Our May 2023 review found Eightcap offers better spreads than IG Markets and is a superior choice for crypto. IG was best for no commission trading and more trading products.
View the full Eightcap vs IG Markets comparison based on spreads, trading platform and other trading factors.
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If costs are a major consideration when choosing a broker (and it should be) then the broker you choose will be dependent on if you wish to pay commissions or not.
IG Markets is definitely the better choice when it comes to commission-free trading. The broker is a market maker after all, so there are no commissions as you are dealing directly with IG who is your counterparty and provide the liquidity.
When it comes to STP (sometimes called ECN) style accounts where you pay a commission for each lot, then Eightcap is the better choice for retail traders. However, If you are a high volume trader, trading volumes in the millions, then you may benefit from DMA trading with IG Markets Forex Direct account.
The standard account has no commission fees, with the main fee that you pay is the spread cost.
Spreads with IG Markets can be as low as 0.6 pips for EUR/USD, AUD/USD and 0.9 pips for EUR/GBP and GBP/USD. This is in line with what one would expect from a quality broker with a standard account. Other brokers with competitive standard account spreads are Pepperstone and IC Markets.
EightCap minimum spreads start from 1 pip with two minor or exotic forex pairs starting from 1.5 pips.
The table below compares the broker’s average spreads with other brokers. Spreads are taken from the broker’s website and updated monthly. As one can see, IG Markets is a safe choice for this kind of account.
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Standard Account Spreads
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|---|---|---|---|---|---|
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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 |
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1.70 | 1.60 | 1.70 | 2.00 | 1.60 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 01/09/2023
View IG Markets ReviewVisit IG Markets
When we look at the standard account spreads, it’s clear that both Eightcap and IG have their strengths and weaknesses. For the EUR/USD, USD/JPY, and AUD/USD pairs, Eightcap offers a slightly lower spread than IG, making it a more cost-effective choice for traders focusing on these pairs. However, when it comes to the GBP/USD and USD/CAD pairs, IG takes the lead with lower spreads.
The industry average, on the other hand, provides a benchmark to understand how these brokers stack up against the rest of the market. In this context, both Eightcap and IG offer competitive spreads, often lower than the industry average. This is particularly true for the EUR/USD and AUD/USD pairs, where both brokers offer spreads significantly lower than the industry average.
| Forex Pair | Eightcap | IG | Industry Average |
|---|---|---|---|
| EUR/USD | 1.0 | 1.13 | 1.35 |
| USD/JPY | 1.1 | 1.12 | 1.54 |
| GBP/USD | 1.0 | 1.66 | 1.68 |
| AUD/USD | 1.2 | 1.01 | 1.63 |
| USD/CAD | 1.0 | 1.98 | 1.93 |
| EUR/GBP | 1.0 | 1.71 | 1.69 |
| EUR/JPY | 1.2 | 2.27 | 2.04 |
| AUD/JPY | 1.9 | 1.62 | 2.31 |
Standard Account Analysis Updated September 2023[1]September 2023 Published And Tested Data
In conclusion, while both brokers offer competitive spreads, Eightcap seems to be the cheaper option for the EUR/USD, USD/JPY, and AUD/USD pairs. However, traders who frequently deal with the GBP/USD and USD/CAD pairs might find IG to be a more cost-effective choice. It’s crucial for traders to consider which currency pairs they trade most frequently when choosing a broker.
While the only cost on standard accounts is the spread, the no dealing desk style accounts of EightCap and IG come with a commission fee per trade. Both brokers use different methods of trading execution to achieve this.
Eightcap trading execution uses straight-through-processing which means the broker connects you with a pool of liquidity providers to bring your the best spreads available.
Spreads with the EightCap Raw Spread account, start from 0 pips, available on their entire range of major forex pairs, like the EUR/USD.
IG Markets Forex Direct Account uses direct market access (DMA) which means you have direct visibility of the order books to source the best spreads. Spreads start from 0.1 pips, slightly higher than Eightcap.
