This Eightcap vs FOREX.com forex broker review found Eightcap has a good range of markets (including 250 cryptos) and forex platforms. FOREX.com has more forex pairs (80+) but larger commission costs for retail traders.
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This page looks at the key features and differences between Eightcap and FOREX.com to help you decide on which broker is for you.
Eightcap was founded in 2009 and is headquartered in Melbourne, Australia, with another subsidiary operating out of the Bahamas. The broker uses a no-dealing desk trading model, with trades executed using straight-through-processing (STP). This model means you trade against the liquidity providers who provide the quotes.
FOREX.com is part of the StoneX group which also owns another notable broker in City Index. Founded in 2001, FOREX.com is headquartered in the UK with subsidiaries also operating from the USA, Japan, the Cayman Islands and Canada.
When trading with FOREX.com, trades are executed using an automated market maker model. This model means they use technology to aggregate the best prices from their liquidity providers and automatically execute the trades at this price. Despite automatic execution using the prices of liquidity providers, FOREX.com remains the counterparty to your trades.
In this comparison, we will compare Eightcap and FOREX.com so you can decide on your next broker.
Both Eightcap and FOREX.com have standard and commission accounts. The standard accounts include fees through their bid-ask spreads, while the commission accounts keep tighter market-priced spreads but charge for each trade.
Standard accounts charge through a widened spread as opposed to commissions. This widened spread includes the broker’s fees for their services.
If you want to compare brokers directly, our table below compares brokers’ spreads and is updated each month. This table takes the average spreads published on the brokers’ websites and compares them.
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Standard Account Spreads
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1.10 | 1.20 | 1.40 | 1.40 | 1.40 |
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1.13 | 1.01 | 1.71 | 1.66 | 1.12 |
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1.20 | 0.90 | 1.50 | 1.80 | 1.80 |
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1.20 | 1.40 | 1.50 | 1.60 | 1.50 |
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1.10 | 1.20 | 1.40 | 1.50 | 1.20 |
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1.10 | 1.30 | 1.30 | 1.30 | 1.30 |
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1.20 | 1.80 | 1.90 | 1.90 | 1.60 |
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1.32 | 1.95 | 1.37 | 1.70 | 1.40 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 01/09/2023
Looking at the spread comparison, Eightcap has slightly lower average spreads compared to FOREX.com. If we compare the EUR/USD pair for each broker, we can see Eightcap is superior to FOREX.com with FOREX.com typically being between 0.8 pips and 1.3 pips. That said, it may be better to look at brokers such as Pepperstone, IC Markets and IG for no-commission trading.
Notable differences between each broker include the minimum deposit to commence trading. If trading with Eightcap, the minimum deposit for Australians is quite high at $500. All other traders both with Eightcap and FOREX.com only need to pay $100. Traders with Eightcap however can choose from more currency types for their account.
One other feature to note is that only FOREX.com has a swap-free account. So if you are of Islamic faith and comply with sharia law, then FOREX.com or another broker such as IC Markets, and FP Markets are better options.
Looking at the data, it’s clear that there are some differences in the standard account spreads offered by Eightcap and FOREX.com. Eightcap consistently offers lower or equal spreads compared to FOREX.com across all forex pairs. For instance, the EUR/USD pair has a spread of 1 with Eightcap, compared to 1.2 with FOREX.com. This trend continues with pairs like GBP/USD and AUD/USD, where Eightcap offers a spread of 1 and 1.2 respectively, while FOREX.com offers 1.6 and 1.4.
| Forex Pair | Eightcap | FOREX.com | Industry Average |
|---|---|---|---|
| EUR/USD | 1 | 1.2 | 1.18 |
| USD/JPY | 1.1 | 1.5 | 1.37 |
| GBP/USD | 1 | 1.6 | 1.51 |
| AUD/USD | 1.2 | 1.4 | 1.41 |
| USD/CAD | 1 | 2.6 | 1.70 |
| EUR/GBP | 1 | 1.5 | 1.56 |
| EUR/JPY | 1.2 | 2.8 | 1.85 |
| AUD/JPY | 1.9 | 2.3 | 2.09 |
Standard Account Analysis Updated September 2023[1]September 2023 Published And Tested Data
However, it’s not just about the numbers. When choosing a forex broker, one must consider the overall trading experience. While Eightcap offers lower spreads, FOREX.com provides a comprehensive trading platform and a wide range of trading tools that can enhance your trading strategies. It’s about finding a balance between cost and value.
When we bring the industry average into the equation, we see that both Eightcap and FOREX.com are competitive. In some cases, such as with the EUR/USD and AUD/USD pairs, Eightcap’s spreads are even lower than the industry average. FOREX.com, on the other hand, tends to hover around the industry average, sometimes slightly higher, as seen with the USD/CAD pair. This suggests that while FOREX.com might not be the cheapest option, it’s still within the industry norm.
In conclusion, if cost is your primary concern, Eightcap appears to be the cheaper option. However, it’s essential to consider other factors like trading platform, tools, and customer service when choosing a forex broker. And remember, both Eightcap and FOREX.com are competitive when compared to the industry average, so you’re in good hands either way.
