LegacyFX
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77% of retail CFD accounts lose money.

Vs.

XM
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74.89% of retail CFD accounts lose money.

LegacyFX Vs. XM - Compare Trustworthiness, Capabilities, Fees and Legitimacy

Updated Dec 19 2022

Visit

77% of retail CFD accounts lose money.

Visit

74.89% of retail CFD accounts lose money.

Overview

Legacy FX is a cypriot broker founded in 2017 that specialises in CFDs trading via MetaTrader 5 for mobile, web and desktop devices.

XM is an international broker headquartered in Cyprus which offers MetaTrader 4 & 5 and over 1500 + tradable assets.

Best For
  • Traders looking for a CySec broker that offers a trading signals service
  • Experienced traders looking to trade shares in high volume using their Zero account
  • MetaTrader users wishing to explore XM's offering while maintaining their preferred platforms
Licenses

Financial
Licenses

Regulation

Regulated

Top-tier Licenses

0

Other Licenses

2

Provided by
TheTradingBible.com

Learn More

Financial
Licenses

Regulation

Regulated

Top-tier Licenses

2

Other Licenses

1

Provided by
TheTradingBible.com

Learn More
🏛 Financial Regulators
  • CySec (Cyprus)
  • VFSC (Vanuatu)
  • ASIC (Australia)
  • CySec (Cyprus)
  • ADGM (United Arab Emirates)
The Good
  • Proprietary signals channel (untested by us)
  • Fixed spreads (at their discretion subject to change)
  • Competitive commissions on their Zero account
  • Modest asset offering of 1500+ tradable instruments (similar to competitors in the same range)
The Bad
  • High minimum deposits (From $500 to $25,000) for their various account types
  • Extremely high spreads when compared to similar brokers
  • Low asset offering with poor categorisation
  • Subpar regulatory framework
  • Only MT5 platform is offered
  • No proprietary platforms or technology
  • Expensive spreads and trading fees
  • Lack of asset variety when compared to other brokers in the same range
Status
Operational Operational
Recent News

No fresh news at the moment. Check again soon!

No fresh news at the moment. Check again soon!

Key Data
⌛ Account Opening Time
1 day 1 day
📋 Documents Required
  • Valid identity document (Passport, ID Card, etc)
  • Valid proof of residence document (Bank statement, utility bills)

All documents must be under the account holder's name.

  • Valid identity document (Passport, ID Card, etc)
  • Valid proof of residence document (Bank statement, utility bills)

All documents must be under the account holder's name.

📍 Year Founded
2017 2009
💳 Minimum Deposit Range
From $500 to $25,000 $5
💰 Payment Methods
  • Visa
  • Mastercard
  • Neteller
  • Skrill
  • Klarna
  • iDeal
  • GiroPay
  • Perfect Money
  • AVOPayments
  • eftPay
  • Volt
  • Cash
  • Load
  • Jeton
  • Gigadat
  • Visa
  • Mastercard
  • Bank Transfer
  • Neteller
  • Skrill
💵 Account Base Currencies
11 - USD, EUR, GBP, JPY, CHF, AUD, RUB, PLN, HUF, SGD, ZAR. 11 - USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD, ZAR.
🗽 Available to U.S Citizens
No No
❌ Restricted Countries

US, CA, BE, FR, IL, IR, SY, AF, MM, SO, YE, IQ, SS, SD.

US, CA.

📊 STP Account
No No
📊 DMA Account
No No
📊 ECN Account
No No
Banking License
No No
Debit Card
No No
Assets
📚 Assets Type
CFDs CFDs
Total Asset Offering
292 1,382
Exchange Access
0 0
📙 Real Stocks
0 0
📙 Stock CFDs
200 1,286
📘 Currency Pairs
0 0
📘 Currency Pair CFDs
40 57
📗 Commodities
0 0
📗 Commodities CFDs
24 15
📕 Indices
0 0
📕 Indices CFDs
18 14
📔 ETFs
0 0
📔 ETFs CFDs
0 0
💸 Cryptocurrencies
0 0
💸 Cryptocurrency CFDs
10 0
📒 Bonds
0 0
📒 Bonds CFDs
0 0
📓 Options
0 0
📓 Options CFDs
0 0
📗 Futures
0 0
📗 Futures CFDs
0 10
Trading Experience
📈 Minimum Stock Trade Size
Unavailable Variable - Fractions allowed
📉 Minimum ETFs Trade Size
Unavailable Unavailable
📈 Minimum Crypto Trade Size
Unavailable Unavailable
📉 Minimum FX Trade Size
$10,000 (0.1 Lots) $100 (0.001 Lots)
📈 Minimum Commodities Trade Size
$10,000 (0.1 Lots) Varies by Commodity (Eg: 0.01 Troy ounce of Gold)
📉 Minimum Bonds Trade Size
Unavailable Unavailable
📈 Minimum Futures Trade Size
Unavailable Varies by Commodity (Eg: 0.01 Troy ounce of Gold)
📉 Minimum Options Trade Size
Unavailable Unavailable
💪 Retail Leverage
30 30
💪 Professional Leverage
500 500
✍ Customisable Leverage
No Yes
🎲 Deleveraged Trading
No No
🎓 Demo Account
Yes Yes
📱 IOS App
No No
📱 Android App
No No
📺 MetaTrader 4
No Yes
📺 MetaTrader 5
Yes Yes
📺 cTrader
No No
💻 Web trader
Yes Yes
💻 TradingView Platform
No No
💻 Proprietary Platform
No No
📊 Multi-chart Tools
Yes Yes
👬 Copy Trading
No Yes
👫 Social Trading
No No
🔑 Guaranteed Stop-loss
No No
🔨 Trailing Stop-loss
No Yes
Fees
💰 Inactivity Fee

Yes, 10 units of account base currency after 90 days of inactivity.

Yes, $15 one time payment after 1 year of inactivity and then $5 monthly.

💰 Deposit Fees
None None
💰 Withdrawal Fees
None None
💰 Commissions

Yes, ranging from 0.15% to 0.45% of trade value for stocks only.

Yes on Zero accounts ($7 per lot round turn).

Spreads
📈 EUR/USD
Dynamic - From 1.6 Pips Dynamic - From 1.7 Pips
📉 SP500
Dynamic - From 120 Pips Dynamic - From 40 Pips
📈 GOLD
Dynamic - From 63 Pips Dynamic - From 35 Pips
📉 TSLA (Stock CFD)
Unavailable Dynamic - From $9.4
📈 XLK (ETF - CFD)
Unavailable Unavailable
📉 BTC
Dynamic - From $505 Unavailable
Research and Analysis
⭐ Watchlists
Yes Yes
🔭 Stock Screener
No No
🗓 Economic Calendar
Yes Yes
📜 Integrated Newsfeed
No No
📡 Reuters Feed
No No
📡 Educational Content
No Yes
📡 Live Chat Support
No No
📡 Video Tutorials
No No
📡 Account Management
Yes Yes
📡 Webinars
No Yes