This Eightcap vs FXCM forex brokers comparison found that Eightcap offer more currency pairs (46 vs 43) and Crypto’s (250 vs 7). Spreads with Eightcap tend to be lower, FXCM however offers a superior range of trading platforms.
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We compare EightCap vs FXCM to help you choose your next forex broker. Both are well-regarded brokers with full regulation in Australia.
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, Neteller/Skrill, and even allows payment in cryptocurrencies like bitcoin!
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Standard Account Spreads
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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 | 1.30 | 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 01/09/2023
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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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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0.50 | 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 01/09/2023
*Your capital is at risk ‘67% of retail CFD accounts lose money’
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 |
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| 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 September 2023[1]September 2023 Published And Tested Data
In conclusion, if low spreads are a priority for you, Eightcap seems to be the better choice. However, 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.
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.
FXCM has a strong standard CFD trading account and a top-notch proprietary trading platform in the form of Trading Station. However, drawbacks include the lack of a 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.
*Your capital is at risk ‘67% of retail CFD accounts lose money’
EightCap. Their lower fees, better trading platform experience, and popularity with traders make them a no brainer when comparing EightCap vs FXCM for your next forex broker.
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 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)
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’
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, helping you ‘crush’ the crypto markets with trading ideas and bringing 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.
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.
On EightCap, you have 46 different currency pairs available to trade. These include major pairs like the EUR/USD, 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.
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.
We use website traffic (from similarweb) as a method of determining broker popularity. Over May 2022, EightCap received 832 thousand visits to their website, and the month prior, they recorded over one million visits.
In comparison, FXCM received only half as many visits, with 474 thousand in May, and an average of 451 thousand visits over the past three months.
As a result, we find that EightCap is the more popular broker.
No commission account spread propiety testing data and published wesbite spread information, centralised on our standard account spread page..
