Written by ForexBrokers.com
In this head to head comparison of Saxo 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.
Saxo and LegacyFX offer contrasting profiles for online traders looking for reliable brokers. Established in 1992, Saxo stands out with a stellar ForexBrokers.com Trust Score of 99 and holds an impressive seven Tier-1 licenses, signifying high trust levels. Recognized as a bank, Saxo also possesses one Tier-2 license, further reinforcing its credibility. Although Saxo is not listed on any stock exchange, its long-standing presence and solid regulatory approvals contribute to its reputation.
On the other hand, LegacyFX, founded in 2012, holds one Tier-1 license and has a ForexBrokers.com Trust Score of 67, placing it in the high-risk category. Not publicly traded nor a bank, LegacyFX offers fewer assurances from a regulatory perspective compared to Saxo. For traders placing emphasis on the backing of trusted licenses, Saxo presents a more compelling option with its stronger regulatory framework and extensive industry experience.
| Feature |
Saxo
|
LegacyFX
|
|---|---|---|
| Year Founded | 1992 | 2012 |
| Publicly Traded (Listed) | No | No |
| Bank | Yes | No |
| Tier-1 Licenses | 7 | 1 |
| Tier-2 Licenses | 1 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 1 |
Saxo offers excellent pricing for active and high-volume traders, with some of the lowest fees in the industry. Its spread for the EUR/USD ranges from 0.9 to 1.1 pips, depending on the account type, making its Platinum and VIP accounts comparable to the industry average. Saxo recently eliminated the minimum deposit for its Classic account, while its Platinum account requires a $200,000 deposit and the VIP account demands at least $1,000,000 or substantial trading volumes. Saxo does not charge commissions for forex trading except a $3 ticket fee for trading less than 50,000 units per month. The broker has been rated five stars for commissions and fees, ranking #9 out of 62 brokers according to ForexBrokers.com.
LegacyFX, on the other hand, presents a variety of account options based on its EU (CySEC) and international (Vanuatu) entities. For EU clients, the Silver, Gold, and Platinum accounts have minimum deposits of $500, $5,000, and $25,000 respectively, with the Platinum account offering the most competitive spreads. International clients can choose from seven account types, with minimum deposits ranging from $500 for a Standard account to $50,000 for a VIP account. LegacyFX does not provide average spread data, and its Silver account has particularly high trading costs with spreads starting at 1.6 pips for the EUR/USD. LegacyFX holds a rating of 3.5 stars and ranks #56 out of 62 brokers in the Commissions and Fees category.
| Feature |
Saxo
|
LegacyFX
|
|---|---|---|
| Minimum Deposit | $0 | $500 |
| Average Spread EUR/USD - Standard | 1.1 | N/A |
| All-in Cost EUR/USD - Active | 0.9 | N/A |
| Active Trader or VIP Discounts | Yes | Yes |
| ACH or SEPA Transfers | No | No |
| PayPal (Deposit/Withdraw) | No | 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 Saxo to LegacyFX in terms of available investment options, Saxo stands out with an impressive array of choices. Saxo offers a massive selection of 70,000 tradable symbols and access to 190 forex pairs, providing investors with diverse opportunities. Additionally, Saxo allows trading of exchange-traded securities on both U.S. and international exchanges, letting clients invest in well-known companies like Apple and Vodafone. They also support copy trading and access to cryptocurrency derivatives, though direct cryptocurrency purchases are not available.
LegacyFX, while offering forex trading through CFDs or spot contracts, provides a significantly smaller range of choices. With 425 tradable symbols and 44 forex pairs, the selection is more limited compared to Saxo. LegacyFX does not facilitate trading exchange-traded securities on U.S. or international exchanges, and similar to Saxo, they offer cryptocurrency derivatives but not direct cryptocurrency purchases. While both brokers have similar features like copy trading, Saxo's broader range earns it a 5-star rating for investment options, ranking third out of 62 brokers, whereas LegacyFX receives 3.5 stars and ranks 48th.
