This Eightcap vs TMGM forex broker comparison found these no dealing desk brokers have over 40 currency pairs, good crypto options and offer MetaTrader 4 and 5 Trading Platforms. Find out how the brokers compare in this review
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If you are looking for a new forex broker, Eightcap and TMGM are both great choices, both brokers are relatively similar in that they are no dealing desk brokers (not market makers) and offer MetaTrader trading platforms along with a host of extra features.
To help you decide between them, we compare Eightcap vs TMGM.
When you trade, it will normally be on one of two different types of accounts. The standard account is commission-free, and an STP-style or ‘raw’ account type comes with commission fees.
On a standard brokerage account, the main trading fee you face is the spread cost. This represents the difference between the price you can buy a CFD at and the price you can sell it at meaning you want the lowest possible spreads.
The table below compares the average spreads for the standard account for each broker along with other brokers offering similar trading accounts. All data is published data taken from the broker’s website and is updated each month.
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Standard Account Spreads
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|---|---|---|---|---|---|
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1.00 | 1.11 | N/A | 1.32 | 1.09 |
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1.12 | 1.22 | 1.40 | 1.69 | 1.47 |
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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
TMGM’s spreads are competitive, although not the best in industry. Eightcap doesn’t provide their average spreads but their minimum spread is 1.0 pips so it may be better to consider other brokers for the lowest spreads.
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 TMGM.
Eightcap’s spreads are consistently around the 1.0 mark across most forex pairs, with a slight increase for AUD/JPY at 1.9. TMGM, on the other hand, shows a bit more variability. Their spreads range from 1.09 for USD/JPY to 1.44 for AUD/JPY. However, they don’t provide data for EUR/GBP, which leaves us with a bit of a blind spot.
| Forex Pair | Eightcap | TMGM | Industry Average |
|---|---|---|---|
| EUR/USD | 1.0 | 1.0 | 1.35 |
| USD/JPY | 1.1 | 1.09 | 1.54 |
| GBP/USD | 1.0 | 1.32 | 1.68 |
| AUD/USD | 1.2 | 1.11 | 1.63 |
| USD/CAD | 1.0 | 1.28 | 1.93 |
| EUR/GBP | 1.0 | N/A | 1.69 |
| EUR/JPY | 1.2 | 1.3 | 2.04 |
| AUD/JPY | 1.9 | 1.44 | 2.31 |
Standard Account Analysis Updated September 2023[1]September 2023 Published And Tested Data
Comparing these to the industry average, both brokers generally offer competitive spreads. But if I had to pick a winner, I’d lean towards Eightcap for their consistency across the board. That being said, TMGM’s slightly higher spreads are still within a competitive range, and they could be a good fit for traders who prioritize other features or services.
Remember, while spreads are a key factor in choosing a forex broker, they’re not the only thing to consider. Always look at the bigger picture when deciding which broker is the right fit for you.
Unlike the standard account, an ECN/STP-style account comes with commission fees. However, you will get ‘raw’ or market-priced spreads that are much lower than the standard account.
Like with the Standard Account, we have compared how the brokers compare to each other and other brokers for their commission accounts.
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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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0.19 | 0.38 | 0.10 | N/A | 0.21 |
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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
Once again, both brokers have the same minimum spread. For their ‘Raw’ accounts, this is set at 0 pips wide. However, Eightcap has slightly better average spreads, as you can see in the table above.
The other trading cost are commission fees.
On Eightcap, you pay AUD 7 or USD round-turn for each standard lot of 100k traded on the ‘Raw’ account. If your chosen base currency is not AUD or USD, you will pay the equivalent of $7 USD converted to your account’s base currency.
TMGM’s ‘Edge’ STP-style account offered by TMGM also is set at a $7 round-turn for a standard lot.
Trading fees on both accounts are very similar and it is hard to differentiate on price. However, for forex, we give the win to Eightcap. On average you will likely get lower spreads with Eightcap as opposed to TMGM.
Eightcap and TMGM allow you to deposit funds using typical payment methods that you might be used to.
