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IC Markets vs LegacyFX 2024

BrokerNotes.co

Written by BrokerNotes.co

August 24, 2023

Trying to decide between IC Markets and LegacyFX? We’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, IC Markets ranks more highly than LegacyFX.

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Compare

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Overall Rating IC Markets LegacyFX
Overall Rating star 8.1 /10 star 6.7 /10
Offering of Investments star 8.5 /10 star 7.0 /10
Commissions & Fees star 9.5 /10 star 6.5 /10
Platform & Tools star 8.0 /10 star 6.5 /10
Research star 7.5 /10 star 6.5 /10
Mobile Trading star 7.5 /10 star 6.5 /10
Education star 7.5 /10 star 7.0 /10
Account Type IC Markets LegacyFX
Standard Trade Size (100,000 units) info Yes Yes
Mini Trade Size (10,000 units) info Yes Yes
Micro Trade Size (1,000 units) info Yes Yes
Islamic Account info Yes Yes
Deposit/Withdrawal Options IC Markets LegacyFX
Minimum Deposit info $200 $500
Bank Wire (Deposit/Withdraw) info Yes Yes
Visa/Mastercard (Credit/Debit) info Yes Yes
PayPal (Deposit/Withdraw) info Yes No
ACH or SEPA Transfers info No No
Copy Trading IC Markets LegacyFX
Social Trading / Copy Trading info Yes Yes
DupliTrade info No No
ZuluTrade info Yes No
Cryptocurrency IC Markets LegacyFX
Cryptocurrency (Physical) info No No
Cryptocurrency (Derivative) info Yes Yes
Bitcoin info Yes Yes
Ethereum info Yes Yes
Forex Trading (Spot or CFDs) IC Markets LegacyFX
Forex Trading (Spot or CFDs) info Yes Yes
Mobile Trading - Forex or CFDs info Yes Yes
Indices (Index CFDs) IC Markets LegacyFX
DAX info Yes Yes
Dow Jones info Yes Yes
FTSE info Yes Yes
NASDAQ 100 info Yes Yes
Nikkei info Yes Yes
SP 500 info Yes Yes
Investments IC Markets LegacyFX
Forex Trading (Spot or CFDs) info Yes Yes
Spread Betting info No No
Social Trading / Copy Trading info Yes Yes
Metals info Yes Yes
Energies info Yes Yes
Agriculturals info Yes Yes
ETF info Yes Yes
U.S. Stocks (CFD) info Yes Yes
Trading Platforms IC Markets LegacyFX
Apple iOS App info Yes Yes
Android App info Yes Yes
Proprietary Platform info No No
Desktop Platform (Windows) info Yes Yes
Web Platform info Yes Yes
MetaTrader 4 (MT4) info Yes No
MetaTrader 5 (MT5) info Yes Yes
Regulatory Licenses IC Markets LegacyFX
Tier-1 Licenses info 2 1
Australia (ASIC Authorised) info Yes No
Canada (CIRO Authorised) info No No
Hong Kong (SFC Authorised) info No No
Japan (SFC Authorised) info No No
Singapore (MAS Authorised) info No No
Switzerland (FINMA Authorised) info No No
United Kingdom (U.K.) (FCA Authorised) info No No
USA (CFTC Authorized) info No No
New Zealand (FMA Authorised) info No No
Regulated in one or more EU or EEA countries (MiFID). info Yes info Yes info
Tier-2 Licenses info 0 0
Tier-3 Licenses info 0 0
Research, Education IC Markets LegacyFX
Trading Central (Recognia) info Yes No
Forex News (Top-Tier Sources) info Yes Yes
Daily Market Commentary info Yes Yes
Autochartist info Yes Yes
Investor Dictionary (Glossary) info Yes Yes
Videos - Beginner Trading Videos info Yes Yes
Client Webinars (Archived) info Yes Yes
Trading Costs IC Markets LegacyFX
Minimum Deposit info $200 $500
Average Spread EUR/USD - Standard info 0.62 info N/A
All-in Cost EUR/USD - Active info 0.62 info N/A
Active Trader or VIP Discounts info Yes Yes
Trading Tools IC Markets LegacyFX
Watchlists - Total Fields info 7 7
Mobile Watchlist info Yes Yes
Charting - Indicators / Studies (Total) info 30 30
Mobile Charting - Indicators / Studies info 30 30
Trust Factors IC Markets LegacyFX
Year Founded info 2007 2012
Publicly Traded (Listed) info No No
Bank info No No
Regulated in one or more EU or EEA countries (MiFID). info Yes info Yes info
Trust Score info 84 67
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IC Markets 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 IC Markets and LegacyFX? Our independent database powered by our unbiased research will help you compare IC Markets 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 IC Markets?

