Quotex vs LegacyFX - Fees Review included
Which broker is better Quotex or LegacyFX? Our expert assessment conducted according to TU’s own methodology showed that Quotex is one of the top brokers in the financial market with the TU Overall Score of 8.9 out of 10. LegacyFX is one of the top brokers in the financial market with the TU Overall Score of 6.4 out of 10. Find out more about TU Overall Score.
| Feature | Quotex | LegacyFX |
|---|---|---|
Overall |
2.8 |
3.6 |
1 |
2.5 |
|
3.3 |
3.6 |
|
3.1 |
3.7 |
|
Investment Instruments |
1 |
3.6 |
Platforms and Charting Tools |
3.9 |
3.5 |
Deposit and Withdrawal |
4.6 |
4.3 |
Research |
1.5 |
4.2 |
Education |
2.3 |
3.5 |
Support |
3.0 |
3.8 |
Bonuses |
3.8 |
2.7 |
|
|
Quotex vs LegacyFX: Pros and Cons
QUOTEX is a broker specializing in binary options trading. The company was established in 2019. Its clients can trade currencies, metals, oil, cryptocurrencies, stock indices and earn a profit of up to 90% of the value of the option. QUOTEX has developed a proprietary trading platform which is easily customized, supports 29 technical indicators and allows investments from USD 10. The broker’s team provides support 24/7. Personal and payment information of the clients are protected with two-factor authentication
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.
| Quotex | LegacyFX | |
|---|---|---|
| Overall Pros | Affordable minimum investment amount – USD 10 | The commission for the account replenishment and withdrawal of funds is paid by the broker. |
| No trading fees and no deposit, withdrawal and account fees | A wide range of educational materials of varying difficulty levels. | |
| Algorithmic trading is technically impossible | Convenient ways to conduct financial transactions. | |
| 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 | No Regulatory License | High level of minimum deposit. |
| 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. |
Quotex vs LegacyFX: Safety and Regulation
| Quotex | LegacyFX | |
|---|---|---|
Max. Regulation Level |
Tier-3 |
|
Investor protection |
No |
|
FCA UK Regulation |
No |
|
FINRA (U.S) |
No |
|
BaFin (Germany) |
No |
|
ASIC (Australia) |
No |
|
CFTC (U.S) |
No |
|
MAS |
No |
|
FSCA SA |
No |
|
BVI FSC |
No |
|
VFSC |
Yes |
|
FSA (Seychelles) |
No |
Quotex vs LegacyFX: Trading Conditions
| Trading Conditions | Quotex | LegacyFX |
|---|---|---|
Minimum Deposit |
$10 |
$250 |
Trading Platforms |
Own platform |
LegacyFX MT5 trading platform, Web Trader MT5, mobile app |
Max Leverage (Futures) |
Not provided technically |
1-200 |
Supported Markets |
Currencies, raw materials, stocks |
Currency pairs, cryptocurrencies, stocks, indices, CFDs, precious metals, and commodities |
Trading assets |
80+ |
200+ |
Trading Accounts |
Single account for binary options trading |
Real accounts: Standard, Bronze, Silver, Gold, Platinum, Premium, and VIP; Demo account, PAMM account |
Base Account Currencies |
USD, EUR, GBP, BRL, IDR, MYR, INR, KZT, RUB, THB, UAH, VND, NGN, MXN, EGP |
USD, EUR, GBP |
Quotex vs LegacyFX: Fees
| Quotex | LegacyFX | |
|---|---|---|
Standard acc. spread EUR/USD, min pips |
0,4 |
|
Standard acc. spread EUR/USD, max pips |
0,6 |
|
ECN Commission |
5 |
|
ECN Spread EUR/USD |
0,1 |
|
Deposit fee, % |
No |
|
Withdrawal fee, % |
No |
|
Withdrawal fee, USD |
No |
|
Inactivity fee, $ |
No |
A conversion fee may be applied as withdrawals and deposits are conducted in USD. Any other currency will have to be converted.
