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XM Group vs LegacyFX 2022

BrokerNotes.co

Written by BrokerNotes.co

November 08, 2022

Trying to decide between XM Group and LegacyFX? Weโ€™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, XM Group 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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Overall RatingXM GroupLegacyFXXTB
Overall Rating8.4 / 106.9 / 109 / 10
Account TypeXM GroupLegacyFXXTB
Standard Trade Size (100,000 units)YesYesYes
Mini Trade Size (10,000 units)YesYesYes
Micro Trade Size (1,000 units)YesYesYes
Islamic AccountYesYesYes
Copy TradingXM GroupLegacyFXXTB
Social Trading / Copy TradingYesYesYes
DupliTradeNoNoNo
ZuluTradeNoNoNo
CryptocurrencyXM GroupLegacyFXXTB
Cryptocurrency (Physical)NoNoNo
Cryptocurrency (CFD)YesYesYes
BitcoinYesYesYes
ethereumYesYesYes
Forex Trading (Spot or CFDs)XM GroupLegacyFXXTB
Forex Trading (Spot or CFDs)YesYesYes
Mobile Trading - Forex or CFDsYesYesYes
Indices (Index CFDs)XM GroupLegacyFXXTB
DAXYesYesYes
Dow JonesYesYesYes
FTSEYesYesYes
NASDAQ 100YesYesYes
NikkeiYesYesYes
SP 500YesYesYes
InvestmentsXM GroupLegacyFXXTB
Forex Trading (Spot or CFDs)YesYesYes
Spread BettingNoNoNo
Social Trading / Copy TradingYesYesYes
MetalsYesYesYes
EnergiesYesYesYes
AgriculturalsYesYesYes
ETFNoNoNo
U.S. Stocks (CFD)YesYesYes
Trading PlatformsXM GroupLegacyFXXTB
Apple iOS AppYesYesYes
Android AppYesYesYes
Proprietary PlatformNoNoYes
Desktop Platform (Windows)YesYesYes
Web PlatformYesYesYes
MetaTrader 4 (MT4)YesNoYes
MetaTrader 5 (MT5)YesYesNo
Regulatory LicensesXM GroupLegacyFXXTB
Tier-1 Licenses211
ASIC Authorised (Australia)YesNoNo
IIROC Authorised (Canada)NoNoNo
FCA Authorised (U.K.)YesYesYes
SFC Authorised (Hong Kong)NoNoNo
MAS Authorised (Singapore)NoNoNo
FINMA Authorised (Switzerland)NoNoNo
CFTC Registered (USA)YesNoNo
Tier-2 Licenses113
Tier-3 Licenses101
Research, EducationXM GroupLegacyFXXTB
Trading Central (Recognia)YesNoNo
Forex News (Top-Tier Sources)YesNoYes
Daily Market CommentaryYesYesYes
AutochartistYesYesNo
Investor Dictionary (Glossary)NoYesNo
Videos - Beginner Trading VideosYesYesYes
Client Webinars (Archived)NoYesYes
Trading CostsXM GroupLegacyFXXTB
Minimum Initial Deposit$5$500$0
Average Spread EUR/USD - Standard1.6 (Aug 2020)01.07 (Q3 2022)
All-in Cost EUR/USD - Active0.8 (Aug 2021)01.04 (Q3 2022)
Active Trader or VIP DiscountsNoYesYes
Bank Wire (Deposit/Withdraw)YesYesYes
Visa/Mastercard (Credit/Debit)YesYesYes
PayPal (Deposit/Withdraw)NoNoYes
Trading ToolsXM GroupLegacyFXXTB
Watchlists - Total Fields778
Mobile WatchlistYesYesYes
Charting - Indicators / Studies (Total)303039
Mobile Charting - Indicators / Studies303039
Trust FactorsXM GroupLegacyFXXTB
Year Founded200920122002
Publicly Traded (Listed)NoNoYes
BankNoNoNo
Authorised in European UnionYesYesYes
Trust Score907595
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XM Group 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 XM Group vs LegacyFX.

Can I trust XM Group?

XM Group has a trust score of 90, giving it a "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 โ€“ in most cases โ€“ 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 โ€œDo Not Trustโ€ rating.

Can I trust LegacyFX?

LegacyFX has a trust score of 75, giving it a "Average Risk" trust label.

Is XM Group a good broker?

XM Group is known for its robust educational materials and quality market research, though its range of markets and overall trading costs trail behind the best MetaTrader brokers.

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. XM Group is ASIC Authorised (Australia), FCA Authorised (U.K.) and CFTC Registered (USA), while LegacyFX is FCA Authorised (U.K.)., neither have IIROC Authorised (Canada), SFC Authorised (Hong Kong), CBI Authorised (Ireland), FSA Authorised (Japan), MAS Authorised (Singapore), FMA Authorised (New Zealand) and FINMA Authorised (Switzerland)

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 XM Group 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 XM Group is IFSC Authorised (Belize), while LegacyFX is none., neither have SCB Authorised (Bahamas), BMA Authorised (Bermuda), FSC Authorised (British Virgin Islands), CIMA Authorised (Cayman Islands), FSC Authorised (Mauritius) and VFSC Authorised (Vanuatu).

Which broker offers more trading platforms?

Both XM Group and LegacyFX offer a Desktop Platform (Windows)., neither have Proprietary Platform, cTrader, DupliTrade and ZuluTrade

Does XM Group offer MetaTrader? Does LegacyFX offer MetaTrader?

For MetaTrader XM Group 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 XM Group and LegacyFX differ in terms of minimum deposit? What about average spreads and funding options?

XM Group requires a minimum deposit of $5, while LegacyFX requires a minimum deposit of $500. From our testing we found XM Group offers spreads of 1.6 (Aug 2020), while LegacyFX offers spreads of 0. Both XM Group 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, XM Group or LegacyFX?

Both XM Group and LegacyFX allow you to trade Forex Trading (Spot or CFDs), Social Trading / Copy Trading, Metals, Energies, Agriculturals and U.S. Stocks (CFD)., neither have Spread Betting and ETF Looking at total tradeable symbols, XM Group has 1372, compared to 425 from LegacyFX.

Can I trade cryptocurrency with XM Group 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 โ€” including spot forex contracts. In terms of trading physical cryptocurrency neither XM Group nor LegacyFX allow you to trade physical cryptocurrencies.

Who offers more research tools, XM Group or LegacyFX?

In terms of research and research tools XM Group gives traders the following tools: Autochartist, 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.

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