Written by ForexBrokers.com
In this head to head comparison of Plus500 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.
Founded in 2008, Plus500 has established itself as a highly trusted online broker, scoring an impressive 99 out of 99 on ForexBrokers.com's Trust Score. This high rating is supported by its status as a publicly traded company and its possession of 6 Tier-1 licenses, which reflect top-level approval from financial regulators. Plus500 is not a bank, but its strong regulatory credentials make it a favored choice for those seeking a reliable broker.
LegacyFX, launched in 2012, presents a different regulatory picture. It is not publicly traded, and while it possesses one Tier-1 license, it lacks Tier-2 licenses, receiving a Trust Score of 67. This places LegacyFX in a higher risk category compared to its counterpart. Both firms are not banks, but the contrast in their regulatory standings makes Plus500 the more trusted option among these two.
| Feature |
Plus500
|
LegacyFX
|
|---|---|---|
| Year Founded | 2008 | 2012 |
| Publicly Traded (Listed) | Yes | No |
| Bank | No | No |
| Tier-1 Licenses | 6 | 1 |
| Tier-2 Licenses | 3 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 1 | 1 |
Comparing the commissions and fees of online brokers Plus500 and LegacyFX reveals notable differences. Plus500, rated 4.0 stars in this category and ranked #25 out of 62 brokers by ForexBrokers.com, is known for pricing that is slightly above the industry average. Although it doesn't offer discounts to retail clients, it provides cash rebates for those designated as Professional clients. For the EUR/USD currency pair, Plus500's spreads averaged 1.5 pips in April 2024, which is higher than what many of its competitors charge.
LegacyFX has a more varied fee structure, depending on whether you choose their EU entity, regulated by CySEC, or the international entity in Vanuatu. Unfortunately, there are no average spreads readily available for LegacyFX, making it difficult to fully assess trading costs. In the EU, LegacyFX offers three account types with varying minimum deposit requirements and spreads, starting from a minimum spread of 1.6 pips for its Silver account. International clients have access to seven account types, which offer different levels of client support and trading tool access based on the initial deposit amount.
Despite offering a wide range of accounts, LegacyFX is rated 3.5 stars for commissions and fees and is ranked #56 out of 62 brokers by ForexBrokers.com. In summary, while Plus500 may appeal to Professional clients with its cash rebates, LegacyFX's diverse account options might attract traders looking for tailored client support and resources, albeit at potentially higher costs.
| Feature |
Plus500
|
LegacyFX
|
|---|---|---|
| Minimum Deposit | €100 | $500 |
| Average Spread EUR/USD - Standard | 1.5 | N/A |
| All-in Cost EUR/USD - Active | 1.5 | 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 it comes to the range of investments offered by online brokers, Plus500 stands out with a significant edge over LegacyFX. Plus500 offers an impressive array of 5,500 tradeable symbols, including 65 forex pairs, allowing for extensive diversification. Meanwhile, LegacyFX provides 425 tradeable symbols with access to 44 forex pairs. A key difference is that Plus500 facilitates trading of exchange-traded securities on both U.S. and international exchanges, so investors can directly purchase company shares such as Apple and Vodafone. In contrast, LegacyFX does not offer access to these markets. While both brokers enable clients to trade forex as a CFD or spot contract, and offer cryptocurrency derivatives, they do not support the purchase of actual cryptocurrencies.
Additionally, Plus500 does not support copy trading, whereas LegacyFX does, which may appeal to those who prefer mirroring successful investors’ strategies. This comprehensive range of investment options gives Plus500 a higher rating of 4.5 stars for its investment range compared to LegacyFX’s 3.5 stars as per ForexBrokers.com. In terms of rankings among 62 brokers, Plus500 boasts a superior position at #24, while LegacyFX is placed at #48. These factors make Plus500 an attractive option for investors seeking diverse and expansive trading opportunities.
