Our comprehensive comparison of Eightcap vs FXCM dissects key areas like trading costs, Forex trading platforms, and regulations to help you choose the right Forex broker.
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Our comprehensive comparison covers the 10 most important trading factors. Here are five key differences between Eightcap and FXCM:
Comparing each broker’s account commissions and spreads on the most popular currency pairs, we concluded that Eightcap has lower fees. Try the Eightcap vs FXCM fee calculator below based on the most popular forex pairs and base currencies.
Eightcap Spreads
| Eightcap | EUR/USD | USD/JPY | GBP/USD | AUD/USD | USD/CAD | EUR/GBP | EUR/JPY | AUD/JPY | All-in Cost EUR/USD - Active |
EUR/USD Standard Account |
|---|---|---|---|---|---|---|---|---|---|---|
| MyFxBook | 0.2 | 0.3 | 0.8 | 0.4 | 0.6 | 0.2 | 0.4 | 16.3 | N/A | N/A |
| BrokerChooser | 0.1 | 0.2 | 0.2 | 0.3 | 0.3 | N/A | N/A | N/A | N/A | N/A |
| ForexBrokers.com | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.76 | 1 |
| CompareForexBrokers | 0.06 | 0.23 | 0.73 | 0.27 | 0.23 | 0.42 | 0.59 | 0.49 | N/A | N/A |
| Eightcap | 0.17 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 1 |
| Consensus | 0.13 | 0.24 | 0.58 | 0.32 | 0.38 | 0.31 | 0.5 | 8.4 | 0.76 | 1 |
FXCM Spreads
| FXCM | EUR/USD | USD/JPY | GBP/USD | AUD/USD | USD/CAD | EUR/GBP | EUR/JPY | AUD/JPY | All-in Cost EUR/USD - Active |
EUR/USD Standard Account |
|---|---|---|---|---|---|---|---|---|---|---|
| MyFxBook | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| BrokerChooser | 0.70 | 1.00 | 1.00 | 0.90 | 1.40 | N/A | N/A | N/A | N/A | N/A |
| ForexBrokers.com | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 1.38 | 1.38 |
| CompareForexBrokers | 0.56 | 0.30 | 0.60 | 0.90 | 0.40 | 0.60 | 0.70 | 0.80 | N/A | N/A |
| FXCM | 0.05 | 0.12 | 0.07 | 0.22 | N/A | 0.14 | 0.07 | 0.33 | N/A | N/A |
| Consensus | 0.44 | 0.47 | 0.56 | 0.67 | 0.90 | 0.37 | 0.39 | 0.57 | 1.38 | 1.38 |
The graph below shows just the consensus data, with FXCM having the lower spreads for the GBP/USD and EUR/JPY, but Eightcap has lower spreads for all other major currency pairs.
The standard CFD account comes with no commission fees, with your main trading fee being the spread.
EightCap has a minimum spread of 1 pip on all of their major forex pairs for their standard account. To set this account up, you need a minimum deposit of $250 AUD. Traditional payment methods available range from bank transfer/POLi/BPay, to Visa/Mastercard debit cards and credit cards. However, EightCap also allows you to deposit funds through eWallets like PayPal, and Neteller/Skrill, and even allows payment in cryptocurrencies like bitcoin!
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Standard Account Spreads
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|---|---|---|---|---|---|
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1.30 | 1.70 | 2.10 | 1.40 | 1.50 |
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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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0.90 | 1.30 | 1.40 | 1.40 | 1.40 |
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0.70 | 2.20 | 1.10 | 1.10 | 0.60 |
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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 | 1.20 | 1.30 | 1.30 | 1.30 |
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1.20 | 1.30 | 1.20 | 1.30 | 1.10 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 04/01/2024
An STP-style CFD trading account has a ‘raw’ spread, but you will also have to pay commission fees on trades that you make. With EightCap, your spread can fall as low as zero pips wide, meaning that in certain circumstances, you won’t have to pay any spread fee at all. Commission fees come in at $7 AUD or USD to open and close a standard lot trade. The Raw account type comes with a minimum deposit of $500 AUD.
FXCM only offers you a standard (commission-free) account. The minimum spread on FXCM is also 1 pip wide, available on the EUR/USD. FXCM’s minimum deposit is $300 to open your account and $50 for every deposit afterwards.
