EightCap vs FP Markets Broker Comparison

Which Broker Has Lowest Trading Costs?

When it comes to trading costs, both brokers have their strengths.

1. Spreads

Eightcap offers lower spreads on major currency pairs, making it a more cost-effective option for forex trading. FP Markets, on the other hand, provides tighter spreads on CFDs, which can be beneficial for traders focusing on this financial instrument.

When it comes to the standard account spreads, there are some noticeable differences between Eightcap and FP Markets. Let’s take a closer look.

Eightcap, for the most part, offers lower spreads across the board. For instance, for the EUR/USD pair, Eightcap offers a spread of 1.0, while FP Markets offers a slightly higher spread of 1.1. This trend continues across most of the forex pairs, with Eightcap consistently offering lower or equal spreads compared to FP Markets.

Standard Account Analysis Updated September 2023[1]September 2023 Published And Tested Data

However, it’s not just about the numbers. It’s about what these numbers mean for you as a trader. Lower forex spreads mean lower trading costs, which can significantly impact your profitability in the long run. So, while the differences might seem small, they can add up over time, especially for high-volume traders.

Now, how do these brokers compare to the industry average? Both Eightcap and FP Markets offer spreads that are below the industry average of 1.49. This means that both brokers offer competitive pricing, with Eightcap having a slight edge.

In conclusion, if you’re looking for lower spreads, Eightcap seems to be the cheaper option. However, it’s always important to consider other factors such as trading platform, customer service, and overall trading experience when choosing a broker.

2. Commissions

FP Markets charges a lower commission on its Raw account compared to Eightcap’s similar account type. This can result in significant savings for active traders who execute numerous trades.

3. Deposit & Withdrawal Fees

Neither broker charges fees for deposits or withdrawals, which is a plus for traders who frequently move money in and out of their trading accounts.

4. Other Fees

Both brokers charge an inactivity fee after a certain period of non-trading, but FP Markets’ inactivity fee is lower than Eightcap’s.

Verdict: When considering spreads, commissions, and other fees, FP Markets generally offers lower trading costs, especially for active traders and those trading CFDs. However, forex traders may find Eightcap’s lower spreads more appealing.

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Who Has The Best Trading Environment?

A broker’s trading environment encompasses several factors, including execution speeds, server reliability, and the quality of the trading platforms offered.

Our exclusive research on execution speeds shows that FP Markets ranks higher than Eightcap. This means that FP Markets can execute trades faster, which is crucial for strategies like scalping where speed is of the essence.

Both brokers offer MetaTrader 4 and 5, renowned for their reliability and comprehensive features. However, FP Markets also provides the IRESS platform, which offers advanced features for professional traders.

Verdict: FP Markets offers a superior trading environment due to its faster execution speeds and the additional offering of the IRESS platform.

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What Trading Platforms Are Offered?

Both Eightcap and FP Markets offer the popular MetaTrader 4 and MetaTrader 5 platforms, known for their user-friendly interface, advanced charting capabilities, and algorithmic trading features.

1. MetaTrader 4 and 5

Both brokers offer MT4 and MT5, which are known for their user-friendly interface, advanced charting capabilities, and algorithmic trading features. These platforms also support a wide range of trading instruments.

2. cTrader and TradingView

Neither broker offers cTrader or TradingView.

3. Social And Copy Trading

Both Eightcap and FP Markets support social and copy trading through MetaTrader Signals, a feature available on the MetaTrader platforms.

Verdict: Both brokers offer social and copy trading through MetaTrader Signals, making this a tie.

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4. Automated Trading

Both Eightcap and FP Markets support automated trading through the use of Expert Advisors (EAs) on the MetaTrader platforms. Additionally, Eightcap offers Capitalise.ai, a powerful automated trading tool that integrates with MetaTrader 4.

Verdict: While both brokers support automated trading through Expert Advisors, Eightcap offers an additional tool, Capitalise.ai, enhancing its automated trading capabilities.

Eightcap ReviewVisit Eightcap

5. VPS and Other Trading Tools

FP Markets offers a free VPS service for clients who meet certain criteria, which can enhance trading performance by providing a faster and more reliable connection. Eightcap does not offer a VPS service.

Verdict: While both brokers offer the robust MetaTrader platforms, FP Markets edges out with its additional offering of a free VPS service for qualifying clients.

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What Account Types Are Available?

Eightcap offers two types of accounts: Standard and Raw. The Standard account has no commission but higher spreads, while the Raw account has lower spreads but charges a commission.

FP Markets also offers two main types of accounts: Standard and Raw. Similar to Eightcap, the Standard account has no commission but higher spreads, while the Raw account offers tighter spreads with a commission.

Verdict: Both brokers offer similar account types, making this a tie.

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Who Has Better Trust And Regulation?

Eightcap is regulated by the Australian Securities and Investments Commission (ASIC) and the Seychelles Financial Services Authority (FSA).

FP Markets is regulated by ASIC and the Cyprus Securities and Exchange Commission (CySEC), providing an extra layer of security for its clients.

Verdict: While both brokers are regulated by ASIC, FP Markets offers an additional layer of trust and security with its CySEC regulation.

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Which Broker Has Superior Customer Service Levels

Both Eightcap and FP Markets offer 24/5 customer support via live chat, email, and phone. However, FP Markets also offers support in multiple languages, which can be beneficial for non-English speaking clients.

Verdict: While both brokers offer robust customer support, FP Markets’ multilingual support gives it an edge.

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Other Trading Factors

Minimum Deposit Levels

Eightcap and FP Markets have the same minimum deposit requirement of $100, making them both equally accessible for beginner traders or those with a smaller trading budget.

Payment Methods

Both brokers offer a variety of payment methods, including credit/debit card, bank transfer, and several e-wallet options.

Other Suitable Header

FP Markets offers a wider range of trading instruments compared to Eightcap, including forex, commodities, indices, shares, and cryptocurrencies.

Verdict: Although both forex brokers have low minimum deposit requirements, FP Markets offers a wider range of trading instruments, making it a more versatile choice for traders looking to diversify their portfolio.

FP Markets ReviewVisit FP Markets

Our Take On Which Broker Is Best

Best For Beginner Traders: Eightcap has more straightforward account types, making it an excellent choice for beginner traders.

Best For Experienced Traders: FP Markets, with its advanced trading platforms, faster execution speeds, and wider range of trading instruments, is better suited for experienced traders.