Written by ForexBrokers.com
In this head to head comparison of Spreadex 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 1999, Spreadex is a private online brokerage that offers financial spread betting services. Despite not being publicly traded or functioning as a bank, Spreadex holds a Tier-1 license, indicating a high level of trust from regulators. According to ForexBrokers.com, Spreadex scores a 71 out of 99 on the Trust Score scale, placing it in the average risk category, reflecting a moderate level of reliability in the eyes of users and regulators alike.
On the other hand, LegacyFX entered the market in 2012 and shares similar traits with Spreadex, in that it is not publicly traded and holds a Tier-1 license. However, it does not hold any Tier-2 licenses. With a Trust Score of 67 from ForexBrokers.com, LegacyFX also falls into the average risk category but ranks slightly lower than Spreadex. This difference could influence the choice of investors mindful of regulatory trust and brokerage longevity.
| Feature |
Spreadex
|
LegacyFX
|
|---|---|---|
| Year Founded | 1999 | 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 | 0 | 1 |
Spreadex offers competitive commission and fee structures with an average spread of 0.81 pips for the EUR/USD in January 2024. Most notably, a minimum spread of 0.6 pips was achieved 60% of the time. This makes Spreadex an attractive choice for traders focused on minimizing trading costs. The broker has been awarded a commendable four-star rating for commissions and fees and is ranked 30th out of 62 brokers by ForexBrokers.com, highlighting its competitive position in the industry.
In contrast, LegacyFX's fee structure varies greatly depending on the entity and account type. The EU entity offers three accounts: Silver, Gold, and Platinum, with minimum spreads starting at 1.6 pips for the EUR/USD on the Silver account. The international entity in Vanuatu provides seven account options, with varying levels of client support and trading tool access. However, a lack of average spread data limits transparency on trading costs. LegacyFX has earned a 3.5-star rating for its commissions and fees, ranking 56th by ForexBrokers.com.
When comparing the two brokers, Spreadex's consistently low spreads and higher ranking for commissions and fees make it a potentially more cost-effective option for traders. While LegacyFX offers a variety of account types with different benefits, the absence of clear spread information may pose challenges in evaluating its true trading costs.
| Feature |
Spreadex
|
LegacyFX
|
|---|---|---|
| Minimum Deposit | $0 | $500 |
| Average Spread EUR/USD - Standard | 0.81 | N/A |
| All-in Cost EUR/USD - Active | N/A | N/A |
| Active Trader or VIP Discounts | No | 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 Spreadex and LegacyFX in terms of their range of investments, it becomes clear which broker stands out. Spreadex impresses with a massive selection of 10,000 tradeable symbols, including 52 forex pairs offered as CFDs or spot contracts, gaining a 5-star rating for its extensive range. While it does not offer trading with exchange-traded securities or the ability to purchase actual cryptocurrencies, Spreadex does provide options for those interested in cryptocurrency derivatives. This broad investment collection positions Spreadex as a top-tier choice in the industry, ranked 13th out of 62 brokers by ForexBrokers.com for its range of investments.
On the other hand, LegacyFX provides a more limited selection with 425 tradeable symbols and 44 forex pairs available for trading as CFDs or spot contracts. While it too does not offer exchange-traded securities or the buying of actual cryptocurrencies, it does support trading in cryptocurrency derivatives, along with a beneficial feature of copy trading. Despite these offerings, LegacyFX received a 3.5-star rating and holds the 48th spot in the ForexBrokers.com ranking, suggesting that investors looking for a more extensive array of trading options might prefer Spreadex over LegacyFX.
| Feature |
Spreadex
|
LegacyFX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 10000 | 425 |
| Forex Pairs (Total) | 52 | 44 |
| U.S. Stock Trading (Non CFD) | No | No |
| Int'l Stock Trading (Non CFD) | No | 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). | 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 Spreadex and LegacyFX for their trading platforms and tools, there are notable distinctions to consider. Spreadex offers a unique proprietary platform developed in-house and provides a free virtual demo account, which is ideal for newcomers to practice trading without risk. Although it does not support a Windows-based desktop platform, Spreadex offers a web-based option that allows easy access from any browser. Despite the absence of MetaTrader 4 or 5, and lack of copy trading features, Spreadex allows trading directly from stock charts with 11 drawing tools and 8 columns for watch lists, resulting in a solid 4-star rating for its trading tools. In the broader market, it stands at the 46th position among 62 brokers, as ranked by ForexBrokers.com.
LegacyFX, on the other hand, expands options with a Windows-based desktop platform in addition to its web-based offering. While lacking an in-house proprietary platform, it compensates with the addition of MetaTrader 5 and copy trading capabilities, appealing to those who value these features. LegacyFX also provides a virtual demo account for practice. With a richer set of 15 charting drawing tools and 7 columns for watch lists, it allows direct trading from stock charts, scoring 3.5 stars for its platform and tools. However, its ranking at 59th out of 62 brokers by ForexBrokers.com suggests areas for improvement compared to its peers. Both platforms have distinct strengths, so the choice between Spreadex and LegacyFX may come down to individual priorities and trading strategies.
| Feature |
Spreadex
|
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) | 58 | 30 |
| Charting - Drawing Tools (Total) | 11 | 15 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 8 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Both Spreadex and LegacyFX provide trading apps compatible with iPhones and Android devices, offering seamless access to stock and forex markets on the go. Users of either broker can benefit from price alerts and enjoy the ability to draw trendlines on charts while viewing multiple time frames. Real-time quotes are available for watchlist creation in both apps, allowing traders to stay updated with the latest market movements. However, neither app offers the synchronization of watchlist symbols between mobile and online accounts, which could affect users looking for a unified trading experience across platforms.
