Forex traders always look for trading with brokers that suit their trading needs and preferences. Eightcap and EagleFX are online forex brokers that offer their trading services to traders and investors. Eightcap is a highly regulated and trusted forex broker. It is regulated in three tier-1 jurisdictions and one tier-4 jurisdictions. On the other hand, EagleFX is an offshore forex broker which is not regulated by any regulatory bodies.
In this article, we will review and compare the brokerage services offered by Eightcap and EagleFX. We will explore options such as regulations, reputations, fees, features, leverage, and more. Additionally, we will analyze and rate the brokers based on macro and micro categories and options. By reviewing these aspects, you will get a clear idea of which broker suits you best for your trading journey.
Eightcap
Founded in 2009, Eightcap is an Australian-based forex and CFD broker that offers online trading services worldwide. The broker is regulated by top-tier regulatory bodies, including ASIC, FCA, CySEC, SCB, and FSASVG. It allows the trading of over 800 instruments, including forex, shares, commodities, indices, and cryptocurrencies. Eightcap offers popular trading platforms and tools like MT4, MT5, TradingView, WebTrader, an AI-powered economic calendar, Capitalise.ai, and Flash Trader for smart trading. The broker also provides daily trade ideas, professional trading insights, and code-free automation. To learn more, you may read our review of Eightcap
Eightcap Overview
- Founded Year: 2009
- Founder: Joel Murphy
- Headquarters: The Rialto, South Tower, Level 35/525 Collins St, Melbourne VIC 3000, Australia
- Minimum Deposit: $100
- Maximum Leverage: 1:500
- Regulations: ASIC, FCA, CySEC, SCB, and FSASVG
- Trading platform: MT4, MT5, TradingView, Webtrader
- Account Types: Standard, Raw, Tradingview
- Payment Options: Bank Wire (BankTransfer/SWIFT), VISA, MasterCard, BPAY, Neteller, PayPal, Poli, Skrill, UnionPay, XPAY
- US Clients: Not Accepted
EagleFX
Founded in 2020, EagleFX is a forex and CFD broker offering online trading services globally. It is an unregulated offshore forex and CFD broker that operates without regulatory oversight. The broker offers over 200 forex and CFD instruments through the MT4 platform and allows various trading strategies, including scalping, hedging, and news trading.
EagleFX provides access to institutional-grade liquidity through partnerships with multiple liquidity providers. This setup helps traders access tight spreads and competitive pricing. The broker uses a Straight Through Processing (STP) model, ensuring trades are executed without a dealing desk, re-quotes, or price manipulation. Orders are aggregated and matched with the best available rates in fractions of a second.
EagleFX allows crypto deposits and withdrawals without extra fees. It offers 24/7 customer support through live chat, email, and phone. However, traders should understand the risks of using an offshore broker without investor protection.
- Founded In: 2019
- Minimum Deposit: $10
- Maximum Leverage: 500:1
- Regulations: None
- Trading platform: MT4 , Webtrader
- Account Types:
- Payment Options: Bank Wire (BankTransfer/SWIFT), VISA, MasterCard, Bitcoin
- US Traders: Currently Not Accepted. However, Old traders can still trade.
Eightcap vs : EagleFX Features
Eightcap:
- Trading Instruments: 1000+ including Forex, Crypto CFDs, Indices CFDs, Commodities CFDs, Stocks CFDs,
- Maximum leverage: up to 500:1 for SCB regulation, and 30:1 for ASIC, CySEC, and FCA Jurisdiction.
- Minimum Deposit: $100 or Equivalent
- Account Types: Three Types of Accounts including Raