Written by ForexBrokers.com
In this head to head comparison of TeleTrade 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.
TeleTrade and LegacyFX are two online brokers that, despite some similarities, show differences in terms of trustworthiness as per ForexBrokers.com Trust Score ratings. Founded in 1994, TeleTrade has established itself over the decades, holding one Tier-1 license, which denotes a high level of trust. However, with a Trust Score of 71 out of 99, it remains in the average risk category. TeleTrade is not publicly traded and does not operate as a bank.
LegacyFX, founded in 2012, shares some common ground with TeleTrade, such as not being publicly traded and lacking bank status. Also holding one Tier-1 license, LegacyFX somewhat trails behind TeleTrade in terms of trust with a score of 67 out of 99, placing it in the high-risk category according to ForexBrokers.com. Neither broker possesses a Tier-2 license, which reflects additional trusted status. As such, while both brokers are viable options, their trust ratings and regulatory standings are important considerations for potential investors.
| Feature |
TeleTrade
|
LegacyFX
|
|---|---|---|
| Year Founded | 1994 | 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 |
TeleTrade and LegacyFX are two online brokers with varying approaches to commissions and fees. TeleTrade does not provide detailed average spread data, making it harder to compare its trading costs directly. However, it has achieved a commendable four-star rating in the commissions and fees category, positioning it at 46th out of 62 brokers reviewed by ForexBrokers.com.
LegacyFX, on the other hand, offers a diverse range of account options tailored to EU and international clients. In the EU, clients can choose from Silver, Gold, and Platinum accounts, requiring a minimum deposit ranging from $500 to $25,000. Spreads vary across accounts, with the Silver account starting at a minimum of 1.6 pips for EUR/USD, while international clients have seven account types to choose from, each with different features and minimum deposits ranging from $500 to $50,000. Despite these options, a lack of average spread data could make it challenging for traders to estimate the trading costs. LegacyFX earns a 3.5-star rating and is ranked 56th out of 62 brokers in the same category.
| Feature |
TeleTrade
|
LegacyFX
|
|---|---|---|
| Minimum Deposit | $100 | $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 | No | No |
| PayPal (Deposit/Withdraw) | No | 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.
Both TeleTrade and LegacyFX provide a variety of investment options for traders, but there are some differences worth noting. Both brokers allow clients to engage in forex trading, offering options as CFDs or spot contracts. TeleTrade provides a selection of 500 tradeable symbols, including 61 forex pairs, whereas LegacyFX has 425 tradeable symbols with 44 forex pairs. Despite these variations, neither platform offers exchange-traded securities on U.S. or international exchanges, such as Apple or Vodafone shares.
Investing in cryptocurrency derivatives is possible with both TeleTrade and LegacyFX, though neither allows direct cryptocurrency purchases. Copy trading is available on both platforms, providing additional flexibility for investors. From user ratings, both brokers received a 3.5-star rating for their range of investment options. However, TeleTrade is ranked slightly higher by ForexBrokers.com at 45th, compared to LegacyFX's position at 48th out of 62 brokers. This comparison suggests that both brokers offer competitive investment opportunities, with slight distinctions in their offerings.
| Feature |
TeleTrade
|
LegacyFX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 500 | 425 |
| Forex Pairs (Total) | 61 | 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.
TeleTrade and LegacyFX both provide traders with a variety of tools and platforms to suit different trading styles. Both brokers offer free virtual demo accounts, which is an excellent way for beginners to practice without risking real money. Neither broker provides a proprietary platform, yet they both support Windows-based desktop downloads and web-based trading platforms. Additionally, they accommodate copy trading, enhancing strategy replication for users. While TeleTrade backs MetaTrader 4 and MetaTrader 5, LegacyFX only supports MetaTrader 5, potentially impacting traders who prefer MT4's features. Moreover, ZuluTrade is available on TeleTrade, adding more options for social or copy trading, whereas LegacyFX does not offer this feature.
In terms of usability, both TeleTrade and LegacyFX allow traders to execute trades directly from stock charts, and they offer an equal number of drawing tools—15 in total—making chart analysis easier. Watch lists on both platforms are customizable with up to seven fields, aiding personalized tracking. Despite these similarities, TeleTrade slightly edges out with a higher rating for its trading platforms and tools, earning 4 stars compared to LegacyFX's 3.5 stars. According to ForexBrokers.com, TeleTrade is ranked 51st among 62 brokers in this category, whereas LegacyFX is placed in the 59th spot, suggesting that users might find TeleTrade's offerings more satisfactory overall.
| Feature |
TeleTrade
|
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 | Yes | No |
| Charting - Indicators / Studies (Total) | 35 | 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.
TeleTrade and LegacyFX both provide mobile trading apps compatible with iPhone and Android devices, making them accessible for traders on the go. With both platforms, users can receive stock and forex price alerts, ensuring they stay informed of market movements. Each app also allows the drawing of trendlines on charts and offers the ability to view different time frames, such as daily or weekly. However, neither platform currently supports watchlist symbol syncing, so changes on the mobile app don't automatically reflect on the web account.
