Written by ForexBrokers.com
In this head to head comparison of IC Markets 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.
IC Markets, established in 2007, is a reputable online broker known for its strong regulatory standing. With a Trust Score of 84 from ForexBrokers.com, IC Markets is considered trusted. The broker holds two Tier-1 licenses, indicating a high level of trustworthiness, but it is neither publicly traded nor operates as a bank. This makes IC Markets a solid choice for traders seeking a reliable platform with substantial regulatory backing.
LegacyFX, founded in 2012, offers a different level of assurance with its regulatory credentials. Holding one Tier-1 license, LegacyFX earns a ForexBrokers.com Trust Score of 67, categorizing it as a higher risk broker compared to IC Markets. Like its counterpart, LegacyFX is not listed on a stock exchange and does not function as a bank. Traders considering LegacyFX should weigh its regulatory status in the context of their personal risk tolerance and investment needs.
| Feature |
IC Markets
|
LegacyFX
|
|---|---|---|
| Year Founded | 2007 | 2012 |
| Publicly Traded (Listed) | No | No |
| Bank | No | No |
| Tier-1 Licenses | 2 | 1 |
| Tier-2 Licenses | 0 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 3 | 1 |
IC Markets shines with its highly competitive commission and fee structure, earning a prestigious 5-star rating and ranking 5th out of 63 brokers in the Commissions and Fees category. With an array of account choices, including the commission-free Standard account and the commission-based Raw Spread and cTrader Raw Spread accounts, IC Markets delivers flexibility. The cTrader Raw Spread account is particularly attractive, as it offers slightly lower commission costs at $3.0 per side for every 100,000 units traded, compared to the MT4 and MT5 Raw Spread account's cost of $3.5 per side. Moreover, IC Markets provides advantageous conditions for active traders with potential discounts for those trading over 100 standard lots monthly.
Conversely, LegacyFX offers a range of account types, though its trading costs aren't as clearly laid out as IC Markets. LegacyFX is rated 3.5 stars in the Commissions and Fees category and is positioned at 57th among 63 brokers. At its EU entity, three account options are available – Silver, Gold, and Platinum – each requiring a minimum deposit ranging from $500 to $25,000. However, spreads on the Silver account can be quite high, starting at 1.6 pips on the EUR/USD, which may result in higher overall trading costs. The international entity in Vanuatu expands the selection to seven account types, further altering the spread and support levels.
In summary, IC Markets emerges as a top-tier choice for traders seeking low trading costs compared to LegacyFX, which lacks transparency in average spreads and offers accounts with potentially higher trading costs. IC Markets’ 5-star rating is a testament to its competitive edges in commissions and fees, while LegacyFX remains a more niche option with its varied account structures and support levels.
| Feature |
IC Markets
|
LegacyFX
|
|---|---|---|
| Minimum Deposit | $200 | $500 |
| Average Spread EUR/USD - Standard | 0.62 | N/A |
| All-in Cost EUR/USD - Active | 0.62 | N/A |
| Active Trader or VIP Discounts | Yes | Yes |
| ACH or SEPA Transfers | No | No |
| PayPal (Deposit/Withdraw) | Yes | No |
| Skrill (Deposit/Withdraw) | Yes | Yes |
| Visa/Mastercard (Credit/Debit) | Yes | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
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When examining the variety of investments offered by IC Markets and LegacyFX, IC Markets clearly presents a more extensive selection. With 3,583 tradeable symbols, compared to LegacyFX's 425, traders have access to a broader array of options. In the realm of forex trading, IC Markets provides 61 forex pairs, surpassing LegacyFX's 44 pairs. Both brokers facilitate forex trading through CFDs and spot contracts, catering to traders looking to engage in currency markets. Interestingly, neither broker offers exchange-traded securities on U.S. exchanges; however, IC Markets allows trading of securities on international exchanges, such as shares listed on the London Stock Exchange, a feature absent from LegacyFX's offerings.
For investors interested in cryptocurrency derivatives, both IC Markets and LegacyFX provide this service, although neither offers the ability to buy actual cryptocurrencies. Both brokers support copy trading, helping users mimic the strategies of others. Despite these similarities, IC Markets shines with a higher rating of 4.5 stars for its range of investments, positioning it at #25 among 63 brokers evaluated by ForexBrokers.com. In contrast, LegacyFX receives a slightly lower rating of 3.5 stars, placing it at #48. Overall, IC Markets appears to offer a more comprehensive and versatile investment suite compared to LegacyFX, making it a preferable choice for a wide spectrum of trading needs.
