Eightcap vs FXChoice - Fees Review included
Which broker is better Eightcap or FXChoice? Our expert assessment conducted according to TU’s own methodology showed that Eightcap is one of the top brokers in the financial market with the TU Overall Score of 9.04 out of 10. FXChoice is one of the top brokers in the financial market with the TU Overall Score of 5.52 out of 10. Find out more about TU Overall Score.
| Feature | Eightcap | FXChoice |
|---|---|---|
Overall |
2.9 |
3.5 |
3.3 |
2.5 |
|
3.7 |
3.8 |
|
3.7 |
3.9 |
|
Investment Instruments |
1 |
4.6 |
Platforms and Charting Tools |
3.5 |
4.1 |
Deposit and Withdrawal |
3.6 |
4.2 |
Research |
3.9 |
3.8 |
Education |
3.4 |
3.5 |
Support |
3.6 |
4.1 |
Bonuses |
4 |
4.2 |
|
|
Eightcap vs FXChoice: Pros and Cons
Eightcap is regulated by the Australian Securities and Investment Commission (AFSL 443670) and by the Vanuatu Financial Services Commission (reg. no. 40377). Eightcap was incorporated in Melbourne, Australia, and offers its services as an online financial trading organization. Eightcap's line of business is Forex and CFD trading services offered to both retail and institutional clients. Eightcap gives access to one of the most popular trading platforms – MetaTrader 4.
FXChoice was established in 2010. The broker is licensed by the International Financial Services Commission of Belize (IFSC) and provides quality brokerage services for active and passive trading on the Forex market. FXChoice enjoys popularity among Western traders thanks to the broker’s commitment to business integrity, focus on customers, and to high requirements for its global employees.
| Eightcap | FXChoice | |
|---|---|---|
| Overall Pros | a large number of trading assets | Tight market spreads (from 0.0 pips) on popular currency pairs |
| Low fees | Several passive income options: partnership program, copy trading services, and MAM accounts. | |
| Good bonus programs | Crypto as account currency | |
| Raw account avaible | ||
| Overall Cons | High minimum deposit - $100 | High minimum deposit - $100 |
| lack of investment programs | No cent accounts | |
| Withdrawals via Visa and Mastercard debit/credit cards are not available; | ||
| Low leverage | ||
| Customer support responds in English only. |
Eightcap vs FXChoice: Safety and Regulation
| Regulated By: | Eightcap | FXChoice |
|---|---|---|
US Regulation |
No |
No |
FCA (Great Britain) |
No |
No |
CySec (Cyprus, EU) |
No |
No |
ASIC (Australia) |
No |
No |
Other Regulators |
ASIC, VFSC |
IFSC |
Eightcap vs FXChoice: Trading Conditions
| Trading Conditions | Eightcap | FXChoice |
|---|---|---|
Minimum Deposit |
$100 |
$100 |
Trading Platforms |
Forex, Cryptocurrencies, Indicies, Commodities, Shares |
MT4, MT5 |
Max Leverage (Futures) |
1-30 for Australian clients and 1-500 for Non-AU clients |
1-200 |
Supported Markets |
Forex, Cryptocurrencies, Indicies, Commodities, Shares |
Currency pairs, cryptocurrency, CFDs on stocks, commodities, metals, and energies |
Trading assets |
3620+ |
200+ |
Trading Accounts |
Standard Account, Raw Account, Demo |
Demo, Classic, Pro |
Base Account Currencies |
AUD, USD, GBP, NZD, SGD, EUR |
USD, EUR, GBP, AUD, CAD, Gold, Bitcoin, BitcoinCash, Litecoin, Ethereum, XRP |
Eightcap vs FXChoice: Fees
Forex Trading Fees
| Fee | Eightcap | FXChoice |
|---|---|---|
Standard Account EURUSD Average Spread |
0.76 pips |
1.4 pips |
Standard Account Fee |
$0 |
$0 |
ECN/STP Account Fee |
$0 |
$3.5 per lot |
ECN Account EUR Average Spread |
0,06 pips |
0.2 pips |
CFD Trading Fees
| Fee | Eightcap | FXChoice |
|---|---|---|
CFD Trading Fee |
Floating spread |
Floating spread |
Non-Trading Fees
| Fee | Eightcap | FXChoice |
|---|---|---|
Account Fee |
No |
No |
Deposit Fee |
No |
Bank transfer 0.25% (min EUR 150); Perfect Money and FasaPay — 0.5%; Skrill — 1%; and VLOAD — 3.5% |
Withdrawal Fee |
Bank transfers have variable fees, typically about 25$ |
No |
Inactivity Fee |
No |
No |
A conversion fee may be applied as withdrawals and deposits are conducted in USD. Any other currency will have to be converted.
