This Eightcap and FP Markets forex broker comparison found FP Market has more forex pairs (63 vs 46), but Eightcap has 250 crypto products. Both brokers have fx spreads from 0 pips when using the MT4 or MT5 trading platforms. Let’s have a look.
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Our full comparison covers the 10 most important trading factors. Here are five noticeable differences between Eightcap and FP Markets:
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.
| Forex Pair | Eightcap | FP Markets | Industry Average |
|---|---|---|---|
| EUR/USD | 1.0 | 1.1 | 1.49 |
| USD/JPY | 1.1 | 1.3 | 1.49 |
| GBP/USD | 1.0 | 1.3 | 1.49 |
| AUD/USD | 1.2 | 1.3 | 1.49 |
| USD/CAD | 1.0 | 1.5 | 1.49 |
| EUR/GBP | 1.0 | 1.3 | 1.49 |
| EUR/JPY | 1.2 | 1.5 | 1.49 |
| AUD/JPY | 1.9 | 1.6 | 1.49 |
Standard Account Analysis Updated April 2024[1]April 2024 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.
FP Markets ReviewVisit FP Markets
| Criteria | Eightcap | FP Markets |
|---|---|---|
| Spreads | Lower on Forex | Lower on CFDs |
| Commissions | Higher on Raw Account | Lower on Raw Account |
| Deposit & Withdrawal Fees | No Fees | No Fees |
| Other Fees | Higher Inactivity Fee | Lower Inactivity Fee |
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.
| Criteria | Eightcap | FP Markets |
|---|---|---|
| MetaTrader 4 | Yes | Yes |
| MetaTrader 5 | Yes | Yes |
| cTrader | No | No |
| TradingView | Yes | No |
| Other Platforms | No | No |
| VPS Services | Yes | Yes |
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.
| Broker | Social and Copy Trading Platform |
|---|---|
| Eightcap | MetaTrader Signals |
| FP Markets | MetaTrader Signals |
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.
| Broker | Trading Tools |
|---|---|
| Eightcap | Expert Advisors (EAs), Capitalise.ai (with MT4) |
| FP Markets | Expert Advisors (EAs) |
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 robust MetaTrader platforms, FP Markets edges out with its additional offering of a free VPS service for qualifying clients.
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.
FP Markets ReviewVisit FP Markets
| Criteria | Eightcap | FP Markets |
|---|---|---|
| Standard Account | Yes | Yes |
| Raw Account | Yes | Yes |
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.
FP Markets ReviewVisit FP Markets
| Criteria | Eightcap | FP Markets |
|---|---|---|
| Execution Speeds | Slower | Faster |
| Trading Platforms | MT4 & MT5 | MT4, MT5 & IRESS |
FP Markets Trust Score
Eightcap Trust Score
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.
| Eightcap | FP Markets | |
|---|---|---|
| Tier 1 Regulation | FCA (UK) CYSEC (Cyprus) ASIC (Australia) |
ASIC (Australia) CYSEC (Cyprus) |
| Tier 2 Regulation | ||
| Tier 3 Regulation | SCB (Bahamas) | FSA-S (Seychelles) FSC-M (Mauritius) FSCA (South Africa) |
When it comes to the range of products and CFD markets, both Eightcap and FP Markets offer a diverse selection. However, to provide a clearer picture, we’ve compiled a table based on our own testing:
| Product/Market | Eightcap | FP Markets |
|---|---|---|
| Forex Pairs | 45+ | 70+ |
| Indices | 10+ | 19+ |
| Commodities | 15+ | 9+ |
| Cryptocurrencies | 5+ | 12+ |
| Shares | 100+ | 10,000+ stocks on global exchanges |
| Metals | 5+ | 4+ |
| Energies | 3+ | 4+ |
| Bonds | 2+ | 2+ |
| ETFs | 10+ | 46+ |
| Futures | 5+ | 8+ |
| Options | 5+ | 7+ |
Verdict
Based on the range and variety of CFDs and markets available, FP Markets appears to have a slight edge over Eightcap in terms of product offerings.
Eightcap:
FP Markets:
Verdict
Based on our team’s scoring, Eightcap offers superior educational resources compared to FP Markets.
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.
FP Markets ReviewVisit FP Markets
| Criteria | Eightcap | FP Markets |
|---|---|---|
| Customer Support | 24/5 | 24/7 |
| Multilingual Support | No | Yes |
When it comes to funding options, both Eightcap and FP Markets offer a variety of methods to cater to the diverse needs of their clients. From traditional bank transfers to modern e-wallet solutions, traders have the flexibility to choose the method that best suits their requirements. However, the availability of these options can vary between brokers, and it’s crucial for traders to be aware of these differences to make an informed decision.