TMGM funding can be done through bank transfers, Visa/Mastercard debit cards or credit cards, as well as POLi in Australia. Note that you can only withdraw via bank transfer. The minimum deposit requirement is $100 of your base currency.
Eightcap offers the above methods of payment as well, but also goes beyond that. If you are trading in Australia, you can also deposit with BPay. All forex traders can deposit with eWallets like PayPal, Neteller and Skrill. If you are trading from outside Australia, you can even fund your account with crypto like Bitcoin, something most brokers don’t allow.
To determine how safe you will be when trading CFDs, we compare the regulatory licences held by Eightcap and TMGM.
Eightcap has one top-tier and one second-tier regulatory licence. These are with the Australian Securities and Investments Commission (ASIC) in Australia, and the Securities Commission of the Bahamas (SCB) with worldwide regulation respectively.
Meanwhile, TMGM has two top-tier licences and one second-tier licence. Their two top-tier licences are with ASIC and the Financial Markets Authority (FMA) in New Zealand. TMGM’s second-tier regulatory agency is the Vanuatu Financial Services Commission (VFSC), also giving them global regulatory coverage.
To stay safe when trading, you should always try to use a broker regulated in the country you are trading from.
The main difference in regulatory coverage between Eightcap and TMGM is that TMGM is regulated in New Zealand. Therefore, if you are trading in NZ, we recommend TMGM. Otherwise, both brokers are well-regulated.
The most popular forex trading platforms are MetaTrader 4 and MetaTrader 5, or MT4/MT5 respectively. Both MetaTrader options will be available for you to access on both Eightcap and TMGM.
The only other platform offered by TMGM is IRESS, a great stock trading platform aimed at retail traders.
The top tool offered by TMGM is Trading Central. This helps generate daily trading ideas and provides information like sentiment analysis or economic news. TMGM also has their own market sentiment tool available for you to use, with the sentiment based on news articles and social media.
Eightcap has a wider suite of extra CFD platforms compared to TMGM, in the form of Capitalise.ai and TradingView. The Capitalise.ai platform allows you to easily program Algo-trading bots without any form of programming skills needed. Meanwhile, TradingView provides you with top-notch charting capability and all of the tools you would need to study chart-trade at a high level.
Meanwhile, Eightcap’s trading tools, AmazingTrader and Cryptocrusher, are aimed at improving your trading experience. Beginner traders greatly benefit from both as AmazingTrader helps risk-manage when trading, therefore increasing your profit, while Cryptocrusher helps generate crypto trading strategies.
Overall, Eightcap provides you with both a wider range of trading platforms and a stronger set of trading tools that will help you trade better. As a result, we determine that Eightcap is our platform winner.
Regardless of which broker you trade with, you can be sure to have a wide range of CFDs (forex, indices, etc.), stocks and ETFs, and cryptos available for you to trade.
On Eightcap, you have access to 46 different currency pairs ranging from the EUR/USD to the GBP/AUD or even the NZD/CAD. What makes Eightcap stand out as a top broker is its crypto range. They have a staggering 250+ crypto options available, with many of the biggest cryptocurrencies like Bitcoin or Ethereum available against fiat currencies and even themselves.
TMGM offers 60 forex pairs, slightly more than Eightcap does. However, while TMGM does have a strong range of stocks, they have a much weaker cryptocurrency offering, with just 12 cryptos in their range.
If you are exclusively looking for forex, we recommend TMGM for their slightly wider range of currencies. However, our overall product winner is Eightcap, as they have carved out a niche for themselves in the crypto trading space.
We found that the more popular choice (by a significant margin) is Eightcap.
According to similarweb statistics, which track website visits, Eightcap received 634 thousand visits to their website in June 2022.
In comparison, TMGM recorded far fewer visits in the same period, at 79 thousand visits– just over 10% of Eightcap’s monthly traffic.
Eightcap’s marginally lower brokerage fees, better platform and trading tool offerings, and strong product range are what make them our top CFD broker to trade with (especially if you trade crypto!).
No commission account spread propiety testing data and published wesbite spread information, centralised on our standard account spread page..
