This Eightcap vs Markets.com forex broker review found Eightcap has 50+ forex pairs with spreads from 0 pips plus 250 cryptos. Markets.com is a market maker with no commissions and spreads from 0.6 pips plus 28 fx pairs to trade.
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Founded in Melbourne, Australia in 2009, Eightcap has no dealing desk for trading Forex. By using straight through processing (STP), Eightcap provides the infrastructure so you can get the spreads directly from liquidity providers. In addition to Forex, the broker also have over 250 Cryptocurrency pairs for trade and 4 trading platforms.
Markets.com was founded in 1999 under the name GFC Markets before rebranding in 2008. Unlike Eightcap, Markets.com is a Market Maker which means the broker takes the other side of the trade to their clients. Spreads however remain competitive and have no commission costs. Along with 28 Forex pairs, the broker so has ETFs, Bonds and Indices.
In this review, we will compare Eightcap and Markets.com based on the accounts, spreads, pricing and products to help you decide on your forex broker.
To compare these brokers, you should understand their accounts and fee structures. The typical forex trading account brokers offer are standard and commission accounts. Both have different advantages that are geared toward different trading styles.
Standard accounts are trading accounts that don’t feature commission fees. Popular with beginners traders, the trading fees you pay mostly in the spread, which has been widened to include the brokerage fee from the broker.
The table below compares the average spreads of popular brokers that offer this type of account. Markets.com don’t provide this spread so, we have excluded this broker from the table.
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Standard Account Spreads
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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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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 | 1.80 | 1.90 | 1.90 | 1.60 |
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1.32 | 1.95 | 1.37 | 1.70 | 1.40 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 01/09/2023
In absence of any information about Markets.com, it appears you would be better to look at other brokers. Pepperstone, IC Markets and IG all have spread as low as 0.6 pip, making them potentially cheaper.
Forex spreads with Eightcap start from 1.0 and if you are in Australia, it is recommended you have at deposit at least AUD 500 when you open a Standard account. For traders in other countries, it is suggested you start with USD 100.
Markets.com Forex spreads start from 0.6 pips which are lower than with Eightcap. Going by this reasoning, one would assume spreads are cheaper for this account compared to Eightcap. To open an account $100 will be required.
Looking at the average standard account spreads for the forex pairs, we can see some interesting patterns. For Eightcap, the spreads range from 1.0 for EUR/USD to 1.9 for AUD/JPY. This suggests that Eightcap offers relatively competitive spreads, particularly for the EUR/USD pair.
On the other hand, Markets.com has slightly higher spreads, ranging from 1.6 for EUR/USD to 2.4 for AUD/JPY. This indicates that trading costs might be a bit higher with Markets.com, especially for those trading the AUD/JPY pair.
| Forex Pair | Eightcap | Markets.com | Industry Average |
|---|---|---|---|
| EUR/USD | 1.0 | 1.6 | 1.35 |
| USD/JPY | 1.1 | 1.9 | 1.54 |
| GBP/USD | 1.0 | 1.6 | 1.68 |
| AUD/USD | 1.2 | 1.9 | 1.63 |
| USD/CAD | 1.0 | 1.9 | 1.93 |
| EUR/GBP | 1.0 | 1.9 | 1.69 |
| EUR/JPY | 1.2 | 1.9 | 2.04 |
| AUD/JPY | 1.9 | 2.4 | 2.31 |
Standard Account Analysis Updated September 2023[1]September 2023 Published And Tested Data
However, when we compare these brokers to the industry average, we see a different picture. The industry average spreads range from 1.35 for EUR/USD to 2.31 for AUD/JPY. This suggests that both Eightcap and Markets.com offer competitive spreads, with Eightcap being particularly competitive for the EUR/USD pair.
In conclusion, if we’re purely considering spreads, Eightcap seems to be the cheaper option, particularly for the EUR/USD pair. However, it’s important to remember that costs are just one factor to consider when choosing a forex broker. Other factors such as the trading environment, regulation, and customer service are also crucial.
