Written by ForexBrokers.com
In this head to head comparison of FXCM 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.
FXCM and LegacyFX are two online brokers with distinct regulatory profiles. Founded in 1999, FXCM is publicly traded, with a high Trust Score of 95 out of 99 from ForexBrokers.com, reflecting a high level of trust. FXCM is not a bank but stands out with four Tier-1 licenses and two Tier-2 licenses, suggesting it is well-regulated and considered highly trustworthy. In terms of regulatory standing, this positions FXCM as a reliable choice for traders seeking a broker with strong compliance credentials.
On the other hand, LegacyFX, established in 2012, is not publicly traded and holds a ForexBrokers.com Trust Score of 67, placing it in the high-risk category. Like FXCM, LegacyFX is not a bank, but it holds only one Tier-1 license and lacks Tier-2 licenses. This limited regulatory oversight might be a concern for traders who prioritize safety and compliance. While LegacyFX is a younger company, its regulatory footprint is smaller, which can imply a different risk profile compared to more established brokers like FXCM.
| Feature |
FXCM
|
LegacyFX
|
|---|---|---|
| Year Founded | 1999 | 2012 |
| Publicly Traded (Listed) | Yes | No |
| Bank | No | No |
| Tier-1 Licenses | 4 | 1 |
| Tier-2 Licenses | 2 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 1 |
When comparing FXCM and LegacyFX for their commissions and fees, it's worth noting that FXCM's pricing is slightly above industry averages, but offers some flexibility through its Active Trader Rebate Program. Standard account spreads at FXCM vary based on location, with EU, U.K., and Australia showing average spreads of 0.78 pips for EUR/USD in May 2024. In contrast, their St. Vincent and the Grenadines entity averaged higher at 1.38 pips. FXCM's commission-based accounts offer more competitive spreads averaging 0.28 pips, excluding commissions. Active traders can benefit from discounts, although FXCM's rebates are less competitive than some brokers like Tickmill and FP Markets. Overall, FXCM scores a solid 4 out of 5 stars for commissions and fees and ranks 24th out of 62 brokers on ForexBrokers.com.
LegacyFX, on the other hand, presents a broader range of account types, significantly influencing trading costs. For EU residents, LegacyFX offers Silver, Gold, and Platinum accounts with minimum deposits of $500, $5,000, and $25,000 respectively. The Platinum account features the lowest advertised spread, while the Silver account has higher costs with spreads starting at 1.6 pips for EUR/USD. International clients under LegacyFX's Vanuatu entity can choose from seven account types, impacting the available support and trading tools. Unlike FXCM, LegacyFX lacks transparency in average spreads, making it challenging to ascertain the true cost of trading. Consequently, LegacyFX garners a slightly lower rating of 3.5 stars and ranks 56th out of 62 brokers in the Commissions and Fees category according to ForexBrokers.com.
| Feature |
FXCM
|
LegacyFX
|
|---|---|---|
| Minimum Deposit | Starts from $50 | $500 |
| Average Spread EUR/USD - Standard | 0.78 | N/A |
| All-in Cost EUR/USD - Active | 0.78 | N/A |
| Active Trader or VIP Discounts | Yes | Yes |
| ACH or SEPA Transfers | Yes | 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 comparing the range of investments offered by FXCM and LegacyFX, both brokers provide forex trading as contracts for difference (CFDs) or spot contracts, appealing to traders interested in currency markets. FXCM boasts 440 tradeable symbols, marginally more than LegacyFX's 425. However, when it comes to forex pairs—a critical category—LegacyFX slightly edges out FXCM with 44 pairs compared to 43. Both brokers do not offer the option to trade actual exchange-traded securities like Apple shares or Vodafone shares, focusing more on derivatives and CFDs instead.
