Our comprehensive comparison of Pepperstone vs Eightcap dissects key areas like trading costs, Forex trading platforms, and regulations to help you choose the right Forex broker.
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Our comprehensive comparison covers the 10 most crucial trading factors. Here are five key differences between Pepperstone and Eightcap:
Try the Pepperstone vs Eightcap fee calculator below based on the most popular forex pairs and base currencies.
Pepperstone Spreads
| Pepperstone | EUR/USD | USD/JPY | GBP/USD | AUD/USD | USD/CAD | EUR/GBP | EUR/JPY | AUD/JPY | All-in Cost EUR/USD - Active |
EUR/USD Standard Account |
|---|---|---|---|---|---|---|---|---|---|---|
| MyFxBook | 0.10 | 0.10 | 0.70 | 0.10 | 0.60 | 0.50 | 1.00 | 0.40 | N/A | N/A |
| BrokerChooser | 0.10 | 0.30 | 0.20 | 0.20 | 0.30 | N/A | N/A | N/A | N/A | N/A |
| ForexBrokers.com | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.87 | 0.77 |
| CompareForexBrokers | 0.19 | 0.36 | 0.41 | 0.19 | 0.61 | 0.40 | 1.10 | 0.70 | N/A | N/A |
| Pepperstone | 1.00 | 1.00 | 1.00 | 1.00 | 1.10 | 1.20 | N/A | N/A | N/A | N/A |
| Consensus | 0.30 | 0.44 | 0.57 | 0.37 | 0.65 | 0.70 | 1.05 | 0.55 | 0.87 | 0.77 |
Eightcap Spreads
| Eightcap | EUR/USD | USD/JPY | GBP/USD | AUD/USD | USD/CAD | EUR/GBP | EUR/JPY | AUD/JPY | All-in Cost EUR/USD - Active |
EUR/USD Standard Account |
|---|---|---|---|---|---|---|---|---|---|---|
| MyFxBook | 0.2 | 0.3 | 0.8 | 0.4 | 0.6 | 0.2 | 0.4 | 16.3 | N/A | N/A |
| BrokerChooser | 0.1 | 0.2 | 0.2 | 0.3 | 0.3 | N/A | N/A | N/A | N/A | N/A |
| ForexBrokers.com | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.76 | 1 |
| CompareForexBrokers | 0.06 | 0.23 | 0.73 | 0.27 | 0.23 | 0.42 | 0.59 | 0.49 | N/A | N/A |
| Eightcap | 0.17 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 1 |
| Consensus | 0.13 | 0.24 | 0.58 | 0.32 | 0.38 | 0.31 | 0.5 | 8.4 | 0.76 | 1 |
The graph below shows just the consensus data, with Pepperstone having the lower spread for the GBP/USD, but Eightcap has lower spreads for all other major currency pairs.
We split the winner for the lowest fees by account offered. These accounts are the standard accounts and commission-based accounts.
The ‘standard account’ only charges a spread (meaning no commissions). This account is especially popular with traders in the UK and Europe.
The second account is an ‘STP account’; this account charges a commission for each lot you trade in addition to the spread cost. Other common names for STP-style accounts include RAW account and ECN account, and is popular with traders in countries like Australia, Canada and Singapore.
Pepperstone Has The Lowest Standard Account Spreads
With spreads starting from 1.0 pips per lot for the major currency pairs, Pepperstone is one of the best brokers you can choose for a standard account.
|
Standard Account Spreads
|
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|---|---|---|---|---|---|
|
1.10 | 1.20 | 1.40 | 1.40 | 1.40 |
|
1.13 | 1.01 | 1.71 | 1.66 | 1.12 |
|
0.90 | 1.30 | 1.40 | 1.40 | 1.40 |
|
0.70 | 2.20 | 1.10 | 1.10 | 0.60 |
|
1.20 | 0.90 | 1.50 | 1.80 | 1.80 |
|
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 | 1.30 | 1.20 | 1.30 | 1.10 |
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1.70 | 1.60 | 1.70 | 2.00 | 1.60 |
|
1.20 | 1.80 | 1.90 | 1.90 | 1.60 |
|
1.30 | 1.70 | 2.10 | 1.40 | 1.50 |
|
1.12 | 1.64 | 1.30 | 1.30 | 1.38 |
|
1.32 | 1.95 | 1.37 | 1.70 | 1.40 |
|
1.20 | 1.30 | 1.50 | 1.30 | 1.20 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 04/01/2024
View Pepperstone ReviewVisit Pepperstone
Eightcap Has The Lowest STP Account (Also Known As ECN Or RAW Account)
When it comes to the spread + commission account, Eightcap’s Raw Account has a slight edge over Pepperstone’s Razor account. While spreads will vary by forex pair, the comparison table below shows that Eightcap has lower spreads on the most traded currencies. A detailed analysis can be viewed on the lowest spread comparison page.
