Written by ForexBrokers.com
In this head to head comparison of XM Group 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.
XM Group and LegacyFX, both privately held online brokers, offer distinct trust profiles for potential investors. Founded in 2009, XM Group has established itself with a Trust Score of 88, indicating a trusted reputation in the industry. The broker is strengthened by its possession of four Tier-1 licenses and one Tier-2 license, reflecting a commitment to high regulatory standards. In comparison, LegacyFX, which started in 2012, has a Trust Score of 67, categorized as high risk. With only one Tier-1 license and no Tier-2 licenses, LegacyFX operates under a more limited regulatory framework.
Neither XM Group nor LegacyFX is publicly traded or operates as a bank, which makes their regulatory standings all the more significant for potential clients. XM Group's superior licensing and higher trust score might offer more peace of mind for those seeking solid regulatory assurance. On the other hand, LegacyFX's lower trust score and fewer licenses suggest a need for careful consideration when choosing a broker. These differences highlight the importance of understanding the regulatory landscape when selecting a broker that aligns with your trading needs and risk tolerance.
| Feature |
XM Group
|
LegacyFX
|
|---|---|---|
| Year Founded | 2009 | 2012 |
| Publicly Traded (Listed) | No | No |
| Bank | No | No |
| Tier-1 Licenses | 4 | 1 |
| Tier-2 Licenses | 1 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 1 | 1 |
When it comes to commissions and fees, XM Group and LegacyFX offer different experiences for traders. XM Group presents standard account spreads that might appear expensive, and adds a layer of uncertainty by not disclosing average spreads for its commission-based XM Zero account. Despite these drawbacks, XM Group earns a solid 4-star rating out of five for its commissions and fees, which places it at a respectable #33 out of 63 brokers according to ForexBrokers.com.
On the other hand, LegacyFX provides a range of account options depending on the regulatory entity. For its EU clients, the broker offers the Silver, Gold, and Platinum account types with minimum deposits ranging from $500 to $25,000, where trading costs can be significantly higher for the Silver account. For international clients under the Vanuatu entity, LegacyFX expands its offering to seven different account types, again with varying spreads and perks like access to mentoring and trading desk support. However, the lack of published average spreads can make it challenging to assess the actual cost of trading with LegacyFX. This limitation results in a slightly lower rating of 3.5 stars and a #57 ranking out of 63 brokers in the same category.
In summary, XM Group holds a slight edge over LegacyFX in terms of commissions and fees, based on the ratings and rankings outlined. While both brokers offer a variety of account types, XM Group's higher star rating suggests a more favorable reception among traders, especially when considering commissions and fees alone.
| Feature |
XM Group
|
LegacyFX
|
|---|---|---|
| Minimum Deposit | $5 | $500 |
| Average Spread EUR/USD - Standard | 1.6 | N/A |
| All-in Cost EUR/USD - Active | 0.8 | 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 the range of investment options, XM Group stands out with a wider variety of tradeable choices than LegacyFX. XM Group offers a vast selection of 1,394 tradeable symbols, significantly more than the 425 available with LegacyFX. Both brokers provide access to forex trading via CFDs, with XM Group offering 55 tradeable forex pairs compared to LegacyFX's 44 pairs. A key difference lies in the ability to invest in exchange-traded securities, where XM Group allows clients to buy shares on both U.S. and international exchanges; LegacyFX does not offer this capability. Both platforms support cryptocurrency derivatives and provide copy trading features, although neither offers the option to buy actual cryptocurrencies.
In terms of overall investment range, XM Group is rated higher at 4.5 stars while LegacyFX holds a 3.5-star rating. According to ForexBrokers.com, XM Group ranks #23 out of 63 brokers for range of investments, showcasing a broader selection and higher client satisfaction compared to LegacyFX, which ranks #48. This makes XM Group a more attractive option for traders seeking a greater diversity of investment opportunities.
| Feature |
XM Group
|
LegacyFX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 1394 | 425 |
| Forex Pairs (Total) | 55 | 44 |
| U.S. Stock Trading (Non CFD) | Yes | 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.
