Written by ForexBrokers.com
In this head to head comparison of IG 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.
IG and LegacyFX are two different online brokers with distinct backgrounds and regulatory standings. Founded in 1974, IG is publicly traded and operates as a bank. In terms of regulatory compliance, IG is highly recognized with 8 Tier-1 licenses and 2 Tier-2 licenses, culminating in an impressive Trust Score of 99 out of 99 from ForexBrokers.com. This designation suggests that IG is considered a highly trusted broker by industry standards.
On the other hand, LegacyFX, founded in 2012, is not publicly traded and does not operate as a bank. Its regulatory coverage includes just 1 Tier-1 license and no Tier-2 licenses. LegacyFX holds a ForexBrokers.com Trust Score of 67, indicating a high risk in comparison to IG. These differences make IG a more established and trusted option for traders prioritizing regulatory assurance and corporate transparency.
| Feature |
IG
|
LegacyFX
|
|---|---|---|
| Year Founded | 1974 | 2012 |
| Publicly Traded (Listed) | Yes | No |
| Bank | Yes | No |
| Tier-1 Licenses | 8 | 1 |
| Tier-2 Licenses | 2 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 1 | 1 |
In a comparison of commissions and fees, IG offers a versatile suite of options, accommodating both large-scale transactions and those seeking competitive pricing. The broker's Forex Direct accounts provide active traders with attractive pricing models, featuring spreads that average 0.62 pips, aligning closely with the industry standard in 2024. During July 2023, IG's CFD account typical spreads averaged 0.69 pips, showcasing a slight edge over average market spreads. Additionally, IG's three-tier active-trader rebate program rewards professional traders with rebates up to 20% based on trading volume. This allows qualifiers to achieve an all-in cost as low as 0.60 pips. Rated five stars and ranked #8 out of 62 brokers by ForexBrokers.com for its commission structure, IG's offering stands out, particularly for those trading in large volumes.
On the other hand, LegacyFX presents a more traditional structure, with varied offerings between its EU and Vanuatu entities. European clients can choose from Silver, Gold, and Platinum accounts, with minimum spreads starting from 1.6 pips on the EUR/USD pair for the Silver account, which is notably higher than IG's offerings. The international branch provides seven different account tiers, each tailored with different minimum deposit requirements and benefits, such as increased support and advanced trading tools. Despite a broad range of accounts, the absence of average spread data makes LegacyFX's true trading costs less transparent. LegacyFX holds a 3.5-star rating and is ranked #56 out of 62 brokers by ForexBrokers.com for commissions and fees.
| Feature |
IG
|
LegacyFX
|
|---|---|---|
| Minimum Deposit | £250.00 | $500 |
| Average Spread EUR/USD - Standard | 0.98 | N/A |
| All-in Cost EUR/USD - Active | 0.82 | N/A |
| Active Trader or VIP Discounts | Yes | Yes |
| ACH or SEPA Transfers | Yes | No |
| PayPal (Deposit/Withdraw) | Yes | 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 IG and LegacyFX for their range of investment options, IG stands out as a formidable choice with an extensive offering. It boasts a whopping 19,537 tradeable symbols, including 97 forex pairs, giving traders a wide variety to choose from. IG also allows clients to directly purchase exchange-traded securities on both U.S. and international exchanges, such as shares of Apple and Vodafone. Although IG does not offer copy trading or the ability to buy actual cryptocurrencies, it provides access to cryptocurrency derivatives. It's no wonder that IG has received a 5-star rating for its range of investments and ranks 4th out of 62 brokers in this category according to ForexBrokers.com.
On the other hand, LegacyFX presents a more limited array of investment opportunities, with 425 tradeable symbols, including 44 forex pairs. Unlike IG, LegacyFX does not permit the direct purchase of exchange-traded securities on any U.S. or international exchanges. However, it offers copy trading as a distinct feature and similar to IG, provides cryptocurrency derivatives instead of actual currencies. Despite its more modest selection, LegacyFX still manages to secure a respectable 3.5-star rating for its range of investments but ranks 48th among 62 brokers on ForexBrokers.com. This comparison paints a clear picture for potential investors on the significant differences in investment offerings between IG and LegacyFX.
| Feature |
IG
|
LegacyFX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 19537 | 425 |
| Forex Pairs (Total) | 97 | 44 |
| U.S. Stock Trading (Non CFD) | Yes | No |
| Int'l Stock Trading (Non CFD) | Yes | 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 IG and LegacyFX, both brokers offer free virtual demo accounts, allowing traders to practice and hone their skills without any risk. IG prides itself on providing a proprietary platform developed in-house, whereas LegacyFX primarily uses third-party solutions. Both brokers offer downloadable trading platforms for Windows and web-based platforms, ensuring flexibility for different trading needs. While IG supports MetaTrader 4 (MT4), LegacyFX opts for MetaTrader 5 (MT5), providing varied options for their clients. It's worth noting that IG does not support copy trading, while LegacyFX does, catering to those interested in mimicking successful trades of others.
