Interactive Brokers
LegacyFX
Interactive Brokers vs LegacyFX
A detailed side-by-side comparison based on our hands-on testing across 8 scoring categories.
Interactive Brokers and LegacyFX are both popular choices for forex and CFD traders, but they cater to different needs and experience levels. Interactive Brokers, founded in 1978 and headquartered in Greenwich, USA, is regulated by SEC, FCA, ASIC, MAS, IIROC and offers spreads starting from 0.1 pips with a minimum deposit of $0. LegacyFX, established in 2017 in Limassol, Cyprus, holds licenses from CySEC with spreads from 0.8 pips and a $500 minimum deposit. In our hands-on testing across 8 scoring categories, Interactive Brokers scored 9.2/10 overall compared to LegacyFX's 7.1/10, making it the stronger pick for most traders. That said, LegacyFX holds its own with overall value, so your ideal broker depends on what you prioritize in a trading partner.
Key Differences at a Glance
- 📊
Interactive Brokers scores 9.2/10 overall vs 7.1/10 for LegacyFX — a 2.1-point difference.
- 💵
Interactive Brokers requires just $0 to start, while LegacyFX needs $500 — Interactive Brokers is 500x more accessible.
- 📈
Interactive Brokers offers 1,000,000+ instruments vs 200+ at LegacyFX — a massive gap in market coverage.
- 🖥️
Interactive Brokers runs on TWS, IBKR Mobile, IBKR GlobalTrader, while LegacyFX uses MT5 — different ecosystems for different trading styles.
- ⚡
The biggest gap is in Research & Analysis: Interactive Brokers scores 9.5 vs 6.5 for LegacyFX — a 3.0-point difference.
Our Verdict
Interactive Brokers
Score: 9.2/10 · Wins 7 categories- You want lower spreads and trading fees
- You're a beginner who values learning resources
- You need advanced trading platforms and tools
- Top-tier regulation and fund safety are your priority
LegacyFX
Score: 7.1/10 · Wins 0 categories- You prefer LegacyFX's trading environment overall
Interactive Brokers takes the lead with an overall score of 9.2/10 compared to 7.1/10, winning in 7 out of 8 scoring categories. Interactive Brokers stands out for lower trading costs and better trading platforms, while LegacyFX remains a solid alternative.
Detailed Verdict
After testing both brokers with real accounts, Interactive Brokers comes out ahead with a 9.2/10 overall rating, winning 7 out of 8 categories. Its strongest area is Regulation & Trust where it scores 10.0/10. Interactive Brokers holds Tier 1 regulation, meaning your funds benefit from top-level investor protection including segregated accounts and compensation schemes. LegacyFX is not without merit — it scores 7.1/10 overall and excels in Regulation & Trust (7.5/10). For a complete breakdown, read our full Interactive Brokers review and LegacyFX review — both include account opening walkthroughs, platform screenshots, and withdrawal test results.
Score Breakdown
Interactive Brokers wins by 2.5 points
Interactive Brokers wins by 1.5 points
Interactive Brokers wins by 2.5 points
Interactive Brokers wins by 1.0 points
Interactive Brokers wins by 3.0 points
Interactive Brokers wins by 1.0 points
Interactive Brokers wins by 3.0 points
Full Feature Comparison
| Feature | ||
|---|---|---|
| Overall Score | 9.2/10 ✓ | 7.1/10 |
| Min Deposit Lower is better | $0 ✓ | $500 |
| Max Leverage | 1:50 | 1:30 |
| Spreads From | 0.1 pips | 0.8 pips |
| Platforms | TWS, IBKR Mobile, IBKR GlobalTrader | MT5 |
| Regulation | SEC, FCA, ASIC, MAS, IIROC | CySEC |
| Founded Older track record highlighted | 1978 ✓ | 2017 |
| Markets | 1,000,000+ ✓ | 200+ |
Fees & Costs
When it comes to trading costs, Interactive Brokers has the edge with a score of 9.5/10 versus 7/10 for LegacyFX. Interactive Brokers offers spreads starting from 0.1 pips, while LegacyFX starts from 0.8 pips. The minimum deposit at Interactive Brokers is $0, compared to $500 at LegacyFX. Both brokers operate primarily on a spread-based pricing model, though actual costs vary by account type and instrument. For high-volume traders, even small spread differences add up significantly over time, making this an important category to weigh carefully.
