Written by ForexBrokers.com
In this head to head comparison of Interactive Brokers 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.
Interactive Brokers and LegacyFX are both players in the online brokerage world, yet they stand apart in terms of trust and regulatory endorsements. Interactive Brokers, founded in 1977, has a stellar reputation, reflected by its maximum Trust Score of 99 out of 99 from ForexBrokers.com. It holds 9 Tier-1 licenses and 2 Tier-2 licenses, highlighting its strong compliance with top financial authorities. Furthermore, as a publicly traded company, Interactive Brokers offers transparency that can be reassuring for many investors, though it is not a bank.
In contrast, LegacyFX, founded more recently in 2012, is seen as having a higher risk with a Trust Score rating of 67 out of 99. While it is licensed with 1 Tier-1, it lacks any Tier-2 licenses, which may raise concerns for potential clients. Unlike Interactive Brokers, LegacyFX is not publicly traded, which might limit insights into its corporate practices. Similar to Interactive Brokers, LegacyFX is also not a bank. These differences highlight Interactive Brokers as the more regulated and potentially safer choice for cautious investors.
| Feature |
Interactive Brokers
|
LegacyFX
|
|---|---|---|
| Year Founded | 1977 | 2012 |
| Publicly Traded (Listed) | Yes | No |
| Bank | No | No |
| Tier-1 Licenses | 9 | 1 |
| Tier-2 Licenses | 2 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 1 |
When it comes to comparing Interactive Brokers and LegacyFX on commissions and fees, Interactive Brokers stands out with competitive pricing, bolstered by its high rating. Interactive Brokers offers a forex trading experience with commissions per side starting at 0.00002 (0.2 basis points) of the U.S. dollar trade value and a minimum fee of $2 per order. For instance, trading $100,000 of EUR/USD results in a commission-equivalent of approximately 0.40 pips in addition to the current market spread. The broker aggregates prices from 17 global interbank forex dealers and charges commission-based fees, ranging from $16 to $40 per million round turn, which is ideal for forex traders seeking low transaction costs. The broker caters to active traders with discounts available for those who meet substantial monthly trading volumes, even offering orders on a Request For Quote basis to minimize market impact. Interactive Brokers boasts a perfect 5-star rating for commissions and fees and is ranked #2 among 62 brokers by ForexBrokers.com.
LegacyFX, in contrast, presents a different pricing structure, which varies depending on whether clients choose its EU entity regulated by CySEC or its international entity in Vanuatu. In the EU, LegacyFX offers three account types—Silver, Gold, and Platinum—with spreads starting higher than those typically found at Interactive Brokers. For the Vanuatu entity, LegacyFX offers seven account types with a wide range of deposit requirements, from $500 for a Standard account to $50,000 for a VIP account. The advertised minimum spread for their Silver account can be as high as 1.6 pips for the EUR/USD, which is significantly more than Interactive Brokers' effective all-in spreads. LegacyFX provides differentiated client support and access to trading tools, varying by account level. The broker is rated 3.5 stars and is ranked #56 for commissions and fees by ForexBrokers.com, indicating its fee structure may not be as attractive for cost-conscious traders.
| Feature |
Interactive Brokers
|
LegacyFX
|
|---|---|---|
| Minimum Deposit | $0 | $500 |
| Average Spread EUR/USD - Standard | 0.59 | N/A |
| All-in Cost EUR/USD - Active | 0.59 | N/A |
| Active Trader or VIP Discounts | Yes | Yes |
| ACH or SEPA Transfers | Yes | No |
| PayPal (Deposit/Withdraw) | No | No |
| Skrill (Deposit/Withdraw) | No | Yes |
| Visa/Mastercard (Credit/Debit) | No | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
Interactive Brokers and LegacyFX both offer forex trading through CFDs or spot contracts, providing a platform for currency trading enthusiasts. However, when it comes to the overall range of tradable symbols, Interactive Brokers stands out with an extensive selection of 8,500 symbols compared to LegacyFX's 425. Forex traders with Interactive Brokers have access to 90 currency pairs, nearly double the 44 pairs available through LegacyFX. Further enhancing its appeal, Interactive Brokers allows investment in exchange-traded securities on U.S. and international exchanges, enabling clients to buy shares in companies like Apple and Vodafone. On the other hand, LegacyFX does not provide access to these direct securities, limiting its offerings to CFDs.
While both brokers support trading in cryptocurrency derivatives, Interactive Brokers takes it a step further by allowing the purchase of actual cryptocurrencies. Despite offering copy trading features which Interactive Brokers lacks, LegacyFX still falls short in terms of overall investment options. Interactive Brokers' broader offering earns it a 5-star rating for Range of Investments and a top ranking from ForexBrokers.com. LegacyFX, in contrast, receives a 3.5-star rating and ranks 48th, reflecting a more limited investment spectrum. This makes Interactive Brokers a more comprehensive choice for investors seeking diverse trading opportunities.
| Feature |
Interactive Brokers
|
LegacyFX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 8500 | 425 |
| Forex Pairs (Total) | 90 | 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) | Yes | 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.
