Written by ForexBrokers.com
In this head to head comparison of eToro vs LegacyFX, we will compare the trading platforms, mobile apps, range of investments, costs, market research, and more. Let's dive in.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 51% and 89% 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.
When comparing online brokers, eToro and LegacyFX present distinct profiles, especially concerning their regulatory standing. Founded in 2007, eToro is a publicly traded company and holds three Tier-1 licenses, indicative of high trust, along with one Tier-2 license. This strong regulatory framework earns eToro a high Trust Score of 96 from ForexBrokers.com, reflecting its position as a highly trusted broker. Although not a bank, eToro's commitment to security and compliance is evident in its extensive licensing.
On the other hand, LegacyFX, established in 2012, remains privately held and holds just one Tier-1 license, with no Tier-2 licenses to bolster its regulatory oversight. This results in a Trust Score of 67 from ForexBrokers.com, marking it as a high-risk broker. While both eToro and LegacyFX are not banks, eToro's presence as a publicly traded entity with multiple licenses provides a stronger trust signal for potential investors. In contrast, LegacyFX may appeal to those more focused on niche trading opportunities rather than reliance on widespread regulatory assurance.
| Feature |
eToro
|
LegacyFX
|
|---|---|---|
| Year Founded | 2007 | 2012 |
| Publicly Traded (Listed) | Yes | No |
| Bank | No | No |
| Tier-1 Licenses | 3 | 1 |
| Tier-2 Licenses | 1 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 1 | 1 |
When it comes to comparing eToro and LegacyFX for commissions and fees, eToro is a market-maker broker with a typical variable spread of 1 pip on EUR/USD. Although this spread is slightly above the industry average, eToro attracts retail traders primarily for its social copy trading platform rather than low spreads. eToro also features a VIP club with five membership tiers, ranging from Silver to Diamond, for traders maintaining balances between $5,000 to $250,000. These tiers offer benefits like access to Trading Central, discounted withdrawal and deposit fees, and a dedicated account manager, among others. eToro's fees and commissions earn it a 4.5-star rating and a rank of #22 among 63 brokers on ForexBrokers.com.
On the other hand, LegacyFX has variable account offerings depending on whether you choose its EU-regulated entity or its international entity based in Vanuatu. While average spreads for LegacyFX are not readily available, EU residents have access to Silver, Gold, and Platinum account types with minimum deposits of $500, $5,000, and $25,000, respectively. The Platinum account offers the most competitive spreads, whereas the Silver account has higher trading costs starting at 1.6 pips on the EUR/USD. For international clients, LegacyFX offers seven account types, from Standard to VIP, with varying levels of client support and trading tool access. LegacyFX is rated 3.5 stars for its commissions and fees and ranks at #57 out of 63 brokers according to ForexBrokers.com.
Overall, while eToro commands a higher star rating and better rank in terms of commissions and fees, LegacyFX offers numerous account types catering to a wide range of trading needs. Regardless of their differences, both brokers provide unique offerings that may appeal to different trader profiles. Whether you're drawn to eToro's social trading capabilities or the diverse account structures at LegacyFX, carefully consider the costs involved to find a broker aligned with your financial goals.
| Feature |
eToro
|
LegacyFX
|
|---|---|---|
| Minimum Deposit | $50-$10,000 | $500 |
| Average Spread EUR/USD - Standard | 1 | N/A |
| All-in Cost EUR/USD - Active | N/A | N/A |
| Active Trader or VIP Discounts | Yes | Yes |
| ACH or SEPA Transfers | Yes | No |
| PayPal (Deposit/Withdraw) | Yes | No |
| Skrill (Deposit/Withdraw) | Yes | Yes |
| Visa/Mastercard (Credit/Debit) | Yes | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
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eToro and LegacyFX both offer forex trading as a CFD or spot contract, providing users with flexibility in the forex market. However, eToro outshines LegacyFX by offering a whopping 5,461 tradeable symbols compared to LegacyFX's modest 425. In terms of forex pairs specifically, eToro once again has the upper hand with 55 options versus LegacyFX's 44. When it comes to exchange-traded securities, eToro allows clients to invest in both U.S. and international markets, whereas LegacyFX does not provide access to these options.
