TeleTrade 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 TeleTrade vs LegacyFX.
Can I trust TeleTrade?
TeleTrade has a trust score of 67, giving it a "High Risk" 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 75, giving it a "Average Risk" trust label.
Is TeleTrade a good broker?
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. TeleTrade is none, while LegacyFX is FCA Authorised (U.K.)., neither have ASIC Authorised (Australia), IIROC Authorised (Canada), SFC Authorised (Hong Kong), CBI Authorised (Ireland), FSA Authorised (Japan), MAS Authorised (Singapore), FMA Authorised (New Zealand), FINMA Authorised (Switzerland) and CFTC Registered (USA)
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 TeleTrade and LegacyFX are CySEC Authorised (Cyprus)., neither have CBRC Authorised (China), SEBI Authorised (India), ISA Authorised (Israel), CBR Authorised (Russia), FSCA Authorised (South Africa), SEC Authorised (Thailand) and DFSA / Central Bank Authorised (UAE). When comparing tier-3 licenses unfortunately, neither TeleTrade nor LegacyFX are SCB Authorised (Bahamas), IFSC Authorised (Belize), BMA Authorised (Bermuda), FSC Authorised (British Virgin Islands), CIMA Authorised (Cayman Islands), FSC Authorised (Mauritius) and VFSC Authorised (Vanuatu)., neither have VFSC Authorised (Vanuatu).
Which broker offers more trading platforms?
For trading platforms TeleTrade supports a Desktop Platform (Windows) and ZuluTrade, whereas LegacyFX supports a Desktop Platform (Windows)., neither have Proprietary Platform, cTrader and DupliTrade
Does TeleTrade offer MetaTrader? Does LegacyFX offer MetaTrader?
For MetaTrader TeleTrade 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 TeleTrade and LegacyFX differ in terms of minimum deposit? What about average spreads and funding options?
TeleTrade requires a minimum deposit of $100, while LegacyFX requires a minimum deposit of $500. From our testing we found TeleTrade offers spreads of -1, while LegacyFX offers spreads of 0. Both TeleTrade 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, TeleTrade or LegacyFX?
TeleTrade offers a more diverse selection of investment options than LegacyFX allowing you to trade Forex Trading (Spot or CFDs), Social Trading / Copy Trading, Metals, Energies and U.S. Stocks (CFD)., neither have Spread Betting and ETF Looking at total tradeable symbols, TeleTrade has 500, compared to 425 from LegacyFX.
Can I trade cryptocurrency with TeleTrade 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 TeleTrade nor LegacyFX allow you to trade physical cryptocurrencies.
Who offers more research tools, TeleTrade or LegacyFX?
In terms of research and research tools TeleTrade gives traders the following tools: Daily Market Commentary, Stock Charts, Forex News (Top-Tier Sources) and Social Trading / Copy Trading. In comparison LegacyFX has the tools listed here: Autochartist, Daily Market Commentary, Stock Charts and Social Trading / Copy Trading., neither have Trading Central (Recognia)