Written by ForexBrokers.com
In this head to head comparison of Eightcap 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.
When comparing Eightcap and LegacyFX, one can see some clear differences in their trust ratings and regulatory standings. Founded in 2009, Eightcap holds three Tier-1 licenses, considered highly trusted by ForexBrokers.com, contributing to a Trust Score of 85 out of 99, placing it in the "trusted" category. On the other hand, LegacyFX, founded in 2012, holds one Tier-1 license and has a Trust Score of 67, which categorizes it as "high risk." Neither Eightcap nor LegacyFX is publicly traded or operates as a bank.
While both brokers have been around for over a decade, Eightcap appears to offer greater regulatory reassurance with more Tier-1 licenses and a higher trust score. This could be an important consideration for traders seeking a more secure trading environment. As always, understanding the regulatory framework and trust scores can be crucial in making informed decisions when selecting an online broker.
| Feature |
Eightcap
|
LegacyFX
|
|---|---|---|
| Year Founded | 2009 | 2012 |
| Publicly Traded (Listed) | No | No |
| Bank | No | No |
| Tier-1 Licenses | 3 | 1 |
| Tier-2 Licenses | 0 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 1 | 1 |
Eightcap offers two account types, Raw and Standard, with varying commissions and fees depending on your choice. The Raw account, which is commission-based, features an average spread of 0.06 pips. However, when you factor in the $3.50 commission per trade, the total cost comes to about 0.76 pips, just under the industry average of 0.8 pips. On the other hand, the Standard account operates with a spread-only model, eliminating per-trade commissions. Eightcap has a solid 4-star rating for its commissions and fees, ranking it 26th among 62 brokers.
LegacyFX provides a diverse range of account types, differing based on whether you trade via its EU-regulated CySEC entity or its international entity in Vanuatu. For EU residents, the Silver, Gold, and Platinum accounts require minimum deposits of $500, $5,000, and $25,000 respectively, with lower spreads available in the higher-tier accounts. The Silver account has higher trading costs with spreads starting at 1.6 pips. International clients have more options, with seven account types that affect client support and trade tool access. The absence of average spread data makes assessing LegacyFX's true trading costs challenging. LegacyFX holds a 3.5-star rating, placing it 56th out of 62 brokers in terms of commissions and fees.
| Feature |
Eightcap
|
LegacyFX
|
|---|---|---|
| Minimum Deposit | $100 | $500 |
| Average Spread EUR/USD - Standard | 1.0 | N/A |
| All-in Cost EUR/USD - Active | 0.76 | 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.
Eightcap and LegacyFX both offer forex trading through CFDs, allowing clients to take advantage of the forex market with leveraged positions. When it comes to the sheer number of tradeable symbols, Eightcap provides a larger variety with 736 options compared to LegacyFX's 425. In the forex arena, Eightcap again exceeds LegacyFX by offering 56 tradeable forex pairs, whereas LegacyFX offers 44. Although neither broker provides access to exchange-traded securities on U.S. or international exchanges, they both allow investors to engage in copy trading and offer derivatives for cryptocurrency trading rather than direct purchases.
For those concerned about ratings, both brokers have received equal ratings of 3.5 stars for their range of investments. However, Eightcap ranks slightly higher at #40 when compared to LegacyFX's rank of #48 among 62 brokers, according to ForexBrokers.com. Both platforms thus provide a competitive option with their own strengths in the dynamic world of online trading.
| Feature |
Eightcap
|
LegacyFX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 736 | 425 |
| Forex Pairs (Total) | 56 | 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 trading platforms and tools of Eightcap and LegacyFX, both brokers present practical options for traders. Eightcap provides simulated trading through a free virtual demo account and offers MetaTrader 4 and MetaTrader 5, catering to different trader preferences and strategies. LegacyFX, while also granting access to a demo account, does not offer MetaTrader 4 but does support MetaTrader 5. Both brokers offer Windows-based desktop platforms and web-based platforms, which provide the flexibility to trade from any device. They also support copy trading, allowing traders to replicate others’ trades, and enable direct trading from stock charts.
When it comes to charting tools, both Eightcap and LegacyFX offer 15 drawing tools and 7 columns for watch lists, enhancing the analysis capabilities for traders. Despite the similarities, Eightcap edges past with a slightly better rating of 4 stars compared to LegacyFX's 3.5 stars for trading platforms and tools. Additionally, ForexBrokers.com ranks Eightcap at #38 while LegacyFX is positioned at #59 out of 62 brokers in the same category, providing insights into their overall performance in delivering effective trading solutions.
| Feature |
Eightcap
|
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.
Both Eightcap and LegacyFX provide comprehensive mobile trading apps, available for iPhone and Android users alike, making them accessible for most traders. Each app offers essential features like stock and forex price alerts and permits drawing trendlines directly on charts. With up to 30 technical studies included for charting, traders using either app can engage in thoughtful analysis. Time frames can be adjusted from daily to intraday, ensuring flexibility, and both apps smartly auto-save any chart drawings. Creating a watchlist with real-time quotes is possible on both platforms, but Eightcap has a notable edge with its ability to sync watchlist symbols between the mobile app and the client’s online account, a feature LegacyFX misses.