For those interested in cryptocurrency, eToro offers the ability to buy both actual cryptocurrencies and derivatives, while LegacyFX limits its options to just derivatives. Both brokers support copy trading, allowing investors to mimic the strategies of seasoned traders. Based on these factors, eToro earns a 5-star rating for its range of investments, placing it as the 10th best out of 63 brokers in this category according to ForexBrokers.com. In contrast, LegacyFX receives a 3.5-star rating and ranks 48th, demonstrating that while it offers considerable options, eToro presents a wider array of investment opportunities for users.
| Feature |
eToro
|
LegacyFX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 5461 | 425 |
| Forex Pairs (Total) | 55 | 44 |
| U.S. Stock Trading (Non CFD) | Yes | No |
| Int'l Stock Trading (Non CFD) | Yes | No |
| Social Trading / Copy Trading | Yes | Yes |
| Cryptocurrency (Physical) | Yes | No |
| Cryptocurrency (Derivative) | Yes | Yes |
| Disclaimers | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). |
Dive deeper: Best Copy Trading Platforms.
eToro and LegacyFX both provide users with a simulated trading experience through free virtual demo accounts, making it easy for beginners to practice their trading skills without any financial risk. When it comes to trading platforms, eToro stands out with its proprietary, in-house developed platform, while LegacyFX relies on third-party solutions, offering the widely-used MetaTrader 5 (MT5) platform as an option. Unlike eToro, which lacks a Windows-based desktop platform, LegacyFX offers one, catering to traders who prefer this type of software. However, both brokers provide convenient web-based platforms that allow for trading directly through an internet browser. If you're interested in features like copy trading, both eToro and LegacyFX offer these tools, allowing you to mirror the trades of experienced investors.
Comparing their trading tools, eToro offers a remarkable 161 drawing tools for charting, dwarfing LegacyFX's 15 options. However, LegacyFX offers the ability to trade directly from a stock chart, a feature not available from eToro. For organizing watch lists, LegacyFX offers slightly more columns (seven) than eToro's six. In terms of overall performance and user satisfaction, eToro has a higher rating of 4.5 stars compared to LegacyFX's 3.5 stars in the Trading Platforms and Tools category. According to ForexBrokers.com rankings, eToro is placed at an impressive 8th out of 63 brokers, while LegacyFX is further down the list at 60th, reflecting eToro's well-regarded position in the market.
| Feature |
eToro
|
LegacyFX
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | No |
| Desktop Platform (Windows) | No | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | Yes | Yes |
| MetaTrader 4 (MT4) | No | No |
| MetaTrader 5 (MT5) | No | Yes |
| DupliTrade | No | No |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 104 | 30 |
| Charting - Drawing Tools (Total) | 161 | 15 |
| Charting - Trade From Chart | No | Yes |
| Watchlists - Total Fields | 6 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
When comparing the mobile trading apps of eToro and LegacyFX, both platforms offer apps for iPhone and Android devices, catering to a wide audience of mobile traders. Both apps provide essential features like stock or forex price alerts and the ability to create watchlists with real-time quotes. However, eToro stands out with its convenient watchlist symbol syncing feature, allowing changes to sync seamlessly between the mobile app and online account. In contrast, LegacyFX lacks this feature, limiting its flexibility. Furthermore, eToro offers an impressive 104 technical studies for charting, compared to LegacyFX's 30, providing a broader range of analytical tools for users.
Both apps allow users to view different time frames on stock and forex charts, catering to various trading strategies. While LegacyFX permits drawing and auto-saving trendlines on charts, eToro does not have this capability. This might appeal to traders who rely on detailed chart annotations. Overall, eToro's mobile app receives a higher user rating of 4.5 stars compared to LegacyFX's 3.5 stars, with eToro ranked #10 by ForexBrokers.com and LegacyFX coming in at #61. This shows that users generally find eToro's mobile trading experience to be well-rounded and highly effective for their trading needs.