Quotex vs LegacyFX: Trading Assets
| Asset Name | Quotex | LegacyFX |
|---|---|---|
Overall |
80+ |
200+ |
Forex |
Yes |
Yes |
Stocks |
Yes (CFD) |
Yes (CFD) |
Metals |
Yes (CFD) |
Yes (CFD) |
Cryptocurrencies |
No |
No |
Energy |
Yes (CFD) |
Yes (CFD) |
Indices |
Yes (CFD) |
Yes (CFD) |
ETFs |
No |
No |
Bonds |
No |
No |
Mutual funds |
No |
No |
Stock options |
No |
No |
Futures Trading |
No |
No |
Binary Options |
No |
No |
Quotex or LegacyFX: Investment Programs
| Asset Name | Quotex | LegacyFX |
|---|---|---|
Copy Trading |
No |
No |
MAM/PAMM |
No |
Yes |
Managed Accounts |
No |
No |
Other |
No |
Algorithmic trading |
Trading Platforms: LegacyFX or Quotex
| Quotex | LegacyFX | |
|---|---|---|
MT4 |
No |
No |
MT5 |
No |
Yes |
cTrader |
No |
No |
Appropriate platform |
No |
LegasyFX |
Others |
Own trading platform |
No |
|
|
Quotex vs LegacyFX: Deposit and Withdrawal Methods
| Quotex | LegacyFX | |
|---|---|---|
Bank Wire |
||
Bank Card |
||
Neteller |
||
BTC |
||
Wise |
||
Payoneer |
||
USDT |
Quotex vs LegacyFX: Research
| Research Type | Quotex | LegacyFX |
|---|---|---|
News Feed |
No |
Yes |
Fundamental Data |
No |
Yes |
Chart Analysis |
No |
Yes |
Trading Ideas |
Yes |
Yes |
E-Mail Reports |
No |
No |
Quotex vs LegacyFX: Education
| Education Type | Quotex | LegacyFX |
|---|---|---|
Demo-account/Paper Trading |
Yes |
Yes |
Webinars |
No |
Yes |
Articles |
No |
Yes |
Videos |
No |
No |
Cent account |
No |
No |
LegacyFX vs Quotex: Support
| Support Features | Quotex | LegacyFX |
|---|---|---|
Working Days |
24/7 |
16/5 |
No |
Yes |
|
Phone |
No |
Yes |
Online chat |
No |
Yes |
Other |
Feedback form |
feedback form |
Quotex vs LegacyFX: Forex Bonuses and Promo
| Promo | Quotex | LegacyFX |
|---|---|---|
Forex Bonus |
Welcome bonus 30% when opening a real account. Cashback, bonus for using "deal cancellation" |
No |
Affiliate Program |
Yes. Payouts up to 80% of income or up to 7% of referral turnover |
Get up to 10% of the referee’s deposit transferred automatically to your account. |
Other Promos |
||
|
|
Top 5 Reviews on LegacyFX
-
Comment
LegacyFX offers a fairly wide range of instruments — including currencies, cryptocurrencies, indices, and metals. The EUR/USD spread ranges from 0.4 to 0.6 pips. It’s important to note that customer support is available only on business days and is closed on weekends. The company is regulated by the VFSC and provides negative balance protection.
-
Comment
LegacyFX offers seven types of accounts, starting with a minimum deposit of $250 for a standard account. There are no fees for deposits and withdrawals, which is convenient for traders. The maximum leverage at LegacyFX is up to 1:200, and the minimum trade size is 0.1 lots. Available trading instruments include currency pairs, stocks, cryptocurrencies, and metals.
-
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.
Top 5 Reviews on Quotex
-
Comment
A QuotexBroker é uma plataforma de opções binárias excelente, que se destaca principalmente pela tecnologia presente em toda a plataforma. Os seus gráficos e funcionalidades, profissionais, modernos e limpos, refletem a alta performance dos seus desenvolvedores. Recomendo fortemente a utilização da Quotex para traders avançados e que esperam o máximo de segurança e desempenho nas suas operações.
-
Comment
I found the Quotex interface surprisingly user-friendly. It’s available in six languages, I had no issues using the English version. The app runs fast, especially on Android. Trading is done through the web platform, so there’s no need to download anything. There are 43 instruments available, including 23 currency pairs. I liked that order processing time ranges from 0 to 4 seconds. However, it’s worth noting that stocks aren’t included among the instruments, and there’s no option to set up managed accounts.
-
Comment
Criei a minha conta na Quotex há alguns meses e minha experiência tem sido muito boa. A plataforma é bem limpa e intuitiva, o que foi ótimo pra mim que estava começando e não entendia muito de binarias. A conta demo me ajudou a praticar bastante antes de colocar dinheiro de verdade. Os depósitos e saques (uso o Pix) são bem rápidos e não tive problemas. Recomendo!
-
Comment
"Quotex é uma excelente plataforma para quem busca simplicidade e eficiência no mercado financeiro. Interface intuitiva, funcionalidades incríveis e suporte de qualidade. Perfeita para quem quer transformar conhecimento em resultados!"
-
Comment
I use Quotex as an additional platform, mainly for trading cryptocurrencies and indices. The return is fixed and can reach up to 90% of the stake amount. According to the website, the maximum payout percentage for crypto and indices is up to 25%. I haven’t had any issues with order execution times or the mobile app’s performance. However, the lack of educational materials on the website might be a drawback for some users.
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.
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.