Trading Platforms
Interactive Brokers scores 8.5/10 for platforms compared to 7/10 for LegacyFX. Interactive Brokers provides TWS, IBKR Mobile, IBKR GlobalTrader, while LegacyFX offers MT5. The choice of platform affects your charting, order execution speed, and available technical indicators. Traders who rely on MetaTrader's algorithmic trading capabilities should check which MT4/MT5 features each broker supports, including custom indicators and expert advisors.
Regulation & Safety
Regulation is crucial for fund safety. Interactive Brokers is regulated by SEC, FCA, ASIC, MAS, IIROC (Tier 1), while LegacyFX holds licenses from CySEC (Tier 1). Interactive Brokers scores 10/10 and LegacyFX scores 7.5/10 in this category. Tier 1 regulators like FCA, ASIC, and CySEC offer the strongest investor protection, including segregated client funds and compensation schemes. Always verify your broker's specific license for your jurisdiction before opening an account.
Education & Research
For learning resources, Interactive Brokers leads with 8/10 compared to 7/10. Quality education materials can shorten your learning curve significantly. Look for brokers offering structured courses, live webinars, and practice demo accounts. Interactive Brokers and LegacyFX both provide demo accounts for risk-free practice, but the depth of educational content varies. Beginners should prioritize this category when choosing between the two.
Customer Support
Interactive Brokers offers 24/6 Live Chat, Email, Phone and scores 7.5/10, while LegacyFX provides 24/5 Live Chat, Email, Phone with a score of 7.5/10. Reliable support becomes critical during market volatility or when you encounter account issues. Look for brokers with 24/5 or 24/7 availability, multiple contact channels, and support in your preferred language.
Deposit & Withdrawal
Interactive Brokers scores 8/10 for deposits and withdrawals, while LegacyFX scores 7/10. Interactive Brokers accepts Bank Transfer, ACH, and LegacyFX supports Bank Transfer, Credit Card, Debit Card, Skrill, Neteller, Bitcoin. Processing times, fees, and available currencies vary. Interactive Brokers requires a minimum deposit of $0 versus $500 for LegacyFX. Always check withdrawal conditions and any potential fees before funding your account.
Which Broker Is Right for You?
Choose Interactive Brokers if you...
- You want lower spreads and trading fees
- You're a beginner who values learning resources
- You need advanced trading platforms and tools
- Top-tier regulation and fund safety are your priority
🗳️ Which Broker Do You Prefer?
Cast your vote — see what other traders think
Frequently Asked Questions
Is Interactive Brokers better than LegacyFX?
Interactive Brokers scores higher overall (9.2/10 vs 7.1/10), winning 7 of 8 categories. However, LegacyFX remains competitive. The best choice depends on what matters most to your trading style.
Which has lower fees, Interactive Brokers or LegacyFX?
Interactive Brokers scores higher for trading costs. Interactive Brokers offers spreads from 0.1 pips with a $0 minimum deposit, while LegacyFX starts from 0.8 pips with $500 minimum. Actual trading costs depend on your instrument, volume, and account type.
Is Interactive Brokers safe to trade with?
Interactive Brokers is regulated by SEC, FCA, ASIC, MAS, IIROC and scores 10/10 for regulation. LegacyFX is regulated by CySEC with a score of 7.5/10. Both hold recognized licenses, but verify the specific entity covering your region.
Which has better trading platforms, Interactive Brokers or LegacyFX?
Interactive Brokers scores 8.5/10 for platforms. Interactive Brokers offers TWS, IBKR Mobile, IBKR GlobalTrader, while LegacyFX provides MT5. Your ideal platform depends on whether you prefer proprietary tools, MetaTrader, or third-party solutions.
What's the minimum deposit for Interactive Brokers vs LegacyFX?
Interactive Brokers requires a minimum deposit of $0, while LegacyFX requires $500. Interactive Brokers has the lower entry barrier, making it more accessible for beginners or those testing with smaller amounts.
Ready to Start Trading?
Open a free account with either broker and start trading today.