Deriv vs LegacyFX - Fees Review included
Which broker is better Deriv or LegacyFX? Our expert assessment conducted according to TU’s own methodology showed that Deriv is one of the top brokers in the financial market with the TU Overall Score of 8.42 out of 10. LegacyFX is one of the top brokers in the financial market with the TU Overall Score of 4.67 out of 10. Find out more about TU Overall Score.
| Feature | Deriv | LegacyFX |
|---|---|---|
Overall |
1.5 |
3.6 |
1.5 |
2.5 |
|
1.7 |
3.6 |
|
1.6 |
3.7 |
|
Investment Instruments |
1.8 |
3.6 |
Platforms and Charting Tools |
1.4 |
3.5 |
Deposit and Withdrawal |
1.8 |
4.3 |
Research |
1.4 |
4.2 |
Education |
1.3 |
3.5 |
Support |
1.2 |
3.8 |
Bonuses |
1.3 |
2.7 |
|
|
Deriv vs LegacyFX: Pros and Cons
Deriv is a brokerage company that started its activities in 1999. Deriv's mission is to make trading accessible. For this reason, the company has low minimum deposit requirements, but high-quality working conditions. DTrader is one of the broker's several proprietary trading platforms. Two others are DBot and DMT5. Deriv offers its clients to trade Forex assets, stocks, indices (including synthetic ones), CFDs, commodities, and options. Deriv is an international broker licensed and regulated by the following bodies: UK Financial Conduct Authority (FCA), Vanuatu Financial Services Commission (VFSC), Malta and Labuan Financial Services Authority (MFSA and Labuan FSA). The rights of traders are guarded by the Financial Commission, of which Derive is also a member.
LegacyFX is an international broker that has been providing financial services since 2017. LegacyFX cooperates with both beginners and professional traders, and the company's clients can trade currencies, metals, indices, and many other assets. LegacyFX offers both independent trading and opportunities to invest, trading signals, and automated trading programs.
| Deriv | LegacyFX | |
|---|---|---|
| Overall Pros | Low level of the minimum deposit. | The commission for the account replenishment and withdrawal of funds is paid by the broker. |
| A wide range of payment agents for replenishment of the deposit and withdrawal of earned funds. | A wide range of educational materials of varying difficulty levels. | |
| Availability of trading instruments of different groups: currency pairs, stocks, indices, metals, etc. | Convenient ways to conduct financial transactions. | |
| Broker regulation by several authorities from different countries. | Availability of investment programs, trading signals, and other auxiliary tools. | |
| Round-the-clock client support. | The broker uses segregated accounts to store clients' money. | |
| Choice of three convenient trading platforms. | There are several ways to contact support. | |
| No commission for maintaining a trading account and using its platforms. | The broker protects against a negative balance. | |
| Overall Cons | The tutorials provided on the site may not be enough for novice traders. | High level of minimum deposit. |
| Deriv has only a few ways to contact support. | Customer support is closed at night and on weekends. | |
| The broker does not serve clients from several countries, such as the USA, Canada, Malaysia, Israel, and others. | Stock trading is not available to Standard and Bronze account holders.LegacyFX is a broker for professional market participants and novice traders. The company also offers ways of passive earning and investing. |
Deriv vs LegacyFX: Safety and Regulation
| Regulated By: | Deriv | LegacyFX |
|---|---|---|
US Regulation |
No |
No |
FCA (Great Britain) |
Yes |
No |
CySec (Cyprus, EU) |
No |
No |
ASIC (Australia) |
No |
No |
Other Regulators |
VFSC, MFSA and Labuan FSA |
VFSC |
Deriv vs LegacyFX: Trading Conditions
| Trading Conditions | Deriv | LegacyFX |
|---|---|---|
Minimum Deposit |
$10 |
$250 |
Trading Platforms |
Deriv MT5, Deriv X, DTrader, SmartTrader, DBot |
LegacyFX MT5 trading platform, Web Trader MT5, mobile app |
Max Leverage (Futures) |
1-1000 |
1-200 |
Supported Markets |
Currency pairs, cryptocurrencies, CFDs, indices, stocks, synthetic indices, commodities |
Currency pairs, cryptocurrencies, stocks, indices, CFDs, precious metals, and commodities |
Trading assets |
218+ |
200+ |
Trading Accounts |
Real account, demo account |
Real accounts: Standard, Bronze, Silver, Gold, Platinum, Premium, and VIP; Demo account, PAMM account |
Base Account Currencies |
Deriv MT5, Deriv X, DTrader, SmartTrader, DBot |
USD, EUR, GBP |
Deriv vs LegacyFX: Fees
Forex Trading Fees
| Fee | Deriv | LegacyFX |
|---|---|---|
Standard Account EURUSD Average Spread |
0.1 pips |
1.6 pips |
Standard Account Fee |
$0 |
$0 |
ECN/STP Account Fee |
Not supported |
Not supported |
ECN Account EUR Average Spread |
Not supported |
Not supported |
CFD Trading Fees
| Fee | Deriv | LegacyFX |
|---|---|---|
CFD Trading Fee |
Floating spread |
Floating and fixed spreads |
Non-Trading Fees
| Fee | Deriv | LegacyFX |
|---|---|---|
Account Fee |
No |
No |
Deposit Fee |
No |
No |
Withdrawal Fee |
No |
No |
Inactivity Fee |
$25 charged every six months of inactivity |
After 90 days of inactivity will be charged an Inactivity Fee of 10.00 in the account's base currency every month |
A conversion fee may be applied as withdrawals and deposits are conducted in USD. Any other currency will have to be converted.
