Written by ForexBrokers.com
In this head to head comparison of IC 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.
IC Markets, established in 2007, is a reputable online broker known for its strong regulatory standing. With a Trust Score of 84 from ForexBrokers.com, IC Markets is considered trusted. The broker holds two Tier-1 licenses, indicating a high level of trustworthiness, but it is neither publicly traded nor operates as a bank. This makes IC Markets a solid choice for traders seeking a reliable platform with substantial regulatory backing.
LegacyFX, founded in 2012, offers a different level of assurance with its regulatory credentials. Holding one Tier-1 license, LegacyFX earns a ForexBrokers.com Trust Score of 67, categorizing it as a higher risk broker compared to IC Markets. Like its counterpart, LegacyFX is not listed on a stock exchange and does not function as a bank. Traders considering LegacyFX should weigh its regulatory status in the context of their personal risk tolerance and investment needs.
| Feature |
IC Markets
|
LegacyFX
|
|---|---|---|
| Year Founded | 2007 | 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 | 3 | 1 |
IC Markets and LegacyFX present distinct options when it comes to commissions and fees for online trading. IC Markets stands out as a top choice with low costs, comparable to other leading forex brokers like IG and CMC Markets. They offer varying spreads based on the platform and account type, with options including the commission-free Standard account, and the commission-based Raw Spread and cTrader Raw Spread accounts. Active traders can benefit from discounts beyond 100 standard lots per month. IC Markets has earned a notable rating of 5 stars for commissions and fees, ranking #5 out of 62 brokers assessed by ForexBrokers.com.
LegacyFX provides a different pricing structure with two primary entities: a regulated EU entity and an international one based in Vanuatu. The EU entity offers three account types: Silver, Gold, and Platinum, with progressively higher minimum deposits. Spreads are narrowest in the Platinum account, while the Silver account carries the highest trading costs. For international clients, LegacyFX offers seven distinct accounts, affecting client support and access to trading tools. Without average spreads listed, assessing overall trading costs is more challenging with LegacyFX, which has earned a 3.5-star rating and is ranked #56 in the Commissions and Fees category by ForexBrokers.com.
Ultimately, for those prioritizing lower trading costs, IC Markets provides a more straightforward and economical approach. Conversely, LegacyFX offers a tiered account structure catering to varying levels of trader experience and investment, though with higher associated costs. Traders should consider these differences when selecting a broker that best suits their trading style and financial goals.
| Feature |
IC Markets
|
LegacyFX
|
|---|---|---|
| Minimum Deposit | $200 | $500 |
| Average Spread EUR/USD - Standard | 0.62 | N/A |
| All-in Cost EUR/USD - Active | 0.62 | 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.
IC Markets and LegacyFX both stand out in the online trading world, yet they bring different strength to the table when it comes to the range of investments. IC Markets offers a staggering 3,583 tradeable symbols, including 61 forex pairs, allowing traders a diverse array of opportunities. In contrast, LegacyFX provides 425 tradeable symbols with 44 forex pairs, catering to traders seeking a more streamlined selection. Both platforms support forex trading via CFDs or spot contracts, but only IC Markets extends its offerings beyond CFDs by providing the option to trade exchange-traded securities on international exchanges, such as Vodafone on the London Stock Exchange. This additional feature distinguishes IC Markets, making it a preferred choice for those interested in global markets.
While neither platform allows direct purchases of U.S. exchange-traded shares or actual cryptocurrencies, they both offer cryptocurrency derivatives, expanding the digital asset engagement without holding actual coins. Both brokers also support copy trading, appealing to those looking to replicate the trades of seasoned investors. Overall, IC Markets receives a Range of Investments rating of 4.5 stars and outshines LegacyFX, which earns 3.5 stars in the same category. According to ForexBrokers.com, IC Markets ranks #25 out of 62 brokers, whereas LegacyFX is ranked #48, reflecting the broader investment opportunities available with IC Markets.
| Feature |
IC Markets
|
LegacyFX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 3583 | 425 |
| Forex Pairs (Total) | 61 | 44 |
| U.S. Stock Trading (Non CFD) | No | No |
| Int'l Stock Trading (Non CFD) | Yes | 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 trading platforms and tools, IC Markets and LegacyFX both provide essential features for traders. Both brokers offer free virtual demo accounts, allowing users to practice trading without financial risk. Neither broker developed their own proprietary platform, but IC Markets and LegacyFX both support a Windows-based desktop download option as well as web-based access through a browser. Copy trading capabilities are available with both brokers, although only IC Markets offers integration with ZuluTrade. For MetaTrader enthusiasts, IC Markets supports both MetaTrader 4 (MT4) and MetaTrader 5 (MT5), whereas LegacyFX only offers MetaTrader 5 (MT5).
Charting tools are comparable, with each broker providing 15 drawing tools and the ability to trade directly from a stock chart. In terms of organization, watch lists are well-supported with seven columns available for customization on both platforms. When it comes to professional evaluations, IC Markets has a slightly higher rating with 4 out of 5 stars and ranks 17th among 62 brokers according to ForexBrokers.com. LegacyFX, on the other hand, holds a rating of 3.5 stars and ranks 59th. These insights highlight the advantages and areas of improvement for each broker, helping traders make an informed choice based on their individual needs.
| Feature |
IC Markets
|
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.
