Written by ForexBrokers.com
In this head to head comparison of TMGM 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.
TMGM, established in 2013, and LegacyFX, founded in 2012, are both privately owned online brokers that are not publicly traded or affiliated with any banks. When diving into their regulatory standing, TMGM stands out with a Trust Score of 83 out of 99 from ForexBrokers.com, categorizing it as a trusted broker. It also holds two Tier-1 licenses, which are highly regarded in the industry for ensuring strict regulatory compliance and client fund security.
In contrast, LegacyFX holds a Trust Score of 67, placing it in the higher risk category. It possesses one Tier-1 license but lacks any Tier-2 licenses, which denotes a narrower focus on regulation compared to TMGM. Both firms provide trading services, yet TMGM's regulatory credentials and higher trust rating might offer clients more peace of mind when choosing an online broker.
| Feature |
TMGM
|
LegacyFX
|
|---|---|---|
| Year Founded | 2013 | 2012 |
| Publicly Traded (Listed) | No | No |
| Bank | No | No |
| Tier-1 Licenses | 2 | 1 |
| Tier-2 Licenses | 0 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 2 | 1 |
When it comes to evaluating online brokers for their commissions and fees, TMGM stands out with its competitive rates on the Edge account. Offering a small commission of $3.50 per side and low spreads, it appeals to traders looking for cost-effective trading options. Although specific average spread data for the EUR/USD was unavailable, TMGM’s structure remains attractive. It's worth noting that for those adhering to Sharia law, the Edge account is the only option providing interest-free trading. This positions TMGM well in the general landscape, earning it a 4-star rating and a commendable 36th rank out of 62 in the commissions and fees category according to ForexBrokers.com.
LegacyFX offers a range of account options that vary based on whether you're dealing with its EU-regulated entity or the international entity in Vanuatu. In the EU, account types such as Silver, Gold, and Platinum cater to different investment levels, with spreads generally most favorable on the Platinum account. For international clients, LegacyFX provides even more account options, each with varying minimum deposits and perks like client support and trading tool access. However, the absence of average spread data makes it hard to accurately gauge trading costs, impacting its overall appeal. As a result, LegacyFX receives a 3.5-star rating and is ranked 56th by ForexBrokers.com for its commission and fees structure.
Comparatively, TMGM offers a clearer fee structure with its low commission and spread costs, catering well to both regular and Islamic finance traders. On the other hand, while LegacyFX offers a wider range of account options, the lack of transparency in trading costs due to missing average spread data may discourage some traders. The rankings reflect this with TMGM leading at 36th place versus LegacyFX’s 56th, making TMGM the preferred choice between the two for those focused on commissions and fees.
| Feature |
TMGM
|
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 | No | Yes |
| ACH or SEPA Transfers | No | 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 TMGM and LegacyFX for their range of investments, TMGM stands out by offering a vast selection of 12,000 tradeable symbols, significantly more than LegacyFX, which provides 425 symbols. In terms of forex trading, both platforms support it as a CFD or spot contract. TMGM caters to traders with 62 tradeable forex pairs, while LegacyFX offers 44 pairs. Despite offering forex trading, neither TMGM nor LegacyFX allows clients to trade exchange-traded securities on U.S. or international exchanges.
Both platforms offer copy trading and provide the option to trade cryptocurrency derivatives, although they do not facilitate the purchase of actual cryptocurrencies. TMGM is rated higher for its range of investments, earning 4.5 stars and securing the 17th spot out of 62 brokers on ForexBrokers.com. In contrast, LegacyFX earns 3.5 stars and is ranked 48th in the same category, reflecting a narrower range of investment opportunities compared to TMGM.
| Feature |
TMGM
|
LegacyFX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 12000 | 425 |
| Forex Pairs (Total) | 62 | 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 offered by TMGM and LegacyFX, both brokers provide a range of features, including simulated trading through free demo accounts and access to popular platforms like MetaTrader 5. TMGM offers additional support for MetaTrader 4, which is not available at LegacyFX. Both brokers supply Windows-based desktop platforms and web-based platforms, making them accessible from different devices. If you’re into copy trading, both brokers support this feature but don't provide third-party services like DupliTrade or ZuluTrade. In terms of charting tools, both TMGM and LegacyFX offer the flexibility of 15 drawing tools and the ability to trade directly from stock charts.
For those monitoring their investments, TMGM and LegacyFX offer watch lists with seven columns to customize and track essential data. Despite these similarities, TMGM receives a slightly higher rating of four stars compared to LegacyFX’s 3.5 stars for trading platforms and tools. Additionally, TMGM is ranked higher at #48 out of 62 brokers in the Trading Platforms and Tools category by ForexBrokers.com, while LegacyFX trails at #59. These differences might influence traders who prioritize platform variety and rank in their broker selection process.
| Feature |
TMGM
|
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.
TMGM and LegacyFX both offer mobile trading apps compatible with iPhone and Android devices, allowing users to engage in trading on the go. Each app provides essential features such as stock and forex price alerts, and both grant the capability to draw trendlines on charts, view multiple time frames, and create watchlists with real-time quotes. Users can also explore 30 technical studies for charting, offering significant analytical capabilities directly through their mobile apps. However, both apps lack the ability to sync watchlist symbols between mobile and online accounts, meaning users will need to update watchlists separately in each location.
