Axi vs LegacyFX Comparison
Comparing forex brokers side by side is no easy task. Our research team has collected thousands of data points, written hundreds of thousands of words of research, and tested over 60 brokers to help you find the best forex brokers in the industry. Trying to decide between Axi and LegacyFX? Our independent database powered by our unbiased research will help you compare Axi vs LegacyFX side-by-side.
What is Trust Score?
Trust Score is a data-driven rating system that provides an at-a-glance rating of a broker’s overall trust by tracking 60+ brokers and over 100 regulatory jurisdictions across the globe. To make things clearer for everyday traders, we’ve created a five-tier system for regulators and Trust Score rating labels. Learn more about Trust Score, and check out our country guides to see the most trusted brokers in your country of residence.
Can I trust Axi?
Axi has a Trust Score of 81, giving it a "Trusted" Trust Score Label.
Can I trust LegacyFX?
LegacyFX has a Trust Score of 67, giving it a "High Risk" Trust Score Label.
Is Axi a good broker?
Founded in 2007, the Axi brand (formerly known as AxiTrader) is a trusted forex broker that holds multiple licenses in reputable regulatory jurisdictions such as the U.K. and Australia. Axi is a MetaTrader-only broker that offers MetaTrader 4 as well as social copy trading from ZuluTrade. That said, traders at Axi only gain access to a limited range of tradeable markets.
Is LegacyFX a good broker?
LegacyFX offers a decent range of markets available on the MetaTrader 5 platform. Beginner forex traders will find educational content that is just about average alongside a decent variety of video content for market research. That said, LegacyFX's pricing and range of markets can't compete with the best MetaTrader brokers, and its Trust Score rating suffers from a lack of licenses from reputable regulatory jurisdictions.
What Tier-1 jurisdictions is each broker regulated in?
Tier-1 is reserved for the strictest, most stringent regulatory jurisdictions in the world. Tier-1 regulators impose additional capital requirements and require a tougher initial screening process. Axi holds regulatory licenses in the following Tier-1 jurisdictions: Australia (ASIC Authorised) and United Kingdom (U.K.) (FCA Authorised). LegacyFX, on the other hand, is licensed in these Tier-1 regulatory jurisdictions: none. Neither have Canada (CIRO Authorised), Hong Kong (SFC Authorised), CBI Authorised (Ireland), Japan (SFC Authorised), Singapore (MAS Authorised), New Zealand (FMA Authorised), Switzerland (FINMA Authorised) and USA (CFTC Authorized)
What Tier-2 jurisdictions is each broker regulated in? What about Tier-3?
Tier-2 and tier-3 licenses are still important in evaluating the overall trustworthiness of forex brokers. As far as tier-2 licenses go, Axi is UAE (DFSA/Central Bank Authorised), while LegacyFX is Cyprus (CySEC Authorised).. Neither have China (CBRC Authorised), India (SEBI Authorised), Israel (ISA Authorised), Russia (CBR Authorised), South Africa (FSCA Authorised) and Thailand (SEC Authorised). When comparing tier-3 licenses Axi is none, while LegacyFX is Vanuatu (VFSC Authorised).. Neither have Bahamas (SCB Authorised), Belize (FSC Authorised), Bermuda (BMA Authorised), British Virgin Islands (FSC Authorised), Cayman Islands (CIMA Authorised) and Mauritius (FSC Authorised).
Which broker offers more trading platforms?
Whether your broker develops its own proprietary platforms or provides access to popular third-party platforms, you should make sure you can use your preferred type of trading platform. In our testing, we found that Axi offers a Desktop Platform (Windows) and ZuluTrade, whereas LegacyFX supports a Desktop Platform (Windows). Neither have Proprietary Platform, cTrader and DupliTrade
Does Axi offer MetaTrader? Does LegacyFX offer MetaTrader?
For MetaTrader Axi provides MetaTrader 4 (MT4), while LegacyFX provides MetaTrader 5 (MT5). If MetaTrader is a must for you, read our guides on the best MT4 brokers or best MT5 brokers.
How do Axi and LegacyFX differ in terms of minimum deposit? What about average spreads and funding options?
Axi requires a minimum deposit of $0, while LegacyFX requires a minimum deposit of $500. You'll also want to make sure that your broker accepts the funding options and deposit methods that work best for you. In our testing, we've found that both Axi and LegacyFX offer Bank Wire (Deposit/Withdraw), Visa/Mastercard (Credit/Debit) and Skrill (Deposit/Withdraw) for deposits. Neither have PayPal (Deposit/Withdraw)
Which broker offers more tradeable asset classes, Axi or LegacyFX?
When choosing a forex broker, it’s important to consider each broker’s available investment products and tradeable asset classes. We’ve researched each broker’s individual offering of investments to help you pick the right broker for what you want to trade. During our testing, we found that Axi delivers a more diverse selection of investment options than LegacyFX, offering tradeable asset classes and investment types such as Forex Trading (Spot or CFDs), Spread Betting, Social Trading / Copy Trading, Metals, Energies and U.S. Stocks (CFD).
We also keep track of each broker’s total number of tradeable symbols; Axi offers 175, and LegacyFX offers a total of 425 tradeable symbols.
Can I trade cryptocurrency with Axi or LegacyFX?
Crypto trading has become popular among forex traders across a range of international jurisdictions. As a result, many forex brokers now offer crypto products to their clients; most crypto assets are offered either as an underlying physical asset (such as when you own actual bitcoin assets, for example) or as a derivative product like a CFD. If you are looking to trade physical cryptocurrencies, you’ll find that neither Axi nor LegacyFX allow you to trade physical cryptocurrencies.
Who offers more research tools, Axi or LegacyFX?
Market research plays a huge role in any forex trader’s ability to conduct analysis within the global forex market. We test each broker’s research offering to help you decide which broker is right for your technical or fundamental analysis needs. Axi delivers the following research tools: Autochartist, Stock Charts, Forex News (Top-Tier Sources) and Social Trading / Copy Trading. LegacyFX, on the other hand, provides the tools listed here: Autochartist, Daily Market Commentary, Stock Charts, Forex News (Top-Tier Sources) and Social Trading / Copy Trading. Neither have Trading Central (Recognia)
Overall winner: Axi
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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.