| Feature |
eToro
|
LegacyFX
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | No |
| Mobile Charting - Indicators / Studies | 104 | 30 |
| Mobile Charting - Draw Trendlines | No | Yes |
| Mobile Charting - Multiple Time Frames | Yes | Yes |
| Mobile Charting - Drawings Autosave | No | Yes |
| Mobile Watchlist | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
When it comes to market research, eToro and LegacyFX both provide daily market commentary, keeping traders informed on the latest trends and developments. While LegacyFX offers forex news from prestigious sources like Bloomberg and Reuters, eToro does not provide this feature. eToro takes the lead with its inclusion of Trading Central's technical analytics and sentiment-based trading tools, as well as market research from TipRanks. In comparison, LegacyFX lacks these features but compensates with access to Autochartist's advanced technical analysis tools.
Both platforms feature an economic calendar to track important global news events. However, in terms of overall research offerings, eToro scores higher with a 4.5-star rating, compared to LegacyFX's 3.5 stars. According to ForexBrokers.com, eToro ranks 13th out of 63 brokers in the Research category, while LegacyFX holds the 46th position. This suggests that eToro may provide a more comprehensive research experience for traders seeking a wide range of analysis tools and insights.
| Feature |
eToro
|
LegacyFX
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | No | Yes |
| Autochartist | No | Yes |
| Trading Central (Recognia) | Yes | No |
| Social Sentiment - Currency Pairs | Yes | No |
| TipRanks | Yes | No |
| Signal Centre (Acuity Trading) | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When it comes to educational resources for beginners, both eToro and LegacyFX provide a variety of options to help new traders learn the ropes of forex and CFDs. Each offers more than ten educational pieces, including articles, videos, and webinars focused on trading. Both brokers host at least one educational webinar per month and maintain searchable archives of these sessions, offering flexibility for those who wish to learn at their own pace. With a strong selection of beginner videos and advanced trading content, newcomers and experienced traders alike have access to valuable insights. Both eToro and LegacyFX also offer an investor dictionary featuring over 50 investing terms, ensuring that users can easily find definitions when needed.
Despite the similarities, eToro stands out with a higher educational rating of 4.5 stars compared to LegacyFX’s 3.5 stars. ForexBrokers.com ranks eToro fifth out of 63 brokers for educational excellence, while LegacyFX holds the 35th position. This difference may reflect the quality or user experience associated with each platform's educational content. Overall, both eToro and LegacyFX are commendable for their educational offerings, but eToro leads slightly in providing a more rated educational experience. Whether you're a beginner looking to understand the basics or a seasoned trader seeking advanced strategies, these brokers have resources to fit your needs.
| Feature |
eToro
|
LegacyFX
|
|---|---|---|
| Education (Forex or CFDs) | Yes | Yes |
| Client Webinars | Yes | Yes |
| Client Webinars (Archived) | Yes | Yes |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | Yes | Yes |
| Investor Dictionary (Glossary) | Yes | Yes |
Dive deeper: Best Forex Brokers for Beginners.
After testing 63 of the best forex brokers, our research and account testing finds that eToro is better than LegacyFX. eToro finished with an overall rank of #9, while LegacyFX finished with an overall rank of #63.
eToro is a winner for its easy-to-use copy-trading platform, where traders can copy the trades of experienced investors – or receive exclusive perks for sharing their own trading strategies.
| Feature |
eToro
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LegacyFX
|
|---|---|---|
| Overall Rating |
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| Trust Score | 96 | 67 |
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When comparing eToro and LegacyFX in terms of cryptocurrency offerings, eToro allows for the purchase of both actual delivered cryptocurrency and cryptocurrency derivatives, whereas LegacyFX provides the option only to buy cryptocurrency derivatives.
Comparing eToro to LegacyFX, eToro offers a wider range of deposit and withdrawal options including ACH, SEPA transfers, and PayPal, which are not available with LegacyFX, while both platforms support options like Skrill, Visa, Mastercard, and bank wires.
Please note:
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.