Deriv vs LegacyFX: Trading Assets
| Asset Name | Deriv | LegacyFX |
|---|---|---|
Overall |
218+ |
200+ |
Forex |
Yes |
Yes |
Stocks |
Yes (CFD) |
Yes (CFD) |
Metals |
Yes |
Yes (CFD) |
Cryptocurrencies |
Yes (CFD) |
No |
Energy |
Yes |
Yes (CFD) |
Indices |
Yes |
Yes (CFD) |
ETFs |
No |
No |
Bonds |
No |
No |
Mutual funds |
No |
No |
Stock options |
No |
No |
Futures Trading |
No |
No |
Binary Options |
No |
No |
Deriv or LegacyFX: Investment Programs
| Asset Name | Deriv | LegacyFX |
|---|---|---|
Copy Trading |
Yes |
No |
MAM/PAMM |
No |
Yes |
Managed Accounts |
No |
No |
Other |
No |
Algorithmic trading |
Trading Platforms: LegacyFX or Deriv
| Deriv | LegacyFX | |
|---|---|---|
MT4 |
No |
No |
MT5 |
Yes |
Yes |
cTrader |
No |
No |
Appropriate platform |
DTrader |
LegasyFX |
Others |
SmartTrader |
No |
|
|
Deriv vs LegacyFX: Deposit and Withdrawal Methods
| Deposit and Withdrawal Method | Deriv | LegacyFX |
|---|---|---|
Bank Transfer |
Yes |
Yes |
Debit Card |
Yes |
Yes |
Electronic Wallets |
Yes |
Yes |
Crypto |
Yes |
Yes |
Deriv vs LegacyFX: Research
| Research Type | Deriv | LegacyFX |
|---|---|---|
News Feed |
Yes |
Yes |
Fundamental Data |
Yes |
Yes |
Chart Analysis |
Yes |
Yes |
Trading Ideas |
Yes |
Yes |
E-Mail Reports |
No |
No |
Deriv vs LegacyFX: Education
| Education Type | Deriv | LegacyFX |
|---|---|---|
Demo-account/Paper Trading |
Yes |
Yes |
Webinars |
No |
Yes |
Articles |
Yes |
Yes |
Videos |
Yes |
No |
Cent account |
No |
No |
LegacyFX vs Deriv: Support
| Support Features | Deriv | LegacyFX |
|---|---|---|
Working Days |
24/7 |
16/5 |
Yes |
Yes |
|
Phone |
No |
Yes |
Online chat |
Yes |
Yes |
Other |
No |
feedback form |
Deriv vs LegacyFX: Forex Bonuses and Promo
| Promo | Deriv | LegacyFX |
|---|---|---|
Forex Bonus |
No |
No |
Affiliate Program |
Deriv’s affiliate program is presented in three types: a trader can (i) receive additional earnings for the monthly income of his referees, (ii) for the probability of payments on options, as well as (iii) for inviting new users to the Deriv broker. |
Get up to 10% of the referee’s deposit transferred automatically to your account. |
Other Promos |
||
|
|
Top 5 Reviews on LegacyFX
-
Comment
I first tried trading with LegacyFX on a demo account. The platform worked well and my scalping strategy was profitable. Then I switched to a live account. LegacyFX has no restrictions on trading strategies, so scalping, especially with small spreads, brings good profits. I recommend the broker.