| Feature |
Saxo
|
LegacyFX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 70000 | 425 |
| Forex Pairs (Total) | 190 | 44 |
| U.S. Stock Trading (Non CFD) | Yes | No |
| Int'l Stock Trading (Non CFD) | Yes | 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 offered by Saxo and LegacyFX, both brokers cater to beginners and professionals alike, providing free virtual demo accounts for practice. Saxo stands out with its proprietary trading platform, allowing users an exclusive experience crafted in-house, while LegacyFX relies on third-party solutions. Both brokers provide Windows-based desktop platforms and web-based platforms for trading convenience, with similar features like copy trading and the ability to execute trades directly from stock charts. However, Saxo does not support MetaTrader platforms, unlike LegacyFX, which offers MetaTrader 5 (MT5) functionality.
Beyond basic functionalities, Saxo offers a richer experience with 20 drawing tools for charting and 60 fields for watch lists, surpassing the 15 drawing tools and 7 watch list fields available with LegacyFX. Such comprehensive features contribute to Saxo receiving a 5-star rating for trading platforms and tools, securing the top rank among 62 brokers according to ForexBrokers.com. LegacyFX, while offering decent services with a 3.5-star rating, is positioned much lower at rank 59 in the same category. These distinctions highlight the diverse range of trading capabilities and the enhanced trading environment available with Saxo.
| Feature |
Saxo
|
LegacyFX
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | No |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | Yes | Yes |
| MetaTrader 4 (MT4) | No | No |
| MetaTrader 5 (MT5) | No | Yes |
| DupliTrade | No | No |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 64 | 30 |
| Charting - Drawing Tools (Total) | 20 | 15 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 60 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Both Saxo and LegacyFX offer mobile trading apps for iPhone and Android devices, so traders can easily access their accounts on the go. Both platforms provide features like price alerts, the ability to draw trendlines, and multiple time frame viewing options on charts. Additionally, both apps allow users to create watchlists with real-time quotes and auto-save chart drawings. However, there's a difference in their watchlist syncing capabilities; Saxo supports syncing symbols between the mobile app and online account, while LegacyFX does not support this feature.
In terms of technical analysis tools, Saxo offers a more enriched experience with 64 technical studies, compared to LegacyFX's 30. This gives Saxo users an edge in performing in-depth analysis. Ratings reflect these differences, with Saxo achieving a 5-star score in mobile trading apps and ranking #2 out of 62 brokers on ForexBrokers.com. In contrast, LegacyFX holds a 3.5-star rating and falls much lower at #60 in the same category. Overall, Saxo excels in its mobile trading offerings, providing a more comprehensive and feature-rich experience than LegacyFX.
| Feature |
Saxo
|
LegacyFX
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | No |
| Mobile Charting - Indicators / Studies | 64 | 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 Saxo and LegacyFX for market research offerings, both brokers present daily market commentary and deliver forex news from reputable sources like Bloomberg and Reuters. Both utilize Autochartist for technical and fundamental analysis tools, but neither provides Trading Central's analytics nor research from TipRanks or Acuity Trading. While Saxo excels with a sentiment-based trading tool that offers insights on long and short positions across various instruments, LegacyFX lacks this feature. Additionally, both platforms feature an economic calendar to keep clients updated on current and upcoming global events.
Saxo outshines LegacyFX with a significant edge in research quality, boasting a five-star rating compared to LegacyFX's 3.5 stars. This superiority is further emphasized by Saxo's position as the top-ranked broker in research according to ForexBrokers.com, compared to LegacyFX’s lower standing at #45. These differences make Saxo a more comprehensive choice for traders prioritizing research capabilities.
| Feature |
Saxo
|
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 | 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 Saxo and LegacyFX provide a great foundation for new traders. They each feature at least ten educational pieces focused on forex and CFDs, such as articles, videos, and archived webinars. Beginners can also benefit from monthly online educational webinars with Saxo and LegacyFX, and both platforms offer a searchable archive of their previously recorded sessions. Additionally, each broker offers a collection of over ten beginner-friendly videos, ensuring newcomers have ample resources to learn the basics of trading. For those looking to build on their knowledge, both brokers also provide more than ten advanced educational videos tailored for experienced traders.
