Written by ForexBrokers.com
In this head to head comparison of Trade Nation 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.
Trade Nation, established in 2014, is an online broker that holds two Tier-1 licenses and one Tier-2 license. This regulatory setup gives it a firm footing on the trust scale, earning it an impressive Trust Score of 85 out of 99, categorizing it as trusted. LegacyFX, on the other hand, has been in operation since 2012 and holds one Tier-1 license. However, it lacks Tier-2 licensing and bears a Trust Score of 67, which is considered high risk. Neither Trade Nation nor LegacyFX is publicly traded or operates as a bank.
When choosing between these brokers, prospective investors might consider the level of regulatory oversight and trustworthiness indicated by their respective Trust Scores and licenses. Trade Nation, with its higher Trust Score and additional licenses, may appeal more to those seeking added assurance. Meanwhile, LegacyFX presents a slightly higher risk level, reflected in its score and licensing higher risk designations.
| Feature |
Trade Nation
|
LegacyFX
|
|---|---|---|
| Year Founded | 2014 | 2012 |
| Publicly Traded (Listed) | No | No |
| Bank | No | No |
| Tier-1 Licenses | 2 | 1 |
| Tier-2 Licenses | 1 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 2 | 1 |
Trade Nation distinguishes itself with its competitive fixed-spread pricing model, making it a standout choice for traders seeking predictable costs. With fixed spreads for all tradeable symbols on its proprietary platform and variable spreads on its MetaTrader platform, Trade Nation offers flexibility to traders. The fixed spread for the popular EUR/USD pair is 0.6 pips, although this widens to 1.4 pips during the daily rollover period, averaging around 1 pip. Trade Nation offers three account types: two MetaTrader-based accounts—a Raw Spread account with a $3.50 commission per side and a commission-free option—and the TN Trader account for its proprietary platform, offering some of the lowest spreads. With a five-star rating and a ranking of #7 out of 62 brokers for commissions and fees by ForexBrokers.com, Trade Nation excels in providing cost-effective trading options.
LegacyFX, on the other hand, presents a more diverse account offering, which varies based on its regulatory entities. For EU residents, LegacyFX offers three account types—Silver, Gold, and Platinum—with minimum deposits ranging from $500 to $25,000. The Platinum account features the most competitive spreads, while the Silver account's minimum spread begins at 1.6 pips for the EUR/USD pair. For international users, LegacyFX provides seven account types, starting with a Standard account at $500 and escalating to the VIP account, which requires a $50,000 deposit. Spanning various service levels, these accounts cater to distinct trading needs and preferences. Rated 3.5 stars and ranked #56 out of 62 brokers by ForexBrokers.com in the Commissions and Fees category, LegacyFX offers a varied yet costlier trading experience compared to other brokers.
In summary, Trade Nation enjoys a superior position with its fixed-spread model, consistent pricing, and higher ranking for commissions and fees, making it an attractive option for cost-conscious traders. LegacyFX offers a broader selection of accounts with varying services and costs, appealing to traders looking for more personalized trading experiences. Ultimately, these distinctions help traders identify the most suitable broker based on their trading priorities and budget.
| Feature |
Trade Nation
|
LegacyFX
|
|---|---|---|
| Minimum Deposit | $0 | $500 |
| Average Spread EUR/USD - Standard | 0.6 | N/A |
| All-in Cost EUR/USD - Active | 0.6 | N/A |
| Active Trader or VIP Discounts | No | 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.
Trade Nation and LegacyFX both cater to forex traders with competitive offerings, presenting a straightforward choice for those interested in forex trading as either a CFD or spot contract. Trade Nation provides access to 46 tradeable forex pairs, slightly edging out LegacyFX, which offers 44 pairs. For those interested in a broader array of symbols, Trade Nation stands out with 1000 options compared to LegacyFX’s 425. Both brokers offer cryptocurrency derivatives, though neither allows investors to buy actual cryptocurrencies or exchange-traded securities, including stocks on U.S. or international exchanges, which might limit options for more diverse portfolios.