Charting tools also show differences between the two, with IG offering more drawing tools—20 compared to LegacyFX's 15. Both brokers enable direct trading from stock charts, which is a convenient feature for active traders. IG seems to focus on a streamlined user experience with 5 fields in their watch lists, while LegacyFX provides more options with 7 fields. When it comes to rankings for trading platforms and tools, IG has an impressive 5-star rating and is ranked second out of 62 brokers by ForexBrokers.com, reflecting its strong market standing. On the other hand, LegacyFX has a 3.5-star rating and is ranked 59th, showing room for improvement in this area.
| Feature |
IG
|
LegacyFX
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | No |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | No | Yes |
| MetaTrader 4 (MT4) | Yes | No |
| MetaTrader 5 (MT5) | No | Yes |
| DupliTrade | No | No |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 33 | 30 |
| Charting - Drawing Tools (Total) | 20 | 15 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 5 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
When comparing mobile trading experiences between IG and LegacyFX, both platforms offer apps for iPhone and Android, providing essential features such as price alerts, drawing trendlines, and multiple time frame views for stock and forex charts. However, IG takes the lead with the capability to sync watchlist symbols between the mobile app and the client's online account, a feature LegacyFX lacks. Chart enthusiasts will appreciate IG's offering of 33 technical studies compared to LegacyFX's 30, enhancing the analytical capabilities on IG's mobile app.
IG also excels in user satisfaction, earning a 5-star rating for its mobile trading app, ranked first out of 62 brokers by ForexBrokers.com. In contrast, LegacyFX holds a 3.5-star rating, coming in at rank 60. Features like auto-saving chart drawings and real-time watchlist creation are shared between both brokers, but the overall user experience tends to be more favorable with IG. This makes IG a compelling choice for traders who prioritize a seamless and feature-rich mobile trading experience.
| Feature |
IG
|
LegacyFX
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | No |
| Mobile Charting - Indicators / Studies | 33 | 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 IG and LegacyFX for market research, both brokers offer daily market commentary and provide forex news from renowned sources like Bloomberg and Reuters. They also feature technical analysis tools from Autochartist, ensuring traders have insightful resources for decision-making. However, a key difference emerges with IG offering additional sentiment-based trading tools that show long and short position ratios across various instruments, a feature not available with LegacyFX. IG also enhances its research offerings with insights from TipRanks and Acuity Trading's Signal Centre, whereas LegacyFX does not incorporate these resources.
Both IG and LegacyFX include an economic calendar to keep traders informed about global news events. Yet, IG stands out with a higher research rating of 5 stars, ranking second among 62 brokers reviewed by ForexBrokers.com. This contrasts with LegacyFX, which holds a 3.5-star rating and ranks 45th. These distinctions underline IG's comprehensive research capabilities, making it a more preferred choice for traders seeking extensive market insights.
| Feature |
IG
|
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 | Yes | No |
| Signal Centre (Acuity Trading) | Yes | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When comparing the educational resources available for beginners between online brokers IG and LegacyFX, both platforms excel in providing an array of learning materials related to forex and CFDs. IG and LegacyFX each offer over ten educational articles, videos, and archived webinars. Both brokers provide online webinars for clients at least once a month, and each has a searchable archive of past recordings, making them accessible to new traders seeking to enhance their knowledge. Furthermore, each platform presents a collection of more than ten beginner-focused videos that cover trading topics, alongside a range of advanced educational videos tailored for experienced traders. Additionally, both IG and LegacyFX include an investor dictionary with more than 50 financial terms, offering new traders a solid linguistic foundation.
Despite the comparable variety of educational tools, IG clearly stands out with a flawless five-star rating for education and is ranked as the top broker in this category by ForexBrokers.com, standing out among 62 brokers. In contrast, LegacyFX receives a 3.5-star rating and holds the 35th position. The disparity suggests a higher level of satisfaction and effectiveness among IG's educational offerings, helping new traders receive a more comprehensive and engaging learning experience tailored to their needs. Ultimately, for beginners prioritizing educational resources when selecting a broker, IG gets the edge over LegacyFX in delivering quality educational content.
| Feature |
IG
|
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 IG is better than LegacyFX. IG finished with an overall rank of #1, while LegacyFX finished with an overall rank of #62.