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ECN Forex Spread Comparison
|
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|---|---|---|---|---|---|
|
0.06 | 0.20 | 0.23 | 0.42 | 0.27 |
|
|
0.10 | 0.60 | 0.40 | 0.40 | 0.20 |
|
|
0.10 | 0.30 | 0.20 | 0.30 | 0.20 |
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0.20 | 0.30 | 0.20 | 0.40 | 0.20 |
|
|
0.30 | 0.60 | 0.50 | 0.50 | 0.50 |
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0.30 | N/A | 0.30 | 0.50 | 0.40 |
|
|
0.44 | 0.83 | 0.20 | 0.40 | 0.42 |
|
|
0.17 | N/A | 0.24 | 0.54 | 0.30 |
|
0.20 | 0.70 | 0.30 | 0.50 | 0.40 |
|
0.10 | 1.10 | 0.30 | 0.60 | 0.50 |
|
n/a | 0.30 | n/a | 0.60 | 0.50 |
|
0.44 | 1.41 | 0.77 | 1.13 | 1.23 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 04/01/2024
Both Eightcap and Pepperstone have the same commission for traders who select the MetaTrader 4 or MetaTrader 5 trading platform. The commission rate is USD $7.00 round-turn per lot. This means you pay USD $3.50 to open your position and USD 3.50 to close your position for every 100,000 units you trade.
Commissions differ slightly if a trader selects a base currency that is not the USD. Commission with Pepperstone is EUR 5.20, GBP 4.50, AUD 7.00, SGD 9.10 and CAD 7.00 round turn for each lot. Eightcap is 7.00 with AUD, CAD and SGD. Other currencies’ commission costs with Eightcap include GBP 4.50 and EUR 5.50.
View Eightcap ReviewVisit Eightcap
Pepperstone Has The Best MetaTrader 4 Offering
Both Eightcap and Pepperstone offer MetaTrader 4 (MT4), which is the most popular forex trading platform. Choosing MT4 with these brokers means you can make use of Expert Advisors (EAs) to automate your trading and access custom indicators.
To help you get started, both brokers include 28 free Expert Advisors to enhance your trading experience. Pepperstone calls their product Smart Trader tools, while Eightcap calls their product FX Blue Labs, but both are much the same. These EAs consist of trading apps such as Mini Terminal, Smart Lines and Correlation Matrix and charting indicators such as Donchian, Renko Bar, and Mini Chart.
While both brokers give full functionality when using MT4, there are some good reasons to choose Pepperstone over Eightcap.
With MT4, you can trade a range of instruments, including indices, commodities and ETFs; however, the platform is most known as a forex trading platform. For this reason, Pepperstone is the better choice with MT4 as the broker offers 60+ currency pairs, which is more than the 40 available with Eightcap.
Pepperstone is also the better choice for social or copy trading with MT4 over Eightcap. As a trader with Pepperstone, you can integrate Myfxbook (for social trading) and DupliTrade (copy trading) with MT4 to follow and copy other traders.
Lastly, Pepperstone also offer tools that work with MT4 to help you trade better. These include Autochartist for advanced trading and Figaro Advanced Trader Tools, which includes 20 trading tools for extra trading power and intelligence inside the client terminal.
The advanced MT4 tools, a wider range of currency pairs and lower standard account spreads are the two main factors that make Pepperstone superior for traders selecting MetaTrader 4.
View Pepperstone ReviewVisit Pepperstone
EightCap Has The Best MetaTrader 5 Offering
MetaTrader 5 (MT5), in many aspects, is an upgrade on MetaTrader 4. MT5 has more technical indicators, more analytical tools, more timeframes and 64-bit processing for more powerful processing, which means better backtesting.
While MT4 is designed for decentralised trading, MT5 is good for decentralised and centralised trading. This means MT5 can offer products that trade via an exchange, such as shares and many cryptocurrencies. If you wish to trade cryptocurrencies, then MT5 with Eightcap should be your choice.
Eightcap offers 250 CFD cryptocurrencies, which are the most of any CFD broker. All crypto offerings with Eightcap are available when trading MT5, but less than 90 of these are available with MT4. In addition to a greater range of crypto options, if you are using MT5, you can trade 19 of these cryptos against AUD, BTC, CAD, EUR, GBP, EUR and MXN in addition to the USD. MT4 limits your trading to USD.