When considering user ratings and rankings, Eightcap scores slightly higher with 4 stars compared to LegacyFX's 3.5 stars for mobile trading. Its higher rating is also reflected in its rank on ForexBrokers.com, where it stands at #38 out of 62 brokers, whereas LegacyFX is positioned at #60. The combination of these features and user feedback suggests that while both platforms offer solid tools for mobile trading, Eightcap presents a slightly more seamless experience for users looking to manage their trades efficiently on the go.
| Feature |
Eightcap
|
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 | Yes | Yes |
| Mobile Watchlist | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
When comparing Eightcap with LegacyFX, both brokers stand out by providing daily market commentary and maintaining an economic calendar that highlights significant global events. However, they differ in their approach to sourcing forex news; LegacyFX delivers top-tier information from sources like Bloomberg and Reuters, while Eightcap does not. Additionally, LegacyFX enhances its market analysis toolkit with research tools from Autochartist, ensuring a wide array of technical and fundamental insights, a feature that is missing from Eightcap's offerings. On the other hand, Eightcap provides a sentiment-based trading tool that gauges trading positions across currency pairs, a tool not featured by LegacyFX.
Though both brokers share a commendable research rating of 3.5 out of 5 stars, Eightcap edges ahead in the ForexBrokers.com rankings at #39 compared to LegacyFX's #45 among 62 brokers. Neither broker currently includes market research from TipRanks or research tools from Acuity Trading, which indicates a potential area for development for both providers. This evaluation underscores Eightcap's strengths in sentiment analysis while highlighting LegacyFX's access to premium forex news and technical tools.
| Feature |
Eightcap
|
LegacyFX
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | No | Yes |
| Autochartist | No | Yes |
| Trading Central (Recognia) | No | 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 considering educational resources for beginners, both Eightcap and LegacyFX provide a solid starting point with over 10 educational materials each, focusing on forex and CFDs. These resources include articles, videos, and archived webinars that beginners will find useful. Additionally, both platforms offer a searchable archive of previously recorded client webinars, allowing users to revisit valuable insights at their convenience. While Eightcap shines by offering a range of beginner educational videos and a comprehensive investor dictionary featuring over 50 investing terms, LegacyFX ups the ante by also presenting regular online educational client webinars and more advanced educational videos tailored for experienced traders.
In terms of overall educational quality, both Eightcap and LegacyFX are rated 3.5 stars, indicating a fairly comparable level of educational content. However, LegacyFX ranks slightly higher in the Education category according to ForexBrokers.com, coming in at #35 compared to Eightcap's #40. This difference may reflect LegacyFX's commitment to offering ongoing monthly webinars and an expansive library for experienced traders. Whether you're a beginner just starting or looking for more advanced materials to enhance your skills, both platforms provide valuable resources, but the choice might ultimately depend on your preference for live learning sessions and advanced content.
| Feature |
Eightcap
|
LegacyFX
|
|---|---|---|
| Education (Forex or CFDs) | Yes | Yes |
| Client Webinars | No | Yes |
| Client Webinars (Archived) | Yes | Yes |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | No | 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 Eightcap is better than LegacyFX. Eightcap finished with an overall rank of #38, while LegacyFX finished with an overall rank of #62.
Eightcap enhances its status as a MetaTrader-only broker with support for a suite of third-party plug-ins and access to Capitalise.ai’s algorithmic trading platform.
| Feature |
Eightcap
|
LegacyFX
|
|---|---|---|
| Overall Rating |
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| Trust Score | 85 | 67 |
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Both Eightcap and LegacyFX do not offer the option to purchase actual delivered cryptocurrency, but they both provide the ability to trade cryptocurrency derivatives.
When comparing online brokers Eightcap and LegacyFX, both offer Visa, Mastercard, Skrill, and bank wire options for depositing and withdrawing funds, but Eightcap uniquely provides PayPal, whereas neither broker supports ACH or SEPA transfers.
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 | Eightcap | LegacyFX | |
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| Trust Score | 85 | 67 | |
| Winner | check_circle | ||
| Review | Eightcap Review | LegacyFX Review |
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| Regulation | Eightcap | LegacyFX | |
|---|---|---|---|
| Trust Score | 85 | 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 | 3 | 1 | |
| Tier-2 Licenses | 0 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 1 | 1 |
| Tier-1 Licenses (Highly Trusted) | Eightcap | 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). | Yes | Yes |
| Tier-2 Licenses (Trusted) | Eightcap | 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 | Eightcap | LegacyFX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 736 | 425 | |
| Forex Pairs (Total) | 56 | 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 | Eightcap | LegacyFX | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.0 | N/A | |
| All-in Cost EUR/USD - Active | 0.76 | N/A | |
| Active Trader or VIP Discounts | No | Yes | |
| Inactivity Fee | No | No | |
| Execution: Agency Broker | Yes | No | |
| Execution: Market Maker | Yes | Yes |
| Funding | Eightcap | 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 | Eightcap | 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 | Eightcap | 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 | Eightcap | 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 | Yes | Yes | |
| Mobile Economic Calendar | Yes | Yes |
| Research | Eightcap | LegacyFX | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | No | Yes | |
| Autochartist | No | Yes | |
| Trading Central (Recognia) | No | No | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | Yes | No | |
| Economic Calendar | Yes | Yes |
| Education | Eightcap | LegacyFX | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | Yes | |
| Client Webinars | No | Yes | |
| Client Webinars (Archived) | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | No | Yes | |
| Investor Dictionary (Glossary) | Yes | Yes |
| Major Forex Pairs | Eightcap | 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 | Eightcap Review | LegacyFX Review |
| Overall | Eightcap | LegacyFX | |
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| Trust Score | 85 | 67 | |
| Winner | check_circle | ||
| Review | Eightcap Review | LegacyFX Review |
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