Written by ForexBrokers.com
In this head to head comparison of XM Group 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.
XM Group and LegacyFX, both privately held online brokers, offer distinct trust profiles for potential investors. Founded in 2009, XM Group has established itself with a Trust Score of 88, indicating a trusted reputation in the industry. The broker is strengthened by its possession of four Tier-1 licenses and one Tier-2 license, reflecting a commitment to high regulatory standards. In comparison, LegacyFX, which started in 2012, has a Trust Score of 67, categorized as high risk. With only one Tier-1 license and no Tier-2 licenses, LegacyFX operates under a more limited regulatory framework.
Neither XM Group nor LegacyFX is publicly traded or operates as a bank, which makes their regulatory standings all the more significant for potential clients. XM Group's superior licensing and higher trust score might offer more peace of mind for those seeking solid regulatory assurance. On the other hand, LegacyFX's lower trust score and fewer licenses suggest a need for careful consideration when choosing a broker. These differences highlight the importance of understanding the regulatory landscape when selecting a broker that aligns with your trading needs and risk tolerance.
| Feature |
XM Group
|
LegacyFX
|
|---|---|---|
| Year Founded | 2009 | 2012 |
| Publicly Traded (Listed) | No | No |
| Bank | No | No |
| Tier-1 Licenses | 4 | 1 |
| Tier-2 Licenses | 1 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 1 | 1 |
When it comes to commissions and fees, XM Group presents a bit of a mixed picture. While its Standard account features rather expensive spreads, the average spreads for the commission-based XM Zero account remain undisclosed, making it challenging for traders to fully gauge potential costs. Despite these uncertainties, XM Group holds a commendable rating of 4 stars out of 5 in the commissions and fees category and ranks 33rd out of 62 brokers according to ForexBrokers.com.
LegacyFX offers a diverse array of account types with different cost structures, varying based on regional regulations. For its EU entity, regulated by CySEC, LegacyFX provides three account types—Silver, Gold, and Platinum—with minimum deposits of $500, $5,000, and $25,000, respectively. The trading costs decrease with higher-tier accounts, yet the Silver account incurs considerably high spreads, with minimums reaching 1.6 pips on the EUR/USD. On the international front, through its Vanuatu entity, LegacyFX offers a broader selection of seven account types, each with escalating minimum deposits and benefits like enhanced client support and trading tools access.
Despite its offering of various account types, LegacyFX falls short with a lack of transparency regarding average spreads, which could complicate cost assessment for potential clients. This absence of detailed cost information contributes to its slightly lower rating, receiving 3.5 stars out of 5 in the commissions and fees category. LegacyFX is positioned at 56th place out of 62 brokers, as ranked by ForexBrokers.com, indicating an area where potential improvements could be made to boost customer satisfaction.
| Feature |
XM Group
|
LegacyFX
|
|---|---|---|
| Minimum Deposit | $5 | $500 |
| Average Spread EUR/USD - Standard | 1.6 | N/A |
| All-in Cost EUR/USD - Active | 0.8 | 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.
When comparing the investment options between XM Group and LegacyFX, XM Group emerges as a more diverse choice for traders. XM Group provides access to 1,394 tradeable symbols, which is significantly higher compared to the 425 offered by LegacyFX. Both platforms offer forex trading as CFDs, with XM Group featuring slightly more forex pairs at 55 compared to LegacyFX's 44. A notable advantage of XM Group is its availability of exchange-traded securities from both U.S. and international exchanges, allowing clients to invest in top companies like Apple and Vodafone. In contrast, LegacyFX does not offer securities from U.S. or international markets.
Additionally, both brokers allow traders to engage in copy trading and offer cryptocurrency derivatives, although neither provides the option to buy actual cryptocurrencies. In terms of industry recognition, XM Group receives a higher rating of 4.5 stars for its range of investments and holds the 23rd rank out of 62 brokers as per ForexBrokers.com. LegacyFX scores 3.5 stars and is ranked 48th, reflecting its narrower range of investment options. Overall, XM Group stands out for its broader market access and investment variety.
| Feature |
XM Group
|
LegacyFX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 1394 | 425 |
| Forex Pairs (Total) | 55 | 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) | 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 evaluating the trading platforms and tools of XM Group and LegacyFX, both brokers present varied offerings that may appeal to different traders. Both platforms provide simulated trading through free virtual demo accounts, allowing new users to practice without financial risk. Neither broker offers proprietary platforms but caters to Windows-based desktop and web-based trading needs. For MetaTrader enthusiasts, XM Group stands out by offering both MetaTrader 4 and MetaTrader 5, whereas LegacyFX supports only MetaTrader 5. Copy trading is available on both platforms, providing tools for automated strategy following. Though neither broker features advanced third-party options like DupliTrade or ZuluTrade, both offer 15 drawing tools for charting and enable trades directly from stock charts, making them accessible for diverse trading styles.
In terms of features, both XM Group and LegacyFX offer identical options for watch list customization with seven fields each. Yet, small distinctions in their service ratings highlight potential differences in user experience. XM Group edges ahead with a 4-star rating for Trading Platforms and Tools, compared to LegacyFX’s 3.5 stars. Furthermore, XM Group is ranked 30th out of 62 brokers by ForexBrokers.com in this category, while LegacyFX ranks at 59th, indicating generally higher user satisfaction and perhaps a richer overall offering at XM Group. These factors can guide traders in selecting the broker that best aligns with their requirements and preferences.
| Feature |
XM Group
|
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.
