Eightcap vs FXOpen - Fees Review included
Which broker is better Eightcap or FXOpen? 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. FXOpen is one of the top brokers in the financial market with the TU Overall Score of 6.33 out of 10. Find out more about TU Overall Score.
| Feature | Eightcap | FXOpen |
|---|---|---|
Overall |
2.9 |
4.6 |
3.3 |
4.5 |
|
3.7 |
4.8 |
|
3.7 |
4.3 |
|
Investment Instruments |
1 |
3.9 |
Platforms and Charting Tools |
3.5 |
4.6 |
Deposit and Withdrawal |
3.6 |
4.7 |
Research |
3.9 |
4.2 |
Education |
3.4 |
4.3 |
Support |
3.6 |
4.7 |
Bonuses |
4 |
4.7 |
|
|
|
Eightcap vs FXOpen: 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.
FXOpen Broker Company was established in Cairo in 2003. In 2005 it commenced dealing services, and thereafter became one of the leaders in the Forex industry. The company has held its high-level service through optimum trading conditions, innovative technologies, and a wide range of financial services.
| Eightcap | FXOpen | |
|---|---|---|
| Overall Pros | a large number of trading assets | profitable trading conditions for the trader of any experience level from beginner to professional |
| Low fees | minimum commissions for withdrawal and Cash-back program, which will reduce your commission fees further | |
| Good bonus programs | PAMM-service for successful traders’ transactions copying | |
| Raw account avaible | auto-trading availability | |
| convenient reports on account status to the end of the day and month. | ||
| Overall Cons | High minimum deposit - $100 | insufficient amount of training materials |
| lack of investment programs | there is no way to order a call back |
Eightcap vs FXOpen: Safety and Regulation
| Regulated By: | Eightcap | FXOpen |
|---|---|---|
US Regulation |
No |
No |
FCA (Great Britain) |
No |
Yes |
CySec (Cyprus, EU) |
No |
No |
ASIC (Australia) |
No |
Yes |
Other Regulators |
ASIC, VFSC |
Nevis |
Eightcap vs FXOpen: Trading Conditions
| Trading Conditions | Eightcap | FXOpen |
|---|---|---|
Minimum Deposit |
$100 |
$1 |
Trading Platforms |
Forex, Cryptocurrencies, Indicies, Commodities, Shares |
MT4, MT5, WebTrader, Mobile app |
Max Leverage (Futures) |
1-30 for Australian clients and 1-500 for Non-AU clients |
1-500 |
Supported Markets |
Forex, Cryptocurrencies, Indicies, Commodities, Shares |
Forex, CFD, indices, gold and silver, Cryptocurrencies |
Trading assets |
3620+ |
|
Trading Accounts |
Standard Account, Raw Account, Demo |
Demo, Micro, ECN, STP, Crypto, Islamic accounts |
Base Account Currencies |
AUD, USD, GBP, NZD, SGD, EUR |
USD, EUR, GBP, CAD, AUD, CHF, JPY, CNY |
Eightcap vs FXOpen: Fees
Forex Trading Fees
| Fee | Eightcap | FXOpen |
|---|---|---|
Standard Account EURUSD Average Spread |
0.76 pips |
0.1 pips |
Standard Account Fee |
$0 |
$0 |
ECN/STP Account Fee |
$0 |
$1.5-3.5 per lot |
ECN Account EUR Average Spread |
0,06 pips |
0.1 pips |
CFD Trading Fees
| Fee | Eightcap | FXOpen |
|---|---|---|
CFD Trading Fee |
Floating spread |
Floating spread, shares - 0.1% |
Non-Trading Fees
| Fee | Eightcap | FXOpen |
|---|---|---|
Account Fee |
No |
No |
Deposit Fee |
No |
No |
Withdrawal Fee |
Bank transfers have variable fees, typically about 25$ |
Bank Transfer from $45, Bank Cards - 2.5%, China's Union Pay 3.5%, Electronic Wallets 0.5 - 2% |
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 FXOpen: Trading Assets
| Asset Name | Eightcap | FXOpen |
|---|---|---|
Overall |
3620+ |
200+ |
Forex |
Yes |
Yes |
Stocks |
Yes |
Yes (CFD) |
Metals |
Yes |
Yes (CFD) |
Cryptocurrencies |
Yes |
Yes (CFD) |
Energy |
Yes (CFD) |
Yes (CFD) |
Indices |
Yes |
Yes (CFD) |
ETFs |
No |
Yes |
Bonds |
No |
No |
Mutual funds |
No |
No |
Stock options |
No |
No |
Futures Trading |
Yes |
No |
Binary Options |
No |
No |
Eightcap or FXOpen: Investment Programs
| Asset Name | Eightcap | FXOpen |
|---|---|---|
Copy Trading |
No |
Yes |
MAM/PAMM |
No |
No |
Managed Accounts |
No |
No |
Other |
No |
No |
Trading Platforms: FXOpen or Eightcap
| Eightcap | FXOpen | |
|---|---|---|
MT4 |
Yes |
Yes |
MT5 |
Yes |
Yes |
cTrader |
No |
No |
Appropriate platform |
No |
No |
Others |
No |
No |
|
|
|
