Written by ForexBrokers.com
In this head to head comparison of RoboForex 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.
RoboForex, founded in 2009, and LegacyFX, established in 2012, are two popular online brokers in the industry. Neither is publicly traded or operates as a bank. RoboForex holds one Tier-1 license, positioning it as a generally reliable option, reflected in its Trust Score of 73, which falls within the average risk category according to ForexBrokers.com. This rating suggests users should approach with a standard level of caution typical in the online brokerage space.
Similarly, LegacyFX holds one Tier-1 license, aligning it with RoboForex in terms of regulatory trustworthiness. However, with a Trust Score of 67, LegacyFX is classified as a higher risk option compared to RoboForex, as it borders closer to the high-risk category. While it remains a plausible choice for trading, potential clients might consider its score when evaluating their options, balancing the associated risk and the services provided.
| Feature |
RoboForex
|
LegacyFX
|
|---|---|---|
| Year Founded | 2009 | 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 | 2 | 1 |
RoboForex and LegacyFX both offer online trading services with distinct differences in their commissions and fees structures. RoboForex is known for its average spreads of 1.3 pips for the EUR/USD currency pair on its Procent and Pro accounts. This spread is considered relatively high, which may affect the cost-effectiveness of trading. With a rating of 3.5 stars out of 5 in the commissions and fees category, RoboForex ranks 54th out of 62 brokers on ForexBrokers.com.
LegacyFX has a more complex fee structure, as it offers different account types depending on its regulatory entity. For EU residents, LegacyFX provides Silver, Gold, and Platinum accounts, requiring minimum deposits of $500, $5,000, and $25,000, respectively. The Platinum account offers the lowest advertised spreads, while the Silver account can have minimum spreads as high as 1.6 pips on the EUR/USD. For international clients under its Vanuatu entity, LegacyFX features seven account types, with varying minimum deposits and access to client support and trading tools. However, the lack of transparency in average spreads makes it difficult to accurately assess trading costs. LegacyFX also secures a 3.5-star rating in commissions and fees and ranks 56th out of 62 brokers on ForexBrokers.com.
In summary, both RoboForex and LegacyFX have room for improvement regarding their commissions and fees offerings. While RoboForex presents higher spreads on its accounts, LegacyFX's varied account types and lack of spread transparency contribute to its cost structure complexity. Each broker possesses the same star rating for commissions and fees, reflecting the need for a more competitive approach in these areas.
| Feature |
RoboForex
|
LegacyFX
|
|---|---|---|
| Minimum Deposit | $100 | $500 |
| Average Spread EUR/USD - Standard | 1.3 | N/A |
| All-in Cost EUR/USD - Active | N/A | N/A |
| Active Trader or VIP Discounts | Yes | Yes |
| ACH or SEPA Transfers | Yes | 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.
RoboForex and LegacyFX both provide forex trading through CFDs or spot contracts, making them accessible options for currency trading enthusiasts. When it comes to the variety of tradeable symbols, RoboForex stands out with an impressive selection of 8,400, overshadowing LegacyFX’s offering of 425 symbols. However, LegacyFX surpasses RoboForex in the number of tradeable forex pairs, offering 44 compared to RoboForex's 28 pairs, giving forex traders more options on its platform. Both brokers do not offer exchange-traded securities on U.S. or international exchanges, limiting direct stock investments.
Each platform supports copy trading and provides the opportunity to trade cryptocurrency derivatives, but neither allows buying actual cryptocurrencies. In terms of range of investments, RoboForex is highly rated with 4.5 stars and ranks #20 out of 62 brokers according to ForexBrokers.com, indicating a broader spectrum of investment choices. LegacyFX, meanwhile, garners a 3.5-star rating and ranks #48, reflecting a comparatively more limited range. These differences showcase RoboForex's broader appeal for traders seeking diverse investment opportunities beyond just forex trading.
| Feature |
RoboForex
|
LegacyFX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 8400 | 425 |
| Forex Pairs (Total) | 28 | 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 the trading platforms and tools of RoboForex and LegacyFX, both online brokers provide users with a range of functionalities designed for effective trading. Each offers a simulated trading experience through a free virtual demo account, perfect for new traders to practice. While neither company has developed an in-house proprietary platform, both support Windows-based desktop downloads and web-based options, giving their users flexibility in accessing their trading accounts. Also, both brokers enable copy trading, which can be a handy feature for those looking to replicate the strategies of experienced traders.
RoboForex and LegacyFX differ in their support for popular platforms: RoboForex provides access to MetaTrader 4 and 5, while LegacyFX supports only MetaTrader 5. When it comes to charting tools, both offer 15 drawing tools, the ability to trade directly from stock charts, and organize watch lists with seven fields. However, despite these similarities, RoboForex edges out with a higher rating of 4 stars for trading platforms and tools compared to LegacyFX's 3.5 stars. Additionally, in a ranking of 62 brokers by ForexBrokers.com, RoboForex comes in at #43 for trading platforms and tools, significantly ahead of LegacyFX, which is ranked #59.
| Feature |
RoboForex
|
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) | Yes | 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.
When comparing the mobile trading apps of RoboForex and LegacyFX, both platforms cater to iPhone and Android users, offering extensive functionalities such as stock and forex price alerts. Both apps provide charting capabilities with 30 technical studies and allow users to draw trendlines and view multiple time frames, whether daily, weekly, or intraday. They also feature the ability to auto-save drawings on charts and create watchlists with real-time quotes. Despite these similarities, RoboForex's mobile app edges out with a slightly higher rating of 4 stars compared to LegacyFX's 3.5 stars.
