Written by ForexBrokers.com
In this head to head comparison of City Index 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.
City Index, established in 1983, is a highly regarded online broker known for its strong regulatory standing. It holds an impressive 7 Tier-1 licenses, indicating a high level of trustworthiness with a ForexBrokers.com Trust Score of 99 out of 99. Being publicly traded further enhances its credibility and appeal to traders looking for a well-regulated and reliable platform.
In contrast, LegacyFX, founded in 2012, holds just 1 Tier-1 license and has a Trust Score of 67, categorizing it within the high-risk range as per ForexBrokers.com. Unlike City Index, LegacyFX is not publicly traded, which may affect investor confidence. While both do not operate as banks, their regulatory statuses differ significantly, with City Index offering a more secure trading environment.
| Feature |
City Index
|
LegacyFX
|
|---|---|---|
| Year Founded | 1983 | 2012 |
| Publicly Traded (Listed) | Yes | No |
| Bank | No | No |
| Tier-1 Licenses | 7 | 1 |
| Tier-2 Licenses | 1 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 1 | 1 |
City Index provides a competitive pricing structure for trading CFDs, forex, and spread-betting products, aligning closely with industry standards. Traders looking for enhanced pricing can benefit from City Index’s own platforms or the MetaTrader. For those who exceed a deposit of £10,000, the Premium Trader account offers exclusive benefits, including better pricing and dedicated customer service. With an average spread of 0.74 pips on the EUR/USD as of July 2023, City Index maintains an industry-average cost. Active traders, especially in the U.K. and Australia, can take advantage of rebates for trading large volumes.
In contrast, LegacyFX offers a variety of account options influenced by their regulatory location, either within the EU under CySEC or internationally in Vanuatu. While specific spread data is unavailable for a clear cost comparison, LegacyFX's three EU-specific account types—Silver, Gold, and Platinum—offer varying spreads and minimum deposit requirements ranging from $500 to $25,000. The Vanuatu entity provides seven account types, with the minimum deposit starting at $500. These account tiers impact client support and tool access, though understanding the actual trading cost is more challenging without precise spread details.
In terms of ratings, City Index scores higher with a 4.5-star rating for commissions and fees and is ranked #14 out of 62 brokers by ForexBrokers.com. On the other hand, LegacyFX has a 3.5-star rating in the same category and is placed at #56. This ranking highlights City Index as a more favored choice for traders conscious of cost efficiency.
| Feature |
City Index
|
LegacyFX
|
|---|---|---|
| Minimum Deposit | £100.00 | $500 |
| Average Spread EUR/USD - Standard | 1.4 | N/A |
| All-in Cost EUR/USD - Active | 0.74 | N/A |
| Active Trader or VIP Discounts | Yes | Yes |
| ACH or SEPA Transfers | Yes | No |
| PayPal (Deposit/Withdraw) | Yes | No |
| Skrill (Deposit/Withdraw) | No | Yes |
| Visa/Mastercard (Credit/Debit) | Yes | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
City Index and LegacyFX both offer forex trading in the forms of CFDs or spot contracts, but significant differences mark their overall range of investment options. City Index provides access to an extensive 13,500 tradeable symbols, while LegacyFX offers 425 symbols. For forex enthusiasts, City Index presents 66 tradeable forex pairs compared to LegacyFX's 44. Neither platform offers exchange-traded securities on U.S. or international exchanges, meaning clients cannot purchase actual shares like Apple or Vodafone directly through them. Cryptocurrency enthusiasts will find derivatives available on both platforms, although neither provides options to purchase actual cryptocurrencies. Copy trading features are available on both City Index and LegacyFX, offering users a potential avenue to mimic the strategies of seasoned traders.
