Written by ForexBrokers.com
In this head to head comparison of IronFX 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.
IronFX, established in 2010, and LegacyFX, founded in 2012, are both online brokers that are not publicly traded nor are they banks. When comparing their regulatory standing, IronFX holds three Tier-1 licenses, seen as highly trusted, while LegacyFX has one Tier-1 license. Both brokers lack Tier-2 licenses, which are also recognized for a level of trust.
In terms of reliability, IronFX earns a Trust Score of 83 from ForexBrokers.com, classifying it as a trusted broker. Meanwhile, LegacyFX has a Trust Score of 67, indicating a higher risk. These scores reflect the brokers' adherence to financial regulations and customer protection standards, with IronFX being generally more favorable in terms of trusted licensing and overall score.
| Feature |
IronFX
|
LegacyFX
|
|---|---|---|
| Year Founded | 2010 | 2012 |
| Publicly Traded (Listed) | No | No |
| Bank | No | No |
| Tier-1 Licenses | 3 | 1 |
| Tier-2 Licenses | 0 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 1 | 1 |
When comparing IronFX and LegacyFX, there are notable differences in their commissions and fees structures. IronFX presents higher than industry average spreads, with a typical spread of 1.8 pips on a Standard variable spread account. Their zero fixed-spread account starts with no spread but includes an $18 per lot commission, and spreads can widen up to 3 pips overnight. Despite these conditions, IronFX is rated 4 stars for its commissions and fees and is ranked #47 out of 62 brokers by ForexBrokers.com.
LegacyFX offers varied account types depending on whether you choose their EU-regulated Cyprus Securities and Exchange Commission (CySEC) entity or the international entity based in Vanuatu. LegacyFX provides three account options for EU residents, starting from Silver with a minimum deposit of $500 and spreads as low as 1.6 pips on the EUR/USD. International clients have seven account options, each providing different levels of client support and trading tool access. Unfortunately, LegacyFX does not provide average spreads, making it harder to evaluate trading costs. With these factors in mind, LegacyFX is rated 3.5 stars for commissions and fees, ranking #56 out of 62 brokers by ForexBrokers.com.
| Feature |
IronFX
|
LegacyFX
|
|---|---|---|
| Minimum Deposit | $50 | $500 |
| Average Spread EUR/USD - Standard | 1.2 | 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) | Yes | Yes |
| Visa/Mastercard (Credit/Debit) | Yes | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
When comparing the range of investments available at IronFX and LegacyFX, both online brokers allow for trading forex as either CFDs or spot contracts. IronFX provides clients with access to 340 tradable symbols, including an impressive array of 83 forex pairs. LegacyFX, on the other hand, offers a wider selection of 425 tradable symbols, though it carries fewer forex pairs, totaling 44. Additionally, neither IronFX nor LegacyFX offers the opportunity to purchase exchange-traded securities on U.S. or international exchanges, so acquiring shares in companies like Apple or Vodafone is not possible through these platforms.
For those interested in cryptocurrencies, both brokers facilitate trading cryptocurrency derivatives but do not allow for the purchase of actual cryptocurrencies. Copy trading features are available with both IronFX and LegacyFX, appealing to investors who prefer to follow successful trading strategies. Despite these offerings, both brokers received equal ratings of 3.5 out of 5 stars for their range of investments. However, LegacyFX was slightly ahead with a ranking of 48 out of 62 brokers in this category, compared to IronFX's position at 51.
| Feature |
IronFX
|
LegacyFX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 340 | 425 |
| Forex Pairs (Total) | 83 | 44 |
| U.S. Stock Trading (Non CFD) | No | No |
| Int'l Stock Trading (Non CFD) | No | 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 IronFX and LegacyFX for their trading platforms and tools, both brokers offer a range of features suitable for traders of all levels. Both platforms provide a simulated trading environment with free virtual demo accounts, allowing users to practice their skills without risk. Neither IronFX nor LegacyFX offers a proprietary platform, yet both support Windows-based desktop downloads and convenient web-based platforms. Additionally, they provide copy trading services. For those who favor the popular MetaTrader platforms, IronFX is compatible with MetaTrader 4 (MT4) but not MetaTrader 5 (MT5), whereas LegacyFX supports MT5 but not MT4. Both brokers lack support for third-party tools like DupliTrade and ZuluTrade but ensure fully integrated trading experiences with trading capabilities directly from stock charts.
In terms of charting features, IronFX and LegacyFX each provide 15 drawing tools but do not disclose the number of technical indicators available. They both support comprehensive watch lists with seven columns for detailed monitoring. IronFX and LegacyFX have identical ratings of 3.5 stars for trading platforms and tools, ranking respectively at the low end among competitors, placing 60th for IronFX and 59th for LegacyFX out of 62 brokers reviewed by ForexBrokers.com. Overall, traders considering these platforms should weigh the specific tools and compatibility with MetaTrader versions to best suit their trading preferences.
| Feature |
IronFX
|
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) | No | 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.
Both IronFX and LegacyFX offer comprehensive mobile trading apps available for iPhone and Android users. As you explore these platforms, you'll find a range of shared features including price alerts for stocks and forex, the ability to draw trendlines, and view multiple time frames on charts. Each app offers 30 technical studies for charting, allowing users to analyze market trends effectively. However, neither platform currently supports watchlist symbol syncing between the mobile app and your online account, which could be a consideration for those managing portfolios across multiple devices.
