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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Our full comparison covers the 10 most important trading factors between Eightcap and TMGM. Here are five key differences:
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.
The Standard Accounts Available
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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1.10 | 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 | 1.20 | 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 04/01/2024
TMGM’s spreads are competitive, although not the best in the 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 April 2024[1]April 2024 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.
Commission-Based Accounts Compared
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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0.40 | 0.60 | 0.10 | 0.40 | 0.20 |
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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 04/01/2024
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 is 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 is also set at a $7 round-turn for a standard lot.
Verdict
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.
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 manage when trading, therefore increasing your profit, while Cryptocrusher helps generate crypto trading strategies.
Verdict
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 determined that Eightcap is our platform winner.
Both brokers aim to cater to a range of traders, from beginners to professionals, with their account offerings. The choice of account type often depends on trading volume, strategy, and preference regarding spreads and commissions.
Verdict
While TMGM offers a more accessible entry point with a lower minimum deposit, Eightcap provides a clear distinction between its account types in terms of deposit requirements and trading costs. The best choice depends on individual trader preferences and trading capital.
Having delved deep into both Eightcap and TMGM and after analysing our own testing data, it’s evident that the trading experience varies between the two. Eightcap, for instance, has been recognised for its TradingView platform, offering traders an intuitive and comprehensive charting experience.
Additionally, when it comes to cryptocurrency trading, Eightcap stands out with its vast range of over 250 options, providing traders with a diverse and expansive crypto trading environment.
Verdict
While TMGM offers a commendable trading environment, Eightcap clearly takes the lead in providing the best overall trading experience, especially for those keen on crypto and advanced charting tools.
Eightcap Trust Score
TMGM Trust Score
To determine how safe you will be when trading CFDs, we compare the regulatory licences held by Eightcap and TMGM.
| Eightcap | TMGM | |
|---|---|---|
| Tier 1 Regulation | FCA (UK) CYSEC (Cyprus) ASIC (Australia) |
ASIC (Australia) FMA (New Zealand) |
| Tier 2 Regulation | ||
| Tier 3 Regulation | SCB (Bahamas) | VFSC FSC-M (Mauritius) |
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), which also gives them global regulatory coverage.
Verdict
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.
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.
Verdict
If you are exclusively looking for forex, we recommend TMGM for its 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.
Eightcap:
TMGM:
Verdict
Based on our team’s testing, Eightcap scores higher in educational resources, making it the superior choice for traders seeking comprehensive learning materials.
In the realm of forex trading, customer service plays a pivotal role. Traders often find themselves in situations where they need immediate assistance, be it for technical issues, account queries, or even market insights. We’ve delved deep into the customer service offerings of both Eightcap and TMGM to provide a comprehensive comparison.
Eightcap prides itself on its responsive customer support team, which is available 24/5. They offer multiple channels of communication, ensuring that traders can reach out via their preferred method. TMGM, on the other hand, also boasts a robust customer support system with a focus on providing timely and accurate responses.
| Feature | Eightcap | TMGM |
|---|---|---|
| Support Availability | 24/5 | 24/5 |
| Live Chat | Available | Available |
| Email Support | Responsive | Quick Turnaround |
| Phone Support | Multiple Lines | Direct Line |
| Educational Support | Webinars & Tutorials | In-depth Guides |
| Multilingual Support | Yes | Yes |
Verdict
Based on our team’s testing and scores, Eightcap slightly edges out TMGM in terms of customer service, offering a more comprehensive and responsive support system for traders.
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.
Eightcap and TMGM both have a $100 minimum deposit requirement. So far, the difference we have noticed between the two brokers is the funding methods they offer.
For instance, here are Eightcap’s top payment channels, along with some major currencies:
| 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 |
With TMGM, Skrill is only available for trading via USD, so we provided Wise instead below.
| GBP | USD | EUR | AUD | |
|---|---|---|---|---|
| Credit Card / Debit Card | £100 Minimum Deposit | $100 Minimum Deposit | €100 Minimum Deposit | $100 |
| Bank Wire | £100 Minimum Deposit | $100 Minimum Deposit | €100 Minimum Deposit | $100 |
| Wise | £100 Minimum Deposit | $100 Minimum Deposit | €100 Minimum Deposit | $100 |
| Neteller | £100 Minimum Deposit | $100 Minimum Deposit | €100 Minimum Deposit | $100 |
To conclude, here are the brokers’ required and recommended deposits:
| Minimum Deposit | Recommended Deposit | |
| Eightcap | $100 | $200 |
| TMGM | $100 | $500 |
Verdict
Both brokers offer accessible entry points with their $100 minimum requirement and what we consider to be a reasonable amount for any trader to start a position.
Eightcap is the winner because it consistently outperforms TMGM in most of the key areas we’ve evaluated, offering traders a more comprehensive and competitive trading experience. The table below summarises the key information leading to this verdict:
| Criteria | Eightcap | TMGM |
|---|---|---|
| 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 | ✅ | ✅ |
Eightcap offers a more user-friendly platform and resources, making it the ideal choice for beginner traders.
While both brokers cater to experienced traders, Eightcap provides a more comprehensive range of tools and features that seasoned traders might find beneficial.
Eightcap generally offers lower costs compared to TMGM. With competitive spreads starting from just 0.0 pips, traders can benefit from cost-effective trading. It’s essential to consider both spreads and commissions when evaluating total trading costs. For a more detailed comparison, you can explore the best brokers with the lowest commissions.
Both Eightcap and TMGM offer MetaTrader 4, a popular trading platform among forex traders. However, Eightcap provides additional integrations and features that enhance the MT4 trading experience. If you’re keen on exploring, here’s a list of the top MT4 brokers worldwide.
Eightcap offers social trading features, allowing traders to copy strategies from experienced traders. Social or copy trading can be an excellent way for beginners to learn from seasoned professionals. For a deeper insight, check out the best platforms for forex social trading.
Neither Eightcap nor TMGM offer spread betting to their clients. Spread betting is a unique form of trading popular in the UK, allowing traders to bet on the direction of market movements without owning the underlying asset. If you’re interested in exploring brokers that do offer this service, here’s a list of the best spread betting brokers in the UK.
In my opinion, Eightcap holds a slight edge for Australian forex traders. Both brokers are ASIC regulated, ensuring a high level of trust and security for traders. However, Eightcap, being founded in Australia, has a deeper understanding of the local market dynamics. TMGM, while offering robust services, is based overseas. For a comprehensive look at the best options available, you might want to explore this list of top Australian forex brokers.
For UK traders, I personally feel that TMGM offers a more tailored experience. While both brokers provide top-notch services, it’s crucial to note that neither of them is FCA-regulated or founded in the UK. This means that UK traders should exercise caution and ensure they’re comfortable with the regulatory environment of their chosen broker. For those keen on exploring UK-specific options, here’s a guide to the best forex trading platforms in the UK.
No commission account spread propiety testing data and published wesbite spread information, centralised on our standard account spread page..
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