Our September 2024 review found Eightcap offers better spreads than IG Group (IG) and is a superior choice for crypto. IG was best for no commission trading and more trading products.
View the full Eightcap vs IG comparison based on spreads, trading platform and other trading factors.
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Our comprehensive comparison covers the 10 most crucial trading factors to help you make an informed decision.
https://www.compareforexbrokers.com/reviews/blackbull-markets-vs-ig-markets/
When it comes to spreads and fees, Eightcap has the edge. Their low spreads are particularly appealing for traders who are looking to cut down on trading costs.
IG, on the other hand, has a more complex fee structure that might not be suitable for all traders. While they offer competitive spreads, the costs can accumulate, particularly for those trading in large volumes.
Verdict
If low spreads and fees are your priority, Eightcap is the broker to go with.
The only platform you can access on both brokers is MetaTrader 4, however, as we find in our analysis below, EightCap has a much stronger MetaTrader 4 offering than IG does.
EightCap also offers you MetaTrader 5, the successor to MetaTrader 4.
Meanwhile, on IG, the only other platform other than MetaTrader 4 is their proprietary CFD trading platform, and L2 Dealer, which allows you to access IG’s DMA account type.
EightCap is the better MetaTrader 4 and 5 broker
Unlike IG, Eightcap is a specialist MetaTrader broker As a rule IG would much prefer you use one of their proprietary trading platforms – IG Trading Platform or L2 Dealer.
MetaTrader 4 and 5
MetaTrader 4 is available with both Eightcap and IG. MetaTrader is not available with IG.
Apart from the fact, that IG does not offer MT5, Eightcap is the better choice because they have more CFD trading instruments with MetaTrader. IG only made Forex, Indices, Oils and Metals available – Eightcap also has commodities, shares and cryptocurrencies available with MetaTrader.
Of particular note is the availability of crypto trading on the MetaTrader platform with Eightcap. If you choose MetaTrader 5, you can trade around 250 crypto pairs and even if you choose MetaTrader 4, you can still trade around 80 pairs.
Another reason Eightcap is a superior choice is that they have to add on products that can integrate with MetaTrader. While both brokers allow you to use Expert Advisors – Eightcap also has:
MetaTrader Features
MetaTrader 4 (MT4) is the most popular forex trading platform in the world, buoyed by the great user experience it provides you with, not to mention the unbeatable range of add-ons.
The base version comes with 30 technical indicators, but you can add thousands of extra indicators onto your platform depending on what you’re looking for.
While not as popular as MT4, MT5 is packed with new features and capabilities.
MT5 also has a stronger base offering compared to MT4, with 64-bit processing power compared to the 32-bit power of MT4, 38 in-built technical indicators to the 30 on MT4, and 4 more order types that you can use to execute trades.
What truly makes both MetaTrader platforms stand out, is the Expert Advisors, EAs, available for you to use. An Expert Advisor is simply a function that you can use for whatever trading need you might have. This could be identifying trading ideas for you or executing trading algorithms.
MetaTrader’s massive community of traders means that there is a massive range of user-made EAs for you to use. This is highly convenient since if you have a function that could help you with trading, it’s likely that another trader has already made an EA that could do that for you.
All these features and bonus tools make EightCap a great broker to use both MetaTrader platforms with, contributing to their wins in both categories.
IG Markets have other platform options
IG has three other platforms in addition to MetaTrader 4. IG Markets proprietary platform, ProRealTime and L2 Dealer.
IG’s proprietary CFD trading platform allows you to trade IG Market’s entire range of trading products, which far exceeds what Eightcap has to offer. So if you wish to trade interest rates, bonds, ETFs, Shares CFD, and Shares Proper then the IG Markets trading platform is a good choice.
It has an extensive range of charting tools along with the option of DMA trading and guaranteed stop loss to help with your trading. Its main limitation is that it does not have automation tools.
ProRealTime has a huge number of charts, so if you like trading analysis then ProRealTime might be a good option. You can also automate your trading with ProRealTime.
L2 Dealer is IG Market’s specialised trading platform for DMA trading.
Verdict
For a superior trading platform experience, Eightcap is the clear winner.
Eightcap offers a Raw account that comes with lower spreads but charges a commission. This is ideal for traders who are looking for more flexibility in their trading.
IG offers multiple account types, including a standard account and a premium account, but they don’t offer the same level of flexibility in terms of spreads and commissions as Eightcap.
Verdict
For more flexible account options and features, Eightcap is your go-to broker.
When it comes to trading experience, Eightcap is a game-changer. Their MetaTrader 4 platform is not just another trading platform; it’s a powerhouse of features that can make any trader’s life easier. From advanced charting tools to a user-friendly interface, Eightcap’s MT4 is a dream come true.
On the flip side, IG offers a robust platform, but it lacks the bells and whistles that Eightcap provides. While IG’s platform is reliable, it doesn’t offer the same level of customisation and ease that you get with Eightcap.
Verdict
For a seamless and feature-rich trading experience, Eightcap is the broker to go with.
IG Group Trust Score
Eightcap Trust Score
Both Eightcap and IG are highly regulated, which adds an extra layer of security for traders.