IG offers the ultimate comprehensive trading package, featuring excellent trading and research tools, industry-leading education, and an extensive range of tradeable markets.
| Feature |
IG
|
LegacyFX
|
|---|---|---|
| Overall Rating |
|
|
| Trust Score | 99 | 67 |
| Range of Investments |
|
|
| Commissions & Fees |
|
|
| Platform & Tools |
|
|
| Research |
|
|
| Mobile Trading |
|
|
| Education |
|
|
Both IG and LegacyFX do not allow customers to purchase actual delivered cryptocurrencies, but they do provide options for trading cryptocurrency derivatives.
IG supports a diverse range of funding options including ACH, SEPA, PayPal, Visa, Mastercard, and bank wires, whereas LegacyFX provides a more limited selection with Skrill, Visa, Mastercard, and bank wires, but does not offer ACH, SEPA, or PayPal services.
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.
Select Brokers
↓×Compare
0 of 5| Overall Rating | IG | LegacyFX | |
|---|---|---|---|
| Overall Rating |
|
| |
| Commissions & Fees |
|
| |
| Range of Investments |
|
| |
| Platform & Tools |
|
| |
| Mobile Trading |
|
| |
| Research |
|
| |
| Education |
|
| |
| Trust Score | 99 | 67 | |
| Winner | check_circle | ||
| Review | IG Review | LegacyFX Review |
| Broker Screenshots | IG | LegacyFX | |
|---|---|---|---|
| Trading Platforms Gallery (click to expand) |
|
| |
| Mobile Trading Gallery (click to expand) |
|
| |
| Research Gallery (click to expand) |
|
| |
| Education Gallery (click to expand) |
|
|
| Regulation | IG | LegacyFX | |
|---|---|---|---|
| Trust Score | 99 | 67 | |
| Year Founded | 1974 | 2012 | |
| Publicly Traded (Listed) | Yes | No | |
| Bank | Yes | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 8 | 1 | |
| Tier-2 Licenses | 2 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 1 | 1 |
| Tier-1 Licenses (Highly Trusted) | IG | LegacyFX | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | No | |
| Canada (CIRO Authorised) | No | No | |
| Hong Kong (SFC Authorised) | No | No | |
| Japan (SFC Authorised) | Yes | No | |
| Singapore (MAS Authorised) | Yes | No | |
| Switzerland (FINMA Authorised) | Yes | No | |
| United Kingdom (U.K.) (FCA Authorised) | Yes | No | |
| USA (CFTC Authorized) | Yes | No | |
| New Zealand (FMA Authorised) | Yes | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes |
| Tier-2 Licenses (Trusted) | IG | LegacyFX | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | 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 | IG | LegacyFX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 19537 | 425 | |
| Forex Pairs (Total) | 97 | 44 | |
| U.S. Stock Trading (Non CFD) | Yes | No | |
| Int'l Stock Trading (Non CFD) | Yes | 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 | IG | LegacyFX | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 0.98 | N/A | |
| All-in Cost EUR/USD - Active | 0.82 | N/A | |
| Active Trader or VIP Discounts | Yes | Yes | |
| Inactivity Fee | Yes | No | |
| Execution: Agency Broker | Yes | No | |
| Execution: Market Maker | Yes | Yes |
| Funding | IG | LegacyFX | |
|---|---|---|---|
| Minimum Deposit | £250.00 | $500 | |
| PayPal (Deposit/Withdraw) | Yes | No | |
| Skrill (Deposit/Withdraw) | No | Yes | |
| Visa/Mastercard (Credit/Debit) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | Yes | No |
| Trading Platforms | IG | LegacyFX | |
|---|---|---|---|
| Proprietary Platform | Yes | No | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | No | Yes | |
| MetaTrader 4 (MT4) | Yes | No | |
| MetaTrader 5 (MT5) | No | Yes | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | IG | LegacyFX | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 5 | 7 | |
| Charting - Indicators / Studies (Total) | 33 | 30 | |
| Charting - Drawing Tools (Total) | 20 | 15 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | IG | 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 | 33 | 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 | IG | LegacyFX | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | Yes | Yes | |
| Trading Central (Recognia) | No | No | |
| TipRanks | Yes | No | |
| Social Sentiment - Currency Pairs | Yes | No | |
| Economic Calendar | Yes | Yes |
| Education | IG | 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 | IG | 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 | IG Review | LegacyFX Review |
| Overall | IG | LegacyFX | |
|---|---|---|---|
| Overall Rating |
|
| |
| Commissions & Fees |
|
| |
| Range of Investments |
|
| |
| Platform & Tools |
|
| |
| Mobile Trading |
|
| |
| Research |
|
| |
| Education |
|
| |
| Trust Score | 99 | 67 | |
| Winner | check_circle | ||
| Review | IG Review | LegacyFX Review |
IG
CMC Markets
FOREX.com
XTB
eToro
AvaTrade
Plus500
Pepperstone
FP Markets
Tickmill