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Plus500 vs LegacyFX 2023

BrokerNotes.co

Written by BrokerNotes.co

March 14, 2023

Trying to decide between Plus500 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, Plus500 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

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Overall Rating Plus500 LegacyFX
Overall Rating 8.5 / 10 6.9 / 10
Account Type Plus500 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 No Yes
Copy Trading Plus500 LegacyFX
Social Trading / Copy Trading info No Yes
DupliTrade info No No
ZuluTrade info No No
Cryptocurrency Plus500 LegacyFX
Cryptocurrency (Physical) info No No
Cryptocurrency (CFD) Yes Yes
Bitcoin info Yes Yes
ethereum info Yes Yes
Forex Trading (Spot or CFDs) Plus500 LegacyFX
Forex Trading (Spot or CFDs) info Yes Yes
Mobile Trading - Forex or CFDs info Yes Yes
Indices (Index CFDs) Plus500 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 Plus500 LegacyFX
Forex Trading (Spot or CFDs) info Yes Yes
Spread Betting info No No
Social Trading / Copy Trading info No Yes
Metals info Yes Yes
Energies info Yes Yes
Agriculturals info No Yes
ETF info Yes Yes
U.S. Stocks (CFD) info Yes Yes
Trading Platforms Plus500 LegacyFX
Apple iOS App info Yes Yes
Android App info Yes Yes
Proprietary Platform info Yes No
Desktop Platform (Windows) info No Yes
Web Platform info Yes Yes
MetaTrader 4 (MT4) info No No
MetaTrader 5 (MT5) info No Yes
Regulatory Licenses Plus500 LegacyFX
Tier-1 Licenses info 4 0
Australia (ASIC Authorised) info Yes No
Canada (SRO Authorised) info No No
United Kingdom (U.K.) (FCA Authorised) info Yes No
Hong Kong (SFC Authorised) info No No
Singapore (MAS Authorised) info Yes No
Switzerland (FINMA Authorised) info No No
USA (CFTC Authorized) info No No
Tier-2 Licenses info 4 1
Tier-3 Licenses info 0 1
Research, Education Plus500 LegacyFX
Trading Central (Recognia) info Yes No
Forex News (Top-Tier Sources) info No Yes
Daily Market Commentary info Yes Yes
Autochartist info No Yes
Investor Dictionary (Glossary) info No Yes
Videos - Beginner Trading Videos info Yes Yes
Client Webinars (Archived) info Yes Yes
Trading Costs Plus500 LegacyFX
Minimum Deposit info €100 $500
Average Spread EUR/USD - Standard info 0.8 N/A
All-in Cost EUR/USD - Active info N/A N/A
Active Trader or VIP Discounts info No Yes
Bank Wire (Deposit/Withdraw) info Yes Yes
Visa/Mastercard (Credit/Debit) info Yes Yes
PayPal (Deposit/Withdraw) info Yes No
Trading Tools Plus500 LegacyFX
Watchlists - Total Fields info 9 7
Mobile Watchlist info Yes Yes
Charting - Indicators / Studies (Total) info 110 30
Mobile Charting - Indicators / Studies info 110 30
Trust Factors Plus500 LegacyFX
Year Founded info 2008 2012
Publicly Traded (Listed) info Yes No
Bank info No No
European Union Authorised (MiFID) info Yes info Yes info
Trust Score info 98 66
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Plus500 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 Plus500 vs LegacyFX.

Can I trust Plus500?

Plus500 has a trust score of 98, 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 – 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.

Can I trust LegacyFX?

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

Is Plus500 a good broker?

Plus500 is a highly-trusted broker offering a wide range of CFDs from within its user-friendly trading platforms. While its educational content and range of research trails category leaders, Plus500 is still a great choice for less demanding traders.

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. Plus500 is Australia (ASIC Authorised), Japan (SFC Authorised), Singapore (MAS Authorised), New Zealand (FMA Authorised) and United Kingdom (U.K.) (FCA Authorised), while LegacyFX is none.. Neither have Canada (SRO Authorised), Hong Kong (SFC Authorised), CBI Authorised (Ireland), 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, Plus500 is Cyprus (CySEC Authorised), Israel (ISA 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), Russia (CBR Authorised) and Thailand (SEC Authorised). When comparing tier-3 licenses Plus500 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).

Which broker offers more trading platforms?

For trading platforms Plus500 supports a Proprietary Platform, whereas LegacyFX supports a Desktop Platform (Windows).. Neither have cTrader, DupliTrade and ZuluTrade

Does Plus500 offer MetaTrader? Does LegacyFX offer MetaTrader?

For MetaTrader Plus500 provides neither of these, 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.. Neither have MetaTrader 4 (MT4)

How do Plus500 and LegacyFX differ in terms of minimum deposit? What about average spreads and funding options?

Plus500 requires a minimum deposit of €100, while LegacyFX requires a minimum deposit of $500. From our testing we found Plus500 offers spreads of 0.8, while LegacyFX offers spreads of N/A. Plus500 supports Bank Wire (Deposit/Withdraw), Visa/Mastercard (Credit/Debit) and PayPal (Deposit/Withdraw) for popular funding options, where LegacyFX supports Bank Wire (Deposit/Withdraw), Visa/Mastercard (Credit/Debit) and Skrill (Deposit/Withdraw).

Which brokers offers more tradeable asset classes, Plus500 or LegacyFX?

Plus500 offers a more diverse selection of investment options than LegacyFX allowing you to trade Forex Trading (Spot or CFDs), Metals, Energies, ETF and U.S. Stocks (CFD).. Neither have Spread Betting Looking at total tradeable symbols, Plus500 has 2800, compared to 425 from LegacyFX.

Can I trade cryptocurrency with Plus500 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 — including spot forex contracts. In terms of trading physical cryptocurrency neither Plus500 nor LegacyFX allow you to trade physical cryptocurrencies.

Who offers more research tools, Plus500 or LegacyFX?

In terms of research and research tools Plus500 gives traders the following tools: Daily Market Commentary, Stock Charts and Trading Central (Recognia). In comparison LegacyFX has 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.

Plus500 Review

LegacyFX Review

Overall winner: Plus500

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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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