Eightcap vs FXOpen: Deposit and Withdrawal Methods
| Deposit and Withdrawal Method | Eightcap | FXOpen |
|---|---|---|
Bank Transfer |
Yes |
Yes |
Debit Card |
Yes |
Yes |
Electronic Wallets |
Yes |
Yes |
Crypto |
No |
No |
Eightcap vs FXOpen: Research
| Research Type | Eightcap | FXOpen |
|---|---|---|
News Feed |
Yes |
Yes |
Fundamental Data |
Yes |
No |
Chart Analysis |
Yes |
Yes |
Trading Ideas |
Yes |
No |
E-Mail Reports |
No |
No |
Eightcap vs FXOpen: Education
| Education Type | Eightcap | FXOpen |
|---|---|---|
Demo-account/Paper Trading |
Yes |
Yes |
Webinars |
Yes |
No |
Articles |
Yes |
Yes |
Videos |
No |
No |
Cent account |
No |
Yes |
FXOpen vs Eightcap: Support
| Support Features | Eightcap | FXOpen |
|---|---|---|
Working Days |
24/7 |
24/5 |
Yes |
Yes |
|
Phone |
Yes |
Yes |
Online chat |
Yes |
Yes |
Other |
No |
No |
Eightcap vs FXOpen: Forex Bonuses and Promo
| Promo | Eightcap | FXOpen |
|---|---|---|
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 |
A $10 bonus is credited after opening a personal account (eWallet) and passing the 2nd level of verification. (for STP-type accounts); A welcome bonus of $1 is credited when opening a Micro account. |
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 |
There is a flexible system of remunerations and coefficients depending on these indicators. 1st level — 100% of the standard commission, 2nd level — 35% of the standard commission, 3rd level — 10% of the standard commission. |
Other Promos |
Forex Cup - A bonus in the amount of 1% of the profit is credited for participating in contests for traders on a virtual account, FXOpen Cashback - The broker refunds a part of the funds for the trading operations conducted, including unprofitable ones. The amount depends on the margin involved in all accounts and ranges from $5 to $1,000. |
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|
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Top 5 Reviews on FXOpen
-
Comment
Normal broker. However, it is gradually moving away from microtrading. On the plus side, it is really regulated and fulfills the requirements of regulators.
-
Comment
I have been trading with this broker for almost 5 years. I like its favorable trading conditions; what is most important to me is the minimum spreads and commissions. Execution of transactions in the terminal is instantaneous, which is very important for intraday trading and scalping trading. Profits are withdrawn quickly, but during the day, that is, you have to wait.
-
Comment
I started trading at FXOpen a few months ago, trading on the EURUSD pair, the spread is relatively low, I like scalping, and trading with the MT4 platform, and order execution is smooth, both when opening orders and closing orders.
-
Comment
FXOpen complies with conditions of the promotion with the account transfer. I recently finished the process. The promised 30% was credited to the account. The broker’s manager said that the bonus is tradable. I haven’t been able to check it yet, since it requires a decent drawdown. But I think that's true. At least the manager assured me and this is specified in the documents provided on the website. I have been actively trading for several days, so far there are no comments for FXOpen.
-
Comment
I have been working with fxopen for more than a year, and so far my opinion is rather neutral. There were no problems, technically everything was fine too. The service level corresponds to an experienced broker. I don’t yet see any reason for criticism, as well as for admiration. I got what I expected. But I’m trading with TradersWay not for long, so my review is not yet objective.
Top 5 Reviews on Eightcap
-
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.
-
Comment
Collaborating with Eightcap has been a key moment in my trading career. Their reliable platform, quick order execution, and professional support have helped me achieve consistent results in trading. Withdrawals may not be as fast as desired, but Eightcap has never violated its withdrawal schedule.
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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.