Written by ForexBrokers.com
In this head to head comparison of FXOpen 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.
FXOpen and LegacyFX are both online brokers that have been in operation since 2003 and 2012, respectively. Neither of the brokers is publicly traded or operates as a bank. They differ significantly in their regulatory credentials, which may influence your choice based on trust and reliability. FXOpen holds two Tier-1 licenses, while LegacyFX holds one, reflecting a stronger regulatory standing for FXOpen according to ForexBrokers.com. These Tier-1 licenses are considered highly trusted, adding a layer of assurance to their operation.
When it comes to trust ratings, FXOpen scores a 76 out of 99 according to ForexBrokers.com, placing them in the average risk category. In comparison, LegacyFX has a Trust Score of 67, indicating a higher risk. The absence of Tier-2 licenses for both shows they don't have an added trusted layer beyond their Tier-1 holdings. Understanding these regulatory elements can assist in making a more informed decision when choosing between FXOpen and LegacyFX.
| Feature |
FXOpen
|
LegacyFX
|
|---|---|---|
| Year Founded | 2003 | 2012 |
| Publicly Traded (Listed) | No | No |
| Bank | No | No |
| Tier-1 Licenses | 2 | 1 |
| Tier-2 Licenses | 0 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 1 |
FXOpen and LegacyFX provide varying commissions and fee structures, catering to different types of traders. FXOpen maintains competitive pricing and is rated 4 out of 5 stars for commissions and fees. This places the broker at a decent mid-range position, ranking #45 among 62 brokers according to ForexBrokers.com, though detailed average spread data isn't available to delve deeper into the cost of trading with FXOpen.
LegacyFX offers a range of accounts, which may differ based on whether you choose the EU entity, regulated by CySEC, or the international entity located in Vanuatu. The EU entity provides three account choices: Silver, Gold, and Platinum, with minimum deposits ranging from $500 to $25,000. Spreads are narrowest in the Platinum account, while the Silver account has higher trading costs, with spreads starting at 1.6 pips for EUR/USD. The Vanuatu entity extends more options with seven account types, from Standard to VIP, dictating support levels and tool access. Despite this, LegacyFX's lack of average spread data makes assessing the true cost difficult, falling short of expectations from top brokers. LegacyFX is rated 3.5 stars and ranks #56 in the commissions and fees category.
| Feature |
FXOpen
|
LegacyFX
|
|---|---|---|
| Minimum Deposit | $100 | $500 |
| Average Spread EUR/USD - Standard | N/A | N/A |
| All-in Cost EUR/USD - Active | N/A | N/A |
| Active Trader or VIP Discounts | Yes | Yes |
| ACH or SEPA Transfers | No | No |
| PayPal (Deposit/Withdraw) | No | 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 available range of investments, both FXOpen and LegacyFX cater to forex enthusiasts by offering forex trading through CFDs or spot contracts. However, a broader selection of symbols is found with LegacyFX, which provides 425 tradeable symbols compared to FXOpen's 87. Similarly, for tradeable forex pairs, LegacyFX leads the way with 44 pairs, while FXOpen offers 25. It's important to note that neither broker provides exchange-traded securities on U.S. or international exchanges. This means investors looking to directly buy shares from exchanges like NASDAQ or the London Stock Exchange cannot do so with either of these brokers.
For those interested in cryptocurrencies, both FXOpen and LegacyFX allow trading via cryptocurrency derivatives but do not offer the option to buy the actual digital currencies. Users interested in strategies like copy trading can find this feature available on both platforms. In terms of how they stack up overall, FXOpen receives an investment range rating of 3 stars, while LegacyFX gets a slightly better rating of 3.5 stars. According to ForexBrokers.com, FXOpen is ranked 61st out of 62 brokers for range of investments, whereas LegacyFX is positioned somewhat more favorably at 48th place, making LegacyFX a more versatile option for traders seeking wider investment options.
| Feature |
FXOpen
|
LegacyFX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 87 | 425 |
| Forex Pairs (Total) | 25 | 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). |
Dive deeper: Best Copy Trading Platforms.
