LegacyFX versus AvaTrade
LegacyFX offers the MT5 trading platform, ignoring the well-established MT4 infrastructure, and deploys an unnecessarily complex account structure with a backward philosophy. PAMM accounts are available, but trading costs are high unless traders deposit $25,000+.
AvaTrade features a broad choice of trading platforms. Besides MT4/MT5, supportive of algorithmic trading and upgraded via the Trading Central plugin, it developed its proprietary WebTrader, its mobile app AvaTradeGO, and Ava Option. The proprietary Ava Social caters to copy traders alongside ZuluTrade and DupliTrade. AvaTrade provides equal access to its trading environment for a deposit of $100.
Beginner traders get an industry-leading product via AvaTrade SharpTrader, while LegacyFX offers high-quantity, low-quality educational content.
I have conducted an in-depth review of LegacyFX and AvaTrade to determine which one presents the better overall choice and which traders will benefit the most at either broker.
- Features and Platforms
- Available Markets
- Typical Spreads and Fees
- Security and Trust
- LegacyFX versus AvaTrade - Verdict
Features and Platforms
Features & Platforms | AvaTrade (visit site) | LegacyFX (visit site) |
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Headquarter: | Ireland | Vanuatu |
Established : | 2007 | 2017 |
Retail Loss Rate: | 71.00% | Undisclosed |
Regulation: | ||
Minimum Deposit: | $100 | $500 |
Demo Account: | ||
Managed Account: | ||
Islamic Account: | ||
Inactivity Fee | $50 after three months, recurring | $10 monthly after 90 days |
Deposit Fee: | Third-Party | Third-Party |
Withdrawal Fee | Third-Party | Third-Party |
Funding Methods: | 5 | 7 |
MT4: | ||
MT5: | ||
cTrader: | ||
Proprietary Platform: | ||
Automated Trading: | ||
Social / Copy Trading: | ||
MT4/MT5 Add-ons: | ||
Guaranteed Stop Loss: | ||
Negative Balance Protection: | ||
Bonuses and Promotions: | ||
Unique Feature One: | Excellent educational service | Swap-free trading |
Unique Feature Two: | Well-balanced asset selection | Autochartist |
Broker Offers: |
Noteworthy:
LegacyFX offers swap-free trading on all accounts, making it a notably cheaper broker for leveraged traders who maintain open positions for several days or weeks. Both brokers feature a Guardian Angel service, superior at AvaTrade.
Available Markets
Available Markets | AvaTrade | LegacyFX |
Currency Pairs: | ||
Cryptocurrency Pairs: | ||
Commodities and Metals: | ||
Indices: | ||
Equities: | ||
Bonds: | ||
ETFs: | ||
Options, Futures, and Synthetics: | ||
Maximum Retail Leverage: | 1:400 | 1:200 |
Maximum Pro Leverage: | 1:400 | 1:200 |
LegacyFX covers most sectors but has insufficient trading instruments in each. They suffice for beginners to get acquainted with the market, and for focused trading strategies that require fewer assets. AvaTrade maintains a well-balanced asset selection focused on equity trading with cross-asset diversification. It also supports complex strategies using options, making it an overall better choice.
Typical Spreads and Fees
Typical Spreads & Fees | AvaTrade | LegacyFX |
Minimum Raw Spreads: | Not applicable | Not applicable |
Minimum Standard Spreads: | 0.9 pips | 1.5 pips |
Minimum Commission for Forex: | Commission-free | Commission-free |
Commission for CFDs/DMA: | Commission-free | 0.15% |
Commission Rebates: | Not applicable | No |
Execution Type: | Market Maker | Market Maker |
LegacyFX’s trading costs are unacceptably high, commencing from 1.5 pips or $15.00 per lot, making them unsuitable for scalpers and day traders. Deposits above $25,000 qualify for a reduction to 0.6 pips or $6.00, which competitive brokers offer all clients. Ava counters with acceptable trading costs ranking it in the mid-section of the market.
Security and Trust
AvaTrade
Country of the Regulator | Name of the Regulator | License Number |
Ireland | Central Bank of Ireland | Reference Number C53877 |
The British Virgin Islands | Financial Services Commission | License Number SIBA/L/13/1049 |
Australia | Australian Securities and Investments Commission | License Number 406684 |
South Africa | South African Financial Sector Conduct Authority | License Number 45984 |
Japan | Financial Services Agency /Financial Futures Association | License Number 1662 / License Number 1574 |
United Arab Emirates (Abu Dhabi) | ADGM - Financial Regulatory Services Authority | License Number 190018 |
Israel | Israel Securities Authority | License Number 514666577 |
LegacyFX
Country of the Regulator | Name of the Regulator | License Number |
Vanuatu | Vanuatu Financial Services Commission | 14579 |
LegacyFX and AvaTrade segregate client deposits from corporate funds and offer negative balance protection with third-party insurance missing. Both offer an equally secure and trustworthy trading environment. Trading conditions at AvaTrade depend on the regulatory jurisdiction.
AvaTrade vs LegacyFX – Verdict
AvaTrade
Pros | Cons |
High-quality educational offering via SharpTrader | Higher trading costs typical for commission-free brokers |
Excellent choice of trading platforms catering to various trading needs | |
Broad asset selection and cross-asset diversification opportunities | |
Well-regulated and trusted broker with oversight from a central bank |
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 is an MT5 broker with high trading costs for scalpers and day traders, but its swap-free fee offer makes it a niche broker for medium-to-long-term traders. The backward account structure and restrictions for smaller deposits place traders at a disadvantage or force deposits. AvaTrade remains a reliable multi-asset broker with a well-balanced asset selection and an acceptable cost structure with custom-tailored products and services for select trading strategies, making it the overall superior choice.
FAQs
Is AvaTradeGO reliable?
AvaTradeGO is a reliable and user-friendly mobile trading platform, ideal for social trading and portfolio management on the go.
Is AvaTrade legit in South Africa?
AvaTrade offers South African traders a domestic presence with oversight from the capable FSCA.
Is my money safe in AvaTrade?
AvaTrade is one of the most trusted brokers and complies with seven regulators, one being a central bank. Therefore, traders should feel safe depositing AvaTrade.