Written by ForexBrokers.com
In this head to head comparison of IFC 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.
IFC Markets and LegacyFX are two online brokers that offer trading services but differ significantly in terms of regulatory status and trust. Founded in 2006, IFC Markets has been in the industry longer than LegacyFX, which was established in 2012. Neither of the companies is publicly traded or operates as a bank. Regulatory-wise, IFC Markets holds one Tier-2 license, marking it as trusted by ForexBrokers.com, whereas LegacyFX doesn't hold any Tier-2 licenses. Moreover, IFC Markets boasts a Trust Score of 73, categorizing it under average risk, while LegacyFX has a lower score of 67, making it high risk according to the same rating criteria.
LegacyFX stands out by holding one Tier-1 license, indicating a high trust level despite its lower overall Trust Score. In contrast, IFC Markets currently lacks any Tier-1 licenses. Consequently, when weighing these brokers' regulatory credentials, LegacyFX provides an edge with its Tier-1 certification, although it doesn't necessarily translate to a higher overall trustworthiness compared to IFC Markets. Both brokers offer distinct advantages, and traders may consider these factors when choosing a platform that aligns with their security priorities.
| Feature |
IFC Markets
|
LegacyFX
|
|---|---|---|
| Year Founded | 2006 | 2012 |
| Publicly Traded (Listed) | No | No |
| Bank | No | No |
| Tier-1 Licenses | 0 | 1 |
| Tier-2 Licenses | 1 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 1 | 1 |
When comparing the commissions and fees between IFC Markets and LegacyFX, there are notable differences that potential traders should consider. IFC Markets boasts a solid performance with a 4-star rating out of five for commissions and fees, positioning it at #39 out of 62 brokers according to ForexBrokers.com. Although average spread data for IFC Markets is not available, their rating suggests competitive trading costs and service offerings that appeal to traders looking for consistency in fee structures.
On the other hand, LegacyFX is rated slightly lower at 3.5 stars for commissions and fees and is ranked #56 out of 62 brokers. The costs for trading with LegacyFX can vary significantly based on whether the trader chooses to use its EU entity, regulated by CySEC, or its international entity based in Vanuatu. The EU entity offers three account tiers, with varying minimum deposits and spreads, while the Vanuatu entity provides seven account types with different features like client support and trading tool access. However, the lack of average spreads makes it challenging to fully gauge the costs involved, potentially making it less appealing to traders looking for clear pricing structures.
Ultimately, while both brokers offer diverse accounts and services, IFC Markets seems to provide a more straightforward and appealing fee structure for traders who prioritize transparent pricing. Meanwhile, LegacyFX's offering might suit those looking for tiered account benefits and are comfortable with variable costs.
| Feature |
IFC Markets
|
LegacyFX
|
|---|---|---|
| Minimum Deposit | $1 | $500 |
| Average Spread EUR/USD - Standard | 1.44 | 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) | No | Yes |
| Visa/Mastercard (Credit/Debit) | Yes | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
When comparing the investment offerings of IFC Markets and LegacyFX, both brokers provide clients access to forex trading through CFDs or spot contracts. IFC Markets boasts a broad selection of 630 tradeable symbols, including 49 forex pairs, whereas LegacyFX provides 425 tradeable symbols and 44 forex pairs. Despite their range of forex pairs, neither broker offers direct transactions in U.S. exchange-traded securities, such as shares of Apple. IFC Markets, however, allows trading in international exchange-traded securities like Vodafone shares, setting it apart from LegacyFX, which does not provide this option.
Both IFC Markets and LegacyFX enable copy trading, catering to investors looking to mimic the trades of successful traders. While neither broker offers the capability to purchase actual cryptocurrencies, they do provide cryptocurrency derivatives for those interested in crypto trading. Based on customer reviews, IFC Markets and LegacyFX both receive a 3.5-star rating for their range of investments. In comparison rankings from ForexBrokers.com, IFC Markets holds the 43rd spot out of 62 brokers, slightly ahead of LegacyFX, which is ranked 48th in the category.
| Feature |
IFC Markets
|
LegacyFX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 630 | 425 |
| Forex Pairs (Total) | 49 | 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). |
Dive deeper: Best Copy Trading Platforms.