When it comes to evaluating the preferred broker based on range of investments, City Index stands out with a strong five-star rating, securing an eighth place among 62 brokers listed by ForexBrokers.com. On the other hand, LegacyFX holds a 3.5-star rating and is ranked 48th in the same category. This makes City Index a more appealing choice for those who prioritize having a broader selection of investments at their fingertips. While both brokers share several similarities, it is clear that City Index delivers a more diverse investment portfolio, catering to a wider array of trading preferences. This distinction could be crucial for investors seeking variety in their trading opportunities.
| Feature |
City Index
|
LegacyFX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 13500 | 425 |
| Forex Pairs (Total) | 66 | 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 the online trading platforms of City Index and LegacyFX, a few key differences and similarities stand out. Both brokers offer simulated trading, allowing users to practice with free virtual demo accounts, which is ideal for beginners looking to learn without financial risk. However, City Index distinguishes itself with its proprietary trading platform, developed in-house, while LegacyFX does not offer its own proprietary platform. Despite this, both brokers provide traders with access to Windows-based and web-based platforms. City Index supports the popular MetaTrader 4 (MT4) platform, whereas LegacyFX offers MetaTrader 5 (MT5), catering to different trader preferences. Both platforms support copy trading, enhancing their versatility for users. However, neither offers integration with third-party services like DupliTrade or ZuluTrade.
In terms of usability and additional tools, City Index has a significant edge. It provides an impressive 239 drawing tools for charting, compared to LegacyFX's 15. Both brokers allow direct trading from stock charts, but City Index offers more watchlist customization with 11 columns versus LegacyFX's 7. This comprehensive toolset contributes to City Index's higher rating of 4.5 stars for trading platforms and tools, and it ranks 10th out of 62 brokers according to ForexBrokers.com. LegacyFX, on the other hand, receives a 3.5-star rating and ranks 59th in the same category, reflecting its more limited set of features for traders.
| Feature |
City Index
|
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) | 88 | 30 |
| Charting - Drawing Tools (Total) | 239 | 15 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 11 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
City Index and LegacyFX both offer user-friendly mobile trading apps for iPhone and Android devices, catering to traders on the go. Both platforms provide essential features like forex and stock price alerts, trendline drawing capabilities, and the ability to view different timeframes such as daily or weekly charts. Each app also allows users to create watchlists with real-time quotes, ensuring that traders stay informed and connected at all times.
When it comes to differentiating features, City Index holds a distinct edge over LegacyFX. It supports syncing of watchlist symbols across its mobile app and online accounts, allowing seamless transitions between devices. On the charting front, City Index offers 88 technical studies compared to LegacyFX's 30, providing more in-depth analysis tools for traders. These enhancements are reflected in their ratings and rankings; City Index earns an impressive 4.5 stars and ranks 9th out of 62 brokers on ForexBrokers.com, while LegacyFX receives 3.5 stars, placing it at 60th. This makes City Index a more appealing choice for traders seeking a comprehensive mobile trading experience.
| Feature |
City Index
|
LegacyFX
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | No |
| Mobile Charting - Indicators / Studies | 88 | 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.
Both City Index and LegacyFX provide traders with daily market commentary and forex news from top-tier sources like Bloomberg, Reuters, and Dow Jones. While City Index offers tools from Trading Central and a sentiment-based trading tool to help assess market positions, LegacyFX provides traders with resources from Autochartist. Both platforms include an economic calendar to keep traders informed about significant global events affecting various economies.
However, City Index surpasses LegacyFX in research offerings, boasting a 4.5-star rating compared to LegacyFX's 3.5 stars from ForexBrokers.com. Ranked as the 10th best among 62 brokers for research, City Index proves to be a reliable option for traders seeking comprehensive market analysis, whereas LegacyFX holds the 45th position, reflecting its more limited research capabilities. Both brokers do not offer market research from TipRanks or Acuity Trading, ensuring simplicity in the tools they provide.
| Feature |
City Index
|
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 resources for beginners between City Index and LegacyFX, both online brokers provide a comprehensive range of materials to help new traders get started. City Index and LegacyFX each offer a minimum of 10 educational pieces focused on forex and CFDs, such as articles, videos, and archived webinars. They both conduct at least one online educational webinar per month and maintain a searchable archive of past webinars, allowing users to learn at their own pace. Additionally, both brokers cater to different skill levels with more than 10 beginner-focused educational videos, and they also offer advanced videos for experienced traders. Each broker offers an investor dictionary with definitions for over 50 investing terms, facilitating a better understanding of the trading landscape.
