Written by ForexBrokers.com
In this head to head comparison of HFM 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.
HFM and LegacyFX are two online brokers that have been serving traders since 2010 and 2012, respectively. Neither of them is publicly traded nor operates as a bank. In terms of regulatory credentials, HFM boasts a stronger position with two Tier-1 licenses and three Tier-2 licenses. These credentials contribute to its Trust Score of 86 out of 99 on ForexBrokers.com, categorizing it as trusted.
In comparison, LegacyFX holds one Tier-1 license and no Tier-2 licenses, resulting in a ForexBrokers.com Trust Score of 67, which places it in the high-risk category. While both brokers are not publicly listed or banks, HFM has a wider regulatory protection net, offering traders a relatively more trusted environment for online trading.
| Feature |
HFM
|
LegacyFX
|
|---|---|---|
| Year Founded | 2010 | 2012 |
| Publicly Traded (Listed) | No | No |
| Bank | No | No |
| Tier-1 Licenses | 2 | 1 |
| Tier-2 Licenses | 3 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 2 | 1 |
When comparing HFM and LegacyFX regarding commissions and fees, both brokers offer unique advantages, though HFM generally ranks better. HFM's trading costs are slightly above the industry average, with its standard account having a typical spread of 1.2 pips. However, since the data for these spreads is not bound by a date range, they might fluctuate. For more cost-effective trading, HFM's Zero account offers an effective spread of 0.7 pips after accounting for commissions. In terms of ratings, HFM earns a 4 out of 5-star rating for its commissions and fees, placing it 31st out of 62 brokers as ranked by ForexBrokers.com.
LegacyFX, on the other hand, provides a range of account options based on your location. If you are an EU resident, LegacyFX’s accounts—Silver, Gold, and Platinum—require increasing minimum deposits of $500, $5,000, and $25,000, respectively, with lower spreads for higher deposit tiers. The Silver account starts off with the highest cost at a minimum spread of 1.6 pips for EUR/USD trades. For international clients through the Vanuatu entity, seven account types are available, ranging from Standard to VIP, each with varying costs, support levels, and tools. LegacyFX holds a 3.5-star rating for commissions and fees, ranking 56th among 62 brokers.
| Feature |
HFM
|
LegacyFX
|
|---|---|---|
| Minimum Deposit | $0 | $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 | No | 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 considering the range of investments offered by online brokers, HFM and LegacyFX provide a variety of options for traders, though with some differences. HFM stands out with a superior number of tradable symbols, offering 500 overall compared to LegacyFX's 425. Particularly in forex trading, HFM impresses with 102 tradeable forex pairs, outmatching LegacyFX's 44. Both platforms support forex trading as a CFD or spot contract, allow copy trading, and offer cryptocurrency derivatives. However, neither broker provides access to exchange-traded securities on U.S. or international exchanges, nor the ability to purchase actual cryptocurrencies.
In terms of ratings, HFM earns 4 stars for its range of investments, while LegacyFX comes in slightly lower at 3.5 stars. This difference is mirrored in their rankings by ForexBrokers.com, with HFM securing the 36th spot out of 62 brokers in the Range of Investments category, as opposed to LegacyFX which ranks at 48. For traders prioritizing a wider selection of trading symbols and forex pairs, HFM may present a more appealing choice compared to LegacyFX.
| Feature |
HFM
|
LegacyFX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 500 | 425 |
| Forex Pairs (Total) | 102 | 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.
HFM and LegacyFX both cater to traders by offering a range of platforms and tools designed to enhance trading experiences. Both brokers provide simulated trading through free virtual demo accounts, enabling users to practice strategies without financial risk. HFM differentiates itself by providing a proprietary platform developed in-house, adding a unique feature not available with LegacyFX. While both brokers offer Windows-based desktop and web-based trading platforms, HFM extends additional versatility by supporting the widely popular MetaTrader 4 platform, alongside MetaTrader 5, which LegacyFX also provides.
Copy trading is available with both HFM and LegacyFX, but neither supports DupliTrade or ZuluTrade platforms. When it comes to technical analysis, HFM offers a greater variety of drawing tools, numbering 30 compared to LegacyFX's 15, though both brokers allow trading directly from stock charts. For organization, each broker provides 7 columns for watchlists. In terms of ratings, HFM achieves a solid four stars for its trading platforms and tools, ranking #42 out of 62 brokers, while LegacyFX scores 3.5 stars and ranks #59. This distinct edge in platform variety and ranking might appeal to traders seeking a more comprehensive trading experience.
| Feature |
HFM
|
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) | 15 | 30 |
| Charting - Drawing Tools (Total) | 30 | 15 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 7 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Both HFM and LegacyFX provide mobile trading apps compatible with iPhone and Android devices, catering to the needs of traders on the go. These platforms offer useful features, including stock and forex price alerts, real-time watchlist creation, and the ability to draw trendlines directly on charts. Users can enjoy a comprehensive set of 30 technical studies for detailed chart analysis, along with the flexibility to view various time frames, such as daily or weekly intervals. Additionally, both apps support automatic saving of chart drawings to enhance user convenience. However, it's important to note that neither HFM nor LegacyFX allow for watchlist symbol syncing between their mobile apps and online accounts.