However, one common drawback is that neither RoboForex nor LegacyFX offers watchlist symbol syncing between their mobile apps and online accounts, meaning updates made in one location don't automatically reflect in the other. Rankings from ForexBrokers.com further illustrate the differences, with RoboForex positioned at 43 out of 62 brokers in the Mobile Trading Apps category, and LegacyFX trailing at 60. These rankings and features offer valuable insights into each platform's user experience and capabilities, helping traders make informed choices based on their mobile trading needs.
| Feature |
RoboForex
|
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.
Both RoboForex and LegacyFX provide traders with daily market commentary and forex news sourced from leading outlets like Bloomberg and Reuters. However, the platforms differ in their provision of technical analysis tools. LegacyFX stands out by offering tools from Autochartist, while RoboForex does not. Conversely, RoboForex compensates by providing analysis resources from Trading Central, which LegacyFX lacks. Both brokers do not offer sentiment-based trading tools that illustrate the ratio of long or short positions in currency pairs. Additionally, neither uses market research from TipRanks. When it comes to Acuity Trading’s tools, RoboForex includes them, unlike LegacyFX.
For market event tracking, both platforms feature comprehensive economic calendars to keep traders informed of global news affecting various economies. Despite their unique strengths, both brokers have been awarded an identical research rating of 3.5 stars. Nevertheless, RoboForex holds a higher research ranking, placing 37th out of 62 brokers, while LegacyFX ranks 45th. This suggests that although their offerings have different focuses, both deliver valuable insights for traders.
| Feature |
RoboForex
|
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) | Yes | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When it comes to educational resources for beginners, LegacyFX stands out compared to RoboForex. LegacyFX provides a comprehensive suite of more than 10 educational pieces focused on forex and CFDs, including articles, videos, and webinars. They host monthly online client webinars and have a searchable archive of recorded sessions for users to revisit. Beginners can access over ten educational videos tailored to novice traders, paired with advanced videos that delve deeper into experienced trading strategies. Furthermore, LegacyFX offers an investor dictionary that explains over 50 investing terms, making it easier for new traders to understand the industry jargon.
In contrast, RoboForex lacks in all these aspects. They do not provide a sufficient number of educational resources such as articles or videos specifically focused on forex or CFDs. There are no available webinars, live or archived, and no structured educational videos for beginner or advanced traders. Additionally, they do not offer an investor dictionary, which could serve as a critical learning tool for new traders. Although both brokers are rated 3.5 stars for education, LegacyFX ranks higher at #35 compared to RoboForex’s #56 ranking on ForexBrokers.com, indicating that LegacyFX offers more valuable educational content for those starting their trading journey.
| Feature |
RoboForex
|
LegacyFX
|
|---|---|---|
| Education (Forex or CFDs) | No | Yes |
| Client Webinars | No | Yes |
| Client Webinars (Archived) | No | Yes |
| Videos - Beginner Trading Videos | No | 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 RoboForex is better than LegacyFX. RoboForex finished with an overall rank of #46, while LegacyFX finished with an overall rank of #62.
RoboForex (RoboMarkets in the EU) has amassed 12,000 symbols that you can trade across its MetaTrader and cTrader platforms, as well as a stock trading app. That said, with just a few regulatory licenses, the RoboForex and its RoboMarkets brands trail behind the best forex brokers when it comes to their Trust Score.
| Feature |
RoboForex
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LegacyFX
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|---|---|---|
| Overall Rating |
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| Trust Score | 73 | 67 |
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Both RoboForex and LegacyFX do not offer the option to buy actual delivered cryptocurrency, but they do provide opportunities to trade cryptocurrency derivatives.
When choosing between RoboForex and LegacyFX for online trading, consider that RoboForex supports a broader range of payment methods including ACH and SEPA transfers, PayPal, Skrill, Visa, Mastercard, and bank wires, whereas LegacyFX offers Skrill, Visa, Mastercard, and bank wires but lacks ACH, SEPA, and 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 | RoboForex | LegacyFX | |
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| Trust Score | 73 | 67 | |
| Winner | check_circle | ||
| Review | RoboForex Review | LegacyFX Review |
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| Regulation | RoboForex | LegacyFX | |
|---|---|---|---|
| Trust Score | 73 | 67 | |
| Year Founded | 2009 | 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 | 2 | 1 |
| Tier-1 Licenses (Highly Trusted) | RoboForex | 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) | No | 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) | RoboForex | 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 | RoboForex | LegacyFX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 8400 | 425 | |
| Forex Pairs (Total) | 28 | 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 | RoboForex | LegacyFX | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.3 | N/A | |
| All-in Cost EUR/USD - Active | N/A | N/A | |
| Active Trader or VIP Discounts | Yes | Yes | |
| Inactivity Fee | Yes | No | |
| Execution: Agency Broker | Yes | No | |
| Execution: Market Maker | Yes | Yes |
| Funding | RoboForex | 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 | Yes | No |
| Trading Platforms | RoboForex | 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) | Yes | Yes | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | RoboForex | 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 | RoboForex | 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 | RoboForex | 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 | RoboForex | LegacyFX | |
|---|---|---|---|
| Education (Forex or CFDs) | No | Yes | |
| Client Webinars | No | Yes | |
| Client Webinars (Archived) | No | Yes | |
| Videos - Beginner Trading Videos | No | Yes | |
| Videos - Advanced Trading Videos | No | Yes | |
| Investor Dictionary (Glossary) | No | Yes |
| Major Forex Pairs | RoboForex | 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 | RoboForex Review | LegacyFX Review |
| Overall | RoboForex | LegacyFX | |
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| Trust Score | 73 | 67 | |
| Winner | check_circle | ||
| Review | RoboForex Review | LegacyFX Review |
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