Written by ForexBrokers.com
In this head to head comparison of FP Markets 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.
FP Markets, founded in 2005, is an online brokerage not listed on any stock exchange and is not a bank. With a ForexBrokers.com Trust Score of 89, it is considered a trusted broker. FP Markets holds 2 Tier-1 licenses and 1 Tier-2 license, underscoring its regulatory strength and commitment to high standards in financial trading. This regulatory framework appears to offer a reassuring level of trust for traders concerned about the security and oversight of their broker.
In contrast, LegacyFX, established in 2012, also operates as a privately held brokerage and is not a bank. It has a ForexBrokers.com Trust Score of 67, placing it in the high-risk category compared to FP Markets. LegacyFX holds 1 Tier-1 license but lacks any Tier-2 licenses, which indicates a lesser degree of regulatory coverage. Traders looking for more regulatory assurance might prefer FP Markets, given its higher Trust Score and more extensive licensing.
| Feature |
FP Markets
|
LegacyFX
|
|---|---|---|
| Year Founded | 2005 | 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 | 1 | 1 |
FP Markets stands out for its competitive pricing, especially within its commission-based ECN account. Earning the Best in Class honor for Commissions and Fees in the 2024 Annual Awards highlights its cost-effectiveness for traders worldwide. The Raw ECN account at FP Markets features highly competitive spreads, averaging 0.1 pips, totaling 0.8 pips when commissions are factored in. The broker's Iress platform offers flexibility with multiple account options, catering primarily to active traders with high-balance accounts, though it may not be the most cost-effective choice for everyone. FP Markets is rated 5 stars and ranks 6th out of 62 brokers for its commissions and fees.
LegacyFX offers a different structure, with account options varying based on whether traders are under the EU entity regulated by CySEC or the international entity in Vanuatu. EU clients have access to the Silver, Gold, and Platinum accounts, which come with escalating minimum deposits and lower spreads at higher tiers. However, without average spreads available, assessing the true cost remains a challenge. Internationally, LegacyFX provides a more diverse range of accounts, including Standard and VIP options, each offering different levels of client support and trading tools. LegacyFX holds a 3.5-star rating and is ranked 56th in the commissions and fees category.
Both FP Markets and LegacyFX offer a variety of accounts tailored to different kinds of traders. FP Markets, with its competitive ECN account pricing and favorable ratings, is well-regarded, particularly among active traders and those requiring direct market access. Conversely, LegacyFX provides a wider range of account services internationally but lacks the transparency and cost advantage observed in FP Markets’ offerings.
| Feature |
FP Markets
|
LegacyFX
|
|---|---|---|
| Minimum Deposit | $100 AUD | $500 |
| Average Spread EUR/USD - Standard | 1.2 | N/A |
| All-in Cost EUR/USD - Active | 0.7 | N/A |
| Active Trader or VIP Discounts | Yes | 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.
When it comes to the variety of investment options, FP Markets and LegacyFX present distinct offerings. FP Markets provides an impressive range of 10,000 tradeable symbols, including 71 forex pairs, making it a robust choice for those seeking extensive options. In contrast, LegacyFX offers 425 tradeable symbols with 44 forex pairs, which, while significant, doesn't match the breadth available with FP Markets. Both brokers support CFD trading and do not offer the option to buy exchange-traded securities on either U.S. or international exchanges. They also provide copy trading features and offer cryptocurrency derivatives, but not the purchase of actual cryptocurrencies.
FP Markets holds a favorable edge with a 4.5-star rating for its range of investments, ranking 18th out of 62 brokers reviewed by ForexBrokers.com in this category. LegacyFX, on the other hand, has a 3.5-star rating and is ranked 48th. Overall, if you're looking for more extensive investment choices, FP Markets clearly stands out between the two, particularly in terms of the variety of forex pairs and overall tradeable symbols.
| Feature |
FP Markets
|
LegacyFX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 10000 | 425 |
| Forex Pairs (Total) | 71 | 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.
FP Markets and LegacyFX both cater to traders with simulated trading through free virtual demo accounts, making practice and strategy-testing accessible at no cost. FP Markets stands out with its proprietary platform developed in-house, a feature not offered by LegacyFX. Both brokers provide web-based and Windows desktop platforms, yet FP Markets includes MetaTrader 4 alongside MetaTrader 5, whereas LegacyFX supports only MetaTrader 5. For users interested in copy trading, both brokers provide this service, adding flexibility for following successful traders.
When it comes to charting tools, FP Markets and LegacyFX give traders the capability to trade directly from stock charts. Though they share the same number of columns in watchlists, FP Markets offers slightly more drawing tools than its counterpart, boasting 17 compared to LegacyFX's 15. In terms of performance ratings, FP Markets receives 4 out of 5 stars for its trading platforms and tools, ranking 23rd out of 62 brokers on ForexBrokers.com. Meanwhile, LegacyFX lags behind with a rating of 3.5 stars, placing 59th in the same category, highlighting FP Markets as the more favorable choice for robust trading tools and platforms.
| Feature |
FP Markets
|
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) | Yes | Yes |
| DupliTrade | No | No |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 30 | 30 |
| Charting - Drawing Tools (Total) | 17 | 15 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 7 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Both FP Markets and LegacyFX provide comprehensive mobile trading solutions with iPhone and Android apps. These platforms enable users to receive stock and forex price alerts and create watchlists with real-time quotes. While both brokers support trendline drawings and viewing different time frames, they fall short on watchlist symbol syncing between mobile apps and online accounts. FP Markets leverages MetaTrader's default charting tools, whereas LegacyFX offers a more extensive choice with 30 technical studies available for charting. Both apps also ensure auto-saving of chart drawings, adding a layer of convenience for active traders.
