Written by ForexBrokers.com
In this head to head comparison of Trade Nation 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.
Trade Nation, established in 2014, is an online broker that holds two Tier-1 licenses and one Tier-2 license. This regulatory setup gives it a firm footing on the trust scale, earning it an impressive Trust Score of 85 out of 99, categorizing it as trusted. LegacyFX, on the other hand, has been in operation since 2012 and holds one Tier-1 license. However, it lacks Tier-2 licensing and bears a Trust Score of 67, which is considered high risk. Neither Trade Nation nor LegacyFX is publicly traded or operates as a bank.
When choosing between these brokers, prospective investors might consider the level of regulatory oversight and trustworthiness indicated by their respective Trust Scores and licenses. Trade Nation, with its higher Trust Score and additional licenses, may appeal more to those seeking added assurance. Meanwhile, LegacyFX presents a slightly higher risk level, reflected in its score and licensing higher risk designations.
| Feature |
Trade Nation
|
LegacyFX
|
|---|---|---|
| Year Founded | 2014 | 2012 |
| Publicly Traded (Listed) | No | No |
| Bank | No | No |
| Tier-1 Licenses | 2 | 1 |
| Tier-2 Licenses | 1 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 2 | 1 |
Trade Nation offers a competitive pricing structure with its fixed-spread pricing across all tradeable symbols on its proprietary platform. Unlike most brokers that provide variable pricing, Trade Nation keeps its spread distance fixed as prices update, making pricing straightforward for traders. Their fixed spreads, such as 0.6 pips for the EUR/USD pair, may widen during the daily rollover period to a maximum of 1.4 pips. Trade Nation offers three primary account types, including a commission-based Raw Spread account on MetaTrader with a $3.50 per side commission and commission-free accounts. With its fair pricing and fixed spreads, Trade Nation achieves a 5-star rating and ranks 7th out of 63 brokers in the Commissions and Fees category.
In contrast, LegacyFX’s commission and fees structure varies depending on the regulatory jurisdiction. For EU clients regulated by CySEC, LegacyFX offers three account types—Silver, Gold, and Platinum—with spreads being lowest for Platinum accounts and highest for Silver accounts, where the minimum spread can reach 1.6 pips on the EUR/USD. International clients have more options, with seven account types ranging from Standard to VIP, affecting both trading costs and access to support services. Without average spreads, assessing the true cost of trading with LegacyFX is challenging. As a result, LegacyFX earns a 3.5-star rating and ranks 57th in the same category.
| Feature |
Trade Nation
|
LegacyFX
|
|---|---|---|
| Minimum Deposit | $0 | $500 |
| Average Spread EUR/USD - Standard | 0.6 | N/A |
| All-in Cost EUR/USD - Active | 0.6 | N/A |
| Active Trader or VIP Discounts | No | 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 comparing Trade Nation and LegacyFX, both online brokers provide access to forex trading as CFDs or spot contracts, allowing users to engage in currency trades with ease. Trade Nation boasts a broader offering with 1,000 tradeable symbols, compared to LegacyFX's 425. Meanwhile, the difference in tradeable forex pairs is slight, with Trade Nation offering 46 pairs and LegacyFX providing 44, giving a competitive range for forex enthusiasts on either platform.
Neither Trade Nation nor LegacyFX offers exchange-traded securities on U.S. or international exchanges, nor do they provide an option to purchase actual cryptocurrencies. However, both platforms offer the ability to trade cryptocurrency derivatives. Additionally, each broker includes copy trading features, enhancing flexibility for traders looking to mimic successful strategies. Rated evenly with 3.5 stars for their range of investments, Trade Nation is ranked slightly higher at #38, while LegacyFX sits at #48 out of 63 brokers according to ForexBrokers.com.
| Feature |
Trade Nation
|
LegacyFX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 1000 | 425 |
| Forex Pairs (Total) | 46 | 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.