Commission accounts have spreads closer to market conditions so are tighter making them popular for those with trading experience. Spreads are lower as the broker charges on commission instead of widening the spread.
Since Markets.com doesn’t have commission accounts, we will only discuss Eightcap in this comparison.
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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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0.30 | N/A | 0.30 | 0.50 | 0.40 |
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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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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
View Markets.com ReviewVisit Markets.com
If you’re opting to pay commission on trades, then you’ll find the RAW account offered by Eightcap suitable. This account has commissions of USD $7 round-turn per 100k for each lot traded. Traders using different currencies will be charged the equivalent amount converted from USD at the Intermarket rate at the time.
The RAW account’s commission spreads are pretty competitive since the broker is not taking a cut from the spread. Instead, Eightcap connects you with liquidity providers who compete to offer their best spreads. For this reason, spreads are often below 0.10 pips, with 0.0 pips spreads for the EUR/USD available over 50% of the time.
Although Markets.com feature tight spreads with their standard accounts we have to give the winning place to Eightcap. Commission-style trading is cheaper than no-commission trading but make sure you are aware of currency conversion costs for the Eightcap commission.
Eightcap funding methods include credit or debit cards (Visa and Mastercard), bank transfer, PayPal, Worldpay, Skrill, UnionPay and Neteller. Australians also have the option of using BPAY and POLi. You can also make deposits with cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH) and Tether (USDT). Eightcap does not have deposit or withdrawal fees.
Minimum deposit amounts for Eightcap are only recommended and not mandatory for account holders. If you’re in Australia recommended minimum for standard accounts is $500, and the minimum for RAW accounts is $250. The minimum deposit for traders outside of Australia is $100 for both account types.
Markets.com also has a good selection of funding methods. You can deposit funds into your account using a credit card, NETELLER, Skrill, Wire transfer and local bank transfer. Sofort and ideal are available for traders in Europe (excluding the UK). The minimum deposit for all jurisdictions is $100 in either USD, EUR or GBP.
Once again, we will have to give Eightcap as the winner of this comparison. They simply have many more ways to deposit funds which is very important if you’re trading. The more options you have, the less likely you’ll miss out on trades, as sometimes you can experience issues with payment methods or providers.
Each broker has different platforms and tools you can utilise to execute trades. We will compare the available platforms to choose the best broker for your needs.
You can use MetaTrader 4 and MetaTrader 5 no matter which broker you choose, as both offer these platforms. They are the two most popular among forex traders, so it’s no surprise that they are offered.
MetaTrader 5 does have the advantage of offering more trading tools compared to MT4. MT5 for example has 44 analytical objects, 39 built-in indicators and 21 timeframes which far exceed the 30, 33 and 9 available with MetaTrader 4. You can trade more stock and cryptos with this platform, this is particularly relevant with Eightcap as MT5 has around twice as many Crypto options as MT4.
If you are unsure which platform is for you, all platforms are available for testing with a demo account.
Capitalise.ai is for traders looking to automate their trading with the use of algorithms but don’t wish to learn code to create these trading bots.
TradingView is one of the most popular charting platforms, so using it alongside Eightcap will give you a massive advantage. This platform comes with a vast catalogue of charting tools and indicators, helping you make the best trades possible. Tools include over 100+ pre-built indicators and over 100,000 extra indicators created by the TradingView community. 50 smart drawing tools along with financial analysis tools are also included. You can even use PineScript to create your own indicators and strategies.
Markets.com Trading Platform is Markets.com’s proprietary trading platform and is available as WebTrader and as a mobile trading app on iOS and Android. The platform comes with extra fundamental, technical and sentimental tools to help you trade better. An example is Bloggers Opinion which allows you to see the opinion of over 50,000 financial bloggers.
Since Markets.com doesn’t have additional trading tools, we will only discuss Eightcap and what they offer. They have various powerful trading tools, including Metatrader Signals, The Amazing Trader, and Cryptocrusher.