| Feature |
Plus500
|
LegacyFX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 5500 | 425 |
| Forex Pairs (Total) | 65 | 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). Non-CFD share trading at Plus500 is only available through the Plus500 Invest account. | 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 considering trading platforms and tools, Plus500 and LegacyFX both offer free virtual demo accounts, which is great for beginners to practice risk-free. Plus500 boasts an in-house developed proprietary platform, focusing on a seamless web-based experience without the need for a Windows download, which might appeal to those who prefer flexibility and simplicity. LegacyFX, on the other hand, doesn't have its own proprietary platform but distinguishes itself by providing MetaTrader 5 (MT5), a popular choice among experienced traders. For those interested in copy trading, LegacyFX offers this feature, whereas Plus500 does not. Plus500 excels in providing 22 drawing tools for charting against LegacyFX's 15, although LegacyFX enables trading directly from charts, a feature not available on Plus500.
Plus500 is highly rated at 4.5 stars for its trading platforms and tools, placing it at rank 14 out of 62 brokers on ForexBrokers.com, signaling customer satisfaction and an effective trading environment. In contrast, LegacyFX has a 3.5-star rating and ranks 59th, suggesting that while it includes features like MT5 and direct chart trading, it might not reach the same level of user satisfaction as Plus500. When it comes to creating watch lists, Plus500 also packs more power, offering up to 10 columns as compared to LegacyFX's 7, providing traders with more customizable options for monitoring their investments.
| Feature |
Plus500
|
LegacyFX
|
|---|---|---|
| Virtual Trading (Demo) | Yes | 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) | 114 | 30 |
| Charting - Drawing Tools (Total) | 22 | 15 |
| Charting - Trade From Chart | No | Yes |
| Watchlists - Total Fields | 10 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Both Plus500 and LegacyFX offer mobile trading apps for iPhone and Android users, making it easy for traders to access markets on the go. While both apps provide stock and forex price alerts, only Plus500 allows users to sync their watchlist symbols between the mobile app and their online account. This means that any changes made to watchlists on Plus500 are automatically reflected across platforms, a feature not available with LegacyFX.
When it comes to technical charting tools, Plus500 stands out with 110 technical studies compared to LegacyFX's 30. Both apps support drawing trendlines and viewing multiple time frames on charts. However, an important distinction is that LegacyFX auto-saves these drawings, a feature Plus500 lacks. Both apps let users create real-time watchlists, enhancing the trading experience with up-to-date information. In terms of overall mobile app ratings, Plus500 scores 4.5 out of 5 stars and ranks #14 out of 62 brokers in the Mobile Trading Apps category on ForexBrokers.com, while LegacyFX receives 3.5 stars and ranks #60.
| Feature |
Plus500
|
LegacyFX
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | No |
| Mobile Charting - Indicators / Studies | 110 | 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 Plus500 and LegacyFX, both brokers provide daily market commentary and maintain an economic calendar for tracking global news events. However, when it comes to accessing top-tier forex news, LegacyFX has an edge as it offers updates from reputable sources like Bloomberg and Reuters, which Plus500 does not. Each platform utilizes different tools for technical and fundamental analysis. Plus500 incorporates Trading Central's technical analytics and offers a sentiment-based trading tool, which can help traders gauge market mood by showing a ratio of positions across various instruments. In contrast, LegacyFX lacks these features but compensates with Autochartist's analysis tools, offering traders different ways to approach their market strategies.
Both brokers receive good ratings for their research capabilities, with Plus500 rated at 4.0 stars compared to LegacyFX's 3.5 stars. Plus500 secures a higher rank, positioned at 19 out of 62 brokers according to ForexBrokers.com, while LegacyFX stands at 45. Neither broker provides market research from TipRanks or tools from Acuity Trading, which balances the offerings between the two. With their unique benefits, Plus500 might suit traders who prefer sentiment tools and technical analytics, while LegacyFX could be more appealing for those seeking comprehensive news coverage and Autochartist’s advanced analysis tools.
| Feature |
Plus500
|
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 available for beginners at Plus500 and LegacyFX, both online brokers show a commendable commitment to supporting new traders in the forex and CFDs markets. Both platforms provide over ten educational pieces, such as articles and videos, primarily focused on these topics. Additionally, they host monthly online educational webinars and offer access to a comprehensive archive of past sessions, enabling continuous learning. Each broker also provides at least ten beginner-oriented videos covering essential trading concepts, ensuring an accessible learning experience for newcomers.
