Written by ForexBrokers.com
In this head to head comparison of Swissquote 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.
When comparing online brokers, Swissquote and LegacyFX offer distinct features and levels of trust for potential investors. Founded in 1996, Swissquote distinguishes itself as a bank and a publicly traded entity, listed on a stock exchange. With its impressive collection of 5 Tier-1 licenses, Swissquote garners the highest Trust Score of 99 out of 99 from ForexBrokers.com, indicating it is highly trusted. This formidable regulatory presence makes Swissquote a standout choice for those prioritizing reliability and safety in their online trading experience.
In contrast, LegacyFX, established in 2012, operates without the backing of a publicly traded status or the credentials of a bank. LegacyFX holds a single Tier-1 license and currently has no Tier-2 licenses, contributing to its Trust Score of 67, placing it in the high-risk category according to ForexBrokers.com. While LegacyFX may still appeal to certain investors, those who prioritize institution-backed security and a higher level of trust may prefer the comprehensive assurance provided by Swissquote's regulatory framework.
| Feature |
Swissquote
|
LegacyFX
|
|---|---|---|
| Year Founded | 1996 | 2012 |
| Publicly Traded (Listed) | Yes | No |
| Bank | Yes | No |
| Tier-1 Licenses | 5 | 1 |
| Tier-2 Licenses | 1 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 1 |
When comparing the commissions and fees of online brokers Swissquote and LegacyFX, both receive a similar rating of 3.5 out of 5 stars. However, their service structures differ significantly. Swissquote's U.K. entity offers a more economical option with lower costs and deposit requirements compared to its Switzerland and Luxembourg branches. For instance, their Elite account offers lower spreads for active traders with at least a $10,000 deposit. Meanwhile, Swissquote's spreads and required deposits across its various entities can range widely, with the Swiss branch offering higher spreads on its forex accounts.
LegacyFX, on the other hand, offers different account options based on whether you operate through their EU entity regulated by CySEC or their international entity in Vanuatu. In the EU, investors can choose from three account types, with the lowest trading costs available on the Platinum account. For international clients, seven account types are available, with varying benefits, such as enhanced client support and access to trading tools.
Swissquote is ranked #52 and LegacyFX #56 out of 62 brokers by ForexBrokers.com in the Commissions and Fees category. This suggests that while both brokers provide solid service, there is a wide array of more affordable options available on the market for traders prioritizing cost efficiency. Both brokers offer features tailored to different market segments, ensuring flexibility in meeting trader needs despite their higher fee structures.
| Feature |
Swissquote
|
LegacyFX
|
|---|---|---|
| Minimum Deposit | $1000 | $500 |
| Average Spread EUR/USD - Standard | N/A | 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.
When comparing Swissquote and LegacyFX in terms of available investment options, Swissquote offers a more extensive range. Both brokers provide forex trading as a CFD or spot contract; however, Swissquote boasts 472 tradeable symbols while LegacyFX offers 425. For forex pairs specifically, Swissquote provides access to 80 pairs, significantly more than LegacyFX's 44 pairs. Notably, Swissquote allows clients to invest directly in exchange-traded securities on both U.S. and international exchanges, a feature LegacyFX does not offer. Additionally, Swissquote supports the purchase of actual cryptocurrencies, while LegacyFX deals only in cryptocurrency derivatives.
In terms of copy trading capabilities, both platforms offer this feature for investors interested in mirroring successful strategies. Nonetheless, Swissquote earns a higher rating, achieving a full five stars for its range of investments, which ranks it 2nd out of 62 brokers according to ForexBrokers.com. In contrast, LegacyFX receives 3.5 stars and holds the 48th position in the same ranking. Overall, Swissquote's broader range of investment options, including direct securities and actual cryptocurrencies, gives it a competitive edge for those seeking diverse trading opportunities.
| Feature |
Swissquote
|
LegacyFX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 472 | 425 |
| Forex Pairs (Total) | 80 | 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) | Yes | 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.
Swissquote and LegacyFX both provide a range of trading platforms and tools to enhance user experience. Swissquote offers a distinct edge with its proprietary trading platform, developed in-house to cater specifically to its clients. This is complemented by the availability of both the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms, providing traders with a versatile trading environment. LegacyFX, while lacking a proprietary platform, does offer MetaTrader 5 alongside its web-based and Windows-based desktop platforms. Both brokers ensure new traders can practice their skills with free virtual demo accounts and provide access to copy trading services.
For those who prioritize charting tools, Swissquote stands out by offering a more extensive array with 75 drawing tools compared to LegacyFX's 15. Furthermore, Swissquote allows easy customization of watch lists, supporting up to 11 columns, whereas LegacyFX offers up to 7. When directly comparing their performance in the trading platforms and tools category, Swissquote receives a high rating of 4.5 stars and is ranked 11th by ForexBrokers.com among 62 brokers, whereas LegacyFX holds a 3.5-star rating and is positioned at 59th. This comprehensive suite of features places Swissquote ahead in terms of versatility and trader satisfaction.
| Feature |
Swissquote
|
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) | Yes | No |
| MetaTrader 5 (MT5) | Yes | Yes |
| DupliTrade | No | No |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 86 | 30 |
| Charting - Drawing Tools (Total) | 75 | 15 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 11 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
When comparing Swissquote and LegacyFX for their mobile trading apps, both platforms provide essential features for forex and stock trading on iPhone and Android devices. Traders on both apps can receive price alerts, enjoy the ability to draw trend lines on charts, and view various time frames like daily and weekly. Additionally, the apps feature auto-saving for any drawings made on charts, ensuring seamless continuity in trading strategies. Both platforms offer 30 technical studies for charting, giving traders the necessary tools for detailed technical analysis. However, one limitation is that neither Swissquote nor LegacyFX offers watchlist symbol syncing between their mobile apps and web platforms, meaning changes to your watchlist won't sync across different devices.
