If you are reading this article, you’re likely having trouble deciding whether eToro or Eightcap is the better Forex trading platform for you. While both platforms generally provide positive user experiences, there are some essential differences to note.
In this eToro vs Eightcap review, we outline the highlights of each trading platform to help you make a more informed decision. We evaluate:
- Features and Platforms
- Available Markets
- Typical Spreads and Fees
- Security and Trust
- eToro vs Eightcap - Verdict
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Headquarters | Israel | Australia |
Regulators | ASIC, CySEC, FCA, FSA | ASIC, CySEC, FCA, SCB |
Tier 1 Regulator(s)? | ||
Owned by Public Company? | ||
Year Established | 2007 | 2009 |
Execution Type(s) | Market Maker | ECN/STP, Market Maker |
Minimum Deposit | $50 - $10,000 | $100 |
Negative Balance Protection | ||
Trading Platform(s) | Proprietary platform | MetaTrader 4, MetaTrader 5, Trading View |
Average Trading Cost EUR/USD | N/A | 1.0 pips |
Average Trading Cost GBP/USD | 2.2 pips | 1.2 pips |
Average Trading Cost WTI Crude Oil | $0.05 | $0.03 |
Average Trading Cost Gold | $0.45 | $0.12 |
Retail Loss Rate | 74% | N/A |
Minimum Raw Spreads | 0.8 pips | N/A |
Minimum Standard Spreads | 1.3 pips | N/A |
Minimum Commission for Forex | $0.00 | $7.00 per Round Lot |
Islamic Account | ||
Signals | ||
US Persons Accepted? | ||
Managed Accounts | ||
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Features and Platforms
| | |
MT4 | ||
MT5 | ||
MT4/MT5 Add-Ons | ||
cTrader | ||
Proprietary Platform | ||
Automated Trading | ||
Social/Copy Trading | ||
DOM? | ||
Guaranteed Stop Loss | ||
Scalping | ||
Hedging | ||
One-Click Trading | ||
OCO Orders | ||
Interest on Margin | ||
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eToro remains a leading social trading broker, but its 2019 expansion into the cryptocurrency sector rekindled its success. Millennial traders prefer a combination of both, and eToro executes well for both groups. 75% of the more than 13,000,000 traders lose money at eToro. It relies on the active community to provide trading ideas, but the competitive asset selection comes with a higher structure and a sub-optimal trading platform. Eightcap caters to active traders with better trading platforms, superior technology, and a competitive cost structure. They include upgraded MT4/MT5 trading platforms with the Amazing Trader plugin, the active TradingView community, and Capitalise AI, a code-free environment to automate trading strategies. It fully supports automated trading solutions. Eightcap also provides market commentary and educational content.
Available Markets
Neither broker offers Forex traders a wide choice. eToro has 49 currency pairs against 55 listed at Eightcap. The former shines with its cryptocurrency selection of 93, bested by 122 at Eightcap. eToro takes the lead in equity markets with more than 2,000 CFDs and 150 ETFs. Eightcap counters with 590. eToro provides clients with 31 commodities for excellent exposure. Eightcap offers 16 together with 17 index CFDs. eToro adds 13, and the overall asset selection is notably better there.
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Currency Pairs | ||
Cryptocurrencies | ||
Commodities | ||
Crude Oil | ||
Gold | ||
Metals | ||
Equity Indices | ||
Stocks (non-CFDs) | ||
Bonds | ||
ETFs | ||
Options | ||
Futures | ||
Synthetics | ||
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Typical Spreads and Fees
The commission-free trading accounts at eToro and Eightcap provide an identical minimum mark-up of 1.0 pips, which is uncompetitive. Eightcap delivers active traders with a raw spread account for a commission of $7.00 per round lot. Traders have to pay swap rates on leveraged overnight positions, while clients at each broker receive the impact of corporate actions that impact equity, index, and ETF positions. Third-party deposit and withdrawal fees apply, but eToro also levies an unacceptable $5 internal withdrawal cost. eToro charges an inactivity fee, non-existent at Eightcap, where traders enjoy a friendlier pricing environment.
| | |
Average Trading Cost EUR/USD | N/A | 1.0 pips |
Average Trading Cost GBP/USD | 2.2 pips | 1.2 pips |
Average Trading Cost WTI Crude Oil | $0.05 | $0.03 |
Average Trading Cost Gold | $0.45 | $0.12 |
Average Trading Cost Bitcoin | $574 | $12 |
Minimum Raw Spreads | 0.8 pips | N/A |
Minimum Standard Spreads | 1.3 pips | N/A |
Minimum Commission for Forex | $0.00 | $7.00 per Round Lot |
Deposit Fee | N/A | |
Withdrawal Fee | ||
Inactivity Fee | $10 monthly after 12 monthd | No |
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Security and Trust
Both brokers maintain a spotless record with their respective regulators. eToro and Eightcap segregate client deposits from corporate funds. Negative balance protection exists when mandated by regulators, but not across all operating entities. The Australian Securities & Investments Commission (ASIC), the UK Financial Conduct Authority (FCA), and the Cyprus Securities and Exchange Commission (CySEC) regulate eToro and Eightcap. Eightcap also has a license from the Securities Commission of The Bahamas (SCB). eToro also operates in the US as a FinCEN registered Money Services Business. Traders can trust both brokers with their portfolios.
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Country of the Regulator | Australia, Cyprus, Seychelles, United Kingdom | Australia, The Bahamas, Cyprus, United Kingdom |
Name of the Regulator | ASIC, CySEC, FCA, FSA | ASIC, CySEC, FCA, SCB |
Regulatory License Number | 491139, 109/10, 583263, SD076 | 391441, 40377, 246/14, 921296 |
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eToro vs Eightcap – Verdict
Individuals who wish to follow others with a few clicks will benefit from eToro and its CopyTrader and CopyPortfolios. eToro also serves cryptocurrency traders 93 CFDs, a sentiment indicator for digital assets based on Twitter, and a mobile wallet. The asset selection remains competitive, but its market team represents the most valuable business unit. eToro maintains a sub-optimal trading platform and a slightly high structure. Eightcap delivers a superior choice of trading platforms with the MT4 and MT5, upgraded via the Amazing Trader plugin and the active TradingView community. It also offers Capitalise AI, allowing traders to automate strategies in a code-free environment. The raw spread account grants active traders a competitive cost structure. Premium liquidity and fast execution speed make Eightcap an excellent choice for automated trading solutions. Social and cryptocurrency traders have a better offer at eToro if they overlook the trading platform.
You might also be interested in reviewing the below broker comparisons:
- eToro vs Revolut
- eToro vs Degiro
- eToro vs moomoo
- Eightcap vs Alpari
- Eightcap vs IC Markets
- Eightcap vs XM
eToro maintains 49 Forex pairs and 2,300+ CFDs. Eightcap lists just 29 currency pairs and 200+ CFDs.
