Eightcap vs LegacyFX - Fees Review included
Which broker is better Eightcap or LegacyFX? Our expert assessment conducted according to TU’s own methodology showed that Eightcap is one of the top brokers in the financial market with the TU Overall Score of 9.04 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 | Eightcap | LegacyFX |
|---|---|---|
Overall |
2.9 |
3.6 |
3.3 |
2.5 |
|
3.7 |
3.6 |
|
3.7 |
3.7 |
|
Investment Instruments |
1 |
3.6 |
Platforms and Charting Tools |
3.5 |
3.5 |
Deposit and Withdrawal |
3.6 |
4.3 |
Research |
3.9 |
4.2 |
Education |
3.4 |
3.5 |
Support |
3.6 |
3.8 |
Bonuses |
4 |
2.7 |
|
|
Eightcap vs LegacyFX: Pros and Cons
Eightcap is regulated by the Australian Securities and Investment Commission (AFSL 443670) and by the Vanuatu Financial Services Commission (reg. no. 40377). Eightcap was incorporated in Melbourne, Australia, and offers its services as an online financial trading organization. Eightcap's line of business is Forex and CFD trading services offered to both retail and institutional clients. Eightcap gives access to one of the most popular trading platforms – MetaTrader 4.
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.
| Eightcap | LegacyFX | |
|---|---|---|
| Overall Pros | a large number of trading assets | The commission for the account replenishment and withdrawal of funds is paid by the broker. |
| Low fees | A wide range of educational materials of varying difficulty levels. | |
| Good bonus programs | Convenient ways to conduct financial transactions. | |
| Raw account avaible | Availability of investment programs, trading signals, and other auxiliary tools. | |
| The broker uses segregated accounts to store clients' money. | ||
| There are several ways to contact support. | ||
| The broker protects against a negative balance. | ||
| Overall Cons | High minimum deposit - $100 | High level of minimum deposit. |
| lack of investment programs | Customer support is closed at night and on weekends. | |
| 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. |
Eightcap vs LegacyFX: Safety and Regulation
| Regulated By: | Eightcap | LegacyFX |
|---|---|---|
US Regulation |
No |
No |
FCA (Great Britain) |
No |
No |
CySec (Cyprus, EU) |
No |
No |
ASIC (Australia) |
No |
No |
Other Regulators |
ASIC, VFSC |
VFSC |
Eightcap vs LegacyFX: Trading Conditions
| Trading Conditions | Eightcap | LegacyFX |
|---|---|---|
Minimum Deposit |
$100 |
$250 |
Trading Platforms |
Forex, Cryptocurrencies, Indicies, Commodities, Shares |
LegacyFX MT5 trading platform, Web Trader MT5, mobile app |
Max Leverage (Futures) |
1-30 for Australian clients and 1-500 for Non-AU clients |
1-200 |
Supported Markets |
Forex, Cryptocurrencies, Indicies, Commodities, Shares |
Currency pairs, cryptocurrencies, stocks, indices, CFDs, precious metals, and commodities |
Trading assets |
3620+ |
200+ |
Trading Accounts |
Standard Account, Raw Account, Demo |
Real accounts: Standard, Bronze, Silver, Gold, Platinum, Premium, and VIP; Demo account, PAMM account |
Base Account Currencies |
AUD, USD, GBP, NZD, SGD, EUR |
USD, EUR, GBP |
Eightcap vs LegacyFX: Fees
Forex Trading Fees
| Fee | Eightcap | LegacyFX |
|---|---|---|
Standard Account EURUSD Average Spread |
0.76 pips |
1.6 pips |
Standard Account Fee |
$0 |
$0 |
ECN/STP Account Fee |
$0 |
Not supported |
ECN Account EUR Average Spread |
0,06 pips |
Not supported |
CFD Trading Fees
| Fee | Eightcap | LegacyFX |
|---|---|---|
CFD Trading Fee |
Floating spread |
Floating and fixed spreads |
Non-Trading Fees
| Fee | Eightcap | LegacyFX |
|---|---|---|
Account Fee |
No |
No |
Deposit Fee |
No |
No |
Withdrawal Fee |
Bank transfers have variable fees, typically about 25$ |
No |
Inactivity Fee |
No |
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.