Both IC Markets and LegacyFX provide mobile trading apps for iPhone and Android devices, offering essential features that cater to traders on the go. Users can receive stock or forex price alerts and have the ability to draw trendlines and view multiple time frames on their charts. Each platform offers 30 technical studies for charting, with all drawings automatically saved. Additionally, traders can create watchlists with real-time quotes, although neither app supports syncing watchlist symbols with a client's online account.
Despite these similarities, there are notable differences in how each app is rated and ranked by ForexBrokers.com. IC Markets boasts a solid 4-star rating, placing it at #22 out of 62 brokers for mobile trading apps. In contrast, LegacyFX has a 3.5-star rating, ranking much lower at #60. These differences suggest that while both brokers offer comprehensive mobile trading tools, IC Markets may provide a slightly more favorable user experience based on customer feedback and industry rankings.
| Feature |
IC 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 | 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.
Both IC Markets and LegacyFX provide comprehensive daily market commentary, keeping traders informed with timely updates. They both offer crucial forex news sourced from renowned agencies such as Bloomberg and Reuters, ensuring their users have access to top-tier information. Additionally, each broker supports technical and fundamental research tools from Autochartist, aiding traders with advanced analytical resources. However, a significant difference emerges with the inclusion of Trading Central tools—IC Markets provides these, enhancing their research capabilities, whereas LegacyFX does not.
In terms of sentiment-based trading tools, IC Markets gives traders an edge by offering insights into market positions across currencies, a feature LegacyFX lacks. While neither broker avails tools from companies like TipRanks or Acuity Trading, both offer an economic calendar to track vital global financial events. In the Research category, IC Markets receives a higher rating of 4 stars compared to LegacyFX's 3.5 stars. This edge is further reflected in their rankings, with IC Markets placed at #22 and LegacyFX at #45 out of 62 brokers reviewed by ForexBrokers.com.
| Feature |
IC 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.
When it comes to educational offerings for beginners, both IC Markets and LegacyFX provide comprehensive resources to help new traders learn the ropes of forex and CFDs. Each platform ensures value by providing over 10 educational pieces, including articles, videos, and archived webinars. Beginners looking to gain insights on trading fundamentals will find both brokers supportive, as they offer monthly educational webinars and maintain searchable archives for past sessions. Additionally, both platforms cater to all levels of traders with beginner and advanced video content.
Though similar in many ways, a comparison of the two brokers reveals some distinctions. IC Markets has a slight edge with a 4-star education rating from ForexBrokers.com, surpassing LegacyFX’s 3.5-star rating. Additionally, when ranked across 62 brokers, IC Markets stands at #16 in the education category compared to LegacyFX's spot at #35. Both platforms include an investor dictionary with definitions of at least 50 trading terms, adding to their educational value for novice and experienced traders alike. For those prioritizing educational resources, IC Markets might offer a slightly more polished experience for beginners.
| Feature |
IC 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 IC Markets is better than LegacyFX. IC Markets finished with an overall rank of #20, while LegacyFX finished with an overall rank of #62.
IC Markets’ competitive pricing and scalable execution make it an excellent option for algorithmic traders. Though it supports an impressive range of third-party tools and plugins, IC Markets’ research and education offerings are not as impressive as those offered by industry leaders.
| Feature |
IC Markets
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LegacyFX
|
|---|---|---|
| Overall Rating |
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| Trust Score | 84 | 67 |
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Both IC Markets and LegacyFX provide options for trading cryptocurrency derivatives but do not offer the purchase of the actual, delivered cryptocurrency.
IC Markets and LegacyFX both provide multiple options for depositing or withdrawing funds, such as Visa, Mastercard, Skrill, and bank wires, but differ in that IC Markets supports PayPal transactions whereas LegacyFX does not, with neither offering 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 | IC Markets | LegacyFX | |
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| Trust Score | 84 | 67 | |
| Winner | check_circle | ||
| Review | IC Markets Review | LegacyFX Review |
| Broker Screenshots | IC Markets | LegacyFX | |
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| Regulation | IC Markets | LegacyFX | |
|---|---|---|---|
| Trust Score | 84 | 67 | |
| Year Founded | 2007 | 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 | 3 | 1 |
| Tier-1 Licenses (Highly Trusted) | IC 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) | IC Markets | 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 | IC Markets | LegacyFX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 3583 | 425 | |
| Forex Pairs (Total) | 61 | 44 | |
| U.S. Stock Trading (Non CFD) | No | No | |
| Int'l Stock Trading (Non CFD) | Yes | 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 | IC Markets | LegacyFX | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 0.62 | N/A | |
| All-in Cost EUR/USD - Active | 0.62 | N/A | |
| Active Trader or VIP Discounts | Yes | Yes | |
| Inactivity Fee | No | No | |
| Execution: Agency Broker | Yes | No | |
| Execution: Market Maker | Yes | Yes |
| Funding | IC Markets | LegacyFX | |
|---|---|---|---|
| Minimum Deposit | $200 | $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 | IC Markets | 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 | Yes | No | |
| DupliTrade | No | No | |
| ZuluTrade | Yes | No |
| Trading Tools | IC 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) | 15 | 15 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | IC 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 | 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 | IC 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 | IC 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 | IC 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 | IC Markets Review | LegacyFX Review |
| Overall | IC Markets | LegacyFX | |
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| Trust Score | 84 | 67 | |
| Winner | check_circle | ||
| Review | IC Markets Review | LegacyFX Review |
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