Eightcap vs FXChoice: Trading Assets
| Asset Name | Eightcap | FXChoice |
|---|---|---|
Overall |
3620+ |
200+ |
Forex |
Yes |
Yes |
Stocks |
Yes |
Yes (CFD) |
Metals |
Yes |
Yes (CFD) |
Cryptocurrencies |
Yes |
Yes |
Energy |
Yes (CFD) |
Yes (CFD) |
Indices |
Yes |
Yes (CFD) |
ETFs |
No |
Yes (CFD) |
Bonds |
No |
No |
Mutual funds |
No |
No |
Stock options |
No |
No |
Futures Trading |
Yes |
No |
Binary Options |
No |
No |
Eightcap or FXChoice: Investment Programs
| Asset Name | Eightcap | FXChoice |
|---|---|---|
Copy Trading |
No |
Yes |
MAM/PAMM |
No |
Yes |
Managed Accounts |
No |
No |
Other |
No |
No |
Trading Platforms: FXChoice or Eightcap
| Eightcap | FXChoice | |
|---|---|---|
MT4 |
Yes |
Yes |
MT5 |
Yes |
Yes |
cTrader |
No |
No |
Appropriate platform |
No |
No |
Others |
No |
No |
|
|
Eightcap vs FXChoice: Deposit and Withdrawal Methods
| Deposit and Withdrawal Method | Eightcap | FXChoice |
|---|---|---|
Bank Transfer |
Yes |
Yes |
Debit Card |
Yes |
Yes (Only deposit) |
Electronic Wallets |
Yes |
Yes |
Crypto |
No |
Yes |
Eightcap vs FXChoice: Research
| Research Type | Eightcap | FXChoice |
|---|---|---|
News Feed |
Yes |
No |
Fundamental Data |
Yes |
No |
Chart Analysis |
Yes |
Yes |
Trading Ideas |
Yes |
Yes |
E-Mail Reports |
No |
No |
Eightcap vs FXChoice: Education
| Education Type | Eightcap | FXChoice |
|---|---|---|
Demo-account/Paper Trading |
Yes |
Yes |
Webinars |
Yes |
No |
Articles |
Yes |
No |
Videos |
No |
No |
Cent account |
No |
No |
FXChoice vs Eightcap: Support
| Support Features | Eightcap | FXChoice |
|---|---|---|
Working Days |
24/7 |
24/5 |
Yes |
Yes |
|
Phone |
Yes |
Yes |
Online chat |
Yes |
Yes |
Other |
No |
Callback form |
Eightcap vs FXChoice: Forex Bonuses and Promo
| Promo | Eightcap | FXChoice |
|---|---|---|
Forex Bonus |
If you are a new client of Eightcap and you fund your new live trading account with them within 10 days of your account being opened then you are eligible to earn up to a $1,000 trading credit bonus which you can also convert into real equity at a rate of $1 for every standard FX lot when you trade; $30 No-deposit bonus |
15% bonus on deposits in BTC, Bonuses from FXChoice are 15% on the deposit amount, Pips+ provides rebates from $5 to $20 (for Classic) and reduction of standard fee from $35 (per $1 million traded) to $30-$15 (for Pro). |
Affiliate Program |
You can refer your followers and customers to earn passive income, with rebates up to $6 USD per lot and CPAs up to $900 USD |
Up to 50% of spread amount on all currency pairs per each referred trader |
Other Promos |
||
|
|
Top 5 Reviews on FXChoice
-
Comment
I traded with this broker FXChoice a couple of years ago and initially everything was relatively good. But then endless withdrawal problems began. Half of my acquaintances parted ways with FXChoice due to increased withdrawal times. The company does withdraw money, but where withdrawal usually takes a couple of days, here the timelines extend to five days.
-
Comment
When I tried to withdraw money for the first time, I encountered a problem and my funds were not withdrawn. I contacted FXChoice via email and they responded that they were unable to complete the withdrawal process and suggested another withdrawal method. I decided to try another method, but I encountered the same result - the money was not withdrawn. I thought the problem was resolved, but now, after a long time, I still have not received my funds.
