Eightcap vs Plus500: Which Broker is Better?

2. Eightcap: Better Trading Platforms

While Plus500 users are restricted to their proprietary trading platform, Eightcap offers a combination of proprietary software and third-party platforms like MetaTrader 4 (MT4), MetaTrader 5 (MT5), and TradingView.

These platforms, renowned for their advanced features and customisation options, are particularly suited to experienced traders. In contrast, Plus500’s user-friendly platform, while more basic, is practical for beginners due to its simplicity and ease of use.

All platforms are available as mobile apps for Android and iOS devices, as well as WebTrader options.

Eightcap’s MetaTrader Offering

These include advanced charting capabilities, a comprehensive suite of technical analysis tools, and the flexibility to use automated trading strategies through Expert Advisors (EAs).

EightCap goes above and beyond with its MetaTrader suite by offering the following integrations:

• Fx Blue Labs contains 11 trading apps and 17 indicators that can help with your trading.
• Capitalise.ai allows you to write programs code-free to automate your trading.
• The Amazing Trader can also help automate your trading with a charting algo and comes with built-in risk management.
• Cryptocrusher is useful for finding crypto trade ideas, scanning the markets and determining crypto market sentiment.

While MT4 has all the features you will need when trading forex, Eightcap only offers crypto and share trading on MT5.

TradingView is also available for comprehensive charting and social trading insights.

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Plus500 Has Their Own Proprietary Trading Platform

While Plus500 does not offer MT4 or MT5, their proprietary trading platform is popular among beginners.

A major benefit of Plus500’s platform for new traders is the risk management features. As a market maker, the broker offers guaranteed stop loss orders (GSLOs) to help you manage risk when starting out. GSLOs ensure that traders can limit their losses effectively, providing a safety net for those still learning the ropes.

One significant limitation of the Plus500 trading platform is that there is no automation or algorithmic trading, nor does it permit social or copy trading. Scalping is also not allowed, and there are no third-party integrations available to incorporate any advanced features.

Verdict

Eightcap offers better trading platforms and tools with various MetaTrader integrations, while Plus500 is limited to a basic proprietary platform.

3. Tie: Superior Accounts And Features

The brokers tie when it comes to account types and features as Eightcap offers both a Standard and Raw Account, while Plus500 offers a Swap Free Account for Muslim traders.

Plus500’s Islamic Account Option

Recognising the needs of Muslim traders under Sharia Law, which prohibits interest payments (‘riba’), Plus500 offers an Islamic or swap-free account. This account, tailored for Islamic traders, eliminates overnight swap fees, facilitating access to forex and CFD markets. However, it’s primarily available in select Middle Eastern countries.

Eightcap Offers More Versatile Pricing 

While Eightcap does not offer an Islamic account option like Plus500, it provides more versatile pricing. It caters to a range of trading preferences with its Standard and Raw Account options, offering flexibility in pricing and trading conditions to suit various trading strategies.

Verdict

It’s a tie: Plus500’s Swap Free Account meets specific needs under Sharia Law, while Eightcap’s diverse Standard and Raw Accounts offer broader pricing flexibility.

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4. Eightcap: Best Trading Experience

Eightcap operates on a no dealing desk model while Plus500 is a market maker. After testing each platform, I found that Eightcap offers a seamless and intuitive experience on MetaTrader platforms and TradingView.

On the other hand, Plus500 provides a more basic proprietary platform.

• EightCap offers MetaTrader and TradingView platforms with advanced trading tools
• Plus500’s proprietary platform is suited to beginners wanting a user-friendly platform
• Both brokers provide mobile versions for trading on the go.

Verdict

Eightcap stands out for advanced traders with its MetaTrader and TradingView platforms, while Plus500 is more beginner-friendly with its simpler interface.

5. Plus500: Stronger Trust And Regulation

Plus500’s trust score is 78 vs 71 for Eightcap. Therefore, Plus500 is the slightly stronger CFD provider in terms of trust and safety.

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Eightcap Trust Score

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Regulation 

Eightcap is regulated by the Australian Securities and Investment Commission (ASIC) and the Securities Commission of the Bahamas offshore; Plus500, on the other hand, has numerous top-tier regulators, including ASIC, the UK’s Financial Conduct Authority (FCA), and the Monetary Authority of Singapore (MAS).

Plus500’s offshore regulator is the Financial Services Authority of Seychelles (FSA).

Reputation

Both EightCap and Plus500 have offered their brokerage services for over a decade and are regarded as among the top online forex brokers available. You will be safe trading with either broker.

Reviews

Eightcap has a TrustPilot score of 4.4/5 stars, while Plus500 has a score of 4.1/5 stars.

Verdict

Plus500 edges slightly ahead with a higher overall trust score and broader regulatory oversight, yet both Plus500 and Eightcap demonstrate strong levels of trust and regulation.

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6. Plus500: CFD Product Range And Financial Markets

EightCap offers over 360 CFD products, including forex, commodities, indices, shares, and cryptocurrencies. Plus500 offers over 2,800 financial products for CFD trading, including forex, shares, commodities, and options.