When comparing the trading platforms and tools of IFC Markets and LegacyFX, both brokers offer a free virtual demo account, making them accessible to beginners wishing to practice trading without real risk. However, IFC Markets stands out by providing a proprietary platform developed in-house, while LegacyFX relies solely on third-party platforms. Both brokers maintain compatibility with Windows-based and web-based trading platforms, offering flexibility for traders. Additionally, copy trading is supported by each broker, allowing traders to follow and replicate strategies from others.
On the popular MetaTrader platforms, both offer MT5, but IFC Markets also supports MT4, unlike LegacyFX. Despite similarities in charting capabilities, including 15 drawing tools and the ability to trade directly from stock charts, IFC Markets edges ahead with a higher ranking in both user ratings and industry recognition. It garners a 4-star rating and is ranked 36th by ForexBrokers.com, while LegacyFX earns 3.5 stars and is ranked 59th, indicating a slightly more favorable position for IFC Markets in trading platforms and tools among its competitors.
| Feature |
IFC Markets
|
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) | 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 IFC Markets and LegacyFX, both brokers provide apps for iPhone and Android devices, ensuring accessibility across major platforms. Each offers useful features like stock or forex price alerts, 30 technical studies for charting, the ability to draw trendlines, view multiple time frames, and have real-time watchlist quotes. However, IFC Markets gives users the added advantage of watchlist symbol syncing, allowing seamless updates between mobile and online accounts—a feature that LegacyFX lacks.
While both apps automatically save chart drawings, IFC Markets has a slightly higher user rating of four stars compared to LegacyFX’s 3.5 stars. ForexBrokers.com ranked IFC Markets at #52 out of 62 brokers for mobile trading apps, whereas LegacyFX was positioned at #60. Overall, while both provide essential trading tools, IFC Markets offers a bit more in terms of user satisfaction and functionality synchronization.
| Feature |
IFC Markets
|
LegacyFX
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | 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 IFC Markets and LegacyFX for market research offerings, both brokers provide daily market commentary, ensuring traders are equipped with the latest insights. However, LegacyFX has the edge in delivering forex news from top-tier sources like Bloomberg and Reuters, which IFC Markets does not offer. For traders seeking technical analysis tools, LegacyFX again takes the lead by providing resources from Autochartist, while IFC Markets lacks such offerings. Both brokers offer economic calendars to help traders track global events, but only IFC Markets provides a sentiment-based trading tool to assess market trends through the ratio of long or short positions.
Despite these differences, both brokers are rated equally for research quality, with a 3.5-star rating. However, IFC Markets ranks slightly higher at #40 in the Research category according to ForexBrokers.com, compared to LegacyFX's #45 position. This indicates a marginal advantage for IFC Markets in overall research quality despite LegacyFX’s superior offerings in some specific tools and news sources.
| Feature |
IFC Markets
|
LegacyFX
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | No | Yes |
| Autochartist | No | 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.
When it comes to educational resources for beginners in online trading, both IFC Markets and LegacyFX offer foundational content to help newcomers get started. IFC Markets provides a range of over 10 educational pieces on forex and CFDs, as well as a collection of beginner-friendly videos and an investor dictionary with over 50 terms. Similarly, LegacyFX matches these offerings with its own set of educational materials, videos for beginners, and comprehensive investing dictionary. However, where LegacyFX stands out is its provision of monthly webinars and a searchable archive of past webinars, which are valuable resources for ongoing learning. IFC Markets, on the other hand, does not offer these webinars, which might mean less live interaction and real-time insights for its users.