Metatrader signals is used for copy trading and social trading. This program provides traders with real-time market signals that allow them to follow other traders’ calls and execute trades based on this information.
The Amazing Trader is a user-friendly tool that makes it easy to find and execute trades using an automated trading algorithm.
Cryptocrusher is a powerful system that helps traders identify profitable trading opportunities by keeping users up to date with the latest information and news in the industry.
After comparing the platforms offered by Eightcap and Markets.com, we will give the verdict to Eightcap. They have an impressive range of options for traders, which include four good platforms and a suite of tools. The quality and range are much superior to what Markets.com can offer.
Both Eightcap and Markets.com offer a healthy range of financial instruments to choose from, and each excels in its categories. We will compare both and give you a brief overview of the products offered by each broker.
Eightcap offers over 1000 CFD trading products including 46 currency pairs. While some brokers like Pepperstone and IC Markets have over 60 pairs, CMC Markets has over 300, Eightcap offers all the most pairs you are likely to actually trade.
The range of Cryptocurrencies is what makes Eigthcap different from other CFD brokers. With over 250+, this crypto range far exceeds other online brokers. To trade the full crypto range, it is best to use MT5, since MT4 only has around half the products.
While Markets.com can’t match Eightcap for currency pairs or crypto, they do have a more diverse range of products. These include ETFs, Bonds/Treasuries and Blends. Blends are like a type of index based on a theme. Themes include blends of Cannabis, Oil, and Crypto stocks.
All brokers offer varying degrees of leverage depending on which regulators they need to follow since these regulators set the limit for each broker.
Eightcap differentiates its leverage depending on which country you are trading from. If you are with EightcapAustralia, forex leverage for major pairs is limited to 1:30 while capped at 1:20 for minor pairs. However, if you’re trading with the broker Bahamas subsidiary (which you sign up with if you join from outside Australia), the maximum leverage increases to 1:500.
Markets.com have different amounts for leverage. If you’re in Australia, the UK and Europe, you can access 1:30 leverage with retail and 1:400 with a pro account. All other regions offer 1:300 for retail and 1:290 for pro accounts. Also, note that exotics are up to 1:200 for every region and account type.
Risk warning – Leverage is a risky instrument so should only be used by experienced traders.
Although Eightcap has a very impressive cryptocurrency offering, we have to give this one to Markets.com, which offers many more products. The well-rounded range and extensive access to forex pairs and shares stand out over many other brokers.
To assess the security of each broker, we look at the regulation provided and where these jurisdictions are based.
All clients in Australia will sign up with their Australian subsidiary which is regulated by ASIC. All other clients will sign up with the broker’s offshore subsidiary which uses the financial regulator of the Bahamas.:
Markets.com has many more regulators spread across many jurisdictions. They currently have the following regulators:
In this comparison, Markets.com is the winner when it comes to better regulation and stronger protection. They have 6 regulatory entities which mean you are more likely to find Markets.com is regulated in your local country.
As well as all the metrics we just discussed we also look at the feedback given from traders for these brokers. We use a few methods that include online reviews and website data which you will be able to examine in this section.
We have examined Eightcap and they score 4.4 out of 5 stars on average on TrustPilot, with 73% of users rating them a 5-star broker. They also have 700k total visits with a global rank of 83k which is quite good for a new company.
Markets.com have impressive ratings on Trustpilot, with a 4.7 out of 5 star average on the website and 79% of users giving them 5 out of 5 stars. The website visits are only 170k which tells us that it isn’t as popular as many other brokers. Also, the global rank is 238k, quite low for a website of its kind.
Both brokers offer 24/5 customer support and good forex trading education tools including webinars and online content.
When comparing both brokers we found that Eightcap is superior in almost all categories compared to what Markets.com can offer. Therefore the overall winner is Eightcap, if you’re looking to make a decision between the two we recommend Eightcap.
No commission account spread propiety testing data and published wesbite spread information, centralised on our standard account spread page..
