If you are reading this article, you’re likely having trouble deciding whether LegacyFX or Exness is the better Forex trading platform for you. While both platforms generally provide positive user experiences, there are some essential differences.
In this LegacyFX and Exness review, we outline the highlights of each trading platform to help you make a more informed decision. We evaluate:
- Features and Platforms
- Available Markets
- Typical Spreads and Fees
- Security and Trust
- LegacyFX vs Exness - Verdict
Cyprus Cyprus CMA, CySEC, FCA, FSA, FSC Belize, FSC Mauritius, FSCA VFSC 2008 2012 Market Maker Market Maker $10 (based on the account type) $500 N/A MetaTrader 4, MetaTrader 5, Proprietary platform MetaTrader 5 0.6 pips 1.6 pips 0.7 pips 1.5 pips 6.7 pips $0.13 11.3 pips $0.63 Undisclosed N/A 0.0 pips N/A 0.3 pips N/A $7.00 per 1.0 standard round lot N/A Visit Website Visit Website
Features and Platforms
N/A N/A Visit Website Visit Website
LegacyFX, founded in 2013, is a rare type of broker with only the MT5 trading platform available. It does come with the PAMM module for account management, and deposits above $1,000 receive the Autochartist plugin for MT5. Content for beginner traders has quantity but lacks quality. Exness, launched in 2008, provides clients with the MT4 and MT5 trading platforms, plus VPS hosting, but no competitive trading tools. The Trading Central WebTV channel is available, but Exness neither provides research nor education. Exness has refocused its EU and UK subsidiaries on business-to-business operations.
Available Markets
N/A N/A N/A Visit Website Visit Website
Forex traders at LegacyFX have 41 currency pairs and four cryptocurrency pairs. Completing the available markets are 18 commodity CFDs, 246 equity CFDs, twelve index CFDs and 13 ETFs. Exness counters with one of the best Forex selections at 107 currency pairs. The seven cryptocurrency pairs and twelve commodities remain below average, and so do the 81 equity and index CFDs. While neither broker presents an overall competitive choice of trading instruments, Exness remains a superb choice for Forex traders. Both brokers present an OK asset selection for beginner traders, with LegacyFX a better destination for equity trading.
Typical Spreads and Fees
0.6 pips 1.6 pips 0.7 pips 1.5 pips 6.7 pips $0.13 11.3 pips $0.63 161.1 pips $505 0.0 pips N/A 0.3 pips N/A $7.00 per 1.0 standard round lot N/A N/A N/A No N/A Visit Website Visit Website
The core trading costs at LegacyFX remain high for most traders. The minimum mark-up for the EUR/USD is 1.6 pips or $16 per 1.0 standard lot. It improves to 0.6 pips or $6 but requires a deposit of $25,000+. All assets at LegacyFX follow the same excessive cost structure. Exness displays a minimum commission-free spread of 1.0 pips or $10 in its Standard account. Traders with a portfolio above $3,000 get access to a mark-up of 0.6 pips. Swap rates on leveraged overnight positions apply at both, but LegacyFX presently waives them, offering a pricing advantage.
Security and Trust
Cyprus, Kenya, Mauritius, Seychelles, United Kingdom, British Virgin Islands, South Africa, Curaçao Cyprus, Vanuatu CMA, CySEC, FCA, FSA, FSC Belize, FSC Mauritius, FSCA VFSC SD025, 0003LSI, SIBA/L/20/1133, 51024, GB20025294, 178/12, 730729, 162 14579, 344/17 N/A 4,1 Visit Website Visit Website
LegacyFX operates with a license from the Vanuatu Financial Services Commission (VFSC). The VSFC remains a smaller regulator, lacking the expertise of other excellent offshore Forex jurisdictions. While LegacyFX maintains an eight-year track record, failure to offer additional investor protection via the bodies like the Hong Kong Financial Commission or third-party insurance remains notable. Exness maintains two subsidiaries regulated by the UK FCA and the CySEC, but they cater to business clients only. Retail traders will deal with the Nymstar unit authorized by the Seychelles FSA or the Vlerizo subsidiary, regulated by the FSCA in South Africa.
LegacyFX vs. Exness: Verdict
LegacyFX and Exness are Forex brokers competing in the mid-section of the ultra-competitive brokerage scene. While neither maintains a trading environment able to compete with the best Forex brokers, both offer at least one unique advantage from where they can expand their market share. LegacyFX only offers the MT5 trading platform but supplements it with trading tools from Autochartist and Trading Central. The trading costs remain high, but since LegacyFX presently waives swap rates on leveraged overnight positions, it creates a distinct pricing advantage for traders who keep trades in their portfolios for several days. It makes it ideal for several trading strategies, but the asset selection remains sub-standard for advanced requirements. Exness presents an excellent Forex asset selection with 107 currency pairs, making it an outstanding choice for Forex traders. Regrettably, traders only get the core MT4/MT5 trading platforms and no research or educational content.
You might also be interested in reviewing the below broker comparisons:
Given the trading tools, the asset selection, and the present absence of swap rates on leveraged overnight positions, for most traders, LegacyFX is a better choice over Exness. Neither one can compete with the best Forex brokers.