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ECN Broker Spreads
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|---|---|---|---|---|---|
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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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0.40 | 0.60 | 0.10 | 0.40 | 0.20 |
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0.20 | 0.30 | 0.20 | 0.40 | 0.20 |
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0.50 | 0.60 | 0.30 | 0.50 | 0.50 |
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0.30 | N/A | 0.30 | 0.50 | 0.40 |
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0.20 | 0.83 | 0.44 | 0.40 | 0.42 |
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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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n/a | 0.30 | n/a | 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 04/01/2024
*Your capital is at risk ‘67% of retail CFD accounts lose money’
Standard Account Spreads
When it comes to standard account spreads, the devil is in the details. Let’s take a closer look at our two contenders, Eightcap and FXCM, and see how they stack up against the industry average.
Eightcap has consistently shown competitive spreads across all forex pairs. For instance, their EUR/USD spread is 1.0, which is lower than the industry average of 1.35. This trend continues across all pairs, with Eightcap consistently coming in under the industry average. This is a clear indication of their commitment to offering value to traders.
FXCM, on the other hand, has slightly higher spreads. Their EUR/USD spread is 1.3, which is slightly below the industry average but higher than Eightcap’s. Across all pairs, FXCM’s spreads are generally above the industry average. This isn’t necessarily a deal-breaker, but it’s something to keep in mind when choosing a broker.
| Forex Pair | Eightcap | FXCM | Industry Average |
|---|---|---|---|
| EUR/USD | 1.0 | 1.3 | 1.35 |
| USD/JPY | 1.1 | 1.5 | 1.54 |
| GBP/USD | 1.0 | 1.4 | 1.68 |
| AUD/USD | 1.2 | 1.7 | 1.63 |
| USD/CAD | 1.0 | 2.1 | 1.93 |
| EUR/GBP | 1.0 | 2.1 | 1.69 |
| EUR/JPY | 1.2 | 1.7 | 2.04 |
| AUD/JPY | 1.9 | 2.4 | 2.31 |
Standard Account Analysis Updated April 2024[1]April 2024 Published And Tested Data
Remember that spreads are just one factor to consider when choosing a forex broker. Other factors, such as execution speed, ease of use, and trustworthiness, are equally important. As always, I recommend doing your own research and making a decision based on your individual trading needs and goals.
We find that the cheaper standard account is with EightCap, as more of their products have lower spread fees compared to FXCM. EightCap also wins the STP-style account by default.
Should you trade with EightCap?
Our comparison finds that EightCap has a high-quality all-round offering. Their account types have low trading fees, both MetaTrader platforms are available (with some great bonus tools), and they are well-regulated. What makes EightCap truly exceptional and a no-brainer to trade with is if you are interested in the cryptocurrency markets. With over 250 crypto options combined with low trading fees and tools like Cryptocrusher, EightCap blows its crypto competition out of the water.
Is FXCM a good broker to trade with?
FXCM has a strong standard CFD trading account and a top-notch proprietary trading platform in the form of a Trading Station. However, drawbacks include the lack of an STP/ECN-style account and not being able to access MetaTrader 5. Overall though, FXCM is a good broker but not as good versus EightCap.
Verdict
In conclusion, if low spreads are a priority for you, Eightcap seems to be the better choice.
*Your capital is at risk ‘67% of retail CFD accounts lose money’
MetaTrader’s MT4 and MT5 are the two most popular forex trading platforms used around the world. We determine which broker has the better offering by comparing their additional trading tools.
EightCap makes both MetaTrader 4 and 5 available for you to use. On top of this, they provide you with Capitalise.ai, which can help you build algorithmic trading strategies without having to code at all, a particularly great tool for beginner forex traders. Another tool available is Cryptocrusher, which helps you ‘crush’ the crypto markets with trading ideas and brings you everything you need to stay informed on what is happening in the crypto space.
Only MT4 is available on FXCM, meaning that you cannot trade on MetaTrader 5. FXCM also provides you with Capitalise.ai, however, they have very few other tools available. There appears to be no form of copy trading available, with the only tools you get being the small apps and indicators designed by FXCM.
As a result, we determine that EightCap’s MetaTrader offering is superior to FXCM’s.
What other platforms are available for you to use?
On top of both MetaTrader platforms, EightCap provides you with TradingView. TradingView is a heavily charts-focused trading platform, with all the different tools you could ever need to chart-trade at a beginner, intermediate, and advanced level. You can access TradingView on your web browser, as a desktop app, or on mobile through Android/iOS.
FXCM also provides TradingView to their traders. However, the main platform offered by FXCM is their proprietary Trading Station platform. It allows you to trade a wide range of financial instruments very easily, with forex, stocks, ETFs, and indices available at the touch of a button. They have also designed the platform to maximise your trading experience.
Verdict
EightCap’s wide range of additional tools, plus the option to use MetaTrader 5 instantly, makes them our top pick for MetaTrader. However, if you are looking for a unique trading platform option, you may wish to consider FXCM’s proprietary Trading Station.