The commission account offers true STP-style trading execution in the sense the brokers do not widen the spread. Spreads remain true to the quotes provided by the liquidity providers.
As you can see in the comparison table below both brokers have commission accounts that have different fee structures than standard accounts. The brokers charge a commission per lot traded instead of including fees in their spreads. These fee structures work well if you’re looking to get the closest-to-market spreads available and prefer paying fees on a per-trade basis.
Both commission accounts provide tighter spreads for traders; let’s look at how they compare. The Eightcap account
If you’re using the RAW account offered by Eightcap USD $7 on each round turn (buy and sell) per 100k standard lot position. The commission rates vary depending on currency but are all generally equivalent to $7 in your account currency round0turn for each lot traded.
Spreads with this account are quite competitive, with spreads for the EUR/USD pair averaging below 0.10 pips. Spreads overall are generally what one will expect for a competitive broker using no dealing desk STP execution.
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ECN Broker Spreads
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0.23 | 0.20 | 0.06 | 0.42 | 0.27 |
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0.20 | 0.30 | 0.10 | 0.30 | 0.20 |
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0.47 | 0.50 | 0.12 | 0.40 | 0.22 |
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0.20 | 0.30 | 0.20 | 0.40 | 0.20 |
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0.30 | N/A | 0.30 | 0.50 | 0.40 |
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0.24 | N/A | 0.17 | 0.54 | 0.30 |
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0.30 | 0.70 | 0.20 | 0.50 | 0.40 |
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0.30 | 1.10 | 0.10 | 0.60 | 0.50 |
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0.77 | 1.41 | 0.44 | 1.13 | 1.23 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 01/09/2023
View FOREX.com ReviewVisit FOREX.com
FOREX.com don’t provide their average spreads so are not included in this table.
FOREX.com offers three types of commission accounts – the commission, DMA and STP accounts. The account that you will be able to use will depend on where you are trading from as this will affect which Forex.com subsidiary you sign up with.
The commission accounts for example are available for traders in countries outside Canada, the UK, and Europe. Traders in the US, Philippines and South Africa will have this account option. Trading costs will always be USD $10 round turn per 100k traded.
High-volume traders from all countries except Europe have the option of a DMA and STP account. This account uses tiered commission means the more you trade in one month, the lower your commission costs will be the following month. Unlike with the Commission account and Raw account, commissions are per $1,000,000 not per $100,000
Eightcap is the winner in this comparison with better brokerage fees against FOREX.com due to the tighter spreads and lower commission on average. The DMA and STP accounts may be suitable for advanced traders, but it is not for all traders.
If you plan on trading, you will need to pay attention to the minimum deposit amount of the brokers you choose. It’s important to note, especially for beginner traders, as they typically would trade with smaller amounts.
Eightcap has a recommended minimum deposit based on your locality, depending on whether you’re inside or outside of Australia. For the standard account, the minimum is $500 if you’re based in Australia, while if you’re outside of Australia, your minimum is $100. The Raw account is different, with the minimum deposit being $250 for those inside Australia and $100 if you’re outside Australia.
Eightcap offers a good variety of deposit methods and does not charge fees on their end, which is good to note. You can deposit via bank transfer, credit or debit cards. PayPal, Worldpay, Skrill and Neteller are available, as well as depositing using Cryptocurrencies (Bitcoin or USDT). If you’re in Australia, you can also use BPay and POLi.
The minimum deposit amounts for FOREX.com also change based on your account type. If you’re trading with the standard accounts, you’ll have to put at least $100 in your chosen base currency. For commission accounts, you will have to deposit a $100 minimum for the standard commission account, while the STP Pro and DMA accounts have a minimum deposit of $25,000.
FOREX.com also don’t charge fees on their end for the deposit of funds. You will have multiple ways to deposit but with minor changes depending on your country.
In the UK, you can use credit/debit cards, wire transfers and PayPal for your deposit. The USA lets you deposit using a debit card, bank transfer and wire transfer to trade. In Canada, you can deposit using credit/debit cards or wire transfers. In Europe and other countries, you can use debit/credit cards, bank transfers, Skrill and Neteller to fund your accounts.
Looking at the above comparison, we can see that Eightcap excels in this category. The broker offers more accessible deposits than FOREX.com since the higher amounts only appeal to a small minority of traders. Unfortunately, this prices out newer traders who want to access commission accounts. Eightcap also has many more deposit options, making it much more convenient for traders.
You’ll have a range of tools and platforms at your disposal for both brokers, so whatever you choose, there should be something suited to your preferences. We will compare and explore the media available so you can make an informed decision.
While Eightcap always offers MT4 and MT5, the MetaTrader Platforms with FOREX.com will depend on which country you are trading from.
Both made by MetaQuotes, MT4 and MT5 are the most popular trading platforms for retail traders. Being the successor to MT4, MT5 does offer a superior and more powerful trading experience but there are benefits to choosing MT4.
MT4 is built with Forex trading in mind and offers all the essential trading tools you will need.