In terms of cryptocurrency, each broker enables the trading of cryptocurrency derivatives, yet neither provides the option to purchase actual cryptocurrencies. For those interested in social trading, both FXCM and LegacyFX support copy trading, providing more trading flexibility for beginners. Despite these offerings, both brokers receive an equal rating of 3.5 stars out of five for their range of investments, with FXCM ranked 47th and LegacyFX 48th out of 62 brokers. This indicates a competitive yet similar scope of investment opportunities available through these platforms.
| Feature |
FXCM
|
LegacyFX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 440 | 425 |
| Forex Pairs (Total) | 43 | 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 FXCM and LegacyFX, both brokers provide access to free virtual demo accounts, allowing traders to practice without financial risk. FXCM stands out with its in-house developed trading platform, while LegacyFX lacks a proprietary option, relying on established software like MetaTrader 5 (MT5). FXCM supports MetaTrader 4 (MT4), which is unavailable with LegacyFX. Both brokers offer Windows and web-based platforms and support copy trading, but only FXCM integrates with ZuluTrade. In terms of charting capabilities, LegacyFX offers more drawing tools, while FXCM provides more watch list customization fields.
FXCM earns higher acclaim for its trading platforms and tools, boasting a five-star rating and a strong position at number six out of 62 brokers according to ForexBrokers.com. In contrast, LegacyFX receives a 3.5-star rating and ranks 59th. These differences underscore FXCM's commitment to delivering advanced trading solutions tailored to user preferences, making it a preferred choice for those seeking an enriched trading experience.
| Feature |
FXCM
|
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) | No | Yes |
| DupliTrade | No | No |
| ZuluTrade | Yes | No |
| Charting - Indicators / Studies (Total) | 115 | 30 |
| Charting - Drawing Tools (Total) | 10 | 15 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 13 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Both FXCM and LegacyFX offer mobile trading apps that cater to iPhone and Android users, providing essential features like price alerts and the ability to create watchlists with real-time quotes. FXCM has a distinct advantage with 59 technical studies available for charting compared to LegacyFX's 30, and it allows for watchlist symbol syncing, ensuring seamless transitions between mobile app and online accounts. Both apps support drawing trendlines and viewing multiple time frames on charts, along with auto-saving these drawings.
When it comes to user satisfaction, FXCM edges out with a 4.5-star rating for mobile trading apps, notably higher than LegacyFX's 3.5-star rating. This is further reflected in their rankings, with FXCM holding the 16th position among 62 brokers in the Mobile Trading Apps category by ForexBrokers.com, whereas LegacyFX is placed at 60th. These differences underscore FXCM's stronger user experience and feature set for mobile traders.
| Feature |
FXCM
|
LegacyFX
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | No |
| Mobile Charting - Indicators / Studies | 59 | 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 FXCM and LegacyFX, both online brokers deliver daily market commentary and provide forex news sourced from top-tier outlets like Bloomberg and Reuters, ensuring clients remain informed. FXCM sets itself apart by offering market research tools such as Technical Analytics from Trading Central and a sentiment-based trading tool that displays the ratio of long or short positions for various currencies. Additionally, FXCM brings TipRanks market research to the table, further enhancing their offerings. On the other hand, LegacyFX supports traders with Autochartist tools, yet it lacks some of the research capabilities found with FXCM, such as Trading Central features and sentiment data.
Both brokers provide an economic calendar featuring global news events, helping traders keep track of crucial economic developments. In terms of ratings, FXCM shines with a 4.5-star rating for research, positioning it at the 11th spot among 62 broker rankings from ForexBrokers.com. LegacyFX holds a 3.5-star rating, placing it at the 45th spot. This comparison highlights FXCM's strength in research offerings, making it a compelling choice for traders prioritizing advanced tools and comprehensive market insights.
| Feature |
FXCM
|
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 | Yes | No |
| Signal Centre (Acuity Trading) | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When comparing the educational resources available to beginners from online brokers FXCM and LegacyFX, both offer a comprehensive suite of materials designed to educate and empower new traders. From forex and CFDs education to online educational webinars, both brokers provide a minimum of 10 educational pieces, along with at least one webinar per month. Additionally, they each maintain a searchable archive of these webinars, allowing users to revisit previous sessions at their convenience. Both FXCM and LegacyFX cater to different experience levels, presenting over 10 beginner-friendly videos alongside advanced content for seasoned traders. They also offer an investor dictionary with definitions for more than 50 investing terms, ensuring that new traders quickly become familiar with industry jargon.
