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HFM vs LegacyFX 2023

BrokerNotes.co

Written by BrokerNotes.co

March 14, 2023

Trying to decide between HFM 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, HFM 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

0 of 5
Overall RatingHFMLegacyFX
Overall Rating 7.8 / 10 6.9 / 10
Account TypeHFMLegacyFX
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 TradingHFMLegacyFX
Social Trading / Copy Trading Yes Yes
DupliTrade No No
ZuluTrade No No
CryptocurrencyHFMLegacyFX
Cryptocurrency (Physical) No No
Cryptocurrency (CFD) Yes Yes
Bitcoin Yes Yes
ethereum Yes Yes
Forex Trading (Spot or CFDs)HFMLegacyFX
Forex Trading (Spot or CFDs) Yes Yes
Mobile Trading - Forex or CFDs Yes Yes
Indices (Index CFDs)HFMLegacyFX
DAX Yes Yes
Dow Jones Yes Yes
FTSE Yes Yes
NASDAQ 100 Yes Yes
Nikkei Yes Yes
SP 500 Yes Yes
InvestmentsHFMLegacyFX
Forex Trading (Spot or CFDs) Yes Yes
Spread Betting No No
Social Trading / Copy Trading Yes Yes
Metals Yes Yes
Energies Yes Yes
Agriculturals Yes Yes
ETF Yes Yes
U.S. Stocks (CFD) Yes Yes
Trading PlatformsHFMLegacyFX
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 LicensesHFMLegacyFX
Tier-1 Licenses 1 0
Australia (ASIC Authorised) No No
Canada (SRO Authorised) No No
United Kingdom (U.K.) (FCA Authorised) Yes 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 3 1
Tier-3 Licenses 1 1
Research, EducationHFMLegacyFX
Trading Central (Recognia) No 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 Yes Yes
Client Webinars (Archived) Yes Yes
Trading CostsHFMLegacyFX
Minimum Deposit $0 $500
Average Spread EUR/USD - Standard 1.2 info N/A
All-in Cost EUR/USD - Active 0.9 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 ToolsHFMLegacyFX
Watchlists - Total Fields 7 7
Mobile Watchlist Yes Yes
Charting - Indicators / Studies (Total) 15 30
Mobile Charting - Indicators / Studies 30 30
Trust FactorsHFMLegacyFX
Year Founded 2010 2012
Publicly Traded (Listed) No No
Bank No No
European Union Authorised (MiFID) Yes info Yes info
Trust Score 85 66
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HFM 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 HFM vs LegacyFX.

Can I trust HFM?

HFM 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 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 HFM a good broker?

HFM, previously known as HotForex, is a trusted brand that primarily offers the MetaTrader platform suite. HFM also features its own in-house copy trading platform, HFcopy, as well as a proprietary mobile platform called the HFM app that can be used for trading (as long as you hold a Premium account with HFM).

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. HFM is United Kingdom (U.K.) (FCA Authorised), while LegacyFX is none.. Neither have 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) 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, HFM is Cyprus (CySEC Authorised), South Africa (FSCA Authorised) and 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) and Thailand (SEC Authorised). When comparing tier-3 licenses HFM is Mauritius (FSC Authorised), while LegacyFX is Vanuatu (VFSC Authorised).. Neither have Bahamas (SCB Authorised), Belize (FSC Authorised), Bermuda (BMA Authorised), British Virgin Islands (FSC Authorised) and Cayman Islands (CIMA Authorised).

Which broker offers more trading platforms?

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

Does HFM offer MetaTrader? Does LegacyFX offer MetaTrader?

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

HFM requires a minimum deposit of $0, while LegacyFX requires a minimum deposit of $500. From our testing we found HFM offers spreads of 1.2, while LegacyFX offers spreads of N/A. Both HFM 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, HFM or LegacyFX?

Both HFM and LegacyFX allow you to trade Forex Trading (Spot or CFDs), Social Trading / Copy Trading, Metals, Energies, Agriculturals, ETF and U.S. Stocks (CFD).. Neither have Spread Betting Looking at total tradeable symbols, HFM has 3500, compared to 425 from LegacyFX.

Can I trade cryptocurrency with HFM 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 HFM nor LegacyFX allow you to trade physical cryptocurrencies.

Who offers more research tools, HFM or LegacyFX?

Both HFM and LegacyFX offer a complete suite of research, providing traders with these tools: Autochartist, Daily Market Commentary, Stock Charts, Forex News (Top-Tier Sources) and Social Trading / Copy Trading.. Neither have Trading Central (Recognia)

Broker Reviews

Still looking for more information, read our broker reviews.

HFM Review

LegacyFX Review

Overall winner: HFM

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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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