Eightcap vs SimpleFX - Fees Review included
Which broker is better Eightcap or SimpleFX? 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. SimpleFX is one of the top brokers in the financial market with the TU Overall Score of 6.48 out of 10. Find out more about TU Overall Score.
| Feature | Eightcap | SimpleFX |
|---|---|---|
Overall |
2.9 |
3.3 |
3.3 |
1 |
|
3.7 |
3.5 |
|
3.7 |
3.3 |
|
Investment Instruments |
1 |
2.5 |
Platforms and Charting Tools |
3.5 |
4.1 |
Deposit and Withdrawal |
3.6 |
4.0 |
Research |
3.9 |
1 |
Education |
3.4 |
1 |
Support |
3.6 |
3.2 |
Bonuses |
4 |
4.1 |
|
|
|
Eightcap vs SimpleFX: 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.
The SimpleFX broker was registered in the state of Saint Vincent and the Grenadines in 2014 and provides services to traders globally. A distinctive feature of this company is that the broker provides its clients with the opportunity to open accounts and withdraw funds in cryptocurrency. The SimpleFX broker is registered as an international financial company (IBC), but its activities are not subject to the financial regulator. At the moment, there are no awards in the SimpleFX asset.
| Eightcap | SimpleFX | |
|---|---|---|
| Overall Pros | a large number of trading assets | the ability to open an account in cryptocurrency |
| Low fees | the minimum deposit amount is $1 | |
| Good bonus programs | ETH 2.0 Staking | |
| Raw account avaible | ||
| Overall Cons | High minimum deposit - $100 | Not regulated |
| lack of investment programs | The broker's website lacks key information about spreads and trading conditions | |
| No bank transfer withdrawal |
Eightcap vs SimpleFX: Safety and Regulation
| Regulated By: | Eightcap | SimpleFX |
|---|---|---|
US Regulation |
No |
No |
FCA (Great Britain) |
No |
No |
CySec (Cyprus, EU) |
No |
No |
ASIC (Australia) |
No |
No |
Other Regulators |
ASIC, VFSC |
The SimpleFX broker is registered as an international financial company (IBC), but its activities are not subject to the financial regulator. |
Eightcap vs SimpleFX: Trading Conditions
| Trading Conditions | Eightcap | SimpleFX |
|---|---|---|
Minimum Deposit |
$100 |
$1 |
Trading Platforms |
Forex, Cryptocurrencies, Indicies, Commodities, Shares |
MetaTrader 4, SFX |
Max Leverage (Futures) |
1-30 for Australian clients and 1-500 for Non-AU clients |
1-500 |
Supported Markets |
Forex, Cryptocurrencies, Indicies, Commodities, Shares |
Currencies, stocks, indices, commodities, cryptocurrencies |
Trading assets |
3620+ |
70+ |
Trading Accounts |
Standard Account, Raw Account, Demo |
Standard |
Base Account Currencies |
AUD, USD, GBP, NZD, SGD, EUR |
USD, cryptocurrencies |
Eightcap vs SimpleFX: Fees
Forex Trading Fees
| Fee | Eightcap | SimpleFX |
|---|---|---|
Standard Account EURUSD Average Spread |
0.76 pips |
1.1 pips |
Standard Account Fee |
$0 |
$0 |
ECN/STP Account Fee |
$0 |
Not supported |
ECN Account EUR Average Spread |
0,06 pips |
Not supported |
CFD Trading Fees
| Fee | Eightcap | SimpleFX |
|---|---|---|
CFD Trading Fee |
Floating spread |
Floating spread |
Non-Trading Fees
| Fee | Eightcap | SimpleFX |
|---|---|---|
Account Fee |
No |
No |
Deposit Fee |
No |
No |
Withdrawal Fee |
Bank transfers have variable fees, typically about 25$ |
FasaPay e-wallet - 1%, Skrill and Neteller – 3%, crypto - free |
Inactivity Fee |
No |
Yes |
A conversion fee may be applied as withdrawals and deposits are conducted in USD. Any other currency will have to be converted.