Comparatively, both apps provide the easy creation of watchlists with real-time quotes, and auto-saving for chart drawings, making them user-friendly choices for active traders. Despite these similarities and features, IronFX and LegacyFX both receive a rating of 3.5 out of 5 stars for their mobile apps. When ranked among 62 brokers, IronFX holds the 61st position while LegacyFX slightly edges out at 60th place according to ForexBrokers.com. These rankings suggest there's room for improvement in providing an enhanced mobile trading experience.
| Feature |
IronFX
|
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.
When comparing the market research offerings of IronFX and LegacyFX, both brokers provide daily market commentary and access to forex news from trusted sources like Bloomberg and Reuters. While IronFX and LegacyFX both include an economic calendar highlighting global news events, each broker has unique tools that may appeal to different traders. IronFX is partnered with Trading Central to provide technical analysis tools, offering traders valuable insights into market trends. Meanwhile, LegacyFX provides technical and fundamental research tools from Autochartist, catering to traders who benefit from pattern recognition and in-depth analysis.
Neither IronFX nor LegacyFX provides sentiment-based trading tools nor research from TipRanks or Acuity Trading, putting them on equal footing in those areas. However, IronFX receives a slight edge in overall research capabilities with a rating of 4 stars and ranks 28th out of 62 brokers on ForexBrokers.com. Conversely, LegacyFX is rated 3.5 stars and positioned 44th among its peers. This distinction might indicate that IronFX offers a somewhat more comprehensive research environment for those seeking additional resources in their trading endeavors.
| Feature |
IronFX
|
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 | No | 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, both IronFX and LegacyFX provide a range of materials that can help new traders get started. IronFX offers a variety of resources, including over ten educational pieces focused on forex and CFDs. It also features a searchable archive of past webinars, and has produced more than ten educational videos specifically designed for beginners. Moreover, IronFX includes an investor dictionary with definitions of over 50 investing terms. However, it falls short in offering advanced educational videos and monthly live webinars for clients, which may limit opportunities for deeper learning and real-time interaction.
LegacyFX mirrors IronFX in offering a generous number of educational articles and videos aimed at beginners, along with a dictionary that covers a wide range of investing terms. This broker stands out by providing live client webinars each month and having a comprehensive collection of advanced educational videos. While its searchable archive of recorded webinars and solid beginner resources are on par with IronFX, the focus on advanced trader education and regular webinars makes LegacyFX a compelling choice for many new traders eager for continued growth. Despite receiving a slightly lower rating of 3.5 stars compared to IronFX's 4 stars in educational offerings, LegacyFX's proactive approach to engaging clients earns it a higher ranking in ForexBrokers.com's education category.
| Feature |
IronFX
|
LegacyFX
|
|---|---|---|
| Education (Forex or CFDs) | Yes | Yes |
| Client Webinars | No | Yes |
| Client Webinars (Archived) | Yes | Yes |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | No | 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 IronFX is better than LegacyFX. IronFX finished with an overall rank of #48, while LegacyFX finished with an overall rank of #62.
IronFX has come a long way to rebuild its brand, acquiring multiple regulatory licenses to improve its Trust Score, and creating balanced educational material. That said, pricing is an area where IronFX has room to further improve as spreads appeared higher than the industry average.
| Feature |
IronFX
|
LegacyFX
|
|---|---|---|
| Overall Rating |
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| Trust Score | 83 | 67 |
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Both IronFX and LegacyFX do not offer the ability to buy actual (delivered) cryptocurrency; however, they both provide options for purchasing cryptocurrency derivatives.
Both IronFX and LegacyFX allow account deposits and withdrawals via Skrill, Visa, Mastercard, and bank wires, but neither supports ACH, SEPA transfers, or PayPal options.
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 | IronFX | LegacyFX | |
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| Trust Score | 83 | 67 | |
| Winner | check_circle | ||
| Review | LegacyFX Review |
| Broker Screenshots | IronFX | LegacyFX | |
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| Regulation | IronFX | LegacyFX | |
|---|---|---|---|
| Trust Score | 83 | 67 | |
| Year Founded | 2010 | 2012 | |
| Publicly Traded (Listed) | No | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 3 | 1 | |
| Tier-2 Licenses | 0 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 1 | 1 |
| Tier-1 Licenses (Highly Trusted) | IronFX | 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) | 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) | IronFX | 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 | IronFX | LegacyFX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 340 | 425 | |
| Forex Pairs (Total) | 83 | 44 | |
| U.S. Stock Trading (Non CFD) | No | No | |
| Int'l Stock Trading (Non CFD) | No | 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 | IronFX | LegacyFX | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.2 | 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 | IronFX | LegacyFX | |
|---|---|---|---|
| Minimum Deposit | $50 | $500 | |
| PayPal (Deposit/Withdraw) | No | 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 | IronFX | 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) | No | Yes | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | IronFX | 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 | IronFX | 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 | IronFX | LegacyFX | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | No | Yes | |
| Trading Central (Recognia) | Yes | No | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | No | No | |
| Economic Calendar | Yes | Yes |
| Education | IronFX | LegacyFX | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | Yes | |
| Client Webinars | No | Yes | |
| Client Webinars (Archived) | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | No | Yes | |
| Investor Dictionary (Glossary) | Yes | Yes |
| Major Forex Pairs | IronFX | 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 | IronFX | LegacyFX | |
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| Trust Score | 83 | 67 | |
| Winner | check_circle | ||
| Review | LegacyFX Review |
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