When comparing the trading platforms and tools offered by FXOpen and LegacyFX, both brokers provide users the opportunity to experience risk-free trading with their free virtual demo accounts. Neither broker offers a proprietary platform; however, they both provide a Windows-based desktop platform and a web-based trading option. FXOpen stands out with support for MetaTrader 4 and MetaTrader 5, while LegacyFX only offers MetaTrader 5. Both brokers cater to traders who wish to utilize copy trading, yet FXOpen extends its offerings further by including ZuluTrade, a service LegacyFX does not provide.
In terms of charting tools, FXOpen and LegacyFX are evenly matched, each offering 15 drawing tools and the ability to trade directly from a stock chart. They also maintain a comparable watch list setup with seven columns for tracking securities. Despite these similarities, FXOpen edges ahead in ratings, receiving a four-star rating for their trading platforms and tools compared to LegacyFX's 3.5 stars. According to ForexBrokers.com, FXOpen ranks slightly better at 53rd out of 62 brokers in the Trading Platforms and Tools category, while LegacyFX is ranked 59th.
| Feature |
FXOpen
|
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 | Yes | 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.
When comparing the mobile trading apps of FXOpen and LegacyFX, both brokers provide apps for iPhone and Android users, offering vital features for forex and stock trading. They each support 30 technical studies and let users draw trendlines or view charts across multiple time frames. Both apps also allow the creation of watchlists with real-time quotes, although they lack the ability to sync watchlist symbols with the user's online account. Notably, only LegacyFX's app automatically saves chart drawings, which could be a useful feature for traders who rely on technical analysis.
In terms of user ratings and industry assessment, FXOpen slightly edges out LegacyFX. FXOpen's mobile app holds a 4-star rating, positioning it at rank 54 among 62 brokers in the Mobile Trading Apps category according to ForexBrokers.com. Meanwhile, LegacyFX's app, rated at 3.5 stars, falls at rank 60. Both apps include essential features like price alerts, yet users might gravitate towards FXOpen for its higher rating and better industry ranking.
| Feature |
FXOpen
|
LegacyFX
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | No | No |
| Mobile Charting - Indicators / Studies | 30 | 30 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Multiple Time Frames | Yes | Yes |
| Mobile Charting - Drawings Autosave | No | Yes |
| Mobile Watchlist | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
FXOpen and LegacyFX both provide valuable resources for market research, such as daily market commentary and access to forex news from respected sources like Bloomberg and Reuters. Each platform also offers an economic calendar to keep traders informed of significant global news events. However, LegacyFX goes a step further by incorporating tools from Autochartist for technical and fundamental research, while FXOpen does not offer these resources. Neither broker provides trading aids from Trading Central, nor do they feature sentiment-based tools or research from TipRanks and Acuity Trading.
In terms of performance, FXOpen receives a 3-star rating for research from ForexBrokers.com, placing it at the bottom of their list at #62 among 62 brokers. LegacyFX fares slightly better with a 3.5-star rating, ranking at #45. This evaluation suggests that while both brokers offer basic research tools, LegacyFX may provide a slightly enhanced market research experience compared to FXOpen.
| Feature |
FXOpen
|
LegacyFX
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | No | Yes |
| Trading Central (Recognia) | No | No |
| Social Sentiment - Currency Pairs | No | No |
| TipRanks | No | No |
| Signal Centre (Acuity Trading) | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When it comes to educational resources for newcomers, LegacyFX outshines FXOpen in several key areas. LegacyFX caters to beginners by offering more than ten educational pieces focused on forex and CFDs, including articles, videos, and archived webinars. Additionally, LegacyFX hosts regular monthly webinars and provides access to a comprehensive library of past sessions. Beginners will also benefit from over ten videos specifically designed to cover trading topics, making LegacyFX a more resourceful choice for those starting out. In contrast, FXOpen does not offer these structured learning resources, focusing instead on a robust investor dictionary to support their educational efforts.