Swissquote stands out with a higher rating for its mobile trading app at 4.5 out of five stars and a ranking of #10 out of 62 brokers, according to ForexBrokers.com. In contrast, LegacyFX has a rating of 3.5 stars and is positioned further down the list at #60. This difference suggests a more satisfactory user experience with Swissquote's app. Despite these disparities in ratings and rankings, both Swissquote and LegacyFX allow users to create watchlists with real-time quotes, supporting active monitoring of market movements on the go.
| Feature |
Swissquote
|
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 it comes to market research features, both Swissquote and LegacyFX provide daily market commentary as well as forex news from top-tier sources like Bloomberg and Reuters. Additionally, traders have access to technical analysis tools from Autochartist on both platforms, facilitating informed trading decisions. However, neither broker offers resources from Trading Central or Acuity Trading, nor do they provide sentiment-based trading tools or insights from TipRanks. For those looking for an economic calendar to track global news events, both brokers meet this need, ensuring traders can stay updated with ease.
In terms of research quality and rankings, Swissquote edges out LegacyFX with a slightly higher research rating of 4 stars compared to LegacyFX's 3.5 stars. According to ForexBrokers.com, Swissquote holds the 16th position out of 62 brokers in the research category, while LegacyFX is positioned at 45th. This indicates that Swissquote may offer a slight advantage in terms of research capabilities, though both brokers deliver key tools to support comprehensive market analysis.
| Feature |
Swissquote
|
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 | No | No |
| TipRanks | No | No |
| Signal Centre (Acuity Trading) | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
For beginners looking to enhance their trading skills, both Swissquote and LegacyFX provide a comprehensive suite of educational resources. Swissquote stands out with its impressive arsenal of educational materials, offering a wide range of more than 10 articles, videos, and archived webinars focusing on forex and CFDs. To assist beginners in getting started, both brokers offer at least 10 educational videos tailored specifically for those new to trading. Additionally, both companies deliver monthly online client webinars and maintain an accessible archive of these sessions, ensuring learners can revisit the content at their convenience.
Alongside beginner resources, Swissquote and LegacyFX also cater to more experienced traders with a selection of advanced educational videos. An investor dictionary containing over 50 investing terms is available from both platforms, facilitating a deeper understanding of trading terminology. In terms of user ratings, Swissquote earns a higher educational rating of 4 stars, compared to LegacyFX's 3.5 stars. When ranked among 62 brokers, Swissquote holds the 21st position for its educational offerings, while LegacyFX is positioned at 35th by ForexBrokers.com. These rankings reflect the comprehensive and accessible range of resources each platform delivers to beginners eager to learn the intricacies of trading.
| Feature |
Swissquote
|
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 Swissquote is better than LegacyFX. Swissquote finished with an overall rank of #11, while LegacyFX finished with an overall rank of #62.
Traders choose Swissquote for its quality research and vast multi-asset offering – as long as they are willing to pay a premium to have their brokerage account held with a Swiss bank.
| Feature |
Swissquote
|
LegacyFX
|
|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 67 |
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Swissquote provides the capability to purchase actual delivered cryptocurrency, as well as cryptocurrency derivatives, while LegacyFX only offers the option to buy cryptocurrency derivatives, not the actual cryptocurrency.
Swissquote provides a diverse range of deposit and withdrawal options, including ACH/SEPA transfers, PayPal, Skrill, Visa/Mastercard, and bank wires, whereas LegacyFX does not support ACH/SEPA transfers or PayPal, but does offer Skrill, Visa/Mastercard, and bank wires.
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 | Swissquote | LegacyFX | |
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| Trust Score | 99 | 67 | |
| Winner | check_circle | ||
| Review | Swissquote Review | LegacyFX Review |
| Broker Screenshots | Swissquote | LegacyFX | |
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| Regulation | Swissquote | LegacyFX | |
|---|---|---|---|
| Trust Score | 99 | 67 | |
| Year Founded | 1996 | 2012 | |
| Publicly Traded (Listed) | Yes | No | |
| Bank | Yes | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 5 | 1 | |
| Tier-2 Licenses | 1 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 1 |
| Tier-1 Licenses (Highly Trusted) | Swissquote | LegacyFX | |
|---|---|---|---|
| Australia (ASIC Authorised) | No | No | |
| Canada (CIRO Authorised) | No | No | |
| Hong Kong (SFC Authorised) | Yes | No | |
| Japan (SFC Authorised) | No | 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) | Swissquote | 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 | Swissquote | LegacyFX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 472 | 425 | |
| Forex Pairs (Total) | 80 | 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) | Yes | 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 | Swissquote | LegacyFX | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | N/A | 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 | Swissquote | LegacyFX | |
|---|---|---|---|
| Minimum Deposit | $1000 | $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 | Swissquote | LegacyFX | |
|---|---|---|---|
| Proprietary Platform | Yes | 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 | Swissquote | LegacyFX | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 11 | 7 | |
| Charting - Indicators / Studies (Total) | 86 | 30 | |
| Charting - Drawing Tools (Total) | 75 | 15 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | Swissquote | 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 | Swissquote | 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 | No | No | |
| Economic Calendar | Yes | Yes |
| Education | Swissquote | 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 | Swissquote | 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 | Swissquote Review | LegacyFX Review |
| Overall | Swissquote | LegacyFX | |
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| Trust Score | 99 | 67 | |
| Winner | check_circle | ||
| Review | Swissquote Review | LegacyFX Review |
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