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OANDA vs LegacyFX 2023

BrokerNotes.co

Written by BrokerNotes.co

August 24, 2023

Trying to decide between OANDA 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, OANDA ranks more highly than LegacyFX.

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Compare

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Overall Rating OANDA LegacyFX
Overall Rating 8.4 / 10 6.9 / 10
Account Type OANDA 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
Copy Trading OANDA LegacyFX
Social Trading / Copy Trading info Yes info Yes
DupliTrade info No No
ZuluTrade info No No
Cryptocurrency OANDA LegacyFX
Cryptocurrency (Physical) info Yes No
Cryptocurrency (Derivative) info Yes info Yes
Bitcoin info Yes Yes
ethereum info Yes Yes
Forex Trading (Spot or CFDs) OANDA LegacyFX
Forex Trading (Spot or CFDs) info Yes info Yes
Mobile Trading - Forex or CFDs info Yes Yes
Indices (Index CFDs) OANDA 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 OANDA LegacyFX
Forex Trading (Spot or CFDs) info Yes info Yes
Spread Betting info Yes No
Social Trading / Copy Trading info Yes info Yes
Metals info Yes Yes
Energies info Yes Yes
Agriculturals info Yes Yes
ETF info No Yes
U.S. Stocks (CFD) info No info Yes
Trading Platforms OANDA 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 OANDA LegacyFX
Tier-1 Licenses info 7 1
Australia (ASIC Authorised) info Yes No
Canada (CIRO Authorised) info Yes No
Hong Kong (SFC Authorised) info No No
Japan (SFC Authorised) info Yes No
Singapore (MAS Authorised) info Yes No
Switzerland (FINMA Authorised) info No No
United Kingdom (U.K.) (FCA Authorised) info Yes No
USA (CFTC Authorized) info Yes No
New Zealand (FMA Authorised) info No No
European Union Authorised (MiFID) info Yes info Yes info
Tier-2 Licenses info 0 0
Tier-3 Licenses info 0 0
Research, Education OANDA LegacyFX
Trading Central (Recognia) info No 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 OANDA LegacyFX
Minimum Deposit info $0 $500
Average Spread EUR/USD - Standard info 1.26 info N/A
All-in Cost EUR/USD - Active info 1.26 info N/A
Active Trader or VIP Discounts info Yes Yes
Bank Wire (Deposit/Withdraw) info Yes Yes
Visa/Mastercard (Credit/Debit) info Yes Yes
PayPal (Deposit/Withdraw) info Yes No
Trading Tools OANDA LegacyFX
Watchlists - Total Fields info 6 7
Mobile Watchlist info Yes Yes
Charting - Indicators / Studies (Total) info 81 30
Mobile Charting - Indicators / Studies info 30 30
Trust Factors OANDA LegacyFX
Year Founded info 1996 2012
Publicly Traded (Listed) info No No
Bank info No No
European Union Authorised (MiFID) info Yes info Yes info
Trust Score info 93 67
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OANDA 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 OANDA vs LegacyFX.

Can I trust OANDA?

OANDA has a trust score of 93, giving it a "Highly 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 67, giving it a "High Risk" trust label.

Is OANDA a good broker?

Founded in 1996, OANDA is a long-standing, highly trusted broker licensed in an impressive seven Tier-1 regulatory jurisdictions. Forex and CFD traders will find plenty to like at OANDA, including strong market research and support for a range of third-party plug-ins and platforms (like MetaTrader 4 and the wildly popular TradingView). The OANDA Trade platform is available for web, desktop, and mobile. Though the desktop platform is good โ€“ not great โ€“ the mobile app is easy to use and boasts a great balance of features. The only downside with using OANDA is its comparatively small range of markets and industry-average spreads.

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 regulators go above and beyond by requiring additional capital requirements, checking in on brokers more frequently, and putting brokers through a tougher screening process. OANDA is Australia (ASIC Authorised), Canada (CIRO Authorised), Japan (SFC Authorised), Singapore (MAS Authorised), United Kingdom (U.K.) (FCA Authorised) and USA (CFTC Authorized), while LegacyFX is none.. Neither have Hong Kong (SFC Authorised), CBI Authorised (Ireland), New Zealand (FMA Authorised) and Switzerland (FINMA Authorised)

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

Does OANDA offer MetaTrader? Does LegacyFX offer MetaTrader?

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

OANDA requires a minimum deposit of $0, while LegacyFX requires a minimum deposit of $500. From our testing we found OANDA offers spreads of 1.26, while LegacyFX offers spreads of N/A. OANDA supports Bank Wire (Deposit/Withdraw), Visa/Mastercard (Credit/Debit), PayPal (Deposit/Withdraw) and Skrill (Deposit/Withdraw) for popular funding options, where LegacyFX supports Bank Wire (Deposit/Withdraw), Visa/Mastercard (Credit/Debit) and Skrill (Deposit/Withdraw).

Which broker offers more tradeable asset classes, OANDA or LegacyFX?

OANDA offers a more diverse selection of investment options than LegacyFX allowing you to trade Forex Trading (Spot or CFDs), Spread Betting, Social Trading / Copy Trading, Metals, Energies and Agriculturals. Looking at total tradeable symbols, OANDA has 124, compared to 425 from LegacyFX.

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

Who offers more research tools, OANDA or LegacyFX?

In terms of research and research tools OANDA gives traders the following tools: Autochartist, Daily Market Commentary, 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

Still looking for more information, read our broker reviews.

OANDA Review

LegacyFX Review

Overall winner: OANDA

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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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