When it comes to mobile trading apps, both XM Group and LegacyFX offer iPhone and Android compatibility, along with essential features such as price alerts and the ability to draw trendlines on charts. Each platform provides 30 technical studies for charting, allowing users to analyze market trends thoroughly. However, a key difference is found in the syncing capability: XM Group allows watchlist symbol syncing between its mobile app and online account, a feature not available with LegacyFX. This means you can automatically keep your investments updated across platforms without extra effort when using XM Group.
Both brokers enable users to create watchlists with real-time quotes and view multiple time frames in their charts. Nevertheless, LegacyFX shines with its auto-saving feature for chart drawings, which XM Group currently lacks. Despite this, XM Group enjoys a slightly higher user rating with four stars compared to LegacyFX's 3.5 stars. Additionally, XM Group holds a stronger position in ForexBrokers.com's mobile trading app ranking, sitting at #27, while LegacyFX is ranked #60. Whether you prioritize seamless syncing or auto-saving features, understanding these differences can guide your choice in mobile trading platforms.
| Feature |
XM Group
|
LegacyFX
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | No |
| Mobile Charting - Indicators / Studies | 30 | 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 XM Group and LegacyFX for market research offerings, both platforms provide daily market commentary and access to forex news from prestigious sources like Bloomberg, Reuters, and Dow Jones. XM Group excels with tools from Trading Central and features a sentiment-based trading tool that indicates the ratio of long or short positions across currency pairs. Conversely, LegacyFX partners with Autochartist for technical and fundamental research tools. However, neither broker offers tools or resources from TipRanks or Acuity Trading.
Both XM Group and LegacyFX provide users with an economic calendar highlighting global news events, facilitating well-informed trading decisions. Despite similarities, XM Group holds a distinct edge in terms of research quality, evidenced by their impressive 5-star rating compared to LegacyFX’s 3.5 stars. Furthermore, XM Group ranks 8th among 62 brokers according to ForexBrokers.com, while LegacyFX ranks 45th, underscoring XM Group's superior market research capabilities.
| Feature |
XM Group
|
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) | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When comparing the educational resources available for beginners, XM Group and LegacyFX both provide ample learning materials for those interested in forex or CFDs. Both platforms offer a wide range of educational content, including more than ten articles, videos, and archived webinars. They also host regular online webinars each month, providing real-time learning opportunities. These webinars can be conveniently accessed in a searchable archive, allowing users to revisit sessions and reinforce their understanding. Beginner traders will find that both XM Group and LegacyFX feature over ten videos specifically designed to introduce them to trading concepts.
Where these two brokers begin to differ is in the availability of advanced educational tools and their respective educational ratings. While both provide advanced instructional videos, LegacyFX stands out with an investor dictionary containing over 50 investing terms. However, XM Group shines brighter with a higher educational rating of 5 stars compared to LegacyFX’s 3.5 stars. The ranking by ForexBrokers.com further highlights XM Group's superior educational offerings, placing it at an impressive #7 out of 62 brokers, while LegacyFX trails behind at #35. This distinction suggests that XM Group may offer a more comprehensive learning experience for traders seeking extensive education.
| Feature |
XM Group
|
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) | No | Yes |
Dive deeper: Best Forex Brokers for Beginners.
After testing 62 of the best forex brokers, our research and account testing finds that XM Group is better than LegacyFX. XM Group finished with an overall rank of #17, while LegacyFX finished with an overall rank of #62.
XM Group is a MetaTrader-only broker that offers a strong selection of high-quality educational content and market research.
| Feature |
XM Group
|
LegacyFX
|
|---|---|---|
| Overall Rating |
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| Trust Score | 88 | 67 |
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Both XM Group and LegacyFX do not offer the ability to buy actual, delivered cryptocurrencies, but they do allow trading in cryptocurrency derivatives.
Both XM Group and LegacyFX provide options to deposit or withdraw funds using Skrill, Visa, Mastercard, and bank wires, but neither supports ACH, SEPA transfers, or PayPal for 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 | XM Group | LegacyFX | |
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| Trust Score | 88 | 67 | |
| Winner | check_circle | ||
| Review | XM Group Review | LegacyFX Review |
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| Regulation | XM Group | LegacyFX | |
|---|---|---|---|
| Trust Score | 88 | 67 | |
| Year Founded | 2009 | 2012 | |
| Publicly Traded (Listed) | No | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 4 | 1 | |
| Tier-2 Licenses | 1 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 1 | 1 |
| Tier-1 Licenses (Highly Trusted) | XM Group | 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) | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes |
| Tier-2 Licenses (Trusted) | XM Group | 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 | XM Group | LegacyFX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 1394 | 425 | |
| Forex Pairs (Total) | 55 | 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) | 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 | XM Group | LegacyFX | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.6 | N/A | |
| All-in Cost EUR/USD - Active | 0.8 | N/A | |
| Active Trader or VIP Discounts | No | Yes | |
| Inactivity Fee | Yes | No | |
| Execution: Agency Broker | No | No | |
| Execution: Market Maker | Yes | Yes |
| Funding | XM Group | LegacyFX | |
|---|---|---|---|
| Minimum Deposit | $5 | $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 | XM Group | 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 | XM Group | 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 | XM Group | 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 | 30 | 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 | XM Group | 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 | XM Group | 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) | No | Yes |
| Major Forex Pairs | XM Group | 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 | XM Group Review | LegacyFX Review |
| Overall | XM Group | LegacyFX | |
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| Trust Score | 88 | 67 | |
| Winner | check_circle | ||
| Review | XM Group Review | LegacyFX Review |
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