City Index vs LegacyFX Comparison
Comparing forex brokers side by side is no easy task. For our 2022 annual forex broker review, we spent hundreds of hours assessing 39 forex and CFD brokerages to find the best forex broker. Let's compare City Index vs LegacyFX.
Can I trust City Index?
City Index has a trust score of 99, 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 75, giving it a "Average Risk" trust label.
Is City Index a good broker?
City Index, part of StoneX Group, is a trusted broker with a long history of offering forex and CFDs across its global offices. City Index provides a large range of markets on its flagship trading platform suite, but pricing is just average, and only a few markets are available on City Index's MetaTrader platform.
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. City Index is ASIC Authorised (Australia), MAS Authorised (Singapore) and FCA Authorised (U.K.), while LegacyFX is FCA Authorised (U.K.)., neither have IIROC Authorised (Canada), SFC Authorised (Hong Kong), CBI Authorised (Ireland), FSA Authorised (Japan), 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 City Index 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 City Index 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 City Index supports a Proprietary Platform and Desktop Platform (Windows), whereas LegacyFX supports a Desktop Platform (Windows)., neither have cTrader, DupliTrade and ZuluTrade
Does City Index offer MetaTrader? Does LegacyFX offer MetaTrader?
For MetaTrader City Index provides MetaTrader 4 (MT4), 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 City Index and LegacyFX differ in terms of minimum deposit? What about average spreads and funding options?
City Index requires a minimum deposit of £100.00, while LegacyFX requires a minimum deposit of $500. From our testing we found City Index offers spreads of 1.1 (August 2021), while LegacyFX offers spreads of 0. City Index 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, City Index or LegacyFX?
City Index offers a more diverse selection of investment options than LegacyFX allowing you to trade Forex Trading, Trading - Forex or CFDs, Spread Betting, Social Trading / Copy Trading, Metals, Energies, Agriculturals, ETF and U.S. Stocks (CFD). Looking at total tradeable symbols, City Index has 12000, compared to 425 from LegacyFX.
Can I trade cryptocurrency with City Index 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 City Index nor LegacyFX allow you to trade physical cryptocurrencies.
Who offers more research tools, City Index or LegacyFX?
In terms of research and research tools City Index gives traders the following tools: Daily Market Commentary, Stock Charts, Forex News (Top-Tier Sources), Trading Central (Recognia) and Social Trading / Copy Trading. In comparison LegacyFX has the tools listed here: Autochartist, Daily Market Commentary, Stock Charts and Social Trading / Copy Trading.