Interactive Brokers and LegacyFX both provide simulated trading options, offering users the opportunity to engage in practice trading with virtual accounts. However, Interactive Brokers distinguishes itself with a proprietary trading platform that is developed in-house, whereas LegacyFX relies on external platforms. Both brokers offer Windows-based desktop and web-based browser platforms for trading, but when it comes to charting capabilities, Interactive Brokers offers an impressive range of 85 drawing tools compared to LegacyFX's 15. Interactive Brokers also provides a highly customizable watch list feature with 659 columns, vastly surpassing the 7 columns offered by LegacyFX.
When exploring trading automation, LegacyFX supports copy trading, while Interactive Brokers does not, focusing instead on other strengths. Although neither broker currently offers platforms like MetaTrader 4 (MT4) or DupliTrade, LegacyFX does support MetaTrader 5 (MT5). In terms of overall satisfaction, Interactive Brokers receives a top-tier 5-star rating for trading platforms and tools, reflecting its high rank of #3 out of 62 brokers on ForexBrokers.com. LegacyFX, on the other hand, receives a commendable 3.5-star rating, although it ranks significantly lower at #59. Both brokers allow trading directly from stock charts, ensuring user-friendly interactions, but Interactive Brokers generally offers a more comprehensive and customizable trading experience.
| Feature |
Interactive Brokers
|
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) | No | No |
| MetaTrader 5 (MT5) | No | Yes |
| DupliTrade | No | No |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 155 | 30 |
| Charting - Drawing Tools (Total) | 85 | 15 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 659 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Both Interactive Brokers and LegacyFX offer mobile trading apps for iPhone and Android users, providing essential tools like stock or forex price alerts. While both platforms enable users to draw trendlines and view various time frames on charts, their features and performance vary significantly. Interactive Brokers stands out with impressive charting capabilities, offering 97 technical studies compared to LegacyFX’s 30. Moreover, Interactive Brokers allows for watchlist symbol syncing, ensuring any changes made in the mobile app reflect across all devices, a feature LegacyFX lacks.
For those seeking a fluid and comprehensive trading experience, Interactive Brokers' mobile app is highly rated with 5 stars, ranking 4th out of 62 brokers by ForexBrokers.com. However, it's worth noting that although the app doesn't auto-save chart drawings, it still offers real-time watchlist quotes and advanced customization options. In contrast, LegacyFX, while providing auto-save features for chart drawings, only earns a rating of 3.5 stars and ranks 60th in the same review, indicating room for improvement in user satisfaction and functionality.
| Feature |
Interactive Brokers
|
LegacyFX
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | No |
| Mobile Charting - Indicators / Studies | 97 | 30 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Multiple Time Frames | Yes | Yes |
| Mobile Charting - Drawings Autosave | No | Yes |
| Mobile Watchlist | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
When comparing Interactive Brokers and LegacyFX for market research, both platforms offer daily market commentary and forex news from high-profile sources like Bloomberg, Reuters, and Dow Jones. However, their offerings diverge when it comes to research tools. LegacyFX benefits from the analytical prowess of Autochartist for technical and fundamental research, whereas Interactive Brokers does not have this feature. On the other hand, Interactive Brokers leverages the power of Trading Central's Technical Analytics, a tool not available with LegacyFX. Additionally, Interactive Brokers provides a sentiment-based trading tool to gauge market positions, a feature lacking in LegacyFX's lineup.
Interactive Brokers has an edge with a comprehensive suite of research tools such as those from TipRanks and Acuity Trading's Signal Centre, enhancing their user experience. Both Interactive Brokers and LegacyFX ensure traders stay informed with economic calendars showcasing crucial global events. This extensive array of features earns Interactive Brokers a top rating of 5 stars for Research and a #3 ranking by ForexBrokers.com, while LegacyFX scores 3.5 stars and places at #45. These rankings highlight Interactive Brokers as a superior choice for those who value detailed and diverse market research capabilities.
| Feature |
Interactive Brokers
|
LegacyFX
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | No | Yes |
| Trading Central (Recognia) | Yes | 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 it comes to educational resources for beginners, both Interactive Brokers and LegacyFX provide a solid foundation for understanding forex and CFDs. Interactive Brokers excels with its extensive library that includes over ten educational articles, videos, and archived webinars, making it a top choice for novices eager to gain comprehensive knowledge. Both platforms offer monthly webinars that are crucial for real-time learning and interaction. Additionally, they have searchable archives of past webinars, a helpful resource for individuals who prefer learning at their own pace.
While both brokers supply at least ten beginner-focused videos, Interactive Brokers outshines with advanced educational content tailored for more experienced traders. Both brokers also maintain an investor dictionary with more than 50 investing terms, which is essential for understanding the jargon. However, the ratings reflect the substantial difference in quality, with Interactive Brokers earning a commendable five stars, compared to LegacyFX's 3.5 stars. Ranked #3 by ForexBrokers.com in the education category, Interactive Brokers clearly leads over LegacyFX, which holds the 35th position among 62 brokers.
| Feature |
Interactive Brokers
|
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 Interactive Brokers is better than LegacyFX. Interactive Brokers finished with an overall rank of #2, while LegacyFX finished with an overall rank of #62.