Eightcap and FXCM both present a range of account types and features tailored to meet the diverse needs of traders. Here’s a breakdown:
Verdict
Based on the accounts and features, Eightcap appears to offer a more comprehensive and competitive package for traders compared to FXCM.
When it comes to trading, the experience and ease of use are paramount. I’ve personally dabbled with both Eightcap and FXCM, and here’s what stood out to me:
Now, I’ve been around the block a few times, and I’ve seen brokers come and go. But when it comes to the overall trading experience, it’s the little things that count. The intuitive interfaces, the quick response times, and the tools make your trading life just a tad easier.
Verdict
Based on our team’s testing and my personal experience, Eightcap offers a slightly superior trading experience, especially for those who value advanced tools and platform diversity.
Eightcap Trust Score
FXCM Trust Score
We measure safety by the regulation of the brokers we compare. The single best way for you to stay safe when trading is to use a broker who is regulated in the country that you are trading from.
| Eightcap | FXCM | |
|---|---|---|
| Tier 1 Regulation | FCA (UK) CYSEC (Cyprus) ASIC (Australia) |
ASIC (Australia) FCA (UK) CYSEC (Cyprus) CIRO (CANADA) BaFin (Germany) |
| Tier 2 Regulation | FSCA (South Africa) ISA (Israel) |
|
| Tier 3 Regulation | SCB (Bahamas) |
EightCap is regulated by one top-tier regulator and one second-tier regulator. Their top regulatory environment is in Australia, under the Australian Securities and Investments Commission (ASIC). EightCap’s global and second regulator is the Securities Commission of the Bahamas (SCB), ensuring no matter where you are trading from, you have some basic protection.
In comparison, FXCM is regulated by five top-tier regulators but no second-tier ones. The five top regulatory environments FXCM operates in are:
– Australia, with ASIC
– The United Kingdom, with the Financial Conduct Authority (FCA)
– The EU, with the Cyprus Securities and Exchange Commission (CySEC)
– Canada, with the Investment Industry Regulatory Organisation of Canada (IIROC)
– South Africa, with the Financial Sector Conduct Authority (FSCA)
Verdict
Our top piece of advice for staying safe when trading is to use a broker regulated in the country or region you are trading from. If you are within these five regions listed above, you will be extremely well protected with FXCM. Meanwhile, Australian traders can feel comfortable trading with EightCap, knowing that you are adequately protected by ASIC.
*Your capital is at risk ‘67% of retail CFD accounts lose money’
On EightCap, you have 46 different currency pairs available to trade. These include major pairs like the EUR/USD and GBP/AUD and exotic ones like AUD/SGD.
FXCM, meanwhile, have 42 pairs on Trading Station and 43 forex pairs on MT4. This gives them a slight win with product range.
Verdict
However, as you can see on the spread module at the top, EightCap’s average spreads are excellent compared to FXCM. As a result, we have determined that Eightcap has better forex trading conditions.
Eightcap:
FXCM:
Verdict
Based on our team’s testing, Eightcap scores slightly higher in educational resources, making it the preferable choice for traders seeking comprehensive learning materials.
In the world of trading, where every second counts, having a responsive and knowledgeable customer service team is crucial. Both Eightcap and FXCM understand this and have invested heavily in their support infrastructure. From our experience, here’s what we’ve observed:
Eightcap boasts a team that’s not only quick to respond but also well-versed in the intricacies of trading. Whether it’s a technical glitch or a query about a specific trade, they’ve got you covered. FXCM, on the other hand, has a legacy of providing top-notch customer service with a global presence and multiple channels of communication.
Here’s a breakdown of the key customer service features of each broker:
| Feature | Eightcap | FXCM |
|---|---|---|
| Live Chat Availability | 24/5 | 24/7 |
| Phone Support | Yes | Yes |
| Email Response Time | Within 2 hours | Within 4 hours |
| Multilingual Support | Yes | Yes |
| Dedicated Account Manager | Available | Available |
| Educational Support | Comprehensive | Extensive |
Customer service isn’t just about solving problems; it’s about enhancing the overall trading experience. A broker that understands this and acts upon it is bound to stand out.
Verdict
While both brokers offer commendable customer support, based on our team’s testing, Eightcap slightly edges out FXCM in terms of responsiveness and overall service quality.
When it comes to funding options, both Eightcap and FXCM have a variety of methods available to their clients. These methods are essential for traders as they provide flexibility in depositing and withdrawing funds from their trading accounts. From our research, we’ve found that while both brokers offer common funding options such as credit/debit cards and bank transfers, there are some differences in the range of options they provide.
