Written by ForexBrokers.com
In this head to head comparison of iFOREX 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.
When comparing iFOREX and LegacyFX, it's clear both brokers, despite offering financial services, are not publicly traded or classified as banks. Founded in 1996, iFOREX has greater longevity in the market compared to LegacyFX, which began operations in 2012. Regulatory oversight is a critical factor in assessing trustworthiness. Both brokers hold one Tier-1 license, which signifies a high level of trust according to ForexBrokers.com. However, neither holds any Tier-2 licenses.
In terms of trust ratings from ForexBrokers.com, iFOREX received a score of 75, positioning it in the average risk category. LegacyFX, on the other hand, received a score of 67, which places it in the high-risk category. These scores suggest that while iFOREX might offer a more reliable option based on regulatory credibility, LegacyFX may present a slightly higher risk to potential investors.
| Feature |
iFOREX
|
LegacyFX
|
|---|---|---|
| Year Founded | 1996 | 2012 |
| Publicly Traded (Listed) | No | No |
| Bank | No | No |
| Tier-1 Licenses | 1 | 1 |
| Tier-2 Licenses | 0 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 1 | 1 |
iFOREX is a broker that operates with a focus on accessibility. However, the lack of detailed spread information makes it difficult to gauge the exact commissions and fees for potential traders. iFOREX earns a 3-star rating for commissions and fees, placing it as the 60th broker out of 62 in this category according to ForexBrokers.com. This suggests there might be more competitive options available for those prioritizing fee structures in their trading experience.
LegacyFX provides a more segmented approach with multiple account types that cater to both EU residents and international clients. EU customers can choose from three main accounts: Silver, Gold, and Platinum, each with varying minimum deposits and trading costs. International clients have seven account options ranging from Standard to VIP, influencing their range of trading tools and support level. Advertised spreads vary significantly across accounts, yet the absence of average spread data can make assessing overall cost difficult. LegacyFX is rated slightly higher with a 3.5-star rating and is ranked 56th out of 62 brokers for commissions and fees by ForexBrokers.com.
In summary, while both iFOREX and LegacyFX have their merits, LegacyFX offers a broader selection of account types and a marginally better fee rating. Nonetheless, neither broker provides comprehensive spread data, making a full assessment of their true trading costs a bit of a challenge for potential users.
| Feature |
iFOREX
|
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 | No | 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.
When comparing iFOREX and LegacyFX for their range of available investments, both brokers provide forex trading as a CFD or spot contract, appealing to traders interested in currency pairs. iFOREX emerges with a broader selection, offering 750 tradeable symbols, including 88 forex pairs. LegacyFX, on the other hand, presents 425 tradeable symbols, comprising 44 forex pairs. Neither broker facilitates the purchase of exchange-traded securities, such as shares on U.S. or international exchanges, limiting investment opportunities to derivatives rather than actual stocks.
While both platforms allow investment in cryptocurrency derivatives, neither provides the means to purchase actual cryptocurrencies. This keeps options somewhat limited for those focused on digital asset ownership. A noteworthy difference between the two is that LegacyFX supports copy trading, a feature absent in iFOREX. Despite these differences, both iFOREX and LegacyFX are rated 3.5 stars out of five for their range of investments. According to ForexBrokers.com, iFOREX ranks 41st, ahead of LegacyFX, which holds the 48th spot out of 62 brokers in this category.
| Feature |
iFOREX
|
LegacyFX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 750 | 425 |
| Forex Pairs (Total) | 88 | 44 |
| U.S. Stock Trading (Non CFD) | No | No |
| Int'l Stock Trading (Non CFD) | No | No |
| Social Trading / Copy Trading | No | 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 online broker platforms and tools, iFOREX and LegacyFX showcase distinct features catering to different trader preferences. iFOREX stands out with its in-house developed proprietary web-based platform, eschewing a Windows desktop download option. Although it lacks a free virtual demo account and copy trading services, iFOREX provides comprehensive charting capabilities with 25 drawing tools and nine columns for watch lists, allowing traders to manage data effectively. This broker also facilitates direct trading from stock charts, leveraging its uniquely crafted platform to deliver a dynamic trading experience, which has earned it a rating of 4 stars in the trading platforms and tools category.