Average spreads are competitive but depend on your skill as a trader to find the best spreads. And as we discuss in the commission section, your commission costs are high unless you trade at least 1 million per lot. For this reason, this account is best for professional traders trading high volumes.
As can be seen in the table below, Eightcap compares well with more brokers.
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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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0.47 | 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
Note: you will need to use the IG Markets proprietary platforms or L2 Dealer platforms to do DMA trading as it is not possible with MetaTrader 4 platform or ProRealTime.
Commission with Eightcap’s Raw account and IG Markets Forex Direct account work quite differently. For this reason, Eightcap is a better choice for retail traders, while IG is a better choice for high volume professional traders..
On EightCap, your commission fee is priced at AUD/USD $3.50/7.00 per standard lot, for side-trip/round-turn. This means that to open a trade, you pay $3.50 AUD, and another $3.50 to close it.
In other major currencies, the commission is at EUR €2.75/5.50, GBP £2.25/4.50, or SGD/CAD $3.50/7.00. If your base currency has not been listed, the commission will be converted from USD at the spot rate.
Meanwhile, IG charges a commission based on the size of your trade. You can see a summary of their commission fees in the table below.
| Size (millions of USD) | Commission (USD per Million) |
|---|---|
| 1500+ | 10 |
| <1500 | 20 |
| <500 | 30 |
| <100 | 60 |
To explain, a standard lot with Eightcap is 100,000 units for which you will pay $7.00. On IG Markets you will pay $60 to open even if you only open with a lot of 100,000. You will then need to do the same again to close your position. That’s a big difference compared to Eightcap if you are not trading at least 1 million.
For this reason, you would only use a DMA account if you plan to trade with lots of 1 million.
IG Markets has one of the largest selections of trading instruments of all brokers. With this broker, you can trade over 17,000 markets including:
So if you are looking for a variety of products to trade, IG is one of the best choices around.
View IG Markets ReviewVisit IG Markets
Generally speaking, you will be fairly safe with either broker. Both EightCap and IG are highly regarded forex and CFD brokers, having been in the industry for over a decade each. They are also widely regulated by some of the top tier regulators in countries ranging from the UK to Australia.
The best thing you can do to stay safe when trading is to use a broker regulated by the agency of the country or region you are trading from. Thankfully, EightCap offers global regulation, while IG has regulation in a wide range of different countries.
The combined regulatory coverage of EightCap and IG is extremely impressive, and there is no doubt that you will be adequately regulated by one broker or the other.
EightCap is an Australia-based broker and is regulated by the Australian Securities and Investments Commission, ASIC.
IG is also regulated by ASIC and is regulated by global agencies including
If are trading from outside of Australia, EightCap will classify you as an international trader. This means you will be trading with their international subsidiary, which is regulated by the Securities Commission of the Bahamas (SCB).
In a similar vein, IG offers regulation from the Bermuda Monetary Authority for traders outside any of their regulated regions.
Unless you are trading in Australia, where both have ASIC regulation, chances are IG is a safer choice in terms of regulation
One great indicator of whether a broker is safe to use, or a good option, is to read customer reviews. Trustpilot is a public review forum and allows you to see the opinions of users of EightCap and IG at a glance.
EightCap receives an impressive 4.5/5 stars on EightCap, with almost three-quarters of respondents giving them a full 5 stars. Customers were extremely pleased with EightCap’s speedy customer service and the smooth and reliable deposits and withdrawals system.
IG is still ranked as ‘Great’ by TrustPilot users, however only received a 3.9 stars rating. Some users were unhappy with the slow withdrawal process and high fees compared to other brokers, but overall, users praised the customer support service at IG.
If you are using the IG Markets Trading Platforms (not MetaTrader or ProRealTime) then you can protect yourself with guaranteed stop-loss orders. Using a stop loss is a good risk management tool to ensure you cannot lose more than you are willing to lose.