Additionally, our testing has shown that the speed and efficiency of these funding methods can vary between the two brokers. It’s crucial for traders to choose a broker that not only offers a wide range of funding options but also ensures that these methods are reliable and efficient. Below is a table that showcases the funding options available with each broker:
| Funding Option | Eightcap | FXCM |
|---|---|---|
| Credit/Debit Card | ✓ | ✓ |
| Bank Transfer | ✓ | ✓ |
| PayPal | ✓ | ✗ |
| Skrill | ✓ | ✓ |
| Neteller | ✓ | ✓ |
| UnionPay | ✓ | ✗ |
| Bitcoin | ✗ | ✗ |
| WebMoney | ✗ | ✓ |
| FasaPay | ✗ | ✗ |
| Klarna | ✓ | ✗ |
Verdict
In terms of the variety of funding options, Eightcap appears to have a slight edge over FXCM, offering more diverse methods for traders.
FXCM has a lower minimum deposit of $50 than Eightcap’s $100 minimum. The minimum set by FXCM is available for most payment methods and major currencies:
| GBP | USD | EUR | AUD | |
|---|---|---|---|---|
| Credit Card / Debit Card | £50 Minimum Deposit | $50 Minimum Deposit | €50 Minimum Deposit | $50 |
| Bank Wire | £50 Minimum Deposit | $50 Minimum Deposit | €50 Minimum Deposit | $50 |
| Skrill | £50 Minimum Deposit | $50 Minimum Deposit | €50 Minimum Deposit | $50 |
| Neteller | £50 Minimum Deposit | $50 Minimum Deposit | €50 Minimum Deposit | $50 |
On the other hand, Eightcap offers several payment channels, but they can be unavailable for some regions:
| 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 |
Verdict
When considering the minimum deposit alone, FXCM has the lowest requirement at $50. However, it’s worth noting that FXCM charges $50 per deposit.
*Your capital is at risk ‘67% of retail CFD accounts lose money’
Eightcap is the winner because it consistently outperforms FXCM in most of the key areas that traders value the most. The table below summarises the key information leading to this verdict:
| Criteria | Eightcap | FXCM |
|---|---|---|
| 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 is the ideal choice for beginner traders due to its user-friendly platform and comprehensive educational resources.
While Eightcap offers a robust platform and a wide range of features, experienced traders might also appreciate FXCM’s unique offerings and advanced tools. However, Eightcap remains a strong contender in this category.
Eightcap generally offers lower costs compared to FXCM. Specifically, Eightcap boasts competitive spreads, especially on major pairs like EUR/USD. For instance, their average spread for EUR/USD is notably lower than many competitors. For more detailed insights on low-cost brokers, you can refer to this comprehensive guide on lowest spread brokers in the UK.
Both Eightcap and FXCM offer MetaTrader 4, but Eightcap provides a slightly enhanced experience with additional tools and integrations. FXCM, on the other hand, has been a long-time supporter of MT4 and offers a stable platform experience. For traders specifically looking for the best MT4 experience, this list of best MT4 brokers in the UK can be a valuable resource.
Eightcap offers social trading features, allowing traders to copy strategies from experienced traders. This not only simplifies the trading process for beginners but also provides an opportunity to learn from the best. Social or copy trading has gained immense popularity in recent years. If you’re keen to explore more about this, check out the best forex social trading platforms.
Neither Eightcap nor FXCM offer spread betting as a primary feature. Spread betting is a unique form of trading popular in the UK and offers tax benefits for traders. If you’re keen on exploring brokers that specialise in spread betting, you might want to check out this list of the best spread betting brokers in the UK.
In my opinion, Eightcap has a slight edge for Australian forex traders. It’s ASIC regulated, which ensures a high level of trust and security for traders down under. Additionally, while FXCM is a global player, Eightcap was founded in Australia, giving it a home-ground advantage. Both brokers offer a robust trading experience, but there’s something reassuring about trading with a broker that understands the local market nuances. For a broader perspective on Australian forex brokers, you can visit this comprehensive guide on Australian forex brokers.
From my perspective, FXCM stands out for UK forex traders. It’s FCA regulated, ensuring that UK traders have a layer of protection and security. While Eightcap has made significant inroads globally, FXCM has a longer history of serving the UK market. Being FCA regulated also means that FXCM adheres to stringent standards set by the UK’s financial watchdog. For those in the UK looking for more options, here’s a detailed list of the best forex brokers in the UK.
No commission account spread propiety testing data and published wesbite spread information, centralised on our standard account spread page..
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