FXOpen vs LegacyFX 2023

FXOpen has a trust score of 80, 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.

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

FXOpen is a plain vanilla MetaTrader broker that also offers the TickTrader platform. With less than 50 markets available to trade, and a limited selection of educational materials, FXOpen simply can't compete with the best forex brokers.

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.

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. FXOpen 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)

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 FXOpen 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 FXOpen 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).

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

For MetaTrader FXOpen 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.

FXOpen requires a minimum deposit of $100, while LegacyFX requires a minimum deposit of $500. From our testing we found FXOpen offers spreads of N/A, while LegacyFX offers spreads of N/A. Both FXOpen and LegacyFX offer Bank Wire (Deposit/Withdraw), Visa/Mastercard (Credit/Debit) and Skrill (Deposit/Withdraw) for deposits.. Neither have PayPal (Deposit/Withdraw)

FXOpen 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, ETF and U.S. Stocks (CFD).. Neither have Spread Betting Looking at total tradeable symbols, FXOpen has 87, compared to 425 from 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 FXOpen nor LegacyFX allow you to trade physical cryptocurrencies.

In terms of research and research tools FXOpen gives traders the following tools: Daily Market Commentary, Stock Charts, Forex News (Top-Tier Sources) 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)

Broker Reviews