While both Plus500 and LegacyFX offer advanced educational videos for experienced traders, they differ in their resources for fundamental learning. Plus500 does not have an investor dictionary, whereas LegacyFX enhances its educational offerings with a dictionary, featuring definitions of over 50 investing terms. Despite this difference, Plus500 is rated slightly higher with 4.0 stars compared to LegacyFX’s 3.5 stars for educational offerings. In a broader industry context, Plus500 ranks #31 out of 62 brokers on ForexBrokers.com for education, while LegacyFX is closely behind at #35.
| Feature |
Plus500
|
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) | No | Yes |
Dive deeper: Best Forex Brokers for Beginners.
After testing 62 of the best forex brokers, our research and account testing finds that Plus500 is better than LegacyFX. Plus500 finished with an overall rank of #14, while LegacyFX finished with an overall rank of #62.
Plus500 is a trusted global brand that offers an easy-to-use trading platform for online traders, alongside access to a thorough selection of CFDs. Share trading is available, but only via its Plus500 Invest product offering.
| Feature |
Plus500
|
LegacyFX
|
|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 67 |
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When comparing online brokers, Plus500 and LegacyFX do not offer the ability to buy actual delivered cryptocurrency, instead both provide options to buy cryptocurrency derivatives.
When comparing online brokers, Plus500 and LegacyFX both provide Visa/Mastercard and bank wire options for account transactions, but Plus500 distinguishes itself by additionally offering PayPal for deposits and withdrawals, while both brokers provide Skrill, yet neither supports ACH or SEPA transfers.
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 | Plus500 | LegacyFX | |
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| Trust Score | 99 | 67 | |
| Winner | check_circle | ||
| Review | Plus500 Review | LegacyFX Review |
| Broker Screenshots | Plus500 | LegacyFX | |
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| Regulation | Plus500 | LegacyFX | |
|---|---|---|---|
| Trust Score | 99 | 67 | |
| Year Founded | 2008 | 2012 | |
| Publicly Traded (Listed) | Yes | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 6 | 1 | |
| Tier-2 Licenses | 3 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 1 | 1 |
| Tier-1 Licenses (Highly Trusted) | Plus500 | 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) | No | No | |
| United Kingdom (U.K.) (FCA Authorised) | Yes | No | |
| USA (CFTC Authorized) | No | No | |
| New Zealand (FMA Authorised) | Yes | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes |
| Tier-2 Licenses (Trusted) | Plus500 | LegacyFX | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| Israel (ISA Authorised) | Yes | 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 | Plus500 | LegacyFX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 5500 | 425 | |
| Forex Pairs (Total) | 65 | 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). Non-CFD share trading at Plus500 is only available through the Plus500 Invest account. | 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 | Plus500 | LegacyFX | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.5 | N/A | |
| All-in Cost EUR/USD - Active | 1.5 | N/A | |
| Active Trader or VIP Discounts | No | Yes | |
| Inactivity Fee | Yes | No | |
| Execution: Agency Broker | No | No | |
| Execution: Market Maker | Yes | Yes |
| Funding | Plus500 | 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 | Plus500 | 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 | Plus500 | LegacyFX | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 10 | 7 | |
| Charting - Indicators / Studies (Total) | 114 | 30 | |
| Charting - Drawing Tools (Total) | 22 | 15 | |
| Charting - Trade From Chart | No | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | Plus500 | 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 | 110 | 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 | Plus500 | 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 | Plus500 | 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) | No | Yes |
| Major Forex Pairs | Plus500 | 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 | Plus500 Review | LegacyFX Review |
| Overall | Plus500 | LegacyFX | |
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| Trust Score | 99 | 67 | |
| Winner | check_circle | ||
| Review | Plus500 Review | LegacyFX Review |
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