While LegacyFX provides an edge with 30 technical studies for charting, Spreadex shines with a higher rating of 4 stars for its mobile trading app compared to LegacyFX's 3.5 stars. Spreadex users might miss auto-saving functions for chart drawings, a feature supported by LegacyFX. Despite this, Spreadex ranks higher among its competitors, positioned at #49 compared to LegacyFX’s #60 in rankings by ForexBrokers.com, potentially making it a more favorable choice for traders prioritizing a more recognized mobile trading experience.
| Feature |
Spreadex
|
LegacyFX
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | No | No |
| Mobile Charting - Indicators / Studies | N/A | 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 Spreadex and LegacyFX, both online brokers provide daily market commentary and forex news from reputable sources like Bloomberg and Reuters. They also offer tools from Autochartist for technical or fundamental analysis, and both have economic calendars that track global news events. However, Spreadex distinguishes itself by offering a sentiment-based trading tool that shows the ratio of long and short positions, a feature LegacyFX does not include. Both brokers do not provide market research from TipRanks or research tools from Acuity Trading.
In terms of research quality, Spreadex is rated slightly higher with four out of five stars, compared to LegacyFX's 3.5-star rating. When ranked by ForexBrokers.com, Spreadex comes in at #31 out of 62 brokers for research offerings, whereas LegacyFX is positioned lower at #45. This suggests that while both brokers offer similar features, Spreadex may have a slight edge in the research domain according to industry rankings.
| Feature |
Spreadex
|
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 Spreadex and LegacyFX offer a variety of materials focused on forex and CFDs, each providing over 10 educational pieces such as articles, videos, and webinars. However, there are notable differences in their offerings. Spreadex stands out with beginner-focused trading videos and a comprehensive investor dictionary, making it a strong choice for those just starting their trading journey. Despite not offering monthly online webinars or a recorded webinar archive, Spreadex still earns a commendable four-star rating for education, although it is ranked #45 out of 62 brokers on ForexBrokers.com.
Conversely, LegacyFX provides a more interactive learning experience with monthly live webinars and a searchable archive of these sessions. This makes it appealing for learners who prefer a more engaged and ongoing educational approach. Additionally, LegacyFX equips traders with advanced trading videos and an extensive investor dictionary. Yet, despite these offerings, LegacyFX receives a slightly lower education rating of 3.5 stars and is ranked #35 on ForexBrokers.com. Both brokers have their strengths, so the choice largely depends on whether you value interactive learning or specific beginner content when stepping into the trading world.
| Feature |
Spreadex
|
LegacyFX
|
|---|---|---|
| Education (Forex or CFDs) | Yes | Yes |
| Client Webinars | No | Yes |
| Client Webinars (Archived) | No | 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 Spreadex is better than LegacyFX. Spreadex finished with an overall rank of #39, while LegacyFX finished with an overall rank of #62.
Spreadex is an FCA-regulated broker in the UK, offering forex and CFDs, and is well known for its sports betting business, and proprietary web trading platforms. Spreadex still has considerable room to improve, in key categories such as research and education, compared to the best forex brokers.
| Feature |
Spreadex
|
LegacyFX
|
|---|---|---|
| Overall Rating |
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| Trust Score | 71 | 67 |
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Both Spreadex and LegacyFX do not offer the ability to buy actual delivered cryptocurrencies, but they do provide options for purchasing cryptocurrency derivatives.
In comparing online brokers, both Spreadex and LegacyFX do not offer ACH, SEPA transfers, or PayPal for fund transactions, but while they both accept Visa and Mastercard, as well as bank wires for deposits and withdrawals, only LegacyFX provides Skrill as an additional payment option.
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 | Spreadex | LegacyFX | |
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| Trust Score | 71 | 67 | |
| Winner | check_circle | ||
| Review | Spreadex Review | LegacyFX Review |
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| Regulation | Spreadex | LegacyFX | |
|---|---|---|---|
| Trust Score | 71 | 67 | |
| Year Founded | 1999 | 2012 | |
| Publicly Traded (Listed) | No | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | No | Yes | |
| Tier-1 Licenses | 1 | 1 | |
| Tier-2 Licenses | 0 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 1 |
| Tier-1 Licenses (Highly Trusted) | Spreadex | 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) | Yes | No | |
| USA (CFTC Authorized) | No | No | |
| New Zealand (FMA Authorised) | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | No | Yes |
| Tier-2 Licenses (Trusted) | Spreadex | 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 | Spreadex | LegacyFX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 10000 | 425 | |
| Forex Pairs (Total) | 52 | 44 | |
| U.S. Stock Trading (Non CFD) | No | No | |
| Int'l Stock Trading (Non CFD) | No | 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). | 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 | Spreadex | LegacyFX | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 0.81 | N/A | |
| All-in Cost EUR/USD - Active | N/A | N/A | |
| Active Trader or VIP Discounts | No | Yes | |
| Inactivity Fee | No | No | |
| Execution: Agency Broker | No | No | |
| Execution: Market Maker | Yes | Yes |
| Funding | Spreadex | 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 | Spreadex | 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 | Spreadex | LegacyFX | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 8 | 7 | |
| Charting - Indicators / Studies (Total) | 58 | 30 | |
| Charting - Drawing Tools (Total) | 11 | 15 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | Spreadex | 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 | N/A | 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 | Spreadex | 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 | Spreadex | LegacyFX | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | Yes | |
| Client Webinars | No | Yes | |
| Client Webinars (Archived) | No | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | No | Yes | |
| Investor Dictionary (Glossary) | Yes | Yes |
| Major Forex Pairs | Spreadex | 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 | Spreadex Review | LegacyFX Review |
| Overall | Spreadex | LegacyFX | |
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| Trust Score | 71 | 67 | |
| Winner | check_circle | ||
| Review | Spreadex Review | LegacyFX Review |
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