When choosing a trading platform, many traders look for features that suit their style and needs. In this blog post, we’ll compare Eightcap vs ThinkMarkets, two popular brokers, to help you decide which one might be the best fit for your trading journey.
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 | ThinkMarkets |
|---|---|---|
| Regulation | ASIC, FCA | ASIC, FCA, FSCA |
| Trading Platforms | MT4, MT5 | MT4, MT5, ThinkTrader |
| Spreads | From 0.0 pips (Raw Account) | From 0.0 pips (ThinkZero Account) |
| Standard Account Spreads | From 1.0 pips | From 0.4 pips |
| Commissions | Low commissions | Low commissions |
| Leverage | Up to 1:500 | Up to 1:500 |
| Number of Markets | Over 200 | Over 4,000 |
| Educational Resources | Articles, webinars, guides | Webinars, eBooks, tutorials, blog |
| Customer Support | 24/5 via live chat, email, phone | 24/5 via live chat, email, phone |
| Local Support | Limited | Broad local support in multiple regions |
Eightcap Overview
Eightcap is an Australian-based forex and CFD broker, founded in 2009. Known for its user-friendly interface, fast execution, and variety of trading platforms, it has grown into a solid option for both beginner and experienced traders.
ThinkMarkets Overview
ThinkMarkets is another Australian forex and CFD broker that has been around since 2010. Like Eightcap, ThinkMarkets provides access to a wide range of financial markets, including forex, commodities, cryptocurrencies, and stocks.
Regulation and Safety
When comparing brokers, it’s important to check their regulation status.
- Eightcap is regulated by the Australian Securities and Investments Commission (ASIC) and the Financial Conduct Authority (FCA) in the UK, providing traders with peace of mind.
- ThinkMarkets is also highly regulated, with licenses from ASIC, the FCA, and the Financial Sector Conduct Authority (FSCA) in South Africa. This global regulation gives it an edge for traders seeking additional security.
Verdict: Both brokers are well-regulated, but ThinkMarkets offers more coverage globally due to its additional licenses.
Trading Platforms
The trading platform you choose can greatly affect your trading experience. Let’s see what each broker offers:
- Eightcap offers MetaTrader 4 (MT4) and MetaTrader 5 (MT5), two of the most popular trading platforms in the industry. Both platforms are known for their advanced charting tools, customizable features, and automated trading capabilities via expert advisors (EAs).
- ThinkMarkets also supports MT4 and MT5, but goes a step further by offering ThinkTrader, its proprietary trading platform. ThinkTrader comes with advanced features like 80 technical indicators, multiple chart types, and in-depth market analysis tools.
Verdict: If you prefer a familiar and well-established platform, both brokers are on par. However, ThinkMarkets may appeal to those who want more platform options, especially with its exclusive ThinkTrader platform.
Spreads and Fees
Lower spreads and fees can help improve profitability, especially for high-frequency traders.
- Eightcap offers competitive spreads starting from 0.0 pips on its Raw account. Its Standard account spreads start from 1.0 pip, but both accounts charge low commissions, making it attractive for traders who prioritize cost-efficiency.
- ThinkMarkets also has tight spreads, starting from 0.0 pips on its ThinkZero account, similar to Eightcap’s Raw account. The Standard account spreads start from 0.4 pips, which is slightly better than Eightcap’s, and the commissions are also low.
Verdict: ThinkMarkets edges ahead with slightly better standard spreads, but both brokers offer solid, cost-effective options for traders.
Range of Markets
The variety of instruments available is crucial for traders who want to diversify their portfolios.
- Eightcap provides access to over 200 markets, including forex, commodities, indices, and cryptocurrencies.
- ThinkMarkets offers more than 4,000 tradable instruments, including forex, stocks, commodities, indices, and cryptocurrencies. This broader range of markets provides more options for traders looking to diversify.
Verdict: In terms of market range, ThinkMarkets offers a wider selection, making it the better choice for those who want access to a large variety of instruments.
Leverage
Leverage is another important aspect to consider, especially for forex traders.
- Eightcap offers leverage up to 1:500, depending on your region and the type of account you open. This high leverage is appealing for risk-tolerant traders.
- ThinkMarkets offers leverage up to 1:500 as well, but again, this can vary based on the region and account type.
Verdict: Both brokers offer the same high leverage, so there’s no clear winner here.
Customer Support
Good customer service can be vital, especially if you encounter problems with your account or trades.
- Eightcap provides 24/5 support via live chat, email, and phone. Their customer service is known for being prompt and professional.
- ThinkMarkets also offers 24/5 customer support through live chat, email, and phone. Additionally, they have local support in more countries, which may offer quicker responses in certain regions.
Verdict: ThinkMarkets slightly outshines Eightcap here, thanks to its broader local support.
Education and Research Tools
For beginner traders or those looking to improve their skills, education and research tools can be very helpful.
- Eightcap provides a decent educational section, with articles, webinars, and guides on forex trading. However, it doesn’t stand out compared to other brokers in this regard.
- ThinkMarkets excels in this area, offering comprehensive educational resources such as free webinars, in-depth market analysis, eBooks, and tutorials. Their ThinkMarkets blog is also a great resource for news and trading insights.
Verdict: ThinkMarkets offers a more robust selection of educational materials and tools, making it a better choice for traders who prioritize learning and market research.
Bottom Line
The comparison between Eightcap vs ThinkMarkets boils down to your specific needs as a trader.
- Choose Eightcap if you want a straightforward, reliable broker with low spreads and access to the popular MT4 and MT5 platforms.
- Go for ThinkMarkets if you’re looking for more variety in trading platforms, a wider range of tradable assets, and a strong selection of educational resources.
Both brokers are excellent choices, but ThinkMarkets offers more in terms of market variety, spreads, and educational support, making it the better option for most traders.
Freaquently Asked Questions
Yes, Eightcap is regulated by top-tier authorities like ASIC and FCA, ensuring a secure trading environment.
Yes, ThinkMarkets allows you to trade cryptocurrencies along with forex, stocks, and other instruments.
Both brokers offer MT4, which is beginner-friendly, but ThinkMarkets’ ThinkTrader platform provides additional tools that might benefit new traders.
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.