Both Trade Nation and LegacyFX provide traders with the ability to engage in simulated or paper trading through a free virtual demo account, offering a risk-free environment to practice and refine their trading strategies. Trade Nation stands out with its proprietary platform developed in-house, giving users a unique experience, unlike LegacyFX, which lacks a proprietary option. Both platforms offer web-based and Windows-based desktop downloads, ensuring flexibility in how traders can access their accounts. Additionally, each broker supports copy trading, but they diverge in their inclusion of popular trading platforms — Trade Nation supports MetaTrader 4 (MT4) while LegacyFX supports MetaTrader 5 (MT5). Neither platform currently offers support for DupliTrade or ZuluTrade.
In terms of charting capabilities, Trade Nation offers an extensive suite of 39 drawing tools, significantly more than LegacyFX's 15. However, LegacyFX offers the ability to trade directly from stock charts, a feature not available with Trade Nation. When it comes to organizing watch lists, Trade Nation provides 14 columns for customization, double what LegacyFX offers. Overall, Trade Nation receives a higher rating of 4 stars for its trading platforms and tools compared to LegacyFX's 3.5 stars. According to ForexBrokers.com, Trade Nation is ranked 44th while LegacyFX is ranked 60th out of 63 brokers in the Trading Platforms and Tools category, indicating a stronger preference for Trade Nation in this area.
| Feature |
Trade Nation
|
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) | No | Yes |
| DupliTrade | No | No |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 115 | 30 |
| Charting - Drawing Tools (Total) | 39 | 15 |
| Charting - Trade From Chart | No | Yes |
| Watchlists - Total Fields | 14 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Both Trade Nation and LegacyFX offer mobile trading apps compatible with iPhone and Android devices, allowing traders to access forex and stock markets on the go. Trade Nation stands out by providing 99 technical studies for its charting tools, compared to LegacyFX's 30, offering more in-depth analysis options within its app. Both brokers feature the essential ability to draw trend lines and view various time frames, such as daily, weekly, or intraday, ensuring traders have the flexibility they need for effective analysis.
One significant advantage of Trade Nation's mobile app is its ability to sync watchlists with client accounts, a feature not available with LegacyFX's app. Both apps allow users to set up watchlists with real-time quotes and automatically save chart drawings. In terms of user ratings, Trade Nation scores slightly higher with four stars compared to LegacyFX's three and a half stars, reflecting these advantages. Additionally, Trade Nation ranks higher in ForexBrokers.com's Mobile Trading Apps category, positioned at #45 out of 63 brokers, while LegacyFX is ranked at #61.
| Feature |
Trade Nation
|
LegacyFX
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | No |
| Mobile Charting - Indicators / Studies | 99 | 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 it comes to market research, both Trade Nation and LegacyFX offer several valuable resources, yet they cater to different trading needs. Trade Nation provides daily market commentary and keeps traders informed with forex news from top-tier sources such as Bloomberg and Reuters. Additionally, Trade Nation offers a sentiment-based trading tool that reflects market moods across various instruments and includes research tools from Acuity Trading like Signal Centre. While they don't feature Autochartist or Trading Central tools, Trade Nation still holds a solid 3.5-star rating for research, ranking 42nd out of 63 brokers according to ForexBrokers.com.
On the other hand, LegacyFX also provides daily market commentary and access to top-tier forex news, just like Trade Nation. However, LegacyFX shines with its inclusion of Autochartist tools, which can be a big draw for traders interested in detailed technical analysis. LegacyFX offers an economic calendar to keep traders updated on global events, which is something Trade Nation lacks. Despite having no sentiment-based tools or resources from Acuity Trading, LegacyFX maintains a similar 3.5-star research rating, positioned slightly lower at 46th place in ForexBrokers.com's ranking.
| Feature |
Trade Nation
|
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 | No | Yes |
Dive deeper: Best Brokers for Forex Research.
Trade Nation and LegacyFX both provide a wealth of educational resources aimed at helping beginners dive into the world of forex and CFDs trading. Both brokers offer a minimum of ten educational pieces, such as articles and videos, focused on forex and CFDs. Each platform also boasts at least ten introductory videos tailored specifically for beginners, alongside ten advanced videos for more experienced traders. Additionally, both Trade Nation and LegacyFX offer investor dictionaries with definitions for over fifty investment terms, ensuring that novices can get up to speed with essential terminology.