On the other hand, LegacyFX offers traders a well-rounded experience with a variety of platform options, despite not boasting a proprietary platform. Featuring both a Windows-based desktop download and a web-based platform, LegacyFX extends its appeal by providing simulated trading through a free virtual demo account. The inclusion of MetaTrader 5 offers traders more extensive analytical tools, while additional features like copy trading enhance its utility. Although its charting tools include fewer drawing tools and watch list columns compared to iFOREX, LegacyFX still allows direct trading from stock charts, contributing to its 3.5-star rating. Despite ranking slightly lower in the trading platforms category, LegacyFX’s versatile offerings cater to a broad spectrum of trading needs.
| Feature |
iFOREX
|
LegacyFX
|
|---|---|---|
| Virtual Trading (Demo) | No | Yes |
| Proprietary Platform | Yes | No |
| Desktop Platform (Windows) | No | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | No | Yes |
| MetaTrader 4 (MT4) | No | No |
| MetaTrader 5 (MT5) | No | Yes |
| DupliTrade | No | No |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 57 | 30 |
| Charting - Drawing Tools (Total) | 25 | 15 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 9 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Both iFOREX and LegacyFX offer mobile trading apps for iPhone and Android users, catering to traders who prefer managing their investments on the go. However, these two brokers differ significantly in terms of features. iFOREX excels in overall app performance, earning a 4-star rating, but it lacks essential functionalities such as price alerts, multiple time frame views, and the ability to create real-time watchlists. In comparison, LegacyFX provides these features, including price alerts and technical studies, enhancing traders' ability to make informed decisions through their app. Despite having these advantages, LegacyFX receives a slightly lower rating of 3.5 stars, possibly reflecting factors beyond just features.
When ranked by ForexBrokers.com, iFOREX comes in at #55 out of 62 brokers, with LegacyFX close behind at #60. These rankings suggest that while both apps have room for improvement, they serve different trading needs. iFOREX may appeal to those prioritizing app stability, while LegacyFX seems suited for traders seeking more charting tools and real-time updates. Ultimately, the best choice will depend on individual trading preferences and the significance placed on app functionality versus user experience.
| Feature |
iFOREX
|
LegacyFX
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | No | Yes |
| Watchlist Syncing | No | No |
| Mobile Charting - Indicators / Studies | N/A | 30 |
| Mobile Charting - Draw Trendlines | No | Yes |
| Mobile Charting - Multiple Time Frames | No | Yes |
| Mobile Charting - Drawings Autosave | No | Yes |
| Mobile Watchlist | No | Yes |
Dive deeper: Best Forex Trading Apps.
Both iFOREX and LegacyFX provide daily market commentary, but they differ in the sources and tools they use for market research. While LegacyFX offers forex news from renowned sources like Bloomberg and Reuters, iFOREX does not support this feature. For technical and fundamental research, LegacyFX collaborates with Autochartist, whereas iFOREX partners with Trading Central. Additionally, iFOREX offers a sentiment-based trading tool to gauge market positioning, something LegacyFX does not provide.
In terms of extra research tools, both brokers fall short, as neither offers services from TipRanks or Acuity Trading. They do, however, provide an economic calendar to keep traders updated on global news events, which can be crucial for making informed trading decisions. Rated equally at 3.5 stars for research, LegacyFX slightly edges out iFOREX in overall ranking by ForexBrokers.com, sitting at #44 out of 62 brokers compared to iFOREX's rank of #48.
| Feature |
iFOREX
|
LegacyFX
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | No | Yes |
| Autochartist | No | 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 comparing the educational resources offered by online brokers iFOREX and LegacyFX, beginners can notice some clear distinctions. While iFOREX provides a selection of beginner videos on trading topics, it falls short in offering a comprehensive range of educational materials. They do not provide a minimum of 10 educational pieces focused on forex or CFDs, nor do they offer online webinars to enhance their clients' knowledge. Furthermore, iFOREX lacks a searchable archive of past webinars, an investor dictionary, and advanced educational videos for more seasoned traders.
On the other hand, LegacyFX shines in these areas, offering over 10 educational pieces on forex and CFDs, monthly online webinars, and a searchable archive of previous sessions, making learning more accessible. In addition to featuring beginner videos similar to iFOREX, LegacyFX caters to advanced traders with a suite of educational videos and provides an investor dictionary with definitions of over 50 investing terms. Despite sharing a 3.5-star education rating, LegacyFX's broader educational offerings have earned it a higher ranking (#35) compared to iFOREX (#53) among brokers evaluated by ForexBrokers.com.
| Feature |
iFOREX
|
LegacyFX
|
|---|---|---|
| Education (Forex or CFDs) | No | Yes |
| Client Webinars | No | Yes |
| Client Webinars (Archived) | No | Yes |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | No | Yes |
| Investor Dictionary (Glossary) | No | Yes |
Dive deeper: Best Forex Brokers for Beginners.
