Comparison
LegacyFX versus XM

LegacyFX versus XM

LegacyFX is an expensive MT5 broker for deposits below $25,000+ for most traders, but its swap-free offer makes it a niche player for medium-to-long-term strategies. The account structure is unnecessarily complex and deploys a backward approach, denying beginner services they could benefit from and granting them to traders who do not need them.

XM established itself as a dominant retail broker, catering to 5M+ traders from 190 countries. Upgraded MT4/MT5 trading platforms, a low-cost commission-free Forex pricing environment, and a well-balanced choice of trading instruments create a competitive offer for all traders. Low minimum deposit requirements, high leverage, and excellent order execution add to the competitive edge XM maintains.

I have conducted an in-depth review of LegacyFX and XM to determine which one presents the better overall choice and which traders will benefit the most at either broker.p>

Features and Platforms
Available Markets
Typical Spreads and Fees
Security and Trust
LegacyFX versus XM - Verdict


Headquarters	Cyprus	Cyprus
Regulators	ASIC, CySEC, DFSA, FSC Belize	VFSC
Tier 1 Regulator(s)?
Owned by Public Company?
Year Established	2009	2012
Execution Type(s)	Market Maker	Market Maker
Minimum Deposit	$5	$500
Trading Platform(s)	MetaTrader 4, MetaTrader 5, Proprietary platform	MetaTrader 5
Average Trading Cost EUR/USD	0.1 pips	1.6 pips
Average Trading Cost GBP/USD	0.2 pips	1.5 pips
Average Trading Cost WTI Crude Oil	$0.05	$0.13
Average Trading Cost Gold	$0.19	$0.63
Islamic Account
Signals
US Persons Accepted?
Managed Accounts
	Get Started	Get Started

Features and Platforms


MT4
MT5
cTrader
Proprietary Platform
Automated Trading
DOM?
Guaranteed Stop Loss
Scalping
Hedging
One-Click Trading
OCO Orders
Interest on Margin
	Get Started	Get Started

Noteworthy:

Educational content and research exist at both brokers, but XM delivers superior quality versus LegacyFX, which favors quantity. LegacyFX offers a Guardian Angel service and PAMM accounts. XM rewards high-frequency traders with generous incentives.

Available Markets


Currency Pairs		N/A
Cryptocurrencies		N/A
Commodities
Crude Oil
Gold
Metals
Equity Indices
Stocks (non-CFDs)
ETFs
Futures
Synthetics
	Get Started	Get Started

XM provides traders with a well-balanced asset selection focused on equities, which account for the bulk of its 1,000+ trading instruments. Traders can achieve advanced cross-asset diversification at XM, catering to all level traders. LegacyFX covers the same sectors as XM but maintains significantly fewer assets, sufficient for beginners and focused trading strategies.

Typical Spreads and Fees


Average Trading Cost EUR/USD	0.1 pips	1.6 pips
Average Trading Cost GBP/USD	0.2 pips	1.5 pips
Average Trading Cost WTI Crude Oil	$0.05	$0.13
Average Trading Cost Gold	$0.19	$0.63
Average Trading Cost Bitcoin	N/A	$505
	Get Started	Get Started

Trading costs at LegacyFX start from 1.5 pips or $15.00 per lot and drop to 0.6 pips or $6.00 for $25,000+ deposits. XM offers 0.6 pips or $6.00 to traders with deposits from $5. Traders should consider the swap-free trading conditions at LegacyFX to determine how they impact their strategies and final costs.

Security and Trust


Country of the Regulator	United Arab Emirates, Australia, The Bahamas, Belize, Cyprus, United Kingdom, United States	Cyprus, Vanuatu
Name of the Regulator	ASIC, CySEC, DFSA, FSC Belize	VFSC
Regulatory License Number	705428, 120/10, 443670, 000261/397, F003484, SIA-F201, 0516820	14579, 344/17
Regulatory Tier	1,1,1,4,2,4,1	4,1
	Get Started	Get Started

LegacyFX and XM offer equally secure trading environments, with negative balance protection and the segregation of client deposits from corporate funds. Third-party insurance is missing at LegacyFX and XM alike. The UK and Cyprus subsidiaries of XM have an investor compensation fund.

XM vs LegacyFX – Verdict

XM

Pros	Cons
Well balanced overall asset selection	Limited cryptocurrency selection
Upgraded MT4/MT5 trading accounts with excellent order execution statistics
Low minimum deposit of $5 and maximum leverage of 1:888
Competitive commission-free trading costs from $6.00 per 1 standard lot

LegacyFX

Pros	Cons
Swap-free trading and high leverage	High minimum deposit
Autochartist plugin for MT5 and in-house research	Not all account types have access to core features
Educational tools for beginner traders
Loyalty Program for affiliates

LegacyFX grants niche traders with longer-term leveraged focused trading strategies a distinct edge with its swap-free offer. Other traders must deal with an expensive cost structure and backward account hierarchy. XM is a superior alternative, as it maintains a highly competitive overall trading environment, quality education, research, and generous bonuses available from a minimum deposit of $5. It established itself as a trustworthy multi-asset broker suitable for all trading strategies, including scalpers and high-frequency algorithmic traders.

You might also be interested in reviewing the below broker comparisons:

Read full XM Review

Read full LegacyFX Review

FAQs

Is XM a good Forex broker?

XM is a good broker due to its well-balanced, high-quality product and services portfolio.

What broker is better than XM?

XM has an overall competitive trading environment suitable for most traders, but certain competitors provide superior products and services for select strategies or niche markets.

Can US traders use XM?

The Trading Point Group, the corporate owner of XM, has a US subsidiary regulated by CFTC with NFA membership.