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IFC Markets vs LegacyFX 2024

BrokerNotes.co

Written by BrokerNotes.co

August 24, 2023

Trying to decide between IFC 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, IFC Markets ranks more highly than LegacyFX.

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Compare

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Overall Rating IFC Markets LegacyFX
Overall Rating star 7.2 /10 star 6.7 /10
Offering of Investments star 7.0 /10 star 7.0 /10
Commissions & Fees star 7.5 /10 star 6.5 /10
Platform & Tools star 7.5 /10 star 6.5 /10
Research star 7.0 /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 IFC 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 IFC Markets LegacyFX
Minimum Deposit info $1 $500
Bank Wire (Deposit/Withdraw) info Yes Yes
Visa/Mastercard (Credit/Debit) info Yes Yes
PayPal (Deposit/Withdraw) info No No
ACH or SEPA Transfers info No No
Copy Trading IFC Markets LegacyFX
Social Trading / Copy Trading info Yes Yes
DupliTrade info No No
ZuluTrade info No No
Cryptocurrency IFC 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) IFC Markets LegacyFX
Forex Trading (Spot or CFDs) info Yes Yes
Mobile Trading - Forex or CFDs info Yes Yes
Indices (Index CFDs) IFC 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 IFC 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 IFC Markets LegacyFX
Apple iOS App info Yes Yes
Android App info Yes Yes
Proprietary Platform info Yes 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 IFC Markets LegacyFX
Tier-1 Licenses info 0 1
Australia (ASIC Authorised) info No 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 No Yes info
Tier-2 Licenses info 0 0
Tier-3 Licenses info 0 0
Research, Education IFC Markets LegacyFX
Trading Central (Recognia) info No No
Forex News (Top-Tier Sources) info No Yes
Daily Market Commentary info Yes Yes
Autochartist info No Yes
Investor Dictionary (Glossary) info Yes Yes
Videos - Beginner Trading Videos info Yes Yes
Client Webinars (Archived) info No Yes
Trading Costs IFC Markets LegacyFX
Minimum Deposit info $1 $500
Average Spread EUR/USD - Standard info 1.44 info N/A
All-in Cost EUR/USD - Active info N/A N/A
Active Trader or VIP Discounts info Yes Yes
Trading Tools IFC 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 IFC Markets LegacyFX
Year Founded info 2006 2012
Publicly Traded (Listed) info No No
Bank info No No
Regulated in one or more EU or EEA countries (MiFID). info No Yes info
Trust Score info 67 67
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IFC 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 IFC Markets and LegacyFX? Our independent database powered by our unbiased research will help you compare IFC 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 IFC Markets?

IFC Markets has a Trust Score of 67, giving it a "High Risk" Trust Score Label.

Can I trust LegacyFX?

LegacyFX has a Trust Score of 67, giving it a "High Risk" Trust Score Label.

Is IFC Markets a good broker?

IFC Markets is a long-standing brand with 17 years of operation. Traders will appreciate that IFC Markets delivers a growing range of markets, numerous trading platforms, and a decent balance of research and educational resources. That said, IFC Markets holds just one Tier-4 regulatory license; increasing its number of licenses would increase its Trust Score.

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. unfortunately, neither IFC Markets nor LegacyFX are Australia (ASIC Authorised), 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).. 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, IFC Markets 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 IFC Markets 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?

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 IFC Markets offers a Proprietary Platform and Desktop Platform (Windows), whereas LegacyFX supports a Desktop Platform (Windows). Neither have cTrader, DupliTrade and ZuluTrade

Does IFC Markets offer MetaTrader? Does LegacyFX offer MetaTrader?

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

IFC Markets requires a minimum deposit of $1, 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 IFC Markets supports Bank Wire (Deposit/Withdraw) and Visa/Mastercard (Credit/Debit) for funding and deposit methods, whereas LegacyFX supports Bank Wire (Deposit/Withdraw), Visa/Mastercard (Credit/Debit) and Skrill (Deposit/Withdraw). Neither have PayPal (Deposit/Withdraw)

Which broker offers more tradeable asset classes, IFC 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 IFC 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; IFC Markets offers 630, and LegacyFX offers a total of 425 tradeable symbols.

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

Who offers more research tools, IFC 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. IFC Markets delivers the following research tools: Daily Market Commentary, Stock Charts 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. Neither have Trading Central (Recognia)

Broker Reviews

Still looking for more information, read our broker reviews.

IFC Markets Review

LegacyFX Review

Overall winner: IFC 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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