Eightcap vs LegacyFX Comparison
Comparing forex brokers side by side is no easy task. For our 2023 annual forex broker review, we spent hundreds of hours assessing 39 forex and CFD brokerages to find the best forex broker. Let's compare Eightcap vs LegacyFX.
Can I trust Eightcap?
Eightcap has a trust score of 85, giving it a "Trusted" trust label. Here's what each trust score label means:
- "Highly Trusted" (90-99) - These brokers are considered the most trustworthy firms in the industry. Simply put, we would not hesitate to open and fund an account with a Highly Trusted broker.
- "Trusted" (80-89) - These brokers are reliable and trustworthy. "Trusted" firms are a solid choice, and may simply hold fewer regulatory licences or feature different corporate structures than those brokers that have earned our top Trust Score rating.
- "Average Risk" (70-79) - Average Risk brokers are firms we generally consider to be safe, but that may warrant a closer inspection before you open and fund a live trading account. At the least, we always encourage traders to check the regulatory licenses for Average Risk firms to verify that they are regulated in their own country of residence.
- "High Risk" (60-69) - High-risk firms should be scrutinized and carefully reviewed before opening an account. These forex brokers are – in most cases – operating without credible regulatory licensing, and likely have a history of legal or financial issues. Before considering an account with a high-risk firm, we recommend checking our country guides for your country of residence to see if a more trusted broker is available.
- "Do Not Trust" (<59) - We do not recommend opening an account of any kind with a broker that earns a “Do Not Trust” rating.
Can I trust LegacyFX?
LegacyFX has a trust score of 67, giving it a "High Risk" trust label.
Is Eightcap a good broker?
Eightcap's impresses most with its crypto offering; traders at Eightcap gain access to an impressive range of cryptocurrency CFDs (though these are not available to traders in the U.K.). Though Eightcap doesn't offer any proprietary trading platforms or mobile apps, it provides the full MetaTrader platform suite (including MT5) as well as several plugins and third-party tools like TradingView and Capitalise.ai. That said, Eightcap has a somewhat limited offering of CFDs and tradeable symbols, and the broker's educational content has room to improve.
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 regulators go above and beyond by requiring additional capital requirements, checking in on brokers more frequently, and putting brokers through a tougher screening process. Eightcap is Australia (ASIC Authorised) and United Kingdom (U.K.) (FCA Authorised), while LegacyFX is 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, both Eightcap and LegacyFX are Cyprus (CySEC Authorised).. Neither have China (CBRC Authorised), India (SEBI Authorised), Israel (ISA Authorised), Russia (CBR Authorised), South Africa (FSCA Authorised), Thailand (SEC Authorised) and UAE (DFSA/Central Bank Authorised). When comparing tier-3 licenses Eightcap is Bahamas (SCB Authorised) and Vanuatu (VFSC Authorised), while LegacyFX is Vanuatu (VFSC Authorised).. Neither have 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?
Both Eightcap and LegacyFX offer a Desktop Platform (Windows).. Neither have Proprietary Platform, cTrader, DupliTrade and ZuluTrade
Does Eightcap offer MetaTrader? Does LegacyFX offer MetaTrader?
For MetaTrader Eightcap provides MetaTrader 4 (MT4) and MetaTrader 5 (MT5), 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 Eightcap and LegacyFX differ in terms of minimum deposit? What about average spreads and funding options?
Eightcap requires a minimum deposit of $100, while LegacyFX requires a minimum deposit of $500. From our testing we found Eightcap offers spreads of 1.0, while LegacyFX offers spreads of N/A. Eightcap supports Bank Wire (Deposit/Withdraw), Visa/Mastercard (Credit/Debit), PayPal (Deposit/Withdraw) and Skrill (Deposit/Withdraw) for popular funding options, where LegacyFX supports Bank Wire (Deposit/Withdraw), Visa/Mastercard (Credit/Debit) and Skrill (Deposit/Withdraw).
Which broker offers more tradeable asset classes, Eightcap or LegacyFX?
Eightcap offers a more diverse selection of investment options than LegacyFX allowing you to trade Forex Trading (Spot or CFDs), Social Trading / Copy Trading, Metals, Energies and U.S. Stocks (CFD).. Neither have Spread Betting Looking at total tradeable symbols, Eightcap has 736, compared to 425 from LegacyFX.
Can I trade cryptocurrency with Eightcap or LegacyFX?
Crypto trading is popular with forex traders. Most crypto assets are offered either as the underlying physical asset or as a CFD or other derivative — including spot forex contracts. In terms of trading physical cryptocurrency neither Eightcap nor LegacyFX allow you to trade physical cryptocurrencies.
Who offers more research tools, Eightcap or LegacyFX?
In terms of research and research tools Eightcap gives traders the following tools: Daily Market Commentary and Social Trading / Copy Trading. In comparison LegacyFX has 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: Eightcap
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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.