Both FXOpen and LegacyFX offer a substantial investor dictionary with more than 50 definitions, helping learners understand investing terms better. However, LegacyFX's educational offerings extend further, including advanced videos for experienced traders, setting it apart from FXOpen's more limited educational tools. Despite this, they both have decent ratings for education, with FXOpen earning 3 stars compared to LegacyFX's slightly higher 3.5 stars. According to ForexBrokers.com, these differences are reflected in their rankings: FXOpen stands at #58, while LegacyFX holds the #35 spot out of 62 brokers in the education category.
| Feature |
FXOpen
|
LegacyFX
|
|---|---|---|
| Education (Forex or CFDs) | No | Yes |
| Client Webinars | No | Yes |
| Client Webinars (Archived) | No | Yes |
| Videos - Beginner Trading Videos | No | 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 FXOpen is better than LegacyFX. FXOpen finished with an overall rank of #54, while LegacyFX finished with an overall rank of #62.
FXOpen is a long standing MetaTrader broker with a narrow offering and few benefits beyond a standard MetaTrader experience coupled with social-trading platforms ZuluTrade and Myfxbook.
| Feature |
FXOpen
|
LegacyFX
|
|---|---|---|
| Overall Rating |
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| Trust Score | 76 | 67 |
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Both FXOpen and LegacyFX do not offer the ability to purchase actual delivered cryptocurrency, but they do provide options for trading cryptocurrency derivatives.
Both FXOpen and LegacyFX do not support ACH or SEPA transfers, nor do they offer PayPal for account transactions; however, they both provide Skrill, Visa or Mastercard, and bank wire options for depositing or withdrawing funds.
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 | FXOpen | LegacyFX | |
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| Trust Score | 76 | 67 | |
| Winner | check_circle | ||
| Review | LegacyFX Review |
| Broker Screenshots | FXOpen | LegacyFX | |
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| Regulation | FXOpen | LegacyFX | |
|---|---|---|---|
| Trust Score | 76 | 67 | |
| Year Founded | 2003 | 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 | 0 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 1 |
| Tier-1 Licenses (Highly Trusted) | FXOpen | LegacyFX | |
|---|---|---|---|
| Australia (ASIC Authorised) | No | 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) | FXOpen | 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 | FXOpen | LegacyFX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 87 | 425 | |
| Forex Pairs (Total) | 25 | 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). |
| Cost | FXOpen | LegacyFX | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | N/A | N/A | |
| All-in Cost EUR/USD - Active | N/A | N/A | |
| Active Trader or VIP Discounts | Yes | Yes | |
| Inactivity Fee | Yes | No | |
| Execution: Agency Broker | Yes | No | |
| Execution: Market Maker | Yes | Yes |
| Funding | FXOpen | LegacyFX | |
|---|---|---|---|
| Minimum Deposit | $100 | $500 | |
| PayPal (Deposit/Withdraw) | No | 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 | FXOpen | 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 | Yes | No |
| Trading Tools | FXOpen | 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 | FXOpen | 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 | 30 | 30 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Multiple Time Frames | Yes | Yes | |
| Mobile Charting - Drawings Autosave | No | Yes | |
| Mobile Economic Calendar | Yes | Yes |
| Research | FXOpen | LegacyFX | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | No | Yes | |
| Trading Central (Recognia) | No | No | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | No | No | |
| Economic Calendar | Yes | Yes |
| Education | FXOpen | LegacyFX | |
|---|---|---|---|
| Education (Forex or CFDs) | No | Yes | |
| Client Webinars | No | Yes | |
| Client Webinars (Archived) | No | Yes | |
| Videos - Beginner Trading Videos | No | Yes | |
| Videos - Advanced Trading Videos | No | Yes | |
| Investor Dictionary (Glossary) | Yes | Yes |
| Major Forex Pairs | FXOpen | 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 | LegacyFX Review |
| Overall | FXOpen | LegacyFX | |
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| Trust Score | 76 | 67 | |
| Winner | check_circle | ||
| Review | LegacyFX Review |
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