Moreover, both platforms provide copy trading, which could be appealing to beginner investors looking to learn from seasoned traders. Despite their similarities, Trade Nation is ranked higher at #38 compared to LegacyFX’s #48 in the Range of Investments category by ForexBrokers.com, even though both receive an identical rating of 3.5 stars from the same ranking authority. This ranking suggests that while both platforms offer similar strengths, Trade Nation has a slight edge in overall investment diversity based on the range of symbols available.
| Feature |
Trade Nation
|
LegacyFX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 1000 | 425 |
| Forex Pairs (Total) | 46 | 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 Trade Nation and LegacyFX, both brokers offer simulated trading with free virtual demo accounts, making them great for novice traders. Trade Nation stands out with a proprietary platform, allowing them to tailor features specifically for their customers. In contrast, LegacyFX relies on third-party platforms for trading needs. Both brokers provide a Windows-based desktop downloading option and web-based platforms, ensuring traders have versatile access to the market. Notably, Trade Nation integrates MetaTrader 4, a popular choice among traders, whereas LegacyFX uses MetaTrader 5, another highly regarded platform. Both brokers cater to those interested in peer strategies with copy trading options, though neither offers access to DupliTrade or ZuluTrade for strategy copying.
Charting tools present a notable distinction; Trade Nation offers a more extensive array of 39 drawing tools, giving traders more options to analyze market trends, while LegacyFX provides 15. However, LegacyFX enables direct trading from stock charts, adding functionality for active traders. When it comes to managing watch lists, Trade Nation supports 14 columns for detailed tracking, compared to LegacyFX's 7 columns. Rated 4 stars for trading platforms and tools, Trade Nation edges ahead of LegacyFX, which garners 3.5 stars. This higher rating is reflected in their rankings, where Trade Nation is positioned at #45 out of 62 brokers while LegacyFX is ranked #59 according to ForexBrokers.com.
| Feature |
Trade Nation
|
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) | No | Yes |
| DupliTrade | No | No |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 99 | 30 |
| Charting - Drawing Tools (Total) | 39 | 15 |
| Charting - Trade From Chart | No | Yes |
| Watchlists - Total Fields | 14 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
When it comes to mobile trading apps, both Trade Nation and LegacyFX offer solutions for iPhone and Android users, ensuring that traders can access their platforms on the go. Both services provide stock or forex price alerts to keep their users informed. However, an advantage of Trade Nation is its feature that allows watchlist symbol syncing, meaning your watchlists in the mobile app sync with your online account for seamless management. LegacyFX lacks this particular integration.
Trade Nation takes the lead with charting capabilities, offering 99 technical studies compared to LegacyFX's 30. Both apps allow users to draw trendlines and view multiple timeframes on stock or forex charts. Additionally, they both offer auto-saving of chart drawings and real-time quotes in watchlists. In user ratings, Trade Nation earns four stars for its mobile trading app compared to LegacyFX's 3.5 stars. On ForexBrokers.com, Trade Nation is ranked 45th out of 62 brokers for mobile apps, while LegacyFX is positioned further down at 60th, suggesting a stronger performance from Trade Nation in overall mobile trading experience.
| Feature |
Trade Nation
|
LegacyFX
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | No |
| Mobile Charting - Indicators / Studies | 99 | 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 Trade Nation and LegacyFX for market research, each offers unique features that cater to different trader preferences. Both brokers provide forex news from top-tier sources like Bloomberg and Reuters, ensuring access to reliable information. However, LegacyFX stands out by providing daily market commentary and utilizing Autochartist tools for technical analysis, whereas Trade Nation does not. On the other hand, Trade Nation distinguishes itself with a sentiment-based trading tool that evaluates the long or short positions across currency pairs, a feature absent in LegacyFX. Also, Trade Nation offers research tools from Acuity Trading, such as Signal Centre.
Both brokers are rated 3.5 stars for research, as per ForexBrokers.com, although Trade Nation ranks slightly higher at #42, compared to LegacyFX's rank at #45 out of 62 brokers. LegacyFX provides an economic calendar to keep traders informed about global economic events, a service not offered by Trade Nation. While neither broker utilizes Trading Central or TipRanks for market research, these differences highlight the distinct advantages each broker may present to traders. Ultimately, prospective users should weigh these factors based on their individual research needs and trading strategies.
| Feature |
Trade Nation
|
LegacyFX
|
|---|---|---|
| Daily Market Commentary | No | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | No | Yes |
| Trading Central (Recognia) | No | No |
| Social Sentiment - Currency Pairs | Yes | No |
| TipRanks | No | No |
| Signal Centre (Acuity Trading) | Yes | No |
| Economic Calendar | No | Yes |
Dive deeper: Best Brokers for Forex Research.