While both brokers are committed to education, LegacyFX stands out with its monthly online webinars and a searchable archive of past sessions. Unfortunately, Trade Nation does not offer these services, which might be a consideration for learners who enjoy live interaction or catching up on previously recorded content. Despite both brokers receiving a 3.5-star rating out of five for their educational offerings, they do differ in rank among 63 brokers in the ForexBrokers.com Education category—LegacyFX holds the 35th spot, whereas Trade Nation is ranked at 41st. This slight difference may reflect LegacyFX's more comprehensive webinar offerings, providing an edge for beginners seeking a full range of learning options.
| Feature |
Trade Nation
|
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 | 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 Trade Nation is better than LegacyFX. Trade Nation finished with an overall rank of #34, while LegacyFX finished with an overall rank of #63.
Trade Nation’s well-designed, easy-to-use trading app is an innovative trading platform that’s great for beginner forex and CFD traders. However, if you’re a seasoned trader, you may find that Trade Nation lacks advanced features compared to the best trading platforms.
| Feature |
Trade Nation
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LegacyFX
|
|---|---|---|
| Overall Rating |
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| Trust Score | 85 | 67 |
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Both Trade Nation and LegacyFX do not offer the ability to purchase actual delivered cryptocurrency, but they both provide options for trading cryptocurrency derivatives.
Both Trade Nation and LegacyFX do not provide ACH or SEPA transfers, nor do they support PayPal for deposits and withdrawals, but they do offer Skrill, Visa, Mastercard, and bank wire options for easy fund transactions.
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 | Trade Nation | LegacyFX | |
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| Trust Score | 85 | 67 | |
| Winner | check_circle | ||
| Review | Trade Nation Review | LegacyFX Review |
| Broker Screenshots | Trade Nation | LegacyFX | |
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| Regulation | Trade Nation | LegacyFX | |
|---|---|---|---|
| Trust Score | 85 | 67 | |
| Year Founded | 2014 | 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 | 1 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 2 | 1 |
| Tier-1 Licenses (Highly Trusted) | Trade Nation | 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) | 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) | Trade Nation | LegacyFX | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | Yes | No | |
| UAE (DFSA/Central Bank Authorised) | No | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | Trade Nation | LegacyFX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 1000 | 425 | |
| Forex Pairs (Total) | 46 | 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 | Trade Nation | LegacyFX | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 0.6 | N/A | |
| All-in Cost EUR/USD - Active | 0.6 | N/A | |
| Active Trader or VIP Discounts | No | Yes | |
| Inactivity Fee | No | No | |
| Execution: Agency Broker | No | No | |
| Execution: Market Maker | Yes | Yes |
| Funding | Trade Nation | LegacyFX | |
|---|---|---|---|
| Minimum Deposit | $0 | $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 | Trade Nation | 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) | No | Yes | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | Trade Nation | LegacyFX | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 14 | 7 | |
| Charting - Indicators / Studies (Total) | 115 | 30 | |
| Charting - Drawing Tools (Total) | 39 | 15 | |
| Charting - Trade From Chart | No | Yes | |
| Charts can be saved | No | Yes |
| Mobile Trading | Trade Nation | LegacyFX | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | Yes | No | |
| Mobile Charting - Indicators / Studies | 99 | 30 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Multiple Time Frames | Yes | Yes | |
| Mobile Charting - Drawings Autosave | Yes | Yes | |
| Mobile Economic Calendar | No | Yes |
| Research | Trade Nation | 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 | No | Yes |
| Education | Trade Nation | 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 | Yes | Yes | |
| Investor Dictionary (Glossary) | Yes | Yes |
| Major Forex Pairs | Trade Nation | 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 | Trade Nation Review | LegacyFX Review |
| Overall | Trade Nation | LegacyFX | |
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| Trust Score | 85 | 67 | |
| Winner | check_circle | ||
| Review | Trade Nation Review | LegacyFX Review |
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