Eightcap vs LegacyFX: Trading Assets
| Asset Name | Eightcap | LegacyFX |
|---|---|---|
Overall |
3620+ |
200+ |
Forex |
Yes |
Yes |
Stocks |
Yes |
Yes (CFD) |
Metals |
Yes |
Yes (CFD) |
Cryptocurrencies |
Yes |
No |
Energy |
Yes (CFD) |
Yes (CFD) |
Indices |
Yes |
Yes (CFD) |
ETFs |
No |
No |
Bonds |
No |
No |
Mutual funds |
No |
No |
Stock options |
No |
No |
Futures Trading |
Yes |
No |
Binary Options |
No |
No |
Eightcap or LegacyFX: Investment Programs
| Asset Name | Eightcap | LegacyFX |
|---|---|---|
Copy Trading |
No |
No |
MAM/PAMM |
No |
Yes |
Managed Accounts |
No |
No |
Other |
No |
Algorithmic trading |
Trading Platforms: LegacyFX or Eightcap
| Eightcap | LegacyFX | |
|---|---|---|
MT4 |
Yes |
No |
MT5 |
Yes |
Yes |
cTrader |
No |
No |
Appropriate platform |
No |
LegasyFX |
Others |
No |
No |
|
|
Eightcap vs LegacyFX: Deposit and Withdrawal Methods
| Deposit and Withdrawal Method | Eightcap | LegacyFX |
|---|---|---|
Bank Transfer |
Yes |
Yes |
Debit Card |
Yes |
Yes |
Electronic Wallets |
Yes |
Yes |
Crypto |
No |
Yes |
Eightcap vs LegacyFX: Research
| Research Type | Eightcap | LegacyFX |
|---|---|---|
News Feed |
Yes |
Yes |
Fundamental Data |
Yes |
Yes |
Chart Analysis |
Yes |
Yes |
Trading Ideas |
Yes |
Yes |
E-Mail Reports |
No |
No |
Eightcap vs LegacyFX: Education
| Education Type | Eightcap | LegacyFX |
|---|---|---|
Demo-account/Paper Trading |
Yes |
Yes |
Webinars |
Yes |
Yes |
Articles |
Yes |
Yes |
Videos |
No |
No |
Cent account |
No |
No |
LegacyFX vs Eightcap: Support
| Support Features | Eightcap | LegacyFX |
|---|---|---|
Working Days |
24/7 |
16/5 |
Yes |
Yes |
|
Phone |
Yes |
Yes |
Online chat |
Yes |
Yes |
Other |
No |
feedback form |
Eightcap vs LegacyFX: Forex Bonuses and Promo
| Promo | Eightcap | LegacyFX |
|---|---|---|
Forex Bonus |
If you are a new client of Eightcap and you fund your new live trading account with them within 10 days of your account being opened then you are eligible to earn up to a $1,000 trading credit bonus which you can also convert into real equity at a rate of $1 for every standard FX lot when you trade; $30 No-deposit bonus |
No |
Affiliate Program |
You can refer your followers and customers to earn passive income, with rebates up to $6 USD per lot and CPAs up to $900 USD |
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 Eightcap
-
Comment
So, let me tell you a little about my experience with Eightcap. Their registration process? Quite thorough. They did a good job explaining the options during sign-up. However, uploading documents could use some improvement. I found it a bit tricky at first, and it didn't seem to overwrite previous uploads, which was a bit confusing. So yeah, some roadblocks in the way but my overall experience has been positive so far with Eightcap.
-
Comment
I've been using Eightcap for a few weeks now, and I've been impressed with their customer service. The other day, I had a question about depositing funds to my account. I didn't want to wait on hold on the phone, so I decided to try their chatbot support. To my surprise, the chatbot was really helpful. It was able to answer my question quickly and easily, without any hassle. Based on my experience, Eightcap's chatbot seems like a great resource for getting quick answers to basic questions. It's definitely a plus for new traders who might be unfamiliar with the platform or forex trading in general. Of course, if you have a more complex issue, you might still need to contact a live person. But for those simple questions, the chatbot is a great way to go.
-
Comment
I've been trading with Eightcap for about a year now. The broker offers reasonable trading conditions, a fast platform, and instant order execution. Traders here are not restricted from trading on news events, and any strategies can be applied. It's important that the Eightcap terminal doesn't disappoint, with the server connection always stable. Overall, the platform operates smoothly without freezes or glitches.
-
Comment
The broker Eightcap can provide good trading opportunities. There are no special features here, but the platform works quickly. Therefore, you can trade actively and open trades in a medium-term trading system. Eightcap has proven itself quite well. I have been working with them for two years and haven't noticed any serious problems.
-
Comment
Collaborating with Eightcap has been a key moment in my trading career. Their reliable platform, quick order execution, and professional support have helped me achieve consistent results in trading. Withdrawals may not be as fast as desired, but Eightcap has never violated its withdrawal schedule.
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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!