When trading in the financial markets, choosing the right broker can make all the difference. Two of the most popular brokers in the industry today are Eightcap and IC Markets. Both are well-known for their competitive pricing, trading platforms, and customer support, making it difficult for traders to choose between them.
In this detailed comparison, we will explore the key differences between Eightcap and IC Markets, helping you decide which broker is the best fit for your trading style.
Before we jump into our full review, let’s take a quick look at the comparison table to help you quickly assess the differences between the two brokers:
| Feature | Eightcap | IC Markets |
|---|---|---|
| Regulation | ASIC, FCA | ASIC, CySEC, FSA |
| Trading Platforms | MT4, MT5, WebTrader | MT4, MT5, cTrader |
| Spreads | From 0.0 pips (Raw Account) | From 0.0 pips (Raw Spread Account) |
| Commission | $3.50 per lot (Raw Account) | $3.50 per lot (Raw Spread Account) |
| Asset Variety | 250+ instruments, including crypto | 230+ instruments, less crypto |
| Execution Speed | Fast, using Equinix servers | Ultra-fast, using Equinix servers |
| Customer Support | 24/5 support via chat, email, phone | 24/7 support via chat, email, phone |
| Deposit/Withdrawal | Bank transfer, credit/debit cards, e-wallets | Bank transfer, credit/debit cards, e-wallets, PayPal |
| Education & Research | Basic resources like blogs and webinars | Extensive resources including video tutorials and market analysis |
Regulation and Security
Security and regulation are critical when choosing a broker, as they ensure the safety of your funds and protect you from fraudulent activities.
- Eightcap: Eightcap is regulated by the Australian Securities and Investments Commission (ASIC) and the FCA in the UK. This ensures a high level of security and transparency. The broker also adheres to stringent financial standards and client protection measures.
- IC Markets: IC Markets is similarly regulated by ASIC and the Cyprus Securities and Exchange Commission (CySEC). Additionally, it holds regulation from the Seychelles Financial Services Authority (FSA), providing a global reach and enhanced security for international traders.
Both brokers score highly in terms of regulation, but IC Markets has a slight advantage with its broader regulatory framework.
Trading Platforms
Your trading platform is your gateway to the markets, so it’s essential to choose one that suits your needs and preferences.
- Eightcap: Eightcap offers MetaTrader 4 (MT4) and MetaTrader 5 (MT5), two of the most widely-used trading platforms. Both platforms come with advanced charting tools, technical indicators, and automated trading options. Eightcap also provides a web-based platform for easy access from any device.
- IC Markets: IC Markets also supports MT4 and MT5, in addition to cTrader, a popular platform known for its lightning-fast execution speeds and more advanced order functionality. The availability of cTrader gives IC Markets an edge, particularly for algorithmic traders and those who prioritize execution speed.
While both brokers provide excellent trading platforms, IC Markets wins in this category due to its offering of cTrader in addition to MetaTrader.
Spreads and Fees
Low spreads and fees are important for maximizing your profitability, especially if you’re a day trader or scalper.
- Eightcap: Eightcap offers competitive spreads starting from as low as 0.0 pips on its Raw Account. The standard account spreads are slightly higher, but still quite reasonable. Commission fees are $3.50 per lot on the Raw Account, which is on par with industry standards.
- IC Markets: IC Markets is known for having some of the tightest spreads in the market, with spreads starting at 0.0 pips on the Raw Spread account. Commission fees are also $3.50 per lot, mirroring Eightcap’s fee structure. IC Markets offers equally competitive spreads on its Standard Account with no commissions.
In terms of spreads and fees, it’s essentially a tie, with both brokers offering highly competitive pricing structures.
Asset Variety
A diverse range of assets allows traders to spread their risk and capitalize on various market opportunities.
- Eightcap: Eightcap provides access to over 250 financial instruments, including forex, indices, commodities, shares, and cryptocurrencies. The cryptocurrency offering is particularly extensive, which makes it an attractive choice for crypto traders.
- IC Markets: IC Markets also offers a wide range of trading instruments, including forex, commodities, indices, bonds, and futures. While the range of assets is impressive, IC Markets does not offer as many cryptocurrencies as Eightcap.
For traders looking to diversify their portfolio into crypto, Eightcap has the upper hand. However, if you’re focused on more traditional markets like forex and commodities, both brokers offer a solid selection.
Execution Speed and Order Types
Fast execution and flexible order types can significantly affect your trading strategy’s success, particularly for high-frequency traders.
- Eightcap: Eightcap offers fast execution speeds, although specific details on latency are not as widely publicized. The broker uses Equinix servers to provide a more stable and reliable trading experience.
- IC Markets: IC Markets is well-known for its ultra-low latency trading, thanks to its Equinix servers in New York and London. The broker is often favored by scalpers and algorithmic traders due to its exceptionally fast execution speeds and minimal slippage.
IC Markets leads in this category with its superior execution speeds, making it ideal for traders who need lightning-fast trades.
Customer Support
Reliable customer support can be a game-changer, especially when dealing with technical issues or account inquiries.
- Eightcap: Eightcap offers customer support 24/5 via live chat, email, and phone. The broker’s customer service is highly rated, and they provide multilingual support to cater to international traders.
- IC Markets: IC Markets offers 24/7 customer support, which gives it an advantage over Eightcap’s 24/5 service. The broker’s support team is also available via live chat, phone, and email, with a strong reputation for quick and helpful responses.
IC Markets stands out in this category by offering around-the-clock support, making it a better option for traders who may need assistance over the weekend.
Deposit and Withdrawal Options
A smooth deposit and withdrawal process is essential for managing your trading account with ease.
- Eightcap: Eightcap supports a variety of deposit methods, including bank transfers, credit/debit cards, and e-wallets like Skrill and Neteller. Withdrawals are processed quickly, usually within 1-2 business days.
- IC Markets: IC Markets also offers a wide range of deposit and withdrawal options, including bank transfers, credit cards, PayPal, and various e-wallets. Withdrawal times are equally fast, typically processed within 24 hours.
Both brokers offer efficient deposit and withdrawal options, so there’s no clear winner in this category.
Education and Research
Educational resources and research tools are crucial for improving your trading knowledge and decision-making.
- Eightcap: Eightcap provides a modest range of educational materials, including blogs, webinars, and basic market analysis. However, the offerings are somewhat limited compared to other brokers.
- IC Markets: IC Markets excels in this category with an extensive library of educational resources, including video tutorials, webinars, and in-depth market analysis. Their content is designed to cater to both beginner and advanced traders.
For traders who want to improve their skills and stay updated on market news, IC Markets is the better choice.
Final Verdict: Eightcap vs IC Markets
Both Eightcap and IC Markets are excellent brokers, but they cater to slightly different types of traders.
- Choose Eightcap if you’re a cryptocurrency enthusiast or a beginner trader who values simplicity and ease of use. Eightcap’s wide crypto offering and solid customer support make it an attractive choice.
- Choose IC Markets if you’re a high-frequency trader, scalper, or someone who values ultra-fast execution speeds. IC Markets is also ideal for those who want a broader range of educational resources and 24/7 customer support.
In conclusion, Eightcap vs IC Markets is a close race, and the best broker for you will depend on your trading needs and preferences. Both brokers provide a secure, reliable, and competitive trading environment, so you can’t go wrong with either choice.
Editorial Staff at Chweya is a team of financial experts led by Vincent Nyagaka, with over 9 years of experience in finance, commerce, forex, crypto, and marketing. Started in 2014, Chweya is now among the largest free financial resource sites in the industry and is often referred to as Wikipedia for business.