To further support new and seasoned traders, Saxo and LegacyFX each offer an investor dictionary with over 50 investing terms, helping users to decode complex jargon. However, when comparing the overall quality of education provided, Saxo stands out with a 5-star rating, placing it 13th among 62 brokers in the Education category, according to ForexBrokers.com. Meanwhile, LegacyFX carries a 3.5-star rating and is ranked 35th for education. While both brokers offer comprehensive educational tools, Saxo appears to provide a more highly regarded learning experience for its users.
| Feature |
Saxo
|
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 Saxo is better than LegacyFX. Saxo finished with an overall rank of #3, while LegacyFX finished with an overall rank of #62.
Saxo is an exclusive multi-asset broker with brilliant research and a superb trading platform experience – as well as a stunning selection of over 40,000 securities.
| Feature |
Saxo
|
LegacyFX
|
|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 67 |
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Both Saxo and LegacyFX do not offer the option to buy actual delivered cryptocurrencies, but they provide the ability to purchase cryptocurrency derivatives.
Both Saxo and LegacyFX provide users the ability to deposit or withdraw funds using Visa, Mastercard, and bank wires, but only LegacyFX offers the additional flexibility of Skrill, whereas neither platform supports ACH, SEPA, or PayPal transactions.
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 | Saxo | LegacyFX | |
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| Trust Score | 99 | 67 | |
| Winner | check_circle | ||
| Review | Saxo Review | LegacyFX Review |
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| Regulation | Saxo | LegacyFX | |
|---|---|---|---|
| Trust Score | 99 | 67 | |
| Year Founded | 1992 | 2012 | |
| Publicly Traded (Listed) | No | No | |
| Bank | Yes | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 7 | 1 | |
| Tier-2 Licenses | 1 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 1 |
| Tier-1 Licenses (Highly Trusted) | Saxo | LegacyFX | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | No | |
| Canada (CIRO Authorised) | No | 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) | No | No | |
| New Zealand (FMA Authorised) | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes |
| Tier-2 Licenses (Trusted) | Saxo | 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) | No | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | Saxo | LegacyFX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 70000 | 425 | |
| Forex Pairs (Total) | 190 | 44 | |
| U.S. Stock Trading (Non CFD) | Yes | No | |
| Int'l Stock Trading (Non CFD) | Yes | 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 | Saxo | LegacyFX | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.1 | N/A | |
| All-in Cost EUR/USD - Active | 0.9 | N/A | |
| Active Trader or VIP Discounts | Yes | Yes | |
| Inactivity Fee | Yes | No | |
| Execution: Agency Broker | Yes | No | |
| Execution: Market Maker | Yes | Yes |
| Funding | Saxo | LegacyFX | |
|---|---|---|---|
| Minimum Deposit | $0 | $500 | |
| PayPal (Deposit/Withdraw) | No | No | |
| Skrill (Deposit/Withdraw) | No | Yes | |
| Visa/Mastercard (Credit/Debit) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | No | No |
| Trading Platforms | Saxo | LegacyFX | |
|---|---|---|---|
| Proprietary Platform | Yes | No | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | Yes | Yes | |
| MetaTrader 4 (MT4) | No | No | |
| MetaTrader 5 (MT5) | No | Yes | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | Saxo | LegacyFX | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 60 | 7 | |
| Charting - Indicators / Studies (Total) | 64 | 30 | |
| Charting - Drawing Tools (Total) | 20 | 15 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | Saxo | 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 | 64 | 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 | Saxo | LegacyFX | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | Yes | Yes | |
| Trading Central (Recognia) | No | No | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | Yes | No | |
| Economic Calendar | Yes | Yes |
| Education | Saxo | 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 | Saxo | 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 | Saxo Review | LegacyFX Review |
| Overall | Saxo | LegacyFX | |
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| Trust Score | 99 | 67 | |
| Winner | check_circle | ||
| Review | Saxo Review | LegacyFX Review |
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