IC Markets has a Trust Score of 84, 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 IC Markets a good broker?

IC Markets' low spreads, competitive pricing, and scalable execution policies make it a great choice for algorithmic traders. A trusted broker licensed in multiple Tier-1 regulatory jurisdictions, IC Markets boasts support for a variety of social copy trading apps, including its IC Social mobile app. IC Markets consistently ranks near or at the top of our ratings for MetaTrader brokers (and was our top pick for MetaTrader brokers in 2023). Traders at IC Markets gain access to MetaTrader 4 and MetaTrader 5, as well as the Advanced Trading Tools package for desktop and support for third-party plugins from Autochartist and Trading Central. It's worth noting that the broker's research and educational offerings still have 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 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. IC Markets holds regulatory licenses in the following Tier-1 jurisdictions: Australia (ASIC 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), United Kingdom (U.K.) (FCA 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 IC Markets 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 IC Markets is Bahamas (SCB Authorised) and Mauritius (FSC Authorised), while LegacyFX is Vanuatu (VFSC Authorised).. Neither have Belize (FSC Authorised), Bermuda (BMA Authorised), British Virgin Islands (FSC Authorised) and Cayman Islands (CIMA 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 IC Markets offers a Desktop Platform (Windows), cTrader and ZuluTrade, whereas LegacyFX supports a Desktop Platform (Windows). Neither have Proprietary Platform and DupliTrade

Does IC Markets offer MetaTrader? Does LegacyFX offer MetaTrader?

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

IC Markets requires a minimum deposit of $200, while LegacyFX requires a minimum deposit of $500. It's also important to ensure your broker accepts the funding options and deposit methods that work best for you. In our research, we've found that IC Markets supports Bank Wire (Deposit/Withdraw), Visa/Mastercard (Credit/Debit), PayPal (Deposit/Withdraw) and Skrill (Deposit/Withdraw) for funding and deposit methods, whereas LegacyFX supports Bank Wire (Deposit/Withdraw), Visa/Mastercard (Credit/Debit) and Skrill (Deposit/Withdraw)

Which broker offers more tradeable asset classes, IC Markets or LegacyFX?

When choosing a broker, it’s important to check the availability of your preferred investment products and asset classes. We’ve tested each broker’s individual offering of investments to help you pick the right broker for what you want to trade. We found that both IC Markets and LegacyFX offer Forex Trading (Spot or CFDs), Social Trading / Copy Trading, Metals, Energies, Agriculturals, ETF and U.S. Stocks (CFD). Neither have Spread Betting.

We also keep track of each broker’s total number of tradeable symbols; IC Markets offers 3583, and LegacyFX offers a total of 425 tradeable symbols.

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

Who offers more research tools, IC Markets 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. IC Markets delivers the following research tools: Autochartist, Daily Market Commentary, Stock Charts, Forex News (Top-Tier Sources), Trading Central (Recognia) 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

Broker Reviews

Still looking for more information, read our broker reviews.

IC Markets Review

LegacyFX Review

Overall winner: IC Markets

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announcementPlease note:

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.


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