When it comes to crypto, Pepperstone is no competition as they only offer 13 cryptocurrency products.
While Eightcap is superior in crypto trading, Pepperstone offers a larger range of shares CFD. Pepperstone share products include 600 US shares, 10 UK shares, 200 Australian shares, 100 German shares and 100 ETFs from 35 countries. By contrast, the Eightcap range is limited to around 400 shares, covering the US, London, Australian, and German markets.
EightCap also has a superior MT5 execution speed. While Pepperstone has around 30ms in Australia and 60ms in the UK, Eightcap’s speed averages closer to 25ms. This extra speed will be appreciated by traders who use scalping tools.
Overall, the fast lower spreads, a wider range of instruments and execution speed are why Eightcap is recommended for traders considering using the MetaTrader 5 trading platform.
View Eightcap ReviewVisit Eightcap
Pepperstone Is The Only Broker Offering cTrader And TradingView
cTrader is a niche trading platform that can be accessed by a desktop, WebTrader and iOS or Android products. It’s a popular alternative option because it has charting features not available with MetaTrader, is said to be faster than MetaTrader so is a good choice with scalper and offer Depth of Market which MetaTrader 4 does not offer.
The other platform Pepperstone offers is TradingView. TradingView is a charting platform and social trading platform available via a web browser. TradingView has a large range of charts that you can trade directly within and is also one of the largest social media platforms in the world.
Eightcap does not offer a fully-fledged trading platform outside MetaTrader, but they do have Capitalise.ai. Capitalise.ai allows you to write your own algorithms for automated trading without knowing any code.
Which Broker Offers A Swap-Free Account (Islamic account)
Eightcap doesn’t offer a Swap Free account. This makes Pepperstone the clear winner for those looking for an Islam account. It should be noted though that Pepperstone only offers its swap-free accounts in countries with a large Muslim population including Malaysia, UAE, Indonesia, Morocco. To qualify, you will need to prove you are of the Islamic faith with appropriate documentation.
The swap-free account with Pepperstone is the same as the standard account with the swap costs. In place of overnight charges, Pepperstone has an admin cost, which is applied every 11th day you hold an open position. Forex and gold will cost $50 per lot ($5 per day).
Verdict
Pepperstone offers the most forex trading platforms; while it is nice to have a choice of platforms, you still need to choose the right platform for your needs.
Pepperstone offers flexibility with no minimum deposit requirement, although they recommend starting with at least $200. They also provide a swap-free account tailored for traders of the Islamic faith in specific countries, with an admin cost applied every 11th day for open positions.
Eightcap, in contrast, has a more structured deposit system, requiring a minimum of $250 for their Raw account and $500 for the Standard account for Australian clients. However, outside Australia, the requirement is $100 for both accounts.
Both brokers ensure no fees for deposits or withdrawals and accept a wide range of payment methods. Eightcap stands out by also accepting cryptocurrencies, Worldpay, Fasapay, and PayRetailers as payment methods. It’s worth noting that Eightcap does not offer a swap-free account, making Pepperstone the clear choice for traders seeking an Islamic account.
Verdict
Considering the flexibility in deposit requirements and the provision of a swap-free account, Pepperstone holds a slight edge in terms of account features.
Having dived deep into both brokers, we’ve found that the trading experience varies significantly between Pepperstone and Eightcap. Pepperstone, for instance, has been recognised for its MT4 platform, offering traders a seamless experience with advanced tools and a wide range of currency pairs. Additionally, for those keen on automation, both Eightcap and Pepperstone offer Capitalise.ai, enhancing the trading process with algorithmic strategies without the need for coding.
From our own testing and the data gathered, it’s evident that both brokers have their strengths, catering to different trader needs and preferences. However, the overall experience leans towards one.
Verdict
Pepperstone offers a more comprehensive and user-friendly trading experience, making it the top choice for traders seeking both ease and advanced features.
Pepperstone Trust Score
Eightcap Trust Score
Both brokers are Australian-based with ‘tier 1’ regulation, but Pepperstone, the more established forex broker, has a clear edge.
Both Forex Brokers Are Over A Decade Old
Eightcap was established in 2009, while Pepperstone was established in 2010. Both are pioneers in the Australian forex exchange retail space.
Pepperstone Is The More Popular Forex Broker
Based on February 2022 SimilarWeb statistics, Pepperstone receives 699,400 visits each month. Eightcap receives 31% fewer visitors, with 477,900 visits. Pepperstone also has almost three times the reviews on TrustPilot (score of 4.7/5) and a wider range of sponsorships.