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0 of 5| Overall Rating | eToro | LegacyFX | |
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| Trust Score | 96 | 67 | |
| Winner | check_circle | ||
| Review | eToro Review | LegacyFX Review |
| Broker Screenshots | eToro | LegacyFX | |
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| Regulation | eToro | LegacyFX | |
|---|---|---|---|
| Trust Score | 96 | 67 | |
| Year Founded | 2007 | 2012 | |
| Publicly Traded (Listed) | Yes | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 3 | 1 | |
| Tier-2 Licenses | 1 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 1 | 1 |
| Tier-1 Licenses (Highly Trusted) | eToro | LegacyFX | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | No | |
| Canada (CIRO Authorised) | No | No | |
| Hong Kong (SFC Authorised) | No | No | |
| Japan (SFC Authorised) | No | No | |
| Singapore (MAS Authorised) | No | No | |
| Switzerland (FINMA Authorised) | No | No | |
| United Kingdom (U.K.) (FCA Authorised) | Yes | No | |
| USA (CFTC Authorized) | No | No | |
| New Zealand (FMA Authorised) | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes |
| Tier-2 Licenses (Trusted) | eToro | LegacyFX | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA/Central Bank Authorised) | No | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | eToro | LegacyFX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 5461 | 425 | |
| Forex Pairs (Total) | 55 | 44 | |
| U.S. Stock Trading (Non CFD) | Yes | No | |
| Int'l Stock Trading (Non CFD) | Yes | No | |
| Social Trading / Copy Trading | Yes | Yes | |
| Cryptocurrency (Physical) | Yes | No | |
| Cryptocurrency (Derivative) | Yes | Yes | |
| Disclaimers | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). |
| Cost | eToro | LegacyFX | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1 | N/A | |
| All-in Cost EUR/USD - Active | N/A | N/A | |
| Active Trader or VIP Discounts | Yes | Yes | |
| Inactivity Fee | Yes | No | |
| Execution: Agency Broker | Yes | No | |
| Execution: Market Maker | Yes | Yes |
| Funding | eToro | LegacyFX | |
|---|---|---|---|
| Minimum Deposit | $50-$10,000 | $500 | |
| PayPal (Deposit/Withdraw) | Yes | No | |
| Skrill (Deposit/Withdraw) | Yes | Yes | |
| Visa/Mastercard (Credit/Debit) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | Yes | No |
| Trading Platforms | eToro | LegacyFX | |
|---|---|---|---|
| Proprietary Platform | Yes | No | |
| Desktop Platform (Windows) | No | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | Yes | Yes | |
| MetaTrader 4 (MT4) | No | No | |
| MetaTrader 5 (MT5) | No | Yes | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | eToro | LegacyFX | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 6 | 7 | |
| Charting - Indicators / Studies (Total) | 104 | 30 | |
| Charting - Drawing Tools (Total) | 161 | 15 | |
| Charting - Trade From Chart | No | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | eToro | LegacyFX | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | Yes | No | |
| Mobile Charting - Indicators / Studies | 104 | 30 | |
| Mobile Charting - Draw Trendlines | No | Yes | |
| Mobile Charting - Multiple Time Frames | Yes | Yes | |
| Mobile Charting - Drawings Autosave | No | Yes | |
| Mobile Economic Calendar | No | Yes |
| Research | eToro | LegacyFX | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | No | Yes | |
| Autochartist | No | Yes | |
| Trading Central (Recognia) | Yes | No | |
| TipRanks | Yes | No | |
| Social Sentiment - Currency Pairs | Yes | No | |
| Economic Calendar | Yes | Yes |
| Education | eToro | LegacyFX | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | Yes | |
| Client Webinars | Yes | Yes | |
| Client Webinars (Archived) | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | Yes | |
| Investor Dictionary (Glossary) | Yes | Yes |
| Major Forex Pairs | eToro | LegacyFX | |
|---|---|---|---|
| GBP/USD | Yes | Yes | |
| USD/JPY | Yes | Yes | |
| EUR/USD | Yes | Yes | |
| USD/CHF | Yes | Yes | |
| USD/CAD | Yes | Yes | |
| NZD/USD | Yes | Yes | |
| AUD/USD | Yes | Yes | |
| Review | eToro Review | LegacyFX Review |
| Overall | eToro | LegacyFX | |
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| Trust Score | 96 | 67 | |
| Winner | check_circle | ||
| Review | eToro Review | LegacyFX Review |
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