Written by ForexBrokers.com
In this head to head comparison of FOREX.com 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.
FOREX.com, established in 1999, stands out with a ForexBrokers.com Trust Score of 99, indicating it is highly trusted. As a publicly traded company, it holds an impressive seven Tier-1 licenses and one Tier-2 license, showcasing its commitment to regulatory compliance and investor protection. Unlike a bank, FOREX.com is distinctly separate from traditional banking institutions but remains one of the most trusted online brokers in the industry due to its long-standing reputation and strong regulatory credentials.
In contrast, LegacyFX, founded in 2012, doesn't share the same level of public exposure as it is not listed on a stock exchange. With a Trust Score of 67, it falls into the high-risk category according to ForexBrokers.com. LegacyFX is not a bank and holds only one Tier-1 license, with no Tier-2 licenses. This highlights a greater risk profile compared to FOREX.com, potentially impacting investor confidence. While both brokers are not banks, their regulatory standings and years in operation significantly differ, offering distinct choices for those interested in forex trading.
| Feature |
FOREX.com
|
LegacyFX
|
|---|---|---|
| Year Founded | 1999 | 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 |
When comparing FOREX.com and LegacyFX, key differences emerge in terms of commissions and fees. FOREX.com, rated 4.5 out of 5 stars, is recognized as one of the top market maker brokers, ranked #13 out of 62 brokers by ForexBrokers.com. Its range of account types includes the Standard account and the RAW Spread account. The Standard account offers market-maker execution but comes with higher spreads, averaging 1.4 pips for the EUR/USD in the U.S. Conversely, the RAW Spread account features more competitive spreads, starting at 0.13 pips, but incurs a commission per trade.
For FOREX.com, trading outside the U.S. means typically lower spreads, such as an average of 0.74 pips for the EUR/USD. The RAW account is commission-based and suitable for active traders who can benefit from its volume-based rebates. For example, the base commission for the lowest tier is $7 per Standard lot. High-volume traders, turning over more than $2 billion monthly, can achieve spreads close to those offered by brokers like IC Markets with discounts available through FOREX.com’s Advanced Trading platform.
In contrast, LegacyFX is rated 3.5 out of 5 stars, placing it at #56 in the commissions and fees category among 62 brokers. LegacyFX offers a variety of account types across its EU and international entities. The EU-based accounts come with different minimum deposits, with spreads as low as 1.6 pips for the Silver account. For international clients, LegacyFX provides more account options, influenced by the minimum deposit amount and access to additional client support features. However, specific average spreads for these accounts remain undisclosed, making it challenging to assess the full trading costs.
| Feature |
FOREX.com
|
LegacyFX
|
|---|---|---|
| Minimum Deposit | $100 | $500 |
| Average Spread EUR/USD - Standard | 1.4 | N/A |
| All-in Cost EUR/USD - Active | 0.9 | 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.
When comparing the range of investments offered by FOREX.com and LegacyFX, there are distinct differences that potential investors should consider. FOREX.com provides an extensive array of 5,500 tradeable symbols, including 91 forex pairs, and supports both CFD and spot contract trading. Meanwhile, LegacyFX offers a more limited selection, with 425 tradeable symbols and 44 forex pairs, although it, too, supports both CFD and spot contract trading. Neither platform allows trading of exchange-traded securities on U.S. or international markets, and neither supports the purchase of actual cryptocurrencies, though they both provide the option to trade cryptocurrency derivatives.
A notable advantage of LegacyFX is its inclusion of copy trading, a feature not available with FOREX.com. Despite this, FOREX.com receives a higher rating of 5 stars for its range of investments, whereas LegacyFX is rated at 3.5 stars. According to ForexBrokers.com, FOREX.com ranks at an impressive 7th out of 62 brokers in the Range of Investments category, showcasing its comprehensive offerings. In contrast, LegacyFX holds the 48th position, indicating a more modest selection in comparison to its competitor.