For those interested in technical analysis, TeleTrade offers 35 technical studies, slightly edging out LegacyFX, which offers 30. Both apps allow users to create watchlists with real-time quotes, and they also auto-save chart drawings to streamline the trading experience. When it comes to ratings, TeleTrade stands out with a 4-star rating as opposed to LegacyFX's 3.5 stars. Additionally, TeleTrade holds a higher rank in the mobile trading apps category, positioned at #25 out of 62 brokers, compared to LegacyFX's rank at #60. This distinction may guide users in choosing a platform that aligns with their trading needs.
| Feature |
TeleTrade
|
LegacyFX
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | No | No |
| Mobile Charting - Indicators / Studies | 35 | 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 TeleTrade and LegacyFX for market research offerings, both brokers provide daily market commentary and access to forex news from leading sources such as Bloomberg, Reuters, and Dow Jones. Each broker also includes an economic calendar that helps users track global economic events. However, a key difference between them lies in the availability of advanced research tools; LegacyFX gives its users access to tools from Autochartist, whereas TeleTrade does not offer this feature. Both do lack accessibility to research tools from Trading Central and Acuity Trading, as well as sentiment-based trading tools and market research from TipRanks.
In terms of research quality ratings, both TeleTrade and LegacyFX receive 3.5 stars, reflecting a solid and comparable level of service. However, TeleTrade holds a slightly better ranking at #38 in the Research category according to ForexBrokers.com, while LegacyFX is positioned at #45 out of 62 brokers. This slight edge indicates TeleTrade may have a marginal advantage in research offerings for those prioritizing this aspect in their trading platform choice.
| Feature |
TeleTrade
|
LegacyFX
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | No | 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.
When it comes to offering educational resources for beginners, LegacyFX stands out compared to TeleTrade. LegacyFX provides a wealth of materials with more than 10 educational pieces focused on forex and CFDs, alongside regular online webinars and an accessible archive of previous sessions. In contrast, TeleTrade falls short in all these areas, lacking both frequent webinars and an extensive collection of educational content. For newcomers eager to learn, LegacyFX clearly offers a richer collection of learning assets.
LegacyFX also caters well to both beginner and advanced traders through more than 10 specialized educational videos for each level, whereas TeleTrade does not meet this standard. Additionally, LegacyFX includes an investor dictionary with over 50 key investing terms, a resource absent from TeleTrade. Despite having the same 3.5-star rating for education, LegacyFX's offerings earn it a higher ranking in the educational category, placing it at #35 out of 62 brokers, whereas TeleTrade ranks at #61.
| Feature |
TeleTrade
|
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 TeleTrade is better than LegacyFX. TeleTrade finished with an overall rank of #50, while LegacyFX finished with an overall rank of #62.
TeleTrade was an early pioneer of mobile apps for finance, then became a forex and CFD broker, now offering the MetaTrader platform. With just one regulatory license, Teletrade has a lower Trust Score than more established forex brokers.
| Feature |
TeleTrade
|
LegacyFX
|
|---|---|---|
| Overall Rating |
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| Trust Score | 71 | 67 |
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Both TeleTrade and LegacyFX do not provide options for buying actual delivered cryptocurrencies, but they do offer the ability to trade cryptocurrency derivatives.
When comparing online brokers TeleTrade and LegacyFX, neither offers ACH or SEPA transfers nor PayPal for depositing or withdrawing funds, but both provide Skrill, Visa or Mastercard, and bank wire 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 | TeleTrade | LegacyFX | |
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| Trust Score | 71 | 67 | |
| Winner | check_circle | ||
| Review | LegacyFX Review |
| Broker Screenshots | TeleTrade | LegacyFX | |
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| Regulation | TeleTrade | LegacyFX | |
|---|---|---|---|
| Trust Score | 71 | 67 | |
| Year Founded | 1994 | 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 | 0 | 1 |
| Tier-1 Licenses (Highly Trusted) | TeleTrade | 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) | TeleTrade | 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 | TeleTrade | LegacyFX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 500 | 425 | |
| Forex Pairs (Total) | 61 | 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 | TeleTrade | 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 | No | No | |
| Execution: Agency Broker | No | No | |
| Execution: Market Maker | Yes | Yes |
| Funding | TeleTrade | LegacyFX | |
|---|---|---|---|
| Minimum Deposit | $100 | $500 | |
| PayPal (Deposit/Withdraw) | No | 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 | TeleTrade | 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 | Yes | No |
| Trading Tools | TeleTrade | LegacyFX | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 7 | 7 | |
| Charting - Indicators / Studies (Total) | 35 | 30 | |
| Charting - Drawing Tools (Total) | 15 | 15 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | TeleTrade | 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 | 35 | 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 | TeleTrade | LegacyFX | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | No | Yes | |
| Trading Central (Recognia) | No | No | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | No | No | |
| Economic Calendar | Yes | Yes |
| Education | TeleTrade | 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 | TeleTrade | 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 | LegacyFX Review |
| Overall | TeleTrade | LegacyFX | |
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| Trust Score | 71 | 67 | |
| Winner | check_circle | ||
| Review | LegacyFX Review |
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