Eightcap vs SimpleFX: Trading Assets
| Asset Name | Eightcap | SimpleFX |
|---|---|---|
Overall |
3620+ |
70+ |
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 |
No |
Bonds |
No |
No |
Mutual funds |
No |
No |
Stock options |
No |
No |
Futures Trading |
Yes |
No |
Binary Options |
No |
No |
Eightcap or SimpleFX: Investment Programs
| Asset Name | Eightcap | SimpleFX |
|---|---|---|
Copy Trading |
No |
No |
MAM/PAMM |
No |
No |
Managed Accounts |
No |
No |
Other |
No |
ETH 2.0 staking |
Trading Platforms: SimpleFX or Eightcap
| Eightcap | SimpleFX | |
|---|---|---|
MT4 |
Yes |
Yes |
MT5 |
Yes |
No |
cTrader |
No |
No |
Appropriate platform |
No |
SimpleFX |
Others |
No |
No |
|
|
|
Eightcap vs SimpleFX: Deposit and Withdrawal Methods
| Deposit and Withdrawal Method | Eightcap | SimpleFX |
|---|---|---|
Bank Transfer |
Yes |
No |
Debit Card |
Yes |
Yes |
Electronic Wallets |
Yes |
Yes |
Crypto |
No |
Yes |
Eightcap vs SimpleFX: Research
| Research Type | Eightcap | SimpleFX |
|---|---|---|
News Feed |
Yes |
No |
Fundamental Data |
Yes |
No |
Chart Analysis |
Yes |
No |
Trading Ideas |
Yes |
No |
E-Mail Reports |
No |
no |
Eightcap vs SimpleFX: Education
| Education Type | Eightcap | SimpleFX |
|---|---|---|
Demo-account/Paper Trading |
Yes |
Yes |
Webinars |
Yes |
No |
Articles |
Yes |
No |
Videos |
No |
No |
Cent account |
No |
no |
SimpleFX vs Eightcap: Support
| Support Features | Eightcap | SimpleFX |
|---|---|---|
Working Days |
24/7 |
24/5 |
Yes |
Yes |
|
Phone |
Yes |
No |
Online chat |
Yes |
Yes |
Other |
No |
No |
Eightcap vs SimpleFX: Forex Bonuses and Promo
| Promo | Eightcap | SimpleFX |
|---|---|---|
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 |
First deposit bonus |
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 |
SimpleFX Affiliate. The client of the company can earn extra income by attracting new clients: up to 25% of the spread of the invited trader and 5% of the spread of the traders who were invited by the invited traders. |
Other Promos |
||
|
|
|
Top 5 Reviews on SimpleFX
-
Comment
I never thought that I would be able to let myself be deceived. Last year I fell for the tricks of this SimpleFX company. They swindled $10,000 out of me. And after a month of trading with a mentor, there was nothing left in my account. Be careful!
-
Comment
Blatant deception, your money was used, in the end you are in the zeros and nothing more
-
Comment
About a month ago, my account was reset. Just one, and one zero. Luckily there wasn't much money. Support says "it's just a glitch". But they can't restore it! So draw your own conclusions.
-
Comment
A broker that offers accounts with standard terms. I traded with him for six months, but I could not reach a normal income. It seems that the spreads are not so high, but the profit that I expected when opening an account was still not there. I think that this is due to the speed of order execution - SimpleFX does not have it very good. More precisely, it is suitable for intraday traders, but for high-frequency trading it is better to look for another broker. SimpleFX also has advantages. For example, you can open a cryptocurrency account with this broker. You can also withdraw income in crypto. Leverage for majors is high - up to 1:500. In general, a normal intermediary, but definitely not for scalpers.
-
Comment
SimpleFX is a mid-level company, so I can't say anything particularly bad. Everything is fine here, both the terms and the quality of work. There's not much to praise either. But I've been with them for a few years now)
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.
The area of responsibility of Mikhail includes covering the news of currency and stock markets, fact checking, updating and editing the content published on the Traders Union website. He successfully analyzes complex financial issues and explains their meaning in simple and understandable language for ordinary people. Mikhail generates content that provides full contact with the readers.
Mikhail’s motto: Learn something new and share your experience – never stop!