Interactive Brokers is a highly trusted multi-asset broker with an extensive offering of tradeable global markets. It delivers competitive fees and high-quality research and education, as well as a modern, institutional-grade trading platform suite.
| Feature |
Interactive Brokers
|
LegacyFX
|
|---|---|---|
| Overall Rating |
|
|
| Trust Score | 99 | 67 |
| Range of Investments |
|
|
| Commissions & Fees |
|
|
| Platform & Tools |
|
|
| Research |
|
|
| Mobile Trading |
|
|
| Education |
|
|
Interactive Brokers allows users to purchase actual (delivered) cryptocurrencies and offers cryptocurrency derivatives, while LegacyFX only provides cryptocurrency derivatives without the option to buy the actual cryptocurrencies.
When comparing Interactive Brokers and LegacyFX in terms of deposit and withdrawal options, Interactive Brokers supports ACH and SEPA transfers as well as bank wires, while LegacyFX offers bank wires, Skrill, and credit card transactions with Visa or Mastercard, but neither broker supports PayPal.
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 | Interactive Brokers | LegacyFX | |
|---|---|---|---|
| Overall Rating |
|
| |
| Commissions & Fees |
|
| |
| Range of Investments |
|
| |
| Platform & Tools |
|
| |
| Mobile Trading |
|
| |
| Research |
|
| |
| Education |
|
| |
| Trust Score | 99 | 67 | |
| Winner | check_circle | ||
| Review | Interactive Brokers Review | LegacyFX Review |
| Broker Screenshots | Interactive Brokers | LegacyFX | |
|---|---|---|---|
| Trading Platforms Gallery (click to expand) |
|
| |
| Mobile Trading Gallery (click to expand) |
|
| |
| Research Gallery (click to expand) |
|
| |
| Education Gallery (click to expand) |
|
|
| Regulation | Interactive Brokers | LegacyFX | |
|---|---|---|---|
| Trust Score | 99 | 67 | |
| Year Founded | 1977 | 2012 | |
| Publicly Traded (Listed) | Yes | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 9 | 1 | |
| Tier-2 Licenses | 2 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 1 |
| Tier-1 Licenses (Highly Trusted) | Interactive Brokers | LegacyFX | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | No | |
| Canada (CIRO Authorised) | Yes | No | |
| Hong Kong (SFC Authorised) | Yes | 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) | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes |
| Tier-2 Licenses (Trusted) | Interactive Brokers | LegacyFX | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA/Central Bank Authorised) | Yes | No | |
| India (SEBI Authorised) | Yes | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | Interactive Brokers | LegacyFX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 8500 | 425 | |
| Forex Pairs (Total) | 90 | 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) | Yes | 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 | Interactive Brokers | LegacyFX | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 0.59 | N/A | |
| All-in Cost EUR/USD - Active | 0.59 | N/A | |
| Active Trader or VIP Discounts | Yes | Yes | |
| Inactivity Fee | No | No | |
| Execution: Agency Broker | Yes | No | |
| Execution: Market Maker | No | Yes |
| Funding | Interactive Brokers | LegacyFX | |
|---|---|---|---|
| Minimum Deposit | $0 | $500 | |
| PayPal (Deposit/Withdraw) | No | No | |
| Skrill (Deposit/Withdraw) | No | Yes | |
| Visa/Mastercard (Credit/Debit) | No | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | Yes | No |
| Trading Platforms | Interactive Brokers | LegacyFX | |
|---|---|---|---|
| Proprietary Platform | Yes | No | |
| Desktop Platform (Windows) | Yes | 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 | Interactive Brokers | LegacyFX | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 659 | 7 | |
| Charting - Indicators / Studies (Total) | 155 | 30 | |
| Charting - Drawing Tools (Total) | 85 | 15 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | Interactive Brokers | 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 | 97 | 30 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Multiple Time Frames | Yes | Yes | |
| Mobile Charting - Drawings Autosave | No | Yes | |
| Mobile Economic Calendar | Yes | Yes |
| Research | Interactive Brokers | LegacyFX | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | No | Yes | |
| Trading Central (Recognia) | Yes | No | |
| TipRanks | Yes | No | |
| Social Sentiment - Currency Pairs | Yes | No | |
| Economic Calendar | Yes | Yes |
| Education | Interactive Brokers | 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 | Interactive Brokers | 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 | Interactive Brokers Review | LegacyFX Review |
| Overall | Interactive Brokers | LegacyFX | |
|---|---|---|---|
| Overall Rating |
|
| |
| Commissions & Fees |
|
| |
| Range of Investments |
|
| |
| Platform & Tools |
|
| |
| Mobile Trading |
|
| |
| Research |
|
| |
| Education |
|
| |
| Trust Score | 99 | 67 | |
| Winner | check_circle | ||
| Review | Interactive Brokers Review | LegacyFX Review |
IG
CMC Markets
FOREX.com
XTB
eToro
AvaTrade
Plus500
Pepperstone
FP Markets
Tickmill