-
Comment
A terrible platform is the reason I decided to part ways with the FXChoice broker. The charts consistently freeze, news doesn't update, not to mention that the terminal constantly crashes and requires multiple daily restarts. The FXChoice support team is of no help. I lost my entire deposit within a month due to platform issues, and I have no desire to continue collaborating with this broker.
-
Comment
I am disappointed with FXChoice that cancels my profitable trades without providing any justification. I believe the reason is that the company does not want to pay out profits to traders. If I was only losing money and not making a profit, they probably wouldn't interfere. It is noteworthy that loss-making trades remain unchanged. My review of FXChoice is extremely negative.
-
Comment
I'm pleasantly impressed with FXChoice. The platform has some disadvantages, but there are opportunities for fundamental analysis. If you are new to Forex trading, this broker may be a good choice for you. And it's easy to keep track of all the important world economic and political news.
Top 5 Reviews on Eightcap
-
Comment
I can honestly say that Eightcap’s one of the best economic calendars I've ever used. It's a great way to stay up-to-date on the latest news and events that can impact the forex market. The calendar is easy to navigate, and it shows you the upcoming economic events, their estimated impact (low, medium, high), and the currency pairs that might be affected. You can see events like the Chicago Fed National Activity Index and the Westpac Consumer Confidence for Australia. This info is all really helpful for planning your trades. Recently, I used the AvaTrade calendar to see what economic data was coming out for the US dollar (USD). There was a big report on retail sales coming up, and AvaTrade predicted it could have a high impact on the USD. I decided to hold off on a trade I was considering until after the report was released, just in case it caused a lot of volatility. Turned out to be a good decision, because the USD price moved a lot after the report came out.
-
Comment
So, let me tell you a little about my experience with Eightcap. Their registration process? Quite thorough. They did a good job explaining the options during sign-up. However, uploading documents could use some improvement. I found it a bit tricky at first, and it didn't seem to overwrite previous uploads, which was a bit confusing. So yeah, some roadblocks in the way but my overall experience has been positive so far with Eightcap.
-
Comment
I've been using Eightcap for a few weeks now, and I've been impressed with their customer service. The other day, I had a question about depositing funds to my account. I didn't want to wait on hold on the phone, so I decided to try their chatbot support. To my surprise, the chatbot was really helpful. It was able to answer my question quickly and easily, without any hassle. Based on my experience, Eightcap's chatbot seems like a great resource for getting quick answers to basic questions. It's definitely a plus for new traders who might be unfamiliar with the platform or forex trading in general. Of course, if you have a more complex issue, you might still need to contact a live person. But for those simple questions, the chatbot is a great way to go.
-
Comment
I've been trading with Eightcap for about a year now. The broker offers reasonable trading conditions, a fast platform, and instant order execution. Traders here are not restricted from trading on news events, and any strategies can be applied. It's important that the Eightcap terminal doesn't disappoint, with the server connection always stable. Overall, the platform operates smoothly without freezes or glitches.
-
Comment
The broker Eightcap can provide good trading opportunities. There are no special features here, but the platform works quickly. Therefore, you can trade actively and open trades in a medium-term trading system. Eightcap has proven itself quite well. I have been working with them for two years and haven't noticed any serious problems.
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FAQs
What should I start Forex trading with?
It is desirable for novice traders to explore trading using a demo account to learn the market and how to work on the trading platform without the risk of suffering losses. At the same time, it is advisable to review the educational materials of the broker, learn trading basics. Then you can deposit the minimum required amount to perform a small number of transactions. If you manage to close several months in a row in the black, without substantial drawdowns on the account, then you can try increasing your deposit. Also trying to copy trades automatically is a good option for a start.
What amount should I start trading with?
The minimum deposit of $10 may be enough to trade on the cent account. However, for trading on Standard/ECT accounts, experts recommend starting with at least $200-500. With this amount, you can use not a very big leverage. Remember, getting carried away with the margin is the main cause of losses among beginners.
What should I take into consideration when choosing a broker?
Experts recommend looking at the broker’s reliability first and foremost. The other important features include basic trading conditions, commissions and fees, customer reviews. If brokers are approximately the same in terms of basic criteria, you need to choose based on your experience and tasks. One broker may be good for professionals and another – for novice traders.
Is it possible to be scammed by a broker with a license from a reputable regulator?
In theory, yes. But in practice, it takes so much time and money to comply with the requirements of reputable regulators that it is not worth it for scammers to bother obtaining a legitimate license.
Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.