Reasons to choose MT4 (compared to MT5)
MT5 was built for all CFD products regardless if a central exchange is required.
Reasons to choose MT5 (compared to MT4)
Available With Eightcap
Capitalise.ai is excellent for algorithmic trading and allows you to run trading bots without requiring knowledge of code. This platform can be used to trade all CFD products with the broker.
Available with Eightcap and FOREX.com
TradingView platform is a charting application for traders. With over 100 technical charts for deeper analysis, this platform will help you better identify entry and exit points when trading.
Available to FXCM
Exclusive to clients with FOREX.com, the platform has advanced charting tools giving you the ability to create orders directly from charts and set up your parameters to execute trades. It also comes with over 70 technical indicators and 50 drawing tools to help you make the best trading decisions possible.
Available to FOREX.com
NinjaTrader has leading charting, analysis and automation capabilities.
In this comparison, Eightcap is the winning offering, giving traders access to more robust platforms worldwide. The FOREX.com proprietary platform is good but where they lack is the variety of options available, particularly for MT4 and MT5.
Both Eightcap and FOREX.com offer forex pairs, indices, cryptocurrencies, commodities, shares and ETFs. You can access a wide range of CFD products with both brokers, but each has unique strengths in their range that may appeal to different traders.
Regarding forex products, Eightcap has up to 46 pairs; they include most major pairs, such as EUR/USD or USD/JPY, while also providing minor/exotic pairs to trade. You will also have access to over 400 stocks, 10 indices and 4 commodities which is impressive, but where Eightcap truly shines is its extensive offering of cryptocurrencies.
Eightcap has access to over 250 cryptocurrencies which is an impressive amount compared to other brokers. You’ll be able to trade the major cryptos such as Bitcoin, Ethereum or Solana, which can be paired against most currencies or other cryptos. If you’re looking to trade cryptocurrency vs. the USD, you’ll have up to 120 pairs.
There are also cryptocurrency indices available that group multiple assets together if you want to track the broader market vs USD. These include altcoin indices like ALT10 or the Top 10 (TOP10) or Top 25 (TOP25) crypto indices.
FOREX.com is not without its own strengths, the broker has almost double the number of pairs for forex trading than Eightcap. Stock pairs are even more extensive, which means you will have the opportunity to trade over 1000 stocks if you’re in Canada, while those other regions can trade a whopping 45,000 stocks.
FOREX.com do offer more forex pairs than Eightcap but most of these pairs are niche pairs not commonly traded. They also have more stocks for trading. Where Eightcap is superior is in crypto. This broker has one of the largest selection of cryptos of any broker.
Leverage is dependent on your locality because the brokers can only offer the amount of leverage allowed to them by their regulators.
If you’re trading with Eightcap, you can access leverage of 1:30 for major pairs and 1:20 for minor pairs in Australia. Pro traders and those outside of Australia are capped at a maximum of 1:500 leverage.
FOREX.com has a few leverage amounts for retail traders depending on where you live. This is because of the different regulations they must adhere to in these countries. You can access 1:30 in the UK and 1:33 in Canada, while other localities are capped at 1:200 leverage. Pro traders can access 1:400 no matter where you are in the world.
The leverage you can trade with will depend on which broker’s subsidiary you sign up with. Eightcap does have higher leverage most of the time, while more leverage is risky, it is a useful tool when trading if you know how to use it.
It is vital to consider regulation when trading because it will impact what kinds of products you have access to and the level of safety your brokerage provides.
Eightcap has two regulators, including one top-tier and one second-tier. All traders outside Austrakua will sign with Eightcaps Bahamas entity.
FOREX.com have more regulators in multiple jurisdictions, making things a little more complex, but their coverage is more stringent across locations. They use five top-tier regulators and one third-tier regulator, which include the following;
Unlike Eightcap, FOREX.com accepts clients from the US and Canada.
The broker with better regulation and stringent protection is FOREX.com. They have 6 regulatory entities taking care of multiple jurisdictions compared to Eightcap is much more extensive. In this comparison, FOREX.com is the winner.
To get an idea of public sentiment, the team at CompareForexBrokers.com use a variety of data in our analysis. These include reviews on TrustPilot and various website traffic metrics.
Eightcap has an impressive 4.4 on TrustPilot, with 73% of users rating them 5-star as a broker. This is a good indication of customer satisfaction. When looking at website metrics, we can see that visits are around 700k, which, for a new broker, is in the average range.
FOREX.com seem less popular when looking at TrustPilot reviews. They are sitting at an average score of 2.5, with 45% of users rating them at 1, which is much less favourable than Eightcap. The metrics tell a slightly different story, with around 1.2 million total visits and a higher global rank, possibly due to the website being founded in 1999.
The top broker based on our analysis is Eightcap. They have an excellent suite of platforms and a good selection of CFDs to trade, including cryptocurrencies. FOREX.com lacked some aspects, namely the customer reviews and platforms, which made Eightcap a clear winner.
No commission account spread propiety testing data and published wesbite spread information, centralised on our standard account spread page..