Pepperstone Is Regulated In More Regions
As both Pepperstone and Eightcap are Australian forex brokers, it is no surprise both are regulated by the Australian Financial Regulator known as ASIC, so they can serve Australian traders.
Outside Australia, Pepperstone has the necessary regulation to operate in a number of markets, with CySEC (Cyprus) being the default regulator for most traders in Europe mainland:
Both Pepperstone and Eightcap also have SCB regulations (based in the Bahamas). In the case of Eightcap, all clients outside Australia have this regulation. Clients with Pepperstone will have SCB regulation where one of their other regulators does not apply.
| Pepperstone | Eightcap | |
|---|---|---|
| Tier 1 Regulation | ASIC (Australia) FCA (UK) BaFin (Germany) CYSEC (Cyprus) |
FCA (UK) CYSEC (Cyprus) ASIC (Australia) |
| Tier 2 Regulation | DFSA (Dubai) | |
| Tier 3 Regulation | SCB (Bahamas) CMA (Kenya) |
SCB (Bahamas) |
Verdict
Overall, based on size, experience and regulation, both forex brokers scored well, but Pepperstone had the edge. If trust is a key criterion for your broker, then Pepperstone is recommended.
When it comes to the range of products and CFD markets, both Pepperstone and Eightcap have their strengths and unique offerings. Here’s a comparative analysis based on the data we gathered from the official website and our own testing:
| Product/Market | Pepperstone | Eightcap |
|---|---|---|
| Forex Pairs | 180+ | 45+ |
| Indices | 14 | 17 |
| Commodities | 15 | 10 |
| Cryptocurrencies | 5 | 3 |
| Shares | 60+ | 100+ |
| Metals | 4 | 3 |
| Energies | 3 | 2 |
| Bonds | 2 | 1 |
| ETFs | – | 5 |
| Options | – | 2 |
| Futures | – | 1 |
Verdict
Based on the overall product range and CFD markets available, Pepperstone offers a more comprehensive selection, especially in the Forex pairs category. However, Eightcap has a wider range of shares and ETFs. If you’re looking for diversity in Forex trading, Pepperstone might be the better choice. On the other hand, if shares and ETFs are your primary interest, Eightcap could be more suitable.
When it comes to educational resources, both Pepperstone and Eightcap have made efforts to support their traders. Let’s dive into the specifics:
Pepperstone:
Eightcap:
Comparison: Pepperstone clearly stands out with its diverse range of educational materials, catering to both beginners and experienced traders. On the other hand, while Eightcap does provide essential resources, it lacks the depth and variety that Pepperstone offers.
Verdict
Based on the comprehensive educational features, Pepperstone takes the lead as the broker providing the best educational resources.
Customer service is a crucial aspect of any broker, as it directly impacts the trader’s experience, especially during times of need. Both Pepperstone and Eightcap have invested in ensuring their customer service is top-notch, but there are distinct differences in their offerings.
Pepperstone is known for its 24/5 customer support, offering multiple channels of communication, including live chat, email, and phone support. They also have a comprehensive FAQ section that addresses common queries, ensuring traders can find answers quickly without needing to contact support. Eightcap, on the other hand, also offers 24/5 support but shines with its multilingual support team, catering to a global clientele.
Here’s a comparative table highlighting the key customer service features:
| Feature | Pepperstone | Eightcap |
|---|---|---|
| 24/5 Support | Yes | Yes |
| Live Chat | Yes | Yes |
| Email Support | Yes | Yes |
| Phone Support | Yes | Yes |
| FAQ Section | Yes | No |
| Multilingual Support | No | Yes |
Verdict
While both brokers offer strong customer support, Pepperstone edges out slightly due to its comprehensive FAQ section, ensuring traders have immediate access to answers. However, Eightcap’s multilingual support is a significant advantage for international traders.
In the realm of online trading, the ease of funding and withdrawing from one’s account is paramount. Both Pepperstone and Eightcap have made significant strides in this department, ensuring that traders have a plethora of options to choose from. While Pepperstone has been in the industry for a longer time and has established a wide range of funding methods, Eightcap is not far behind, offering competitive choices for its users.