When comparing educational resources for beginners between Trade Nation and LegacyFX, both online brokers provide a collection of at least 10 educational pieces focused on forex or CFDs. These resources are accessible through various formats such as articles, videos, or archived webinars, making them useful for those new to trading. Both platforms also offer at least 10 video tutorials specifically designed for beginners. However, LegacyFX takes a step further by offering monthly live webinars, which Trade Nation lacks.
LegacyFX provides additional value with a searchable archive of past webinars, an investor dictionary with over 50 investing term definitions, and more than 10 advanced educational videos tailored for experienced traders, whereas Trade Nation does not. Despite these differences, both brokers maintain an educational rating of 3.5 stars. However, LegacyFX is ranked higher at #35 compared to Trade Nation’s #42 in the Education category by ForexBrokers.com, indicating a slightly better reputation in providing educational content. This positions LegacyFX as a more comprehensive choice for those seeking ongoing educational opportunities in trading.
| Feature |
Trade Nation
|
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) | No | Yes |
Dive deeper: Best Forex Brokers for Beginners.
After testing 62 of the best forex brokers, our research and account testing finds that Trade Nation is better than LegacyFX. Trade Nation finished with an overall rank of #34, while LegacyFX finished with an overall rank of #62.
Trade Nation’s well-designed, easy-to-use trading app is an innovative trading platform that’s great for beginner forex and CFD traders. However, if you’re a seasoned trader, you may find that Trade Nation lacks advanced features compared to the best trading platforms.
| Feature |
Trade Nation
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LegacyFX
|
|---|---|---|
| Overall Rating |
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| Trust Score | 85 | 67 |
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Both Trade Nation and LegacyFX do not offer the ability to purchase actual delivered cryptocurrency, but they both provide options for trading cryptocurrency derivatives.
Both Trade Nation and LegacyFX do not provide ACH or SEPA transfers, nor do they support PayPal for deposits and withdrawals, but they do offer Skrill, Visa, Mastercard, and bank wire options for easy fund 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 | Trade Nation | LegacyFX | |
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| Trust Score | 85 | 67 | |
| Winner | check_circle | ||
| Review | Trade Nation Review | LegacyFX Review |
| Broker Screenshots | Trade Nation | LegacyFX | |
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| Regulation | Trade Nation | LegacyFX | |
|---|---|---|---|
| Trust Score | 85 | 67 | |
| Year Founded | 2014 | 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 | 1 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 2 | 1 |
| Tier-1 Licenses (Highly Trusted) | Trade Nation | 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) | 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) | Trade Nation | LegacyFX | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | Yes | No | |
| UAE (DFSA/Central Bank Authorised) | No | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | Trade Nation | LegacyFX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 1000 | 425 | |
| Forex Pairs (Total) | 46 | 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 | Trade Nation | LegacyFX | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 0.6 | N/A | |
| All-in Cost EUR/USD - Active | 0.6 | N/A | |
| Active Trader or VIP Discounts | No | Yes | |
| Inactivity Fee | No | No | |
| Execution: Agency Broker | No | No | |
| Execution: Market Maker | Yes | Yes |
| Funding | Trade Nation | LegacyFX | |
|---|---|---|---|
| Minimum Deposit | $0 | $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 | Trade Nation | 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) | No | Yes | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | Trade Nation | LegacyFX | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 14 | 7 | |
| Charting - Indicators / Studies (Total) | 99 | 30 | |
| Charting - Drawing Tools (Total) | 39 | 15 | |
| Charting - Trade From Chart | No | Yes | |
| Charts can be saved | No | Yes |
| Mobile Trading | Trade Nation | 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 | 99 | 30 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Multiple Time Frames | Yes | Yes | |
| Mobile Charting - Drawings Autosave | Yes | Yes | |
| Mobile Economic Calendar | No | Yes |
| Research | Trade Nation | LegacyFX | |
|---|---|---|---|
| Daily Market Commentary | No | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | No | Yes | |
| Trading Central (Recognia) | No | No | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | Yes | No | |
| Economic Calendar | No | Yes |
| Education | Trade Nation | 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) | No | Yes |
| Major Forex Pairs | Trade Nation | 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 | Trade Nation Review | LegacyFX Review |
| Overall | Trade Nation | LegacyFX | |
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| Trust Score | 85 | 67 | |
| Winner | check_circle | ||
| Review | Trade Nation Review | LegacyFX Review |
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