Despite offering similar educational tools, FXCM has an edge in terms of user ratings and industry ranking. FXCM boasts a 4.5-star rating for its educational offerings, surpassing LegacyFX's 3.5 stars. Notably, FXCM is ranked 14th for education among 62 brokers on ForexBrokers.com, demonstrating a higher level of satisfaction and effectiveness in its offerings than LegacyFX, which is positioned at 35th. This ranking and rating difference highlights FXCM's stronger commitment to providing quality education for beginner traders compared to LegacyFX.
| Feature |
FXCM
|
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 FXCM is better than LegacyFX. FXCM finished with an overall rank of #15, while LegacyFX finished with an overall rank of #62.
For traders who appreciate advanced trading tools and quality market research, FXCM is a winner, especially for algorithmic trading. Its range of tradeable markets is fairly narrow, however, and the pricing at FXCM is just average.
| Feature |
FXCM
|
LegacyFX
|
|---|---|---|
| Overall Rating |
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| Trust Score | 95 | 67 |
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Both FXCM and LegacyFX do not offer the ability to buy actual (delivered) cryptocurrency, but they both provide the option to purchase cryptocurrency derivatives.
FXCM stands out by offering a wider range of deposit and withdrawal options compared to LegacyFX, such as ACH, SEPA, and PayPal, while both brokers support Skrill, Visa/Mastercard, and bank wires.
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 | FXCM | LegacyFX | |
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| Trust Score | 95 | 67 | |
| Winner | check_circle | ||
| Review | FXCM Review | LegacyFX Review |
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| Regulation | FXCM | LegacyFX | |
|---|---|---|---|
| Trust Score | 95 | 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 | 4 | 1 | |
| Tier-2 Licenses | 2 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 1 |
| Tier-1 Licenses (Highly Trusted) | FXCM | LegacyFX | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | No | |
| Canada (CIRO Authorised) | Yes | 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) | FXCM | LegacyFX | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| Israel (ISA Authorised) | Yes | 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 | FXCM | LegacyFX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 440 | 425 | |
| Forex Pairs (Total) | 43 | 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 | FXCM | LegacyFX | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 0.78 | N/A | |
| All-in Cost EUR/USD - Active | 0.78 | N/A | |
| Active Trader or VIP Discounts | Yes | Yes | |
| Inactivity Fee | Yes | No | |
| Execution: Agency Broker | Yes | No | |
| Execution: Market Maker | Yes | Yes |
| Funding | FXCM | LegacyFX | |
|---|---|---|---|
| Minimum Deposit | Starts from $50 | $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 | Yes | No |
| Trading Platforms | FXCM | 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) | No | Yes | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | Yes | No |
| Trading Tools | FXCM | LegacyFX | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 13 | 7 | |
| Charting - Indicators / Studies (Total) | 115 | 30 | |
| Charting - Drawing Tools (Total) | 10 | 15 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | FXCM | 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 | 59 | 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 | FXCM | LegacyFX | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | No | Yes | |
| Trading Central (Recognia) | Yes | No | |
| TipRanks | Yes | No | |
| Social Sentiment - Currency Pairs | Yes | No | |
| Economic Calendar | Yes | Yes |
| Education | FXCM | 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 | FXCM | 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 | FXCM Review | LegacyFX Review |
| Overall | FXCM | LegacyFX | |
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| Trust Score | 95 | 67 | |
| Winner | check_circle | ||
| Review | FXCM Review | LegacyFX Review |
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