While both brokers are rated 3.5 stars for their educational offerings, their rankings by ForexBrokers.com differ slightly, with IFC Markets placed at #30 and LegacyFX closely trailing at #35. This subtle ranking difference may reflect LegacyFX’s additional webinar offerings, appealing to those who value live educational content. Nevertheless, both platforms cover the fundamental needs of beginner traders, providing essential knowledge through articles, videos, and glossaries designed to demystify the trading world for newcomers. Ultimately, the choice between IFC Markets and LegacyFX might come down to a trader’s preference for live online interactions or recorded content.
| Feature |
IFC Markets
|
LegacyFX
|
|---|---|---|
| Education (Forex or CFDs) | Yes | Yes |
| Client Webinars | No | Yes |
| Client Webinars (Archived) | No | 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 IFC Markets is better than LegacyFX. IFC Markets finished with an overall rank of #44, while LegacyFX finished with an overall rank of #62.
IFC Markets is a well-established broker that has been in operation for 17 years. Forex traders at IFC Markets gain access to multiple trading platforms, a growing range of tradeable markets, and a balanced offering of research and educational content. However, IFC Markets’ Trust Score suffers due to the broker’s limited range of regulatory licenses.
| Feature |
IFC Markets
|
LegacyFX
|
|---|---|---|
| Overall Rating |
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| Trust Score | 73 | 67 |
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Both IFC Markets and LegacyFX do not offer the ability to buy actual cryptocurrencies, but they do provide options for trading cryptocurrency derivatives.
When comparing online brokers IFC Markets and LegacyFX, neither offers ACH or SEPA transfers or PayPal for account funding options, while both support Visa, Mastercard, and bank wire transactions; however, only LegacyFX provides the additional option of using Skrill for deposits and withdrawals.
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 | IFC Markets | LegacyFX | |
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| Trust Score | 73 | 67 | |
| Winner | check_circle | ||
| Review | LegacyFX Review |
| Broker Screenshots | IFC Markets | LegacyFX | |
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| Regulation | IFC Markets | LegacyFX | |
|---|---|---|---|
| Trust Score | 73 | 67 | |
| Year Founded | 2006 | 2012 | |
| Publicly Traded (Listed) | No | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | No | Yes | |
| Tier-1 Licenses | 0 | 1 | |
| Tier-2 Licenses | 1 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 1 | 1 |
| Tier-1 Licenses (Highly Trusted) | IFC Markets | 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) | No | No | |
| USA (CFTC Authorized) | No | No | |
| New Zealand (FMA Authorised) | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | No | Yes |
| Tier-2 Licenses (Trusted) | IFC Markets | LegacyFX | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| Israel (ISA Authorised) | No | 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 | IFC Markets | LegacyFX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 630 | 425 | |
| Forex Pairs (Total) | 49 | 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). |
| Cost | IFC Markets | LegacyFX | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.44 | N/A | |
| All-in Cost EUR/USD - Active | N/A | N/A | |
| Active Trader or VIP Discounts | Yes | Yes | |
| Inactivity Fee | No | No | |
| Execution: Agency Broker | Yes | No | |
| Execution: Market Maker | Yes | Yes |
| Funding | IFC Markets | LegacyFX | |
|---|---|---|---|
| Minimum Deposit | $1 | $500 | |
| PayPal (Deposit/Withdraw) | No | No | |
| Skrill (Deposit/Withdraw) | No | Yes | |
| Visa/Mastercard (Credit/Debit) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | No | No |
| Trading Platforms | IFC Markets | 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 | IFC 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 | IFC Markets | 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 | 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 | IFC Markets | LegacyFX | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | No | Yes | |
| Autochartist | No | Yes | |
| Trading Central (Recognia) | No | No | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | Yes | No | |
| Economic Calendar | Yes | Yes |
| Education | IFC Markets | LegacyFX | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | Yes | |
| Client Webinars | No | Yes | |
| Client Webinars (Archived) | No | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | Yes | |
| Investor Dictionary (Glossary) | Yes | Yes |
| Major Forex Pairs | IFC 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 | LegacyFX Review |
| Overall | IFC Markets | LegacyFX | |
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| Trust Score | 73 | 67 | |
| Winner | check_circle | ||
| Review | LegacyFX Review |
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