| Feature |
IC Markets
|
LegacyFX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 3583 | 425 |
| Forex Pairs (Total) | 61 | 44 |
| U.S. Stock Trading (Non CFD) | No | No |
| Int'l Stock Trading (Non CFD) | Yes | No |
| Social Trading / Copy Trading | Yes | Yes |
| Cryptocurrency (Physical) | No | 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). |
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IC Markets and LegacyFX each provide a comprehensive suite of trading platforms and tools to accommodate various trading preferences. Both brokers offer simulated trading through free virtual demo accounts, making them accessible to beginners who want to hone their skills without financial risk. Neither has a proprietary platform, but they support widely recognized options; for instance, IC Markets and LegacyFX both offer Windows-based desktop downloads as well as web-based trading platforms. IC Markets stands out with the inclusion of MetaTrader 4 (MT4) alongside MetaTrader 5 (MT5), while LegacyFX only offers MT5. The brokers both facilitate copy trading, but only IC Markets includes ZuluTrade among its offerings. For charting tools, IC Markets and LegacyFX both provide a generous selection of 15 drawing tools and the ability to trade directly from stock charts, and they support detailed watch lists with seven customizable columns.
When judged on trading platforms and tools, IC Markets earns a solid rating of four stars, surpassing LegacyFX's 3.5 stars. This is reflected in their rankings; among 63 brokers evaluated by ForexBrokers.com, IC Markets is placed at a respectable #16, significantly ahead of LegacyFX, which is ranked at #60. The difference in their rankings and star ratings highlights IC Markets' edge, particularly with its offering of MT4 and the integration of ZuluTrade, which potentially caters to a broader spectrum of trading styles and preferences. Ultimately, while both brokers provide essential tools for effective trading, IC Markets offers a slight advantage with its more diversified platform options and higher industry ranking.
| Feature |
IC Markets
|
LegacyFX
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | No | No |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | Yes | Yes |
| MetaTrader 4 (MT4) | Yes | No |
| MetaTrader 5 (MT5) | Yes | Yes |
| DupliTrade | No | No |
| ZuluTrade | Yes | No |
| Charting - Indicators / Studies (Total) | 30 | 30 |
| Charting - Drawing Tools (Total) | 15 | 15 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 7 | 7 |
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When comparing the mobile trading apps of IC Markets and LegacyFX, both brokers offer apps for iPhone and Android devices, making them accessible to most smartphone users. In terms of functionality, they provide essential features such as stock and forex price alerts, and the ability to draw trendlines on charts. They also allow users to explore various time frames on charts, save drawings automatically, and create watchlists with real-time quotes. However, neither app offers watchlist symbol syncing, meaning that changes made on the mobile app won't automatically update on the user's online account and vice versa.
Both brokers support charting with 30 technical studies available, ensuring that traders can perform thorough analysis on-the-go. However, IC Markets is rated slightly higher with 4 stars, compared to LegacyFX's 3.5 stars. This difference is reflected in their rankings by ForexBrokers.com, where IC Markets holds the 22nd position, whereas LegacyFX is placed further down at 61st among 63 brokers. These rankings suggest that while both apps offer similar features, IC Markets might provide a slightly better user experience overall.
| Feature |
IC Markets
|
LegacyFX
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | No | No |
| Mobile Charting - Indicators / Studies | 30 | 30 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Multiple Time Frames | Yes | Yes |
| Mobile Charting - Drawings Autosave | Yes | Yes |
| Mobile Watchlist | Yes | Yes |
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IC Markets and LegacyFX both offer robust resources for traders looking to stay informed with daily market commentaries. They also ensure traders have access to forex news from reputable sources like Bloomberg and Reuters, and both platforms integrate tools from Autochartist for enhanced analysis. However, IC Markets takes the lead by providing additional tools from Trading Central for a comprehensive technical analysis experience. While both brokers include economic calendars to keep traders updated on global news events, IC Markets distinguishes itself with a sentiment-based trading tool that helps users gauge market trends via long and short position ratios across currency pairs.
In terms of market research and features, IC Markets is well-regarded, earning a research rating of 4 out of 5 stars and ranking 23rd among 63 brokers rated by ForexBrokers.com. In contrast, LegacyFX receives a slightly lower rating of 3.5 stars and ranks 46th in the same category. Neither platform currently offers tools from companies like TipRanks or Acuity Trading, focusing instead on their strengths in market commentary and calendar tools to cater to their clientele’s research needs.
| Feature |
IC Markets
|
LegacyFX
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | Yes | Yes |
| Trading Central (Recognia) | Yes | No |
| Social Sentiment - Currency Pairs | Yes | No |
| TipRanks | No | 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, IC Markets and LegacyFX both provide solid offerings for those venturing into forex or CFDs trading. Both brokers offer more than ten educational materials, including articles, videos, and archived webinars focused on these subjects. Additionally, they host at least one instructional webinar each month and maintain searchable archives of their recorded sessions, making it easy for traders to learn at their own pace. For those just starting, both IC Markets and LegacyFX present over ten beginner-friendly videos on trading topics, laying a groundwork for newcomers to understand the complexities of the market.