In terms of user ratings and industry rankings, FP Markets emerges as the preferred choice for mobile trading aficionados. Rated at 4 stars, FP Markets ranks 18th out of 62 brokers, reflecting its standing as a favored option among traders. Conversely, LegacyFX is rated at 3.5 stars and positioned at 60th, suggesting room for improvement in its mobile trading offerings. Whether you're considering advanced charting features or an overall reliable trading app, FP Markets seems to offer a more compelling mobile trading experience.
| Feature |
FP Markets
|
LegacyFX
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | No | No |
| Mobile Charting - Indicators / Studies | MetaTrader (Default) | 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.
FP Markets and LegacyFX both provide daily market commentary and deliver forex news sourced from premier services like Bloomberg and Reuters. Each company also incorporates Autochartist tools for technical and fundamental analysis. While both platforms offer an economic calendar to monitor world news events, FP Markets distinguishes itself by providing additional technical analysis tools from Trading Central. Furthermore, FP Markets offers a sentiment-based trading tool to analyze trader positions, a feature not available with LegacyFX.
FP Markets has achieved a four-star research rating and is ranked 25th out of 62 brokers by ForexBrokers.com. LegacyFX, on the other hand, is rated at 3.5 stars and holds 45th place in the same category. Neither broker offers market research tools from TipRanks or Acuity Trading, however, FP Markets edges ahead with its more comprehensive suite of research tools aimed at enhancing trading insights.
| Feature |
FP Markets
|
LegacyFX
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | Yes | 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.
For beginners exploring online trading, both FP Markets and LegacyFX provide ample educational resources designed to aid learning and enhance trading proficiency. FP Markets boasts a diverse selection of more than ten educational materials including articles, videos, and archived webinars. These resources comprehensively cover forex and CFDs, offering engaging online webinars each month. Additionally, FP Markets provides a searchable archive of past webinars, along with more than ten beginner-focused educational videos to help newcomers understand trading basics. Additionally, for those progressing beyond the basics, FP Markets supplies advanced videos and maintains a comprehensive investor dictionary to clarify over 50 investing terms. Notably, FP Markets received a commendable rating of 4 out of 5 stars for its educational offerings and is ranked 23rd out of 62 brokers in the Education category by ForexBrokers.com.
Similarly, LegacyFX matches FP Markets in delivering a well-rounded educational experience for beginners. They offer no fewer than ten educational pieces focusing on forex and CFDs. They conduct monthly educational webinars, enabling learners to stay updated and adaptive to market changes. LegacyFX also provides a searchable archive for these webinar recordings. The platform supports beginners with more than 10 introductory trading videos and enriches learners' knowledge with advanced instructional content. Their investment dictionary is equipped to define at least 50 key trading terms. While LegacyFX is rated slightly lower at 3.5 stars for education, and holds a 35th ranking in the Education category by ForexBrokers.com, it still presents a valuable learning platform for those new to trading.
| Feature |
FP Markets
|
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 FP Markets is better than LegacyFX. FP Markets finished with an overall rank of #19, while LegacyFX finished with an overall rank of #62.
FP Markets shines as a low-cost broker for trading forex and CFDs – as long as you use the MetaTrader platform. The Iress platform suite offers well over 9,000 tradeable symbols, but it’s mostly a share trading platform – and is generally a much pricier option.
| Feature |
FP Markets
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LegacyFX
|
|---|---|---|
| Overall Rating |
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| Trust Score | 89 | 67 |
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Both FP Markets and LegacyFX do not offer the ability to buy actual cryptocurrency but do allow for the trading of cryptocurrency derivatives.
While both FP Markets and LegacyFX provide options for depositing or withdrawing funds via Skrill, Visa or Mastercard, and bank wires, FP Markets offers additional flexibility with PayPal, which is not available with LegacyFX, whereas neither broker offers 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 | FP Markets | LegacyFX | |
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| Trust Score | 89 | 67 | |
| Winner | check_circle | ||
| Review | FP Markets Review | LegacyFX Review |
| Broker Screenshots | FP Markets | LegacyFX | |
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| Regulation | FP Markets | LegacyFX | |
|---|---|---|---|
| Trust Score | 89 | 67 | |
| Year Founded | 2005 | 2012 | |
| Publicly Traded (Listed) | No | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 2 | 1 | |
| Tier-2 Licenses | 1 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 1 | 1 |
| Tier-1 Licenses (Highly Trusted) | FP Markets | 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) | FP Markets | 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 | FP Markets | LegacyFX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 10000 | 425 | |
| Forex Pairs (Total) | 71 | 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 | FP Markets | LegacyFX | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.2 | N/A | |
| All-in Cost EUR/USD - Active | 0.7 | N/A | |
| Active Trader or VIP Discounts | Yes | Yes | |
| Inactivity Fee | No | No | |
| Execution: Agency Broker | No | No | |
| Execution: Market Maker | Yes | Yes |
| Funding | FP Markets | LegacyFX | |
|---|---|---|---|
| Minimum Deposit | $100 AUD | $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 | FP Markets | 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) | Yes | Yes | |
| cTrader | Yes | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | FP Markets | 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) | 17 | 15 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | FP Markets | LegacyFX | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | No | No | |
| Mobile Charting - Indicators / Studies | MetaTrader (Default) | 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 | FP Markets | LegacyFX | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | Yes | Yes | |
| Trading Central (Recognia) | Yes | No | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | Yes | No | |
| Economic Calendar | Yes | Yes |
| Education | FP Markets | 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 | FP Markets | 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 | FP Markets Review | LegacyFX Review |
| Overall | FP Markets | LegacyFX | |
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| Trust Score | 89 | 67 | |
| Winner | check_circle | ||
| Review | FP Markets Review | LegacyFX Review |
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