Diving deeper into the specifics, the table below provides a comprehensive comparison of the funding options available for both brokers. It’s evident that while some methods are universally accepted by both, there are distinct differences that traders should be aware of.
| Funding Option | Pepperstone | Eightcap |
|---|---|---|
| Credit Card | ✅ | ✅ |
| PayPal | ✅ | ❌ |
| Bank Transfer | ✅ | ✅ |
| Skrill | ✅ | ✅ |
| Neteller | ✅ | ✅ |
| UnionPay | ✅ | ❌ |
| BPay | ✅ | ❌ |
| POLi | ✅ | ❌ |
| Broker to Broker | ✅ | ✅ |
| Local Bank Transfer | ✅ | ❌ |
Verdict
Based on the available funding options, Pepperstone clearly offers a more diverse range of methods, making it the preferable choice for traders seeking flexibility in this aspect.
Pepperstone has a lower minimum deposit of $0 vs $100 set by Eightcap. Pepperstone however does recommend funding your trading account with at least $200 since CFDs are leveraged instruments meaning you must have enough funds in your account to cover margin requirements.
The table below looks at the deposit requirements of Pepperstone.
| GBP | USD | EUR | AUD | |
|---|---|---|---|---|
| Credit Card / Debit Card | £0 Minimum Deposit | $0 Minimum Deposit | €0 Minimum Deposit | $0 |
| Paypal | £0 Minimum Deposit | $0 Minimum Deposit | €0 Minimum Deposit | $0 |
| Bank Wire | £0 Minimum Deposit | $0 Minimum Deposit | €0 Minimum Deposit | $0 |
| Skrill | £0 Minimum Deposit | $0 Minimum Deposit | €0 Minimum Deposit | $0 |
While Eightcap offers traders a fixed minimum amount for all regions, the availability of payment methods may vary. See the table below for a breakdown.
| 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 |
Finally, we highlight the brokers’ required and recommended minimum deposits.
| Minimum Deposit | Recommended Deposit | |
| Pepperstone | $0 | $200 |
| Eightcap | $100 | $100 |
Verdict
Overall, Pepperstone wins this category with its $0 deposit requirement. That said, both brokers do have easy funding with no deposit fees.
Pepperstone is the winner because of its consistent performance across multiple categories, offering traders a comprehensive and superior trading experience.
The table below summarises the key information leading to this verdict:
| Criteria | Pepperstone | Eightcap |
|---|---|---|
| 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 | ✅ | ❌ |
For those just starting out in the trading world, Pepperstone offers a more intuitive and educational platform, making it the ideal choice for beginner traders.
For seasoned traders looking for advanced tools and comprehensive market analysis, Pepperstone stands out as the superior option, catering to the needs of experienced traders.
Pepperstone generally offers more competitive spreads and lower costs than Eightcap. On average, traders can expect tighter spreads with Pepperstone, especially on major currency pairs. For instance, the EUR/USD pair often has a spread as low as 0.13 pips with Pepperstone. For a detailed comparison on broker commissions, you can check out this comprehensive guide on low commissions.
Both Pepperstone and Eightcap offer MetaTrader 4, but Pepperstone is often recognized for its enhanced MT4 features and tools. Their version of MT4 comes with advanced charting capabilities and a suite of add-ons. If you’re keen on diving deeper into MT4 offerings, this list of best MT4 brokers provides a thorough analysis.
Pepperstone stands out when it comes to social or copy trading features. They have integrated platforms like Myfxbook and DupliTrade, allowing traders to automatically replicate the strategies of seasoned professionals. For those interested in exploring more about social trading platforms, here’s a comprehensive review of the best forex social trading platforms.
Pepperstone offers spread betting, while Eightcap does not. Spread betting is a popular financial derivative in the UK, allowing traders to speculate on the price movements of various assets without owning the underlying asset. For those in the UK interested in exploring spread betting further, here’s a comprehensive guide to the best spread betting brokers.
In my opinion, Pepperstone holds a slight edge for Australian forex traders. Both Pepperstone and Eightcap are ASIC regulated, ensuring a high level of trust and security for traders. However, Pepperstone was founded in Australia, giving it a home-ground advantage and a deeper understanding of the local market. For those keen on exploring more about the best brokers in the region, this list of top Australian forex brokers provides a thorough analysis.
For UK traders, I personally lean towards Pepperstone. Both brokers are FCA regulated, ensuring top-tier security and trustworthiness. However, while Eightcap is an overseas-based broker, Pepperstone has established a strong presence in the UK market, offering tailored services for UK traders. If you’re a UK trader looking for more insights, this list of best UK trading platforms offers a detailed breakdown.
Ask an Expert
Is Eightcap a liquidity provider?
No – Eightcap uses STP to connect you with the liquidity providers. The broker is a no dealing desk broker