XM Group and LegacyFX both offer a range of trading platforms and tools that cater to traders looking for convenience and versatility. Both brokers provide simulated trading through a free virtual demo account, allowing new traders to hone their skills without any financial risk. They also offer Windows-based desktop platforms and web-based browser platforms, making it easy for traders to access their accounts from different devices. Despite not having proprietary platforms, both brokers support copy trading to attract those interested in mimicking successful trading strategies. While XM Group supports both MetaTrader 4 (MT4) and MetaTrader 5 (MT5), LegacyFX only offers MetaTrader 5. Both brokers lack support for DupliTrade and ZuluTrade but make up for it with features like direct trading from stock charts.
The charting tools offered by XM Group and LegacyFX are equally matched, with both providing 15 drawing tools to aid technical analysis. However, XM Group edges ahead in trading tools, securing a 4-star rating in this category compared to LegacyFX’s 3.5-star rating. XM Group also provides seven columns for watch lists, giving traders ample data to keep track of market movements, much like LegacyFX, which offers the same number of fields. According to ForexBrokers.com, XM Group ranks 31st among 63 brokers for its trading platforms and tools, while LegacyFX ranks 60th. This ranking suggests XM Group provides a slightly more polished experience for traders seeking reliable tools and platforms for their trading journey.
| Feature |
XM Group
|
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 XM Group and LegacyFX, both platforms offer apps for iPhone and Android devices, allowing traders to stay connected on the go. They each provide stock or forex price alerts and allow drawing trendlines on their charts. Both apps also support viewing multiple time frames, such as daily and intraday, and offer users the creation of watchlists with real-time quotes. Each platform includes 30 technical studies for in-depth chart analysis. However, XM Group stands out with its feature for watchlist symbol syncing, ensuring seamless interaction between the mobile app and the user's online account. In contrast, LegacyFX lacks this functionality.
While both trading apps have their strengths, there are some areas where LegacyFX may appeal to traders. Notably, its mobile app autosaves users' chart drawings, a feature XM Group does not offer. Despite this, XM Group is rated higher with 4 out of 5 stars by ForexBrokers.com, compared to LegacyFX's 3.5 stars. Additionally, in the ForexBrokers.com Mobile Trading Apps category, XM Group is ranked 29th out of 63 brokers, whereas LegacyFX holds the 61st position. These insights suggest that while both apps offer essential features for trading on the move, XM Group might provide a slightly more streamlined experience for users who rely on syncing across platforms.
| Feature |
XM Group
|
LegacyFX
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | No |
| Mobile Charting - Indicators / Studies | 30 | 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.
XM Group and LegacyFX both provide daily market commentary and forex news from renowned sources like Bloomberg and Reuters, helping traders stay informed about market movements. They also offer comprehensive economic calendars to keep clients updated on global economic events. However, XM Group stands out with its inclusion of Trading Central's technical analysis tools and a sentiment-based trading tool, giving traders deeper insights into market trends. In contrast, LegacyFX offers technical analysis tools from Autochartist, providing distinct research features for technical traders.
Although LegacyFX provides some unique tools, XM Group's offerings are rated higher in research quality, achieving a 5-star rating compared to LegacyFX’s 3.5 stars. Furthermore, industry rankings reflect that XM Group is positioned at #8 among 63 brokers in the Research category by ForexBrokers.com, whereas LegacyFX holds the #46 spot. These differences highlight XM Group's stronger emphasis on providing traders with a variety of research tools and resources, enhancing the client trading experience.
| Feature |
XM Group
|
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) | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When comparing the educational offerings of XM Group and LegacyFX for beginner traders, both brokers provide a solid foundation. Each offers a variety of resources, including articles, videos, and archived webinars focused on forex and CFDs, ensuring newcomers have the necessary materials to get started. Additionally, both XM Group and LegacyFX host online webinars for their clients each month and maintain an accessible archive of previous sessions. This helps traders of all levels stay up to date and reinforces learning through a continuous stream of information.