When it comes to performance, TMGM's mobile app edges out with a rating of 4 stars, compared to LegacyFX's 3.5-star rating. According to ForexBrokers.com, TMGM is ranked 47th out of 62 brokers for mobile trading apps, whereas LegacyFX is positioned at 60th. Both apps are capable of auto-saving chart drawings, ensuring users' analytics remain consistent across sessions. This overview highlights that while both platforms offer similar features, TMGM tends to score slightly higher in ratings and rankings, reflecting a potentially more favorable user experience.
| Feature |
TMGM
|
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 TMGM and LegacyFX provide traders with daily market commentary and forex news sourced from top-tier outlets like Bloomberg and Reuters. When it comes to research tools, however, each has its unique offerings. TMGM users can benefit from Trading Central's technical analytics and sentiment-based trading tools, providing insights through a ratio of long or short positions across currency pairs. Additionally, TMGM offers Acuity Trading's tools, such as Signal Centre. Conversely, LegacyFX distinguishes itself by offering Autochartist's technical analysis tools, which TMGM does not.
Both brokers provide access to an economic calendar to keep traders informed about significant global news events. While both TMGM and LegacyFX receive the same research rating of 3.5 stars, their rankings among 62 brokers differ. LegacyFX is ranked at #45, whereas TMGM is positioned further down at #53 by ForexBrokers.com. Despite these differences, neither broker offers market research from TipRanks. These insights can help traders determine which platform aligns better with their market research preferences.
| Feature |
TMGM
|
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 | Yes | 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, TMGM and LegacyFX offer different experiences. LegacyFX stands out by providing an array of resources tailored to help new traders learn about forex and CFDs, with more than 10 educational materials like articles and videos. Additionally, LegacyFX offers monthly online educational webinars, crafting a dynamic learning environment for its clients. In contrast, TMGM doesn't provide as much in terms of educational content or regular webinars, although they do offer a searchable archive for previous client webinars.
For those looking to dive deeper into trading topics, LegacyFX offers a selection of over 10 beginner educational videos and more than 10 advanced videos for seasoned traders. TMGM, however, does not match these offerings with specific video content aimed at beginners or experienced traders. Both brokers deliver an investor dictionary with over 50 investing terms, providing a solid reference tool for users. Although both TMGM and LegacyFX receive a similar education rating of 3.5 stars, LegacyFX ranks higher at #35 compared to TMGM's #54 in the education category, showing its stronger focus on educational content for its clients.
| Feature |
TMGM
|
LegacyFX
|
|---|---|---|
| Education (Forex or CFDs) | No | Yes |
| Client Webinars | No | Yes |
| Client Webinars (Archived) | Yes | Yes |
| Videos - Beginner Trading Videos | No | 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 TMGM is better than LegacyFX. TMGM finished with an overall rank of #37, while LegacyFX finished with an overall rank of #62.
TMGM stands out for its impressive education toolset, though it still trails behind the best brokers in most categories. TMGM offers a small range of markets via the MetaTrader 4 (MT4) platform. While primarily a MetaTrader broker, it also offers the more exclusive IRESS platform – though the platform-specific requirements will limit who can use it.
| Feature |
TMGM
|
LegacyFX
|
|---|---|---|
| Overall Rating |
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| Trust Score | 83 | 67 |
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Both TMGM and LegacyFX do not provide options for purchasing actual (delivered) cryptocurrency, but they both offer the ability to trade cryptocurrency derivatives instead.
When comparing online brokers TMGM and LegacyFX, neither offers ACH or SEPA transfers for account transactions, while TMGM provides PayPal as a payment option unlike LegacyFX; both brokers support Skrill, Visa or Mastercard, and bank wire transfers for deposits and withdrawals.
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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2 of 5| Overall Rating | TMGM | LegacyFX | |
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| Trust Score | 83 | 67 | |
| Winner | check_circle | ||
| Review | TMGM Review | LegacyFX Review |
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| Regulation | TMGM | LegacyFX | |
|---|---|---|---|
| Trust Score | 83 | 67 | |
| Year Founded | 2013 | 2012 | |
| Publicly Traded (Listed) | No | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | No | Yes | |
| Tier-1 Licenses | 2 | 1 | |
| Tier-2 Licenses | 0 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 2 | 1 |
| Tier-1 Licenses (Highly Trusted) | TMGM | LegacyFX | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | 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) | Yes | No | |
| Regulated in one or more EU or EEA countries (MiFID). | No | Yes |
| Tier-2 Licenses (Trusted) | TMGM | 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 | TMGM | LegacyFX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 12000 | 425 | |
| Forex Pairs (Total) | 62 | 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 | TMGM | 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 | No | Yes | |
| Inactivity Fee | Yes | No | |
| Execution: Agency Broker | Yes | No | |
| Execution: Market Maker | Yes | Yes |
| Funding | TMGM | 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 | No | No |
| Trading Platforms | TMGM | 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 | TMGM | 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 | TMGM | 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 | TMGM | 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 | Yes | No | |
| Economic Calendar | Yes | Yes |
| Education | TMGM | LegacyFX | |
|---|---|---|---|
| Education (Forex or CFDs) | No | Yes | |
| Client Webinars | No | Yes | |
| Client Webinars (Archived) | Yes | Yes | |
| Videos - Beginner Trading Videos | No | Yes | |
| Videos - Advanced Trading Videos | No | Yes | |
| Investor Dictionary (Glossary) | Yes | Yes |
| Major Forex Pairs | TMGM | 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 | TMGM Review | LegacyFX Review |
| Overall | TMGM | LegacyFX | |
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| Trust Score | 83 | 67 | |
| Winner | check_circle | ||
| Review | TMGM Review | LegacyFX Review |
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