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

Features & PlatformsXM (visit site)LegacyFX (visit site)
Established :
Retail Loss Rate:
Minimum Deposit:
Demo Account:
Managed Account:
Islamic Account:
Inactivity Fee
$5 monthly after 90 days$10 monthly after 90 days
Deposit Fee:
Withdrawal Fee
Funding Methods:
Proprietary Platform:
Automated Trading:
Social / Copy Trading:
MT4/MT5 Add-ons:
Guaranteed Stop Loss:
Negative Balance Protection:
Bonuses and Promotions:
Unique Feature One:
Low trading costsSwap-free trading
Unique Feature Two:
Excellent order executionAutochartist
Broker Offers:


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

Available MarketsXMLegacyFX
Currency Pairs:
Cryptocurrency Pairs:
Commodities and Metals:
Options, Futures, and Synthetics:
Maximum Retail Leverage:
Maximum Pro Leverage:

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

Typical Spreads & FeesXMLegacyFX
Minimum Raw Spreads:
Not applicableNot applicable
Minimum Standard Spreads:
0.6 pips1.5 pips
Minimum Commission for Forex:
Commission for CFDs/DMA:
0.10% (CFDs commission-free)0.15%
Commission Rebates:
Execution Type:
Market MakerMarket Maker

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 RegulatorName of the RegulatorLicense Number
International Financial Services Commission000261/158
Financial Conduct Authority705428
Cyprus Securities and Exchange Commission120/10 and 256/14
Australian Securities and Investment Commission443670
Dubai Financial Services AuthorityF003484
Securities Commission of the BahamasSIA-F201
Commodity Futures Trading Commission / National Futures AssociationNFA #0516820


Country of the RegulatorName of the RegulatorLicense Number
Vanuatu Financial Services Commission14579

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


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


Swap-free trading and high leverageHigh minimum deposit
Autochartist plugin for MT5 and in-house researchNot 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


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.

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