Plus500 vs LegacyFX 2024

Plus500 is publicly traded and does not operate a bank. Plus500 is authorised by six Tier-1 regulators (Highly Trusted), three Tier-2 regulators (Trusted), zero Tier-3 regulators (Average Risk), and one Tier-4 regulator (High Risk). Plus500 is authorised by the following tier-1 regulators: Financial Conduct Authority (FCA), Australian Securities & Investment Commission (ASIC), Japanese Financial Services Authority (JFSA), Financial Markets Authority (FMA), Monetary Authority of Singapore (MAS), and regulated in the European Union via the MiFID passporting system.

LegacyFX is not publicly traded and does not operate a bank. LegacyFX is authorised by one Tier-1 regulator (Highly Trusted), zero Tier-2 regulators (Trusted), zero Tier-3 regulators (Average Risk), and one Tier-4 regulator (High Risk). LegacyFX is authorised by the following Tier-1 regulators: Regulated in the European Union via the MiFID passporting system.

Plus500 is a trusted global brand that offers an easy-to-use trading platform for online traders, alongside access to a thorough selection of CFDs. Share trading is available, but only via its Plus500 Invest product offering.

LegacyFX is a plain-vanilla MetaTrader 5 (MT5) broker that offers a medium range of CFD markets and forex pairs. It has built a good foundation of research offerings, and its investor education content is on par with the industry average. Overall, LegacyFX still has room to grow, and trails behind the best MetaTrader brokers.

To open a trading account with Plus500, you'll need to make an initial minimum deposit of €100.

LegacyFX requires a minimum deposit of $500 before you can open an account and start trading.

It's important to make sure that your forex broker accepts the funding options and deposit methods that work best for you. Plus500 offers Visa/Mastercard (Credit/Debit), Bank Wire (Deposit/Withdraw), PayPal (Deposit/Withdraw) and Skrill (Deposit/Withdraw) for banking, whereas LegacyFX provides Visa/Mastercard (Credit/Debit), Bank Wire (Deposit/Withdraw), Skrill (Deposit/Withdraw) and Neteller (Deposit/Withdraw).

Comparing the trading costs of forex and CFDs is not easy. Not every broker publishes average spread data, and pricing structures vary. Based on our thorough, data-driven testing of each broker's commissions and fees, we found that Plus500 offers better pricing overall for traders.

Methodology: When testing each broker's commissions, fees, and pricing, we analyze multiple trade scenarios and award points based on the expansiveness (or inexpensiveness) of the broker's spreads. We then run multiple scenarios for different investor types, incorporating any miscellaneous fees, to determine an "all-in" cost per trade. Learn more about how we test.

At ForexBrokers.com, we track over 110 international regulatory agencies and sort them by tiers (Tier-1, Tier-2, Tier-3, Tier-4, and Tier-5) to help you choose well-regulated, highly trusted forex brokers. Learn more about our proprietary Trust Score rating system. Based on our research on the regulatory status of over 60 brokers, we've found that Plus500 holds 6 global Tier-1 licenses, while LegacyFX holds 1. Plus500 holds 3 global Tier-2 licenses, while LegacyFX holds 0.

After evaluating each broker based on their number of held licenses, years in business, and a range of other data-driven variables, we've determined that Plus500 (99) earned a higher Trust Score than LegacyFX (67).

To compare the trading platforms of both Plus500 and LegacyFX, we tested each broker's trading tools, research capabilities, and mobile apps. For trading tools, Plus500 offers a better experience. With research, Plus500 offers superior market research. Finally, we found Plus500 to provide better mobile trading apps.

Here’s what trading platforms are available at Plus500:

• Proprietary Platform - Yes
• Web Platform - Yes
• cTrader - No
• DupliTrade - No
• MT4 - No
• MT5 - No
• ZuluTrade - No
• TradingView - No

Here’s what trading platforms are available at LegacyFX:

• Proprietary Platform - No
• Web Platform - Yes
• cTrader - No
• DupliTrade - No
• MT4 - No
• MT5 - Yes
• ZuluTrade - No
• TradingView - No

The MetaTrader trading platform suite is wildly popular among forex and CFD traders across the globe. Neither broker offers Meta Trader. Forex traders also appreciate the ability to engage in social copy trading. While LegacyFX offers copy trading, Plus500 does not.

Plus500 provides traders 65 currency pairs (e.g., EUR/USD) compared to LegacyFX's 44 available pairs. If you are interested in trading CFDs, Plus500 offers traders access to 5500 CFDs, while LegacyFX offers access to 425 CFDs; so Plus500 offers 5075 more CFDs than LegacyFX.

We found in our testing that Plus500 offers a more diverse selection of investment options than LegacyFX, allowing you to trade Forex Trading (Spot or CFDs), U.S. Stocks (CFD), Int'l Stock Trading (Non CFD) and Cryptocurrency (Derivative). Neither have Cryptocurrency (Physical) and Spread Betting.