide a variety of educational materials such as articles or videos with the primary focus on forex or CFDs, nor does it host monthly educational webinars. Additionally, TMGM lacks targeted beginner educational videos, which could be a limitation for those new to trading.
In contrast, LegacyFX stands out by offering an impressive range of educational materials for those new to forex and CFDs trading. Not only does it provide a minimum of 10 educational pieces, but LegacyFX also conducts monthly webinars that enhance learning opportunities for its clients. Furthermore, LegacyFX offers a well-maintained archive of previously recorded webinars and exceeds expectations with both beginner and advanced educational videos. Like TMGM, LegacyFX also includes an extensive dictionary with important investing terms. Both brokers are rated 3.5 stars for education quality, yet LegacyFX ranks higher in the educational category according to ForexBrokers.com, securing the 35th position out of 63 brokers, compared to TMGM's 54th place.
| Feature |
TMGM
|
LegacyFX
|
|---|---|---|
| Education (Forex or CFDs) | No | Yes |
| Client Webinars | No | Yes |
| Client Webinars (Archived) | Yes | Yes |
| Videos - Beginner Trading Videos | No | 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 TMGM is better than LegacyFX. TMGM finished with an overall rank of #37, while LegacyFX finished with an overall rank of #63.
TMGM stands out for its impressive education toolset, though it still trails behind the best brokers in most categories. TMGM offers a small range of markets via the MetaTrader 4 (MT4) platform. While primarily a MetaTrader broker, it also offers the more exclusive IRESS platform – though the platform-specific requirements will limit who can use it.
| Feature |
TMGM
|
LegacyFX
|
|---|---|---|
| Overall Rating |
|
|
| Trust Score | 83 | 67 |
| Range of Investments |
|
|
| Commissions & Fees |
|
|
| Platforms & Tools |
|
|
| Research |
|
|
| Mobile Trading |
|
|
| Education |
|
|
Both TMGM and LegacyFX do not provide options for purchasing actual (delivered) cryptocurrency, but they both offer the ability to trade cryptocurrency derivatives instead.
When comparing online brokers TMGM and LegacyFX, neither offers ACH or SEPA transfers for account transactions, while TMGM provides PayPal as a payment option unlike LegacyFX; both brokers support Skrill, Visa or Mastercard, and bank wire transfers for deposits and withdrawals.
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.
Select Brokers
↓×Compare
0 of 5| Overall Rating | TMGM | LegacyFX | |
|---|---|---|---|
| Overall Rating |
|
| |
| Commissions & Fees |
|
| |
| Range of Investments |
|
| |
| Platforms & Tools |
|
| |
| Mobile Trading |
|
| |
| Research |
|
| |
| Education |
|
| |
| Trust Score | 83 | 67 | |
| Winner | check_circle | ||
| Review | TMGM Review | LegacyFX Review |
| Broker Screenshots | TMGM | LegacyFX | |
|---|---|---|---|
| Trading Platforms Gallery (click to expand) |
|
| |
| Mobile Trading Gallery (click to expand) |
|
| |
| Research Gallery (click to expand) |
|
| |
| Education Gallery (click to expand) |
|
|
| Regulation | TMGM | LegacyFX | |
|---|---|---|---|
| Trust Score | 83 | 67 | |
| Year Founded | 2013 | 2012 | |
| Publicly Traded (Listed) | No | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | No | Yes | |
| Tier-1 Licenses | 2 | 1 | |
| Tier-2 Licenses | 0 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 2 | 1 |
| Tier-1 Licenses (Highly Trusted) | TMGM | LegacyFX | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | 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) | No | No | |
| USA (CFTC Authorized) | No | No | |
| New Zealand (FMA Authorised) | Yes | No | |
| Regulated in one or more EU or EEA countries (MiFID). | No | Yes |
| Tier-2 Licenses (Trusted) | TMGM | 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 | TMGM | LegacyFX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 12000 | 425 | |
| Forex Pairs (Total) | 62 | 44 | |
| U.S. Stock Trading (Non CFD) | No | No | |
| Int'l Stock Trading (Non CFD) | No | 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 | TMGM | LegacyFX | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | N/A | N/A | |
| All-in Cost EUR/USD - Active | N/A | N/A | |
| Active Trader or VIP Discounts | No | Yes | |
| Inactivity Fee | Yes | No | |
| Execution: Agency Broker | Yes | No | |
| Execution: Market Maker | Yes | Yes |
| Funding | TMGM | LegacyFX | |
|---|---|---|---|
| Minimum Deposit | $100 | $500 | |
| PayPal (Deposit/Withdraw) | Yes | 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 | TMGM | LegacyFX | |
|---|---|---|---|
| Proprietary Platform | No | 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 | TMGM | LegacyFX | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 7 | 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 | TMGM | 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 | 30 | 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 | TMGM | LegacyFX | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | No | Yes | |
| Trading Central (Recognia) | Yes | No | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | Yes | No | |
| Economic Calendar | Yes | Yes |
| Education | TMGM | LegacyFX | |
|---|---|---|---|
| Education (Forex or CFDs) | No | Yes | |
| Client Webinars | No | Yes | |
| Client Webinars (Archived) | Yes | Yes | |
| Videos - Beginner Trading Videos | No | Yes | |
| Videos - Advanced Trading Videos | No | Yes | |
| Investor Dictionary (Glossary) | Yes | Yes |
| Major Forex Pairs | TMGM | 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 | TMGM Review | LegacyFX Review |
| Overall | TMGM | LegacyFX | |
|---|---|---|---|
| Overall Rating |
|
| |
| Commissions & Fees |
|
| |
| Range of Investments |
|
| |
| Platforms & Tools |
|
| |
| Mobile Trading |
|
| |
| Research |
|
| |
| Education |
|
| |
| Trust Score | 83 | 67 | |
| Winner | check_circle | ||
| Review | TMGM Review | LegacyFX Review |
IG
CMC Markets
FOREX.com
XTB
eToro
AvaTrade
Plus500
Pepperstone
FP Markets
Tickmill