In terms of user ratings and rankings, HFM outshines LegacyFX slightly. HFM earns a solid 4-star rating and ranks 39th out of 62 brokers on ForexBrokers.com in the Mobile Trading Apps category. In contrast, LegacyFX earns a 3.5-star rating and holds the 60th position in the same ranking. These differences may influence traders looking for a more highly rated mobile trading experience. Whether you prioritize a higher rated app or specific features, both brokers provide robust functionalities to support your trading journey.
| Feature |
HFM
|
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 | Yes | Yes |
| Mobile Watchlist | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
When comparing HFM to LegacyFX for market research, both brokers offer daily market commentary and access to high-quality forex news from top-tier sources such as Bloomberg, Reuters, and Dow Jones. They each provide traders with tools from Autochartist for technical analysis or fundamental research; however, neither of them includes resources from Trading Central. HFM stands out by offering a sentiment-based trading tool, which is absent from LegacyFX's offerings. Furthermore, neither broker provides market research from TipRanks or tools from Acuity Trading, like Signal Centre, though both feature an economic calendar for tracking global news events.
In terms of overall research capabilities, HFM earns a 4-star rating, placing it at #20 out of 62 brokers ranked by ForexBrokers.com, while LegacyFX trails slightly with a 3.5-star rating and a ranking of #45. HFM's slight advantage in offering a sentiment-based tool contributes to its higher evaluation, making it a potentially better choice for those seeking advanced insights into market sentiment through ratio analysis of long and short positions.
| Feature |
HFM
|
LegacyFX
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | Yes | Yes |
| Trading Central (Recognia) | No | 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.
HFM and LegacyFX both offer a range of educational resources tailored for beginners interested in diving into forex or CFDs. Each platform provides more than ten educational materials, including articles, videos, and archived webinars, to help newcomers get started. They also host regular monthly webinars for ongoing learning and have searchable archives of past webinars, giving users the chance to revisit sessions at their convenience. For those just starting, both brokers have created more than ten beginner-focused videos that cover essential trading topics. Additionally, they extend their educational offerings with advanced videos for more experienced traders, ensuring that traders at every level have access to valuable content. Both HFM and LegacyFX equip users with an investor dictionary that includes definitions for at least 50 investing terms, aiding in the demystification of trading jargon.
While both brokers provide an extensive selection of educational resources, there are some differences in how they are rated. HFM receives an impressive four-star rating for its education offering, while LegacyFX is close behind with a 3.5-star rating. Interestingly, despite the higher rating, HFM is ranked 37th by ForexBrokers.com out of 62 brokers in the education category, whereas LegacyFX achieves a slightly better rank at 35th. These evaluations suggest that while both brokers are strong in educational resources, prospective users might factor these rankings into their decision when choosing a broker that aligns best with their educational needs.
| Feature |
HFM
|
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 HFM is better than LegacyFX. HFM finished with an overall rank of #30, while LegacyFX finished with an overall rank of #62.
Alongside its enhanced MetaTrader offering and quality research, HFM (HF Markets), previously known as HotForex, offers a proprietary copy trading platform, HFcopy, a proprietary HF mobile app, and a decent selection of over 1,000 CFDs and 47 forex pairs. Still, trading costs at HFM are slightly above the industry average.
| Feature |
HFM
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LegacyFX
|
|---|---|---|
| Overall Rating |
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| Trust Score | 86 | 67 |
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Both HFM and LegacyFX do not offer the ability to buy actual delivered cryptocurrency, but they do provide the option to trade cryptocurrency derivatives.
Both HFM and LegacyFX do not offer ACH or SEPA transfers or PayPal as options for depositing or withdrawing funds, but they do support Skrill, Visa or Mastercard, and bank wire transfers for such transactions.
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 | HFM | LegacyFX | |
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| Trust Score | 86 | 67 | |
| Winner | check_circle | ||
| Review | HFM Review | LegacyFX Review |
| Broker Screenshots | HFM | LegacyFX | |
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| Regulation | HFM | LegacyFX | |
|---|---|---|---|
| Trust Score | 86 | 67 | |
| Year Founded | 2010 | 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 | 3 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 2 | 1 |
| Tier-1 Licenses (Highly Trusted) | HFM | 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) | HFM | LegacyFX | |
|---|---|---|---|
| Kenya (CMA Authorised) | Yes | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | Yes | No | |
| UAE (DFSA/Central Bank Authorised) | Yes | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | HFM | LegacyFX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 500 | 425 | |
| Forex Pairs (Total) | 102 | 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 | HFM | 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 | No | Yes | |
| Inactivity Fee | Yes | No | |
| Execution: Agency Broker | No | No | |
| Execution: Market Maker | Yes | Yes |
| Funding | HFM | LegacyFX | |
|---|---|---|---|
| Minimum Deposit | $0 | $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 | HFM | 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 | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | HFM | LegacyFX | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 7 | 7 | |
| Charting - Indicators / Studies (Total) | 15 | 30 | |
| Charting - Drawing Tools (Total) | 30 | 15 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | HFM | 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 | Yes | Yes | |
| Mobile Economic Calendar | Yes | Yes |
| Research | HFM | LegacyFX | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | Yes | Yes | |
| Trading Central (Recognia) | No | No | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | Yes | No | |
| Economic Calendar | Yes | Yes |
| Education | HFM | 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 | HFM | 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 | HFM Review | LegacyFX Review |
| Overall | HFM | LegacyFX | |
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| Trust Score | 86 | 67 | |
| Winner | check_circle | ||
| Review | HFM Review | LegacyFX Review |
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