FP Markets vs LegacyFX 2024

FP Markets is not publicly traded and does not operate a bank. FP Markets is authorised by two Tier-1 regulators (Highly Trusted), zero Tier-2 regulators (Trusted), zero Tier-3 regulators (Average Risk), and one Tier-4 regulator (High Risk). FP Markets is authorised by the following Tier-1 regulators: Australian Securities & Exchange Commission (ASIC) and regulated in the European Union via the MiFID passporting system.

LegacyFX is not publicly traded and does not operate a bank. LegacyFX is authorised by one Tier-1 regulator (Highly Trusted), zero Tier-2 regulators (Trusted), zero Tier-3 regulators (Average Risk), and one Tier-4 regulator (High Risk). LegacyFX is authorised by the following Tier-1 regulators: Regulated in the European Union via the MiFID passporting system.

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.

LegacyFX is a plain-vanilla MetaTrader 5 (MT5) broker that offers a medium range of CFD markets and forex pairs. It has built a good foundation of research offerings, and its investor education content is on par with the industry average. Overall, LegacyFX still has room to grow, and trails behind the best MetaTrader brokers.

To open a trading account with FP Markets, you'll need to make an initial minimum deposit of $100 AUD.

LegacyFX requires a minimum deposit of $500 before you can open an account and start trading.

It's important to make sure that your forex broker accepts the funding options and deposit methods that work best for you. FP Markets offers Visa/Mastercard (Credit/Debit), Bank Wire (Deposit/Withdraw), PayPal (Deposit/Withdraw), Skrill (Deposit/Withdraw) and Neteller (Deposit/Withdraw) for banking, whereas LegacyFX provides Visa/Mastercard (Credit/Debit), Bank Wire (Deposit/Withdraw), Skrill (Deposit/Withdraw) and Neteller (Deposit/Withdraw).

Comparing the trading costs of forex and CFDs is not easy. Not every broker publishes average spread data, and pricing structures vary. Based on our thorough, data-driven testing of each broker's commissions and fees, we found that FP Markets offers better pricing overall for traders.

Methodology: When testing each broker's commissions, fees, and pricing, we analyze multiple trade scenarios and award points based on the expansiveness (or inexpensiveness) of the broker's spreads. We then run multiple scenarios for different investor types, incorporating any miscellaneous fees, to determine an "all-in" cost per trade. Learn more about how we test.

At ForexBrokers.com, we track over 110 international regulatory agencies and sort them by tiers (Tier-1, Tier-2, Tier-3, Tier-4, and Tier-5) to help you choose well-regulated, highly trusted forex brokers. Learn more about our proprietary Trust Score rating system. Based on our research on the regulatory status of over 60 brokers, we've found that FP Markets holds 2 global Tier-1 licenses, while LegacyFX holds 1. FP Markets holds 1 global Tier-2 licenses, while LegacyFX holds 0.

After evaluating each broker based on their number of held licenses, years in business, and a range of other data-driven variables, we've determined that FP Markets (87) earned a higher Trust Score than LegacyFX (67).

To compare the trading platforms of both FP Markets and LegacyFX, we tested each broker's trading tools, research capabilities, and mobile apps. For trading tools, FP Markets offers a better experience. With research, FP Markets offers superior market research. Finally, we found FP Markets to provide better mobile trading apps.

Here’s what trading platforms are available at FP Markets:

• Proprietary Platform - Yes
• Web Platform - Yes
• cTrader - Yes
• DupliTrade - No
• MT4 - Yes
• MT5 - Yes
• ZuluTrade - No
• TradingView - No

Here’s what trading platforms are available at LegacyFX:

• Proprietary Platform - No
• Web Platform - Yes
• cTrader - No
• DupliTrade - No
• MT4 - No
• MT5 - Yes
• ZuluTrade - No
• TradingView - No

The MetaTrader trading platform suite is wildly popular among forex and CFD traders across the globe. FP Markets offers MetaTrader 4 (MT4), while LegacyFX does not. Forex traders also appreciate the ability to engage in social copy trading. FP Markets and LegacyFX both offer copy trading.

FP Markets provides traders 71 currency pairs (e.g., EUR/USD) compared to LegacyFX's 44 available pairs. If you are interested in trading a full range of securities, FP Markets offers traders access to 10000 tradeable symbols, while LegacyFX offers access to 425 tradeable symbols; so FP Markets offers 9575 more tradeable symbols than LegacyFX.

We found in our testing that FP Markets offers a more diverse selection of investment options than LegacyFX, allowing you to trade both brokers allow traders to trade Forex Trading (Spot or CFDs), U.S. Stocks (CFD), Cryptocurrency (Derivative) and Social Trading / Copy Trading. Neither have Int'l Stock Trading (Non CFD), Cryptocurrency (Physical) and Spread Betting.