| Feature |
FOREX.com
|
LegacyFX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 5500 | 425 |
| Forex Pairs (Total) | 91 | 44 |
| U.S. Stock Trading (Non CFD) | No | No |
| Int'l Stock Trading (Non CFD) | No | No |
| Social Trading / Copy Trading | No | 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 FOREX.com and LegacyFX in terms of their trading platforms and tools, both brokers provide free virtual demo accounts, which allow new traders to practice without risking real money. FOREX.com stands out with its proprietary platform developed in-house, alongside supporting popular platforms like MetaTrader 4 (MT4) and MetaTrader 5 (MT5). In contrast, LegacyFX does not offer a proprietary platform and supports only MetaTrader 5. Both brokers provide Windows-based desktop platforms and web-based trading platforms, ensuring flexible access for users. FOREX.com does not offer copy trading, while LegacyFX does, appealing to users who prefer social trading features.
In terms of charting tools, FOREX.com offers a comprehensive suite with 239 drawing tools, enabling detailed technical analysis, compared to LegacyFX's 15 drawing tools. Additionally, both platforms offer the ability to trade directly from stock charts. FOREX.com provides more customization with 20 columns for watchlists, whereas LegacyFX offers 7. With a five-star rating for its trading platforms and tools, FOREX.com ranks 7th out of 62 brokers as per ForexBrokers.com. On the other hand, LegacyFX holds a 3.5-star rating and is positioned at 59th, reflecting a significant difference in their offerings and user satisfaction.
| Feature |
FOREX.com
|
LegacyFX
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | No |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | No | Yes |
| MetaTrader 4 (MT4) | Yes | No |
| MetaTrader 5 (MT5) | Yes | 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 | 20 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
When it comes to mobile trading apps, both FOREX.com and LegacyFX provide options for iPhone and Android users, allowing you to trade with ease on the go. Both platforms also feature stock and forex price alerts to keep traders informed. However, if you rely heavily on syncing your watchlists across devices, FOREX.com has the advantage. It offers seamless watchlist symbol syncing between its mobile app and online account, while LegacyFX does not. Additionally, FOREX.com stands out with its 88 technical studies available for charting compared to 30 with LegacyFX, offering traders a more comprehensive set of tools for analysis.
Both trading apps allow you to draw trendlines, view multiple time frames, and auto-save your chart drawings, catering to traders who value detailed chart work. Watchlists with real-time quotes are also available on both apps, enhancing your ability to monitor market movements conveniently. However, across user ratings and industry rankings, FOREX.com leads the pack with a 5-star rating and a #3 ranking out of 62 brokers by ForexBrokers.com, while LegacyFX lags with a 3.5-star rating and a #60 ranking. These distinctions highlight FOREX.com as the more favorable choice for those seeking a higher-rated mobile trading app experience.
| Feature |
FOREX.com
|
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.
When comparing the market research offerings of FOREX.com and LegacyFX, both platforms demonstrate strengths. They provide daily market commentary and forex news from renowned sources like Bloomberg and Reuters. However, where they differ is in their technical analysis tools. LegacyFX takes the lead with tools from Autochartist, while FOREX.com counters with resources from Trading Central and a sentiment-based tool for displaying the ratio of long or short positions across various currency pairs. Both brokers offer an economic calendar to keep traders informed about global news events, but neither provides research tools from Acuity Trading or market research from TipRanks.
In terms of ratings, FOREX.com scores higher with a 4.5-star research rating, compared to LegacyFX's 3.5 stars. On a broader scale, ForexBrokers.com ranks FOREX.com 9th out of 62 brokers in the Research category, while LegacyFX is positioned at 44th. This distinction highlights FOREX.com's more comprehensive suite of research tools and its appeal to traders seeking extensive market insights.
| Feature |
FOREX.com
|
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 educational resources for beginners, both FOREX.com and LegacyFX offer a variety of learning materials to help newcomers understand forex and CFDs. Each platform provides over 10 educational pieces, including articles, videos, and archived webinars focused on these topics. Additionally, both brokers host at least one client webinar per month and maintain a searchable archive of past sessions, making it easy for beginners to access valuable insights whenever they need. Both platforms cater to different skill levels with more than 10 beginner-focused videos and an equal number geared toward advanced traders. Furthermore, FOREX.com and LegacyFX offer an investor dictionary with more than 50 investing terms, helping users gain a better understanding of trading jargon.