Despite these similarities, City Index distinguishes itself with higher ratings and rankings for its educational offerings. It boasts a 4.5-star rating for education and is ranked 9th out of 62 brokers by ForexBrokers.com. LegacyFX, while still providing valuable resources, is rated 3.5 stars and holds the 35th position in the same ranking. For beginners seeking a rich educational experience, City Index may have a slight edge in satisfaction and quality, making it a strong contender for those looking to build a solid foundation in trading.
| Feature |
City Index
|
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 City Index is better than LegacyFX. City Index finished with an overall rank of #8, while LegacyFX finished with an overall rank of #62.
Backed by StoneX Group, City Index is a trusted brand known for its versatile trading platforms, excellent mobile app, diverse market research, and extensive range of tradeable markets.
| Feature |
City Index
|
LegacyFX
|
|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 67 |
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Both City Index and LegacyFX do not offer the ability to buy actual delivered cryptocurrency, but they do provide options to purchase cryptocurrency derivatives.
City Index stands out by offering ACH and SEPA transfers, PayPal, Visa, Mastercard, and bank wires for deposits and withdrawals, while LegacyFX supports Visa, Mastercard, Skrill, and bank wires but lacks ACH, SEPA, and PayPal options.
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 | City Index | LegacyFX | |
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| Trust Score | 99 | 67 | |
| Winner | check_circle | ||
| Review | City Index Review | LegacyFX Review |
| Broker Screenshots | City Index | LegacyFX | |
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| Regulation | City Index | LegacyFX | |
|---|---|---|---|
| Trust Score | 99 | 67 | |
| Year Founded | 1983 | 2012 | |
| Publicly Traded (Listed) | Yes | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 7 | 1 | |
| Tier-2 Licenses | 1 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 1 | 1 |
| Tier-1 Licenses (Highly Trusted) | City Index | LegacyFX | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | No | |
| Canada (CIRO Authorised) | Yes | No | |
| Hong Kong (SFC Authorised) | No | No | |
| Japan (SFC Authorised) | No | No | |
| Singapore (MAS Authorised) | Yes | 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). | Yes | Yes |
| Tier-2 Licenses (Trusted) | City Index | 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 | City Index | LegacyFX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 13500 | 425 | |
| Forex Pairs (Total) | 66 | 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 | City Index | LegacyFX | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.4 | N/A | |
| All-in Cost EUR/USD - Active | 0.74 | N/A | |
| Active Trader or VIP Discounts | Yes | Yes | |
| Inactivity Fee | Yes | No | |
| Execution: Agency Broker | No | No | |
| Execution: Market Maker | Yes | Yes |
| Funding | City Index | LegacyFX | |
|---|---|---|---|
| Minimum Deposit | £100.00 | $500 | |
| PayPal (Deposit/Withdraw) | Yes | No | |
| Skrill (Deposit/Withdraw) | No | Yes | |
| Visa/Mastercard (Credit/Debit) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | Yes | No |
| Trading Platforms | City Index | 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 | City Index | LegacyFX | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 11 | 7 | |
| Charting - Indicators / Studies (Total) | 88 | 30 | |
| Charting - Drawing Tools (Total) | 239 | 15 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | City Index | 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 | 88 | 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 | City Index | 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 | City Index | 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 | City Index | 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 | City Index Review | LegacyFX Review |
| Overall | City Index | LegacyFX | |
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| Trust Score | 99 | 67 | |
| Winner | check_circle | ||
| Review | City Index Review | LegacyFX Review |
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