LegacyFX vs UFX 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 LegacyFX and UFX? Our independent database powered by our unbiased research will help you compare LegacyFX vs UFX 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 LegacyFX?
LegacyFX has a Trust Score of 67, giving it a "High Risk" Trust Score Label.
Can I trust UFX?
UFX has a Trust Score of 67, giving it a "High Risk" Trust Score Label.
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.
Is UFX a good broker?
UFX offers the full MetaTrader suite (MT4 and MT5) as well as its proprietary UFX Trader app. Though spreads at UFX are wider than the industry average, the broker does offer a growing selection of markets. That being said, and its own proprietary platform, as well as a growing selection of markets. That being said, UFX recently renounced it's only regulatory license. It's crucial to ensure that your forex broker is properly licensed before opening a trading account. Learn more about the importance of regulation in the forex industry by visiting our Trust Score page.
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 LegacyFX nor UFX 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, LegacyFX is Cyprus (CySEC Authorised), while UFX is none.. 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 LegacyFX is Vanuatu (VFSC Authorised), while UFX is none.. 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?
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 LegacyFX offers a Desktop Platform (Windows), whereas UFX supports a Proprietary Platform and Desktop Platform (Windows). Neither have cTrader, DupliTrade and ZuluTrade
Does LegacyFX offer MetaTrader? Does UFX offer MetaTrader?
For MetaTrader LegacyFX provides MetaTrader 5 (MT5), while UFX provides MetaTrader 4 (MT4) and MetaTrader 5 (MT5). If MetaTrader is a must for you, read our guides on the best MT4 brokers or best MT5 brokers.
How do LegacyFX and UFX differ in terms of minimum deposit? What about average spreads and funding options?
LegacyFX requires a minimum deposit of $500, while UFX requires a minimum deposit of $100. You'll also want to make sure that your broker accepts the funding options and deposit methods that work best for you. In our testing, we've found that both LegacyFX and UFX offer Bank Wire (Deposit/Withdraw), Visa/Mastercard (Credit/Debit) and Skrill (Deposit/Withdraw) for deposits. Neither have PayPal (Deposit/Withdraw)
Which broker offers more tradeable asset classes, LegacyFX or UFX?
When choosing a forex broker, it’s important to consider each broker’s available investment products and tradeable asset classes. We’ve researched each broker’s individual offering of investments to help you pick the right broker for what you want to trade. During our testing, we found that LegacyFX delivers a more diverse selection of investment options than UFX, offering tradeable asset classes and investment types such as 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; LegacyFX offers 425, and UFX offers a total of 619 tradeable symbols.
Can I trade cryptocurrency with LegacyFX or UFX?
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 LegacyFX nor UFX allow you to trade physical cryptocurrencies.
Who offers more research tools, LegacyFX or UFX?
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. LegacyFX delivers the following research tools: Autochartist, Daily Market Commentary, Stock Charts, Forex News (Top-Tier Sources) and Social Trading / Copy Trading. UFX, on the other hand, provides the tools listed here: Stock Charts, Forex News (Top-Tier Sources), Trading Central (Recognia) and Social Trading / Copy Trading
Overall winner: LegacyFX
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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.