After testing 62 of the best forex brokers, our research and account testing finds that iFOREX is better than LegacyFX. iFOREX finished with an overall rank of #52, while LegacyFX finished with an overall rank of #62.
iFOREX is operated by a long-standing company, previously known as Vestle, with regulatory status in a growing number of jurisdictions, offering forex and CFDs through its proprietary platform. The biggest drawback is the lack of markets you can trade with fewer than 200, compared to the best multi asset forex and CFD brokers.
| Feature |
iFOREX
|
LegacyFX
|
|---|---|---|
| Overall Rating |
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| Trust Score | 75 | 67 |
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Both iFOREX and LegacyFX provide the opportunity to trade cryptocurrency derivatives, but neither platform facilitates the purchase of actual, delivered cryptocurrencies.
When comparing online brokers iFOREX and LegacyFX, both do not support ACH or SEPA transfers for deposits and withdrawals, but iFOREX uniquely offers PayPal, while both platforms support Skrill, Visa, Mastercard, and bank wire options for managing account 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 | iFOREX | LegacyFX | |
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| Trust Score | 75 | 67 | |
| Winner | check_circle | ||
| Review | LegacyFX Review |
| Broker Screenshots | iFOREX | LegacyFX | |
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| Regulation | iFOREX | LegacyFX | |
|---|---|---|---|
| Trust Score | 75 | 67 | |
| Year Founded | 1996 | 2012 | |
| Publicly Traded (Listed) | No | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 1 | 1 | |
| Tier-2 Licenses | 0 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 1 | 1 |
| Tier-1 Licenses (Highly Trusted) | iFOREX | 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) | iFOREX | 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 | iFOREX | LegacyFX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 750 | 425 | |
| Forex Pairs (Total) | 88 | 44 | |
| U.S. Stock Trading (Non CFD) | No | No | |
| Int'l Stock Trading (Non CFD) | No | No | |
| Social Trading / Copy Trading | No | 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 | iFOREX | 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 | No | Yes | |
| Inactivity Fee | No | No | |
| Execution: Agency Broker | No | No | |
| Execution: Market Maker | Yes | Yes |
| Funding | iFOREX | LegacyFX | |
|---|---|---|---|
| Minimum Deposit | $100 | $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 | iFOREX | LegacyFX | |
|---|---|---|---|
| Proprietary Platform | Yes | No | |
| Desktop Platform (Windows) | No | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | No | Yes | |
| MetaTrader 4 (MT4) | No | No | |
| MetaTrader 5 (MT5) | No | Yes | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | iFOREX | LegacyFX | |
|---|---|---|---|
| Virtual Trading (Demo) | No | Yes | |
| Alerts - Basic Fields | No | Yes | |
| Watchlists - Total Fields | 9 | 7 | |
| Charting - Indicators / Studies (Total) | 57 | 30 | |
| Charting - Drawing Tools (Total) | 25 | 15 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | No | Yes |
| Mobile Trading | iFOREX | LegacyFX | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | No | Yes | |
| Mobile Watchlist | No | Yes | |
| Watchlist Syncing | No | No | |
| Mobile Charting - Indicators / Studies | N/A | 30 | |
| Mobile Charting - Draw Trendlines | No | Yes | |
| Mobile Charting - Multiple Time Frames | No | Yes | |
| Mobile Charting - Drawings Autosave | No | Yes | |
| Mobile Economic Calendar | No | Yes |
| Research | iFOREX | LegacyFX | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | No | Yes | |
| Autochartist | No | Yes | |
| Trading Central (Recognia) | Yes | No | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | Yes | No | |
| Economic Calendar | Yes | Yes |
| Education | iFOREX | LegacyFX | |
|---|---|---|---|
| Education (Forex or CFDs) | No | Yes | |
| Client Webinars | No | Yes | |
| Client Webinars (Archived) | No | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | No | Yes | |
| Investor Dictionary (Glossary) | No | Yes |
| Major Forex Pairs | iFOREX | 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 | iFOREX | LegacyFX | |
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| Trust Score | 75 | 67 | |
| Winner | check_circle | ||
| Review | LegacyFX Review |
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