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 7.76 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 | 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
| Regulated By: | Quotex | LegacyFX |
|---|---|---|
US Regulation |
No |
No |
FCA (Great Britain) |
No |
No |
CySec (Cyprus, EU) |
Yes |
No |
ASIC (Australia) |
No |
No |
Other Regulators |
No |
VFSC |
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
Forex Trading Fees
| Fee | Quotex | LegacyFX |
|---|---|---|
Standard Account EURUSD Average Spread |
The reward depends on the type of asset and the situation at the time of the transaction. The amount of remuneration - 15-90% of the investment amount |
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 | Quotex | LegacyFX |
|---|---|---|
CFD Trading Fee |
Reward - 15-90% |
Floating and fixed spreads |
Non-Trading Fees
| Fee | Quotex | LegacyFX |
|---|---|---|
Account Fee |
No |
No |
Deposit Fee |
No |
No |
Withdrawal Fee |
No |
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.
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
| Deposit and Withdrawal Method | Quotex | LegacyFX |
|---|---|---|
Bank Transfer |
No |
Yes |
Debit Card |
Yes |
Yes |
Electronic Wallets |
Yes |
Yes |
Crypto |
Yes |
Yes |
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
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 Quotex
-
Comment
Probably the best trading platform out there, saying this because I've used alot,the user interface is just superb couple with the simplicity, it's just too good,try it out you won't regret
-
Comment
I've been using Quotex for a while now and I'm comfortable with the platform. It's user-friendly and intuitive, which makes the registration process easy. The variety of assets available for trading is exciting, and trading operations have been smooth. I highly recommend it to anyone looking for a reliable app. Deposits and withdrawals are fast and trouble-free, which reassures me that I can easily deposit funds and withdraw profits quickly.
-
Comment
After a year with Quotex, I think it's a decent platform. I mainly trade EUR/USD and EUR/GBP through mt4, and the charts match up perfectly with Quotex's platform, no choppiness or unpredictability issues, unlike other brokers. Also, there's no sketchy stuff going on from what I can tell. You just need to put in the work studying the markets. My process is analyzing on mt4, then quickly executing trades on Quotex. So far my win rate is over 80%. I always test new strategies on the demo account first before going live. I started with just $100 and have grown it to $506 by actually understanding the fundamentals instead of blindly following indicators. While trading always carries risk, Quotex seems legit based on how it matches pricing across platforms.
-
Comment
Quotex is so far the fastest binary broker to navigate through and load, lightest and most convenient with deposits and withdrawals as it offers a wide number of payment options which makes it easy to use from any country in the world as per my experience from a couple of months using it. Quotex also has the fastest withdrawals as per my experience. It has a good looking interface too which doesn't bore or cause eye straining to the user, so you can stay before your screen for a very long time without disturbance. With Quotex, you can trade anywhere since it is very compatible with smartphones. Anyone who trades wisely (with patience, analysis and with no greed) is very more likely to grow financially. Hence I rate Quotex 5 stars!
-
Comment
Quotex platform is user friendly, easy to trade, simple view with Options quite clear for better understanding for beginners as well. Almost all the valuable currency pairs are available with commodities. Even the indicators sections have a variety of options. One of the best things I have found is deposits and withdrawals are fast.
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!