While Eightcap is regulated by the ASIC, IG has the advantage of being regulated by multiple authorities, including the FCA. This makes IG a more trustworthy option for traders concerned about regulation.
| Eightcap | IG Group | |
|---|---|---|
| Tier 1 Regulation | FCA (UK) CYSEC (Cyprus) ASIC (Australia) |
ASIC (Australia) FCA (UK) BaFin (Germany) FINMA (Switzerland) NFA/CFTC (USA) CYSEC (Cyprus) MAS (Singapore) FMA (New Zealand) |
| Tier 2 Regulation | JFSA (Japan) DFSA (Dubai) |
|
| Tier 3 Regulation | SCB (Bahamas) | BMA (Bermuda) FSCA (South Africa) |
Verdict
If trust and regulation are high on your list, IG is the more reliable option due to its multiple regulatory bodies.
| Feature | Eightcap | IG |
|---|---|---|
| Forex Pairs | 45 | 80 |
| Indices | 10 | 20 |
| Commodities | 15 | 25 |
| Shares | 200 | 10,000 |
| Cryptocurrencies | 5 | 8 |
| ETFs | 10 | 250 |
| Bonds | 0 | 10 |
| Options | 0 | 10 |
| Futures | 0 | 5 |
| Spread Betting | No | Yes |
Verdict
If you’re looking for a wide range of trading options, IG is your best bet. Their extensive product range is hard to beat.
Eightcap offers a decent range of educational resources, but it’s not as comprehensive as IG.
Verdict
Based on our testing, IG is the go-to broker for educational resources. Their extensive offerings make them the ideal choice for traders looking to expand their knowledge.
Eightcap offers decent customer service, but it’s not 24/7. They do offer live chat, but it’s not as responsive as IG’s.
Verdict
When it comes to customer service, IG takes the crown. Their 24/7 support and higher customer reviews make them the superior choice.
| Funding Option | Eightcap | IG |
|---|---|---|
| Credit Card | ✓ | ✓ |
| Bank Transfer | ✓ | ✓ |
| PayPal | ✗ | ✓ |
| Skrill | ✓ | ✗ |
| Neteller | ✓ | ✗ |
| Bitcoin | ✗ | ✗ |
| UnionPay | ✓ | ✗ |
| FasaPay | ✓ | ✗ |
| Klarna | ✗ | ✓ |
| Trustly | ✗ | ✓ |
Verdict
If you’re looking for a variety of funding options, IG is the broker for you. Their diverse range of funding methods makes them a more flexible choice.
IG has a lower minimum deposit of $0 against Eightcap’s $100 requirement. The minimum deposit requirement on IG varies depending on your chosen deposit method, unlike EightCap where it is fixed.
Below, we show how the payment method you use on IG affects the minimum amount required:
| GBP | USD | EUR | AUD | |
|---|---|---|---|---|
| Credit Card / Debit Card | £250 Minimum Deposit | $50 Minimum Deposit | €300 Minimum Deposit | $100 |
| Paypal | £250 Minimum Deposit | $50 Minimum Deposit | €300 Minimum Deposit | $100 |
| Bank Wire | £0 Minimum Deposit | $250 Minimum Deposit | €0 Minimum Deposit | $0 |
| Skrill | N/A | N/A | N/A | N/A |
Additionally, Eightcap has limitations worth mentioning. For example, Skrill is available for USD traders, but not for AU, as shown below:
| 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
IG triumphs over Eightcap with regards to lower minimum deposit. While Skrill is not open for AU traders when dealing with both brokers, the availability of other channels with IG makes up for it.
Eightcap is the winner because it offers a more flexible and feature-rich trading environment, especially for those who are keen on MetaTrader platforms. Below is a table that summarises the key information leading to this verdict.
| Criteria | Eightcap | IG |
|---|---|---|
| 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 | ✓ | ✗ |
For beginner traders, Eightcap is the better choice due to its lower minimum deposit and user-friendly platform.
For experienced traders, IG is the go-to option due to its extensive product range and superior educational resources.
Eightcap has lower costs. They offer spreads as low as 0.0 pips, making them a cost-effective choice for traders. For more information on low-cost brokers, you can visit our Lowest Commission Brokers page.
Eightcap is the superior choice for MetaTrader 4. They offer a more enriched MT4 experience with additional tools and features. For more on this, check out our Best MT4 Brokers.
Neither Eightcap nor IG offers social trading. However, both brokers have strong platforms that offer other forms of trading. For more info you can read about the best social trading platforms.
Only IG offers spread betting. This adds another layer of flexibility for traders looking for this specific trading style. For more information, visit our best spread betting broker in the UK.
In my opinion, Eightcap is superior for Australian Forex traders. They are ASIC regulated and offer a range of features that are beneficial for Australian traders. For more details, check out our Best Forex Brokers In Australia page.
For UK Forex traders, IG is the superior choice. They are FCA regulated and offer a wide range of products and services tailored for the UK market. For more information, you can visit our Best Forex Brokers In UK page.
No commission account spread propiety testing data and published wesbite spread information, centralised on our Standard Account Spreads page.
Ask an Expert
Is my money safe with IG?
Yes, your money is safe with IG. The broker is required to keep client funds separate from their own resources, meaning your money is protected and won’t be used in business activities.