Both brokers offer Negative Balance Protection in Australia where it is required by ASIC. Outside Australia, Eightcap doesn’t offer it. IG have for their clients where required by the regulator such as in the UK, Europe and UAE.
Both EightCap and IG have a minimum deposit requirement. The requirement on EightCap is fixed, but on IG the size of the minimum deposit depends on how you choose to deposit funds.
If you are trading in Australia, you need to deposit a minimum of AUD $250 and AUD $500 for the Raw Spread Account and Standard Account respectively.
Meanwhile, if you are trading from outside of Australia, your minimum deposit will be $100 in your chosen base currency for both the Raw Spread and Standard Account types.
Minimum deposits can start from $0 on IG if you use EFT or international bank transfer to deposit into your account. However, you would need to deposit a minimum of $450 AUD if you deposit with a more common method, like with your credit/debit card, or via a bank transfer.
The minimum deposit required in other currencies can be seen in the following table:
| Currency | Minimum Deposit |
|---|---|
| GBP | £250 |
| EUR | €300 |
| USD | $300 |
| NZD | $450 |
| HKD | $2500 |
View IG Markets ReviewVisit IG Markets
You can deposit funds via a range of popular methods on both EightCap and IG. While there are no extra fees on EightCap, you may have to pay a deposit fee when using IG.
On IG, you can deposit and withdraw funds using your credit or debit card, bank transfer, or PayPal. You can also use BPay in Australia. Note that you will have to pay a 1% fee if you use PayPal or a Visa credit card, and 0.5% if you use a Mastercard credit card.
EightCap has no fees for deposits or withdrawals no matter what method you use.
Like with IG, you have access to all the common deposit methods on EightCap- Visa/Mastercard, bank transfer, and PayPal. EightCap also allows you to use other eWallets like Neteller, Skrill, and WorldPay to deposit.
In Australia, you are able to deposit funds into your EightCap account with BPay or POLi, and if you are trading from China, you can use UnionPay. Indonesian traders will be able to deposit using Fasapay.
What differentiates EightCap from other brokers is their adoption of cryptocurrency in their system. This extends to deposits and withdrawals- you can deposit using Bitcoin, TRC20, or ERC20, however, this is only available outside of Australia.
If you are looking to trade cryptocurrency CFDs, there is no better broker you can turn to than EightCap.
EightCap outmatches all other brokers on their range of options, low spreads on both account types, and the range of extra tools they offer to help you trade crypto better.
In total, EightCap’s crypto CFD range spans over 250 products, which is made up of 120 coins vs USD, 20 coins against other fiat currencies like GBP or even Bitcoin, as well as giving you the option to invest in a basket of cryptocurrencies via 5 different crypto indices.
Comparing EightCap’s spread costs with other brokers, including IG, you can clearly see that no broker comes close to matching the low crypto spreads you will be able to get on EightCap.
Your crypto trading experience will also be greatly enhanced by using EightCap as opposed to other brokers like IG. EightCap offers several crypto-specific trading tools, as we will discuss below in the platforms section, and benefits from the availability of MetaTrader 4, which IG does not offer.
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.
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 is available with both Eightcap and IG. MetaTrader is not available with IG.
Apart from the fact, 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 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 has three other platforms in addition to MetaTrader 4. IG Markets proprietary platform, ProRealTime and L2 Dealer.
IG 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.
Under sharia law, Muslims are prohibited from paying or accepting interest payments on a loan, as it is deemed to be unethical and exploitative behaviour. Unfortunately, this severely limits the ability of Muslims to trade forex and other derivative products.
This is because to utilise leverage (debt), brokers charge an overnight swap-fee, or interest. As Islamic traders are religiously forbidden to pay interest, they are hamstrung when trading.
To get around this, some brokers offer an Islamic/swap-free account, which allows Islamic traders much greater access to the derivative markets. However, neither EightCap nor IG Markets offers you the chance to use such an account.
No commission account spread propiety testing data and published wesbite spread information, centralised on our standard account spread page..