-
Comment
I do not recommend LegacyFX for Forex trading. The platform works simply disgustingly. I open an order, and it is opening within five minutes. And then it opens with a slippage of 23 pips. This brings big losses. In addition, the LegacyFX platform is often disconnected from the server during trading. And charts freeze. You can see for yourself that trading is very poor here.
-
Comment
I thought that having a profitable trading strategy would help me make a profit when trading with Legacy FX. But it turned out that my strategy stopped working, because slippage and price gaps constantly occur on the Legacy FX platform. I thought about trying to trade with an advisor, but I realized that it wouldn’t work. Now I want to close my account here.
-
Comment
The company LegacyFX is not geared towards operating as a proper forex broker. They seem to be using a trading platform without updates, likely rented. Because of this, the platform operates with significant issues, which, of course, affects the trader's experience. Frequent server disconnections resulted in LegacyFX opening five buy trades instead of the intended three sell trades for me. Naturally, no one compensated for the losses incurred.
-
Comment
I never thought that I would write negative reviews of LegacyFX. But it happened that the company turned out to be not the broker I planned to trade with. First, they lost my payment. I couldn’t receive the money into my account for more than two weeks. Then problems with trading began. For some reason, when there is a trend movement on U.S. news, I cannot open a trade exactly according to the trend. That is, I couldn't open a profitable trade. And then strange situations began to happen. I open a sell trade, and LegacyFX opens a buy trade for me. As a result, I left this company. And I don't recommend it to anyone.
Top 5 Reviews on Deriv
-
Comment
I think Deriv is not the worst broker out there. They focus on futures contracts in the form of options and derivatives. The platform is quite different from what we're used to, but you get used to it over time. Order processing is fast, and I haven't noticed any major issues with the platform. Overall, Deriv offers decent conditions.
-
Comment
I'm still learning how the deriv platform works. The reviews are mostly positive, but I don't want to get into a difficult situation. I'm trading on demo for now. Moreover, I’m still new to trading, I’m just trying to learn. Deriv's technical support is good, they answer my questions professionally.
-
Comment
I learned about Deriv three years ago. The first impression was not very good, but then I started trading with this company. Now, I think that this is a really good broker. Opening trades is very easy, there are no price manipulations, and profitability is high. So I recommend this broker!
-
Comment
If you want to start trading Forex, Deriv is the broker where you should do it. Deposits and withdrawals are fast, you trade on the interbank market, and there are educational materials. Try it, choose a normal company like this one and make money. I haven’t traded with large amounts, because I’m not entirely confident in myself yet.
-
Comment
Deriv is a good company. I’ve been trading here for 4 months now, and I have no complaints about performance and operation of the platform. User account is convenient. I strongly recommend it.
FAQs
What should I start Forex trading with?
It is desirable for novice traders to explore trading using a demo account to learn the market and how to work on the trading platform without the risk of suffering losses. At the same time, it is advisable to review the educational materials of the broker, learn trading basics. Then you can deposit the minimum required amount to perform a small number of transactions. If you manage to close several months in a row in the black, without substantial drawdowns on the account, then you can try increasing your deposit. Also trying to copy trades automatically is a good option for a start.
What amount should I start trading with?
The minimum deposit of $10 may be enough to trade on the cent account. However, for trading on Standard/ECT accounts, experts recommend starting with at least $200-500. With this amount, you can use not a very big leverage. Remember, getting carried away with the margin is the main cause of losses among beginners.
What should I take into consideration when choosing a broker?
Experts recommend looking at the broker’s reliability first and foremost. The other important features include basic trading conditions, commissions and fees, customer reviews. If brokers are approximately the same in terms of basic criteria, you need to choose based on your experience and tasks. One broker may be good for professionals and another – for novice traders.
Is it possible to be scammed by a broker with a license from a reputable regulator?
In theory, yes. But in practice, it takes so much time and money to comply with the requirements of reputable regulators that it is not worth it for scammers to bother obtaining a legitimate license.
Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
The area of responsibility of Mikhail includes covering the news of currency and stock markets, fact checking, updating and editing the content published on the Traders Union website. He successfully analyzes complex financial issues and explains their meaning in simple and understandable language for ordinary people. Mikhail generates content that provides full contact with the readers.
Mikhail’s motto: Learn something new and share your experience – never stop!
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.
Olga has extensive experience in writing and editing articles about the specifics of working in the Forex market, cryptocurrency market, stock exchanges and also in the segment of financial investment in general. This level of expertise allows Olga to create unique and comprehensive articles, describing complex investment mechanisms in a simple and accessible way for traders of any level.
Olga’s motto: Do well and you’ll be well!