EightCap Has An Exceptional Cryptocurrency Offering

We have awarded EightCap our 2024 award for best cryptocurrency broker. EightCap’s various cryptocurrency offerings and the tools they provide to enhance your crypto trading experience are simply unparalleled.

You can trade over 250 different cryptocurrencies on EightCap, ranging from popular picks like Bitcoin or Ethereum to smaller options such as Algorand and Dogecoin.

Around 120 of these options are coins vs the USD, with 20 coins also available to trade against other fiat currencies such as AUD, GBP, EUR, CAD and MXN. You even have the option of trading cryptocurrencies against themselves- such as the Ethereum/Bitcoin pair.

The list of options is endless, but if you can’t decide on which coin to trade, EightCap has five crypto indices allowing you to track a diversified group of coins.

In addition to crypto, Eightcap has the standard trading instruments you find with most brokers. This includes 40 Forex pairs, 10 indices, 400+ Stocks and 4 Commodities.

Plus500 Is A CFD Provider With Some Alternatives To Eightcap

Plus500 prefers to call itself a CFD provider rather than a broker, and its product range is more extensive than EightCap’s.

Along with 71 forex pairs, they also have 1100+ stocks (covering 25 global stock exchanges), 30 indices, 98 ETFs and 308 options.

Verdict

Plus500 wins this round with more product offerings.

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7. Eightcap: Superior Educational Resources

Eightcap outperforms Plus500 in the realm of educational resources, offering a more comprehensive and varied range of forex training materials.

With its Education Center, Eightcap caters to traders at all levels through detailed webinars, video tutorials, and a selection of eBooks and trading guides, which provide in-depth knowledge and practical insights. Additionally, the frequently updated FAQ section effectively addresses common trading queries.

Conversely, Plus500’s educational offerings include a mix of video tutorials, articles, and interactive quizzes, complemented by a glossary to help traders grasp complex terms.

However, Eightcap’s broader and more detailed educational content makes it the superior choice for traders seeking to enhance their trading knowledge and skills.

Verdict

Based on our team’s testing, Eightcap scores higher in educational resources, making it the better choice for traders looking to expand their knowledge.

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8. Eightcap: Superior Customer Service

Eightcap and the Plus500 team are available 24/7, ensuring traders have access to support whenever.

Eightcap provides a multi-lingual support team that’s accessible throughout the trading week and is prepared to assist traders with various issues. Plus500, while also offering a multilingual team, complements its service with a more extensive FAQ section and provides continuous support availability, even during weekends.

In terms of communication methods, both brokers are well-equipped. They offer multiple channels, including live chat, telephone, and email support, allowing traders to choose the mode of communication that suits them best. This flexibility ensures that traders can easily get in touch with the support team in a manner that is convenient and efficient for them.

Overall, Eightcap takes a slight lead in customer service, thanks to its 24/7 availability and extensive FAQ section. This comprehensive support structure ensures that traders can get assistance at any time, including weekends, which can be particularly beneficial for addressing urgent issues or queries that arise outside of standard trading hours.

Verdict

Eightcap offers a slightly superior customer service experience with its round-the-clock support and a more thorough FAQ section, making it a preferable choice for traders who value continuous access to support.

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9. Eightcap: Better Funding Options

Both Eightcap and Plus500 offer a diverse range of funding options to cater to their global clientele. Traders can choose from a variety of payment methods, including traditional bank transfers and modern e-wallet solutions. However, the availability of these options may vary based on the region of the trader and the operational policies of the broker.

Eightcap, for instance, has been known to provide a broader spectrum of e-wallet solutions, making it convenient for traders who prefer quick and hassle-free transactions. Plus500, on the other hand, while offering a commendable range of options, tends to be more selective, especially when it comes to certain e-wallet services. This distinction becomes evident when we look at the comparative table below:

Verdict

Based on the available funding options, Eightcap appears to offer a more comprehensive range, making it the preferred choice for traders seeking diverse deposit and withdrawal methods.

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10. Tie: Lower Minimum Deposit

Eightcap and Plus500 both have a minimum deposit requirement of $100 to open an account. The main difference between the two brokers is their variety of payment methods.

Below, you will see Eightcap’s minimum deposit features, where a couple of payment methods are not available for some currencies.

In contrast, Plus500’s $100 minimum applies everywhere, as seen in the table below.

Verdict

Technically, it’s a tie between Eightcap and Plus500, as they both have a $100 minimum deposit requirement. The method of payment you prefer could be the possible tiebreaker on which broker you’d choose.

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Is Plus500 or Eightcap The Best Broker?

Eightcap is the winner because it outperforms in multiple key areas, offering traders a comprehensive and competitive trading environment. The table below summarises the key information leading to this verdict:

Plus500: Best For Beginner Traders

For those just starting out in the trading world, Plus500 offers a more user-friendly platform and superior educational resources, making it the ideal choice for novice traders.

Eightcap: Best For Experienced Traders

For seasoned traders looking for a robust platform with a wide range of products and competitive spreads, Eightcap stands out as the preferred choice.