Despite their similarities, there are some differences in their educational services. While both brokers offer comprehensive video libraries for beginners and experienced traders alike, LegacyFX scores slightly lower when it comes to educational quality. One unique feature of LegacyFX is their investor dictionary, which provides definitions for more than 50 investing terms, a useful tool for those needing to understand the jargon of trading. However, XM Group outshines LegacyFX with a higher education rating, receiving 5 stars for its educational offerings compared to LegacyFX's 3.5 stars. In terms of educational rankings, XM Group stands out by being placed 7th among 63 brokers, whereas LegacyFX is further behind at 35th. This distinction suggests that XM Group's resources might be more favorable for beginners seeking comprehensive educational support.
| Feature |
XM Group
|
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) | No | Yes |
Dive deeper: Best Forex Brokers for Beginners.
After testing 63 of the best forex brokers, our research and account testing finds that XM Group is better than LegacyFX. XM Group finished with an overall rank of #17, while LegacyFX finished with an overall rank of #63.
XM Group is a MetaTrader-only broker that offers a strong selection of high-quality educational content and market research.
| Feature |
XM Group
|
LegacyFX
|
|---|---|---|
| Overall Rating |
|
|
| Trust Score | 88 | 67 |
| Range of Investments |
|
|
| Commissions & Fees |
|
|
| Platforms & Tools |
|
|
| Research |
|
|
| Mobile Trading |
|
|
| Education |
|
|
Both XM Group and LegacyFX do not offer the ability to buy actual, delivered cryptocurrencies, but they do allow trading in cryptocurrency derivatives.
Both XM Group and LegacyFX provide options to deposit or withdraw funds using Skrill, Visa, Mastercard, and bank wires, but neither supports ACH, SEPA transfers, or PayPal for 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.
Select Brokers
↓×Compare
0 of 5| Overall Rating | XM Group | LegacyFX | |
|---|---|---|---|
| Overall Rating |
|
| |
| Commissions & Fees |
|
| |
| Range of Investments |
|
| |
| Platforms & Tools |
|
| |
| Mobile Trading |
|
| |
| Research |
|
| |
| Education |
|
| |
| Trust Score | 88 | 67 | |
| Winner | check_circle | ||
| Review | XM Group Review | LegacyFX Review |
| Broker Screenshots | XM Group | LegacyFX | |
|---|---|---|---|
| Trading Platforms Gallery (click to expand) |
|
| |
| Mobile Trading Gallery (click to expand) |
|
| |
| Research Gallery (click to expand) |
|
| |
| Education Gallery (click to expand) |
|
|
| Regulation | XM Group | LegacyFX | |
|---|---|---|---|
| Trust Score | 88 | 67 | |
| Year Founded | 2009 | 2012 | |
| Publicly Traded (Listed) | No | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 4 | 1 | |
| Tier-2 Licenses | 1 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 1 | 1 |
| Tier-1 Licenses (Highly Trusted) | XM Group | 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) | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes |
| Tier-2 Licenses (Trusted) | XM Group | LegacyFX | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA/Central Bank Authorised) | Yes | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | XM Group | LegacyFX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 1394 | 425 | |
| Forex Pairs (Total) | 55 | 44 | |
| U.S. Stock Trading (Non CFD) | Yes | 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 | XM Group | LegacyFX | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.6 | N/A | |
| All-in Cost EUR/USD - Active | 0.8 | N/A | |
| Active Trader or VIP Discounts | No | Yes | |
| Inactivity Fee | Yes | No | |
| Execution: Agency Broker | No | No | |
| Execution: Market Maker | Yes | Yes |
| Funding | XM Group | LegacyFX | |
|---|---|---|---|
| Minimum Deposit | $5 | $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 | XM Group | 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 | XM Group | 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 | XM Group | 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 | 30 | 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 | XM Group | 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 | XM Group | 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) | No | Yes |
| Major Forex Pairs | XM Group | 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 | XM Group Review | LegacyFX Review |
| Overall | XM Group | LegacyFX | |
|---|---|---|---|
| Overall Rating |
|
| |
| Commissions & Fees |
|
| |
| Range of Investments |
|
| |
| Platforms & Tools |
|
| |
| Mobile Trading |
|
| |
| Research |
|
| |
| Education |
|
| |
| Trust Score | 88 | 67 | |
| Winner | check_circle | ||
| Review | XM Group Review | LegacyFX Review |
IG
CMC Markets
FOREX.com
XTB
eToro
AvaTrade
Plus500
Pepperstone
FP Markets
Tickmill