While both platforms are well-equipped to offer educational content for learners, there are differences in their perceived quality and ranking. FOREX.com is highly rated with 4.5 stars for its educational offerings and holds the impressive #4 position among 62 brokers reviewed by ForexBrokers.com. LegacyFX, on the other hand, is rated slightly lower with 3.5 stars, placing it at #35 in the same ranking. This suggests that despite offering similar educational resources, FOREX.com is generally regarded as more effective or user-friendly in helping beginners enhance their trading knowledge.
| Feature |
FOREX.com
|
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 FOREX.com is better than LegacyFX. FOREX.com finished with an overall rank of #5, while LegacyFX finished with an overall rank of #62.
FOREX.com is a trusted brand that delivers an excellent trading experience for forex and CFDs traders across the globe. It offers a wide range of markets and provides an impressive suite of proprietary platforms – alongside limited access to MetaTrader.
| Feature |
FOREX.com
|
LegacyFX
|
|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 67 |
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Both FOREX.com and LegacyFX do not provide options for purchasing actual delivered cryptocurrency, but they do offer the ability to trade cryptocurrency derivatives, allowing investors to engage in the crypto market indirectly.
FOREX.com supports ACH, SEPA, PayPal, Visa, Mastercard, and bank wire transfers for deposits and withdrawals, while LegacyFX offers Visa, Mastercard, bank wires, and Skrill options, but lacks ACH, SEPA, and PayPal support.
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 | FOREX.com | LegacyFX | |
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| Trust Score | 99 | 67 | |
| Winner | check_circle | ||
| Review | FOREX.com Review | LegacyFX Review |
| Broker Screenshots | FOREX.com | LegacyFX | |
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| Regulation | FOREX.com | LegacyFX | |
|---|---|---|---|
| Trust Score | 99 | 67 | |
| Year Founded | 1999 | 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) | FOREX.com | LegacyFX | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | No | |
| Canada (CIRO Authorised) | Yes | No | |
| Hong Kong (SFC Authorised) | No | No | |
| Japan (SFC Authorised) | Yes | No | |
| Singapore (MAS Authorised) | Yes | No | |
| Switzerland (FINMA Authorised) | No | No | |
| United Kingdom (U.K.) (FCA Authorised) | Yes | No | |
| USA (CFTC Authorized) | Yes | No | |
| New Zealand (FMA Authorised) | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes |
| Tier-2 Licenses (Trusted) | FOREX.com | 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 | FOREX.com | LegacyFX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 5500 | 425 | |
| Forex Pairs (Total) | 91 | 44 | |
| U.S. Stock Trading (Non CFD) | No | No | |
| Int'l Stock Trading (Non CFD) | No | No | |
| Social Trading / Copy Trading | No | 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 | FOREX.com | LegacyFX | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.4 | N/A | |
| All-in Cost EUR/USD - Active | 0.9 | N/A | |
| Active Trader or VIP Discounts | Yes | Yes | |
| Inactivity Fee | Yes | No | |
| Execution: Agency Broker | No | No | |
| Execution: Market Maker | Yes | Yes |
| Funding | FOREX.com | LegacyFX | |
|---|---|---|---|
| Minimum Deposit | $100 | $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 | FOREX.com | LegacyFX | |
|---|---|---|---|
| Proprietary Platform | Yes | No | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | No | Yes | |
| MetaTrader 4 (MT4) | Yes | No | |
| MetaTrader 5 (MT5) | Yes | Yes | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | FOREX.com | LegacyFX | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 20 | 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 | FOREX.com | 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 | FOREX.com | 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 | FOREX.com | 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 | FOREX.com | 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 | FOREX.com Review | LegacyFX Review |
| Overall | FOREX.com | LegacyFX | |
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| Trust Score | 99 | 67 | |
| Winner | check_circle | ||
| Review | FOREX.com Review | LegacyFX Review |
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