In terms of advanced education, both brokers again present over ten videos designed to challenge experienced traders. They each supply an investor dictionary packed with definitions of more than fifty investing terms, enhancing understanding in the process. When rated on their educational offerings, IC Markets receives a slightly higher ranking with four stars compared to LegacyFX's 3.5 stars. On a broader scale, IC Markets is positioned at #16, and LegacyFX at #35 among 63 brokers in the Education category by ForexBrokers.com. This slight edge in rating and ranking suggests IC Markets may hold a modest advantage for education-focused traders.
| Feature |
IC Markets
|
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 IC Markets is better than LegacyFX. IC Markets finished with an overall rank of #20, while LegacyFX finished with an overall rank of #63.
IC Markets’ competitive pricing and scalable execution make it an excellent option for algorithmic traders. Though it supports an impressive range of third-party tools and plugins, IC Markets’ research and education offerings are not as impressive as those offered by industry leaders.
| Feature |
IC Markets
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LegacyFX
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|---|---|---|
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| Trust Score | 84 | 67 |
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Both IC Markets and LegacyFX provide options for trading cryptocurrency derivatives but do not offer the purchase of the actual, delivered cryptocurrency.
IC Markets and LegacyFX both provide multiple options for depositing or withdrawing funds, such as Visa, Mastercard, Skrill, and bank wires, but differ in that IC Markets supports PayPal transactions whereas LegacyFX does not, with neither offering ACH or SEPA transfers.
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 | IC Markets | LegacyFX | |
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| Trust Score | 84 | 67 | |
| Winner | check_circle | ||
| Review | IC Markets Review | LegacyFX Review |
| Broker Screenshots | IC Markets | LegacyFX | |
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| Trading Platforms Gallery (click to expand) |
-desktop-platform-.jpg "IC Markets MetaTrader 5 (MT5) desktop platform.")
-desktop-platform-charts-.jpg "IC Markets MetaTrader 5 (MT5) desktop platform charts.")
-desktop-platform-watchlist-views-.jpg "IC Markets MetaTrader 5 (MT5) desktop platform watchlist views .")
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| Regulation | IC Markets | LegacyFX | |
|---|---|---|---|
| Trust Score | 84 | 67 | |
| Year Founded | 2007 | 2012 | |
| Publicly Traded (Listed) | No | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 2 | 1 | |
| Tier-2 Licenses | 0 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 3 | 1 |
| Tier-1 Licenses (Highly Trusted) | IC Markets | 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) | No | 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) | IC Markets | 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 | IC Markets | LegacyFX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 3583 | 425 | |
| Forex Pairs (Total) | 61 | 44 | |
| U.S. Stock Trading (Non CFD) | No | No | |
| Int'l Stock Trading (Non CFD) | Yes | No | |
| Social Trading / Copy Trading | Yes | Yes | |
| Cryptocurrency (Physical) | No | 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 | IC Markets | LegacyFX | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 0.62 | N/A | |
| All-in Cost EUR/USD - Active | 0.62 | N/A | |
| Active Trader or VIP Discounts | Yes | Yes | |
| Inactivity Fee | No | No | |
| Execution: Agency Broker | Yes | No | |
| Execution: Market Maker | Yes | Yes |
| Funding | IC Markets | LegacyFX | |
|---|---|---|---|
| Minimum Deposit | $200 | $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 | No | No |
| Trading Platforms | IC Markets | LegacyFX | |
|---|---|---|---|
| Proprietary Platform | No | No | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | Yes | Yes | |
| MetaTrader 4 (MT4) | Yes | No | |
| MetaTrader 5 (MT5) | Yes | Yes | |
| cTrader | Yes | No | |
| DupliTrade | No | No | |
| ZuluTrade | Yes | No |
| Trading Tools | IC Markets | LegacyFX | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 7 | 7 | |
| Charting - Indicators / Studies (Total) | 30 | 30 | |
| Charting - Drawing Tools (Total) | 15 | 15 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | IC Markets | LegacyFX | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | No | No | |
| Mobile Charting - Indicators / Studies | 30 | 30 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Multiple Time Frames | Yes | Yes | |
| Mobile Charting - Drawings Autosave | Yes | Yes | |
| Mobile Economic Calendar | Yes | Yes |
| Research | IC Markets | LegacyFX | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | Yes | Yes | |
| Trading Central (Recognia) | Yes | No | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | Yes | No | |
| Economic Calendar | Yes | Yes |
| Education | IC Markets | 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 | IC Markets | 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 | IC Markets Review | LegacyFX Review |
| Overall | IC Markets | LegacyFX | |
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| Trust Score | 84 | 67 | |
| Winner | check_circle | ||
| Review | IC Markets Review | LegacyFX Review |
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