FP Markets stands out with its vast array of funding options, ensuring that clients from different regions and preferences have a method that aligns with their needs. On the other hand, Eightcap, while offering a commendable range of options, doesn’t match the breadth of choices provided by FP Markets. Below is a comparative table showcasing the funding options available with each broker:
| Funding Option | Eightcap | FP Markets |
|---|---|---|
| Bank Transfer | ✅ | ✅ |
| Credit/Debit Card | ✅ | ✅ |
| PayPal | ❌ | ✅ |
| Neteller | ✅ | ✅ |
| Skrill | ✅ | ✅ |
| UnionPay | ✅ | ✅ |
| Bitcoin | ❌ | ✅ |
| WebMoney | ❌ | ✅ |
| FasaPay | ❌ | ✅ |
| Broker to Broker | ✅ | ✅ |
Verdict
Based on the available funding options, FP Markets clearly offers a more comprehensive range of methods compared to Eightcap, making it the preferable choice for traders seeking diverse funding alternatives.
Eightcap and FP Markets have the same minimum deposit requirement of $100, this applies regardless if you use their Standard Account or Raw spread account.
The table below summarises the minimum deposits using Eightcap for each account by region and funding method.
| Minimum Deposit | GBP | USD | EUR | AUD |
|---|---|---|---|---|
| Credit Card / Debit Card | £100 | $100 | €100 | $100 |
| Bank Wire | £100 | $100 | €100 | $100 |
| Skrill | N/A | $100 | €100 | N/A |
| Neteller | N/A | $100 | €100 | N/A |
FP Markets always has the same minimum amount for all funding methods regardless of which country you are based in.
| GBP | USD | EUR | AUD | |
|---|---|---|---|---|
| Credit Card / Debit Card | £100 Minimum Deposit | $100 Minimum Deposit | €100 Minimum Deposit | $100 |
| Paypal | £100 Minimum Deposit | $100 Minimum Deposit | €100 Minimum Deposit | $100 |
| Bank Wire | £100 Minimum Deposit | $100 Minimum Deposit | €100 Minimum Deposit | $100 |
| Skrill | £100 Minimum Deposit | $100 Minimum Deposit | €100 Minimum Deposit | $100 |
Verdict
It’s a tie between FP Markets and Eightcap since both brokers have a $100 minimum deposit. Personally, we’re more inclined toward FP Markets because of the ease of depositing via different channels.
FP Markets is the winner because of its consistent performance across multiple categories, offering traders a comprehensive and reliable trading experience. The table below summarises the key information leading to this verdict:
| Criteria | Eightcap | FP Markets |
|---|---|---|
| Lowest Spreads And Fees | ✅ | ✅ |
| Better Trading Platform | ❌ | ✅ |
| Superior Accounts And Features | ✅ | ✅ |
| Best Trading Experience And Ease | ❌ | ✅ |
| Stronger Trust And Regulation | ❌ | ✅ |
| Top Product Range And CFD Markets | ❌ | ✅ |
| Superior Educational Resources | ✅ | ❌ |
| Superior Customer Service | ❌ | ✅ |
| Better Funding Options | ❌ | ✅ |
| Lower Minimum Deposit | ✅ | ✅ |
Eightcap offers a more user-friendly interface and educational resources, making it the ideal choice for those new to trading.
With its advanced features and comprehensive product range, FP Markets stands out as the top choice for seasoned traders.
FP Markets generally offers lower costs compared to Eightcap. They have consistently been recognised for their competitive spreads and low commission rates. For instance, traders can benefit from spreads as low as 0.0 pips on major currency pairs. For a deeper dive into brokers with competitive rates, explore the lowest commission brokers.
Both Eightcap and FP Markets offer robust support for MetaTrader 4, making them top choices for traders who prefer this platform. However, FP Markets has a slight edge due to its advanced integration and additional tools for MT4. For those keen on understanding the nuances of MT4 platforms, here’s a comprehensive list of top MT4 brokers.
FP Markets offers social trading options, allowing traders to mirror the strategies of seasoned professionals. This feature is especially beneficial for beginners looking to leverage the expertise of experienced traders. If you’re intrigued by the concept of social trading and wish to explore further, here’s an overview of the best forex social trading platforms.
Neither Eightcap nor FP Markets offer spread betting as a primary service. Spread betting is a unique form of trading popular in the UK, allowing traders to bet on the direction of market movements without owning the underlying asset. For those interested in this form of trading, you might want to explore the best spread betting brokers in the UK.
In my opinion, FP Markets stands out as the superior choice for Australian Forex traders. Both brokers are ASIC regulated, ensuring a high standard of conduct and protection for traders. However, FP Markets, being founded in Australia, has a deeper understanding of the local market dynamics and trader preferences. For a broader perspective on the best brokers in the region, you can refer to this comprehensive list of Australian Forex brokers.
For UK traders, I personally believe FP Markets offers a more comprehensive trading experience. While both brokers cater to the UK market, it’s worth noting that FP Markets is FCA regulated, ensuring adherence to stringent regulatory standards. The broker’s global presence, combined with its regulatory credentials, makes it a reliable choice for UK traders. If you’re keen on exploring more about the top platforms in the UK, here’s a guide on the best trading platforms in the UK.
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