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Forex4you vs LegacyFX 2023

BrokerNotes.co

Written by BrokerNotes.co

March 14, 2023

Trying to decide between Forex4you and LegacyFX? Weโ€™ve taken the guesswork out of the equation with our Comparison Tool. Use our tool to compare hundreds of data points, side-by-side, to see how these two brokers stack up against each other.

Based on our extensive research, hands-on testing, and expert analysis of over a hundred data-driven variables, we've determined that, overall, Forex4you ranks more highly than LegacyFX.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 65% and 82% 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.

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Compare

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Overall RatingForex4youLegacyFX
Overall Rating 6.9 / 10 6.9 / 10
Account TypeForex4youLegacyFX
Standard Trade Size (100,000 units) Yes Yes
Mini Trade Size (10,000 units) Yes Yes
Micro Trade Size (1,000 units) Yes Yes
Islamic Account Yes Yes
Copy TradingForex4youLegacyFX
Social Trading / Copy Trading Yes Yes
DupliTrade No No
ZuluTrade No No
CryptocurrencyForex4youLegacyFX
Cryptocurrency (Physical) No No
Cryptocurrency (CFD) Yes Yes
Bitcoin Yes Yes
ethereum Yes Yes
Forex Trading (Spot or CFDs)Forex4youLegacyFX
Forex Trading (Spot or CFDs) Yes Yes
Mobile Trading - Forex or CFDs Yes Yes
Indices (Index CFDs)Forex4youLegacyFX
DAX Yes Yes
Dow Jones Yes Yes
FTSE Yes Yes
NASDAQ 100 Yes Yes
Nikkei Yes Yes
SP 500 Yes Yes
InvestmentsForex4youLegacyFX
Forex Trading (Spot or CFDs) Yes Yes
Spread Betting No No
Social Trading / Copy Trading Yes Yes
Metals Yes Yes
Energies Yes Yes
Agriculturals No Yes
ETF No Yes
U.S. Stocks (CFD) Yes Yes
Trading PlatformsForex4youLegacyFX
Apple iOS App Yes Yes
Android App Yes Yes
Proprietary Platform Yes No
Desktop Platform (Windows) Yes Yes
Web Platform Yes Yes
MetaTrader 4 (MT4) Yes No
MetaTrader 5 (MT5) Yes Yes
Regulatory LicensesForex4youLegacyFX
Tier-1 Licenses 0 0
Australia (ASIC Authorised) No No
Canada (SRO Authorised) No No
United Kingdom (U.K.) (FCA Authorised) No No
Hong Kong (SFC Authorised) No No
Singapore (MAS Authorised) No No
Switzerland (FINMA Authorised) No No
USA (CFTC Authorized) No No
Tier-2 Licenses 0 1
Tier-3 Licenses 1 1
Research, EducationForex4youLegacyFX
Trading Central (Recognia) Yes No
Forex News (Top-Tier Sources) Yes Yes
Daily Market Commentary Yes Yes
Autochartist Yes Yes
Investor Dictionary (Glossary) No Yes
Videos - Beginner Trading Videos No Yes
Client Webinars (Archived) Yes Yes
Trading CostsForex4youLegacyFX
Minimum Deposit $0 $500
Average Spread EUR/USD - Standard N/A info N/A
All-in Cost EUR/USD - Active N/A info N/A
Active Trader or VIP Discounts No Yes
Bank Wire (Deposit/Withdraw) Yes Yes
Visa/Mastercard (Credit/Debit) Yes Yes
PayPal (Deposit/Withdraw) No No
Trading ToolsForex4youLegacyFX
Watchlists - Total Fields 7 7
Mobile Watchlist Yes Yes
Charting - Indicators / Studies (Total) 30 30
Mobile Charting - Indicators / Studies 30 30
Trust FactorsForex4youLegacyFX
Year Founded 2007 2012
Publicly Traded (Listed) No No
Bank No No
European Union Authorised (MiFID) No info Yes info
Trust Score 62 66
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Forex4you 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 Forex4you vs LegacyFX.

Can I trust Forex4you?

Forex4you has a trust score of 62, giving it a "High Risk" 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 โ€“ in most cases โ€“ 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 โ€œDo Not Trustโ€ rating.

Can I trust LegacyFX?

LegacyFX has a trust score of 66, giving it a "Average Risk" trust label.

Is Forex4you a good broker?

Forex4you is primarily a MetaTrader broker with a limited range of available markets. With only one regulatory license (in the British Virgin Islands), Forex4you's Trust Score is lower than brokers that hold multiple licenses in more trusted jurisdictions.

Is LegacyFX a good broker?

While primarily a MetaTrader broker, LegacyFX offers a decent range of markets and provides average educational content and research. That said, LegacyFX's pricing and range of markets can't compete with the best MetaTrader brokers.

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. unfortunately, neither Forex4you nor LegacyFX are Australia (ASIC Authorised), Canada (SRO Authorised), Hong Kong (SFC Authorised), CBI Authorised (Ireland), Japan (SFC Authorised), Singapore (MAS Authorised), New Zealand (FMA Authorised), Switzerland (FINMA Authorised), United Kingdom (U.K.) (FCA Authorised) and USA (CFTC Authorized).. Neither have 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, Forex4you is none, while LegacyFX is 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 Forex4you is British Virgin Islands (FSC Authorised), while LegacyFX is Vanuatu (VFSC Authorised).. Neither have Bahamas (SCB Authorised), Belize (FSC Authorised), Bermuda (BMA Authorised), Cayman Islands (CIMA Authorised) and Mauritius (FSC Authorised).

Which broker offers more trading platforms?

For trading platforms Forex4you supports a Proprietary Platform and Desktop Platform (Windows), whereas LegacyFX supports a Desktop Platform (Windows).. Neither have cTrader, DupliTrade and ZuluTrade

Does Forex4you offer MetaTrader? Does LegacyFX offer MetaTrader?

For MetaTrader Forex4you 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 Forex4you and LegacyFX differ in terms of minimum deposit? What about average spreads and funding options?

Forex4you requires a minimum deposit of $0, while LegacyFX requires a minimum deposit of $500. From our testing we found Forex4you offers spreads of N/A, while LegacyFX offers spreads of N/A. Both Forex4you and LegacyFX offer Bank Wire (Deposit/Withdraw), Visa/Mastercard (Credit/Debit) and Skrill (Deposit/Withdraw) for deposits.. Neither have PayPal (Deposit/Withdraw)

Which brokers offers more tradeable asset classes, Forex4you or LegacyFX?

Forex4you 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, Forex4you has 150, compared to 425 from LegacyFX.

Can I trade cryptocurrency with Forex4you 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 โ€” including spot forex contracts. In terms of trading physical cryptocurrency neither Forex4you nor LegacyFX allow you to trade physical cryptocurrencies.

Who offers more research tools, Forex4you or LegacyFX?

In terms of research and research tools Forex4you gives traders the following tools: Autochartist, Daily Market Commentary, Forex News (Top-Tier Sources), Trading Central (Recognia) 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.

Broker Reviews

Still looking for more information, read our broker reviews.

Forex4you Review

LegacyFX Review

Overall winner: Forex4you

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announcementPlease note:

We review each brokerโ€™s overall global offering โ€“ a โ€œYesโ€ 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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