XM vs LegacyFX | We Compare Brokers
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XM vs LegacyFX | Broker Comparison

Review By: Alan Little
Review Updated: 2022-08-31

While XM offers an excellent research and education portal, along with a low minimum deposit, LegacyFX offers higher leverage and the ability to trade in cryptocurrencies. When you compare XM vs LegacyFX, both brokers have a good range of instruments and both have a good reputation. Work out which is the best broker for you by reading our comparison below. 


Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74.89% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

  • Great choice of trading platforms
  • 1,000+ instruments
  • Low minimum deposit
  • No cryptocurrencies
  • Support is not 24/7

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77%. of retail investor accounts lose money with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

  • Great choice of account types
  • Competitive spreads
  • Variety of payment methods
  • Does not accept US clients
  • Customer service is not 24/7
Minimum deposit:
$500 USD
Withdrawal fee amount:
Inactivity fee charged (Y/N):
Max leverage:
Spread from:
0.0 pips
0.5 pips
Number of instruments:
Year founded:
Time to open account:
1 business day
Demo account provided (Y/N):
Countries of regulation:
Cyprus, UK
Products offered:
Forex, CFDs, Stocks, Commodities, Energies, Precious Metals, Equity Indices
Forex, CFDs, Stocks, Commodities, Indices, Cryptocurrencies
Compare other brokers


Does LegacyFX or XM offer lower costs?

Comparing the trading costs at different brokers is never an easy task because they are calculated differently, and not all costs apply to all traders. LegacyFX operates a no-commission trading model, with broker profits coming from the spreads. Spreads are competitive, but they are also dynamic, meaning that they change according to market conditions. The transaction cost for most forex trades with LegacyFX is usually below 0.1%.

XM has a choice of account types, offering different trading conditions and fees. The broker offers either a commission-free trading model or a “low spreads + commission” model. If you are considering this broker, then you’ll need to take a look at each type of account, the fee model, and the typical spreads to see which will suit you best. Both LegacyFX and XM charge an inactivity fee.

Which has better spreads, LegacyFX or XM?

With the XM Zero account, you will find spreads as low as 0.0 pips, but this is the account that also charges a small commission. With LegacyFX, spreads are very competitive, and with most assets, the spreads are all you have to focus on, as trades are commission-free. The exception is stocks, which levy a small commission, depending on the account type.

Does LegacyFX or XM offer better leverage?

XM is a European broker that’s based in Cyprus and regulated by CySEC, which means that it is authorised to offer leverage of up to 30:1. LegacyFX, however, is based in Vanuatu, which means that it falls under different regulations and can offer leverage of up to 200:1. This is still less than some offshore brokers, but is, in our opinion, more than enough for most traders, given the potential dangers of taking on too much leverage.

How easy is it to open an account at LegacyFX or XM?

Opening an account with either LegacyFX or XM is quick and easy. It takes just a few minutes to fill in your details and complete the registration process. With LegacyFX, the account is usually ready to use pretty much instantly. With XM, it can take up to one business day to verify your details and get your account up and running.

Does LegacyFX or XM offer a demo account?

Both LegacyFX and XM offer a demo account so that you can try out the system before committing to investing any real money. You can also, of course, use your demo account to try out new trading techniques. 

Which trading platform is better, LegacyFX or XM?

LegacyFX offers the MT5 platform for web, desktop and mobile, allowing you to trade from almost any device without the need to install any software. XM offers both MT4 and MT5 trading, along with the XM Mirror Trader platform, which is used for copy trading. MT4 traders will therefore prefer the XM platform, as will copy traders. 

Which has the lowest deposit requirement, LegacyFX or XM? 

XM has a very low minimum deposit, making the broker highly accessible to all traders, regardless of their budget or experience. XM allows you to get started with a trading account with a deposit as low as $5. With LegacyFX, however, you will need a minimum deposit of $500.

Which has the most trading assets, XM or LegacyFX?

XM provides trading in more than 1,000 instruments, including 55 currency pairs, along with CFDs, stocks, commodities, energies, precious metals and indices. LegacyFX offers more than 200 instruments, across multiple asset classes, including forex, CFDs, stocks, commodities and indices. LegacyFX does offer cryptocurrencies though, while XM does not. When deciding whether to trade with LegacyFX or XM, remember that the number of instruments or pairs on offer is less important than whether the broker offers the specific assets and forex pairs you want to trade.

Which should I choose, LegacyFX or XM?

XM is certainly a good choice for beginners, with a good educational offering, a low deposit, and the opportunity to copy trade if you wish. As an offshore broker, LegacyFX will generally appeal to more experienced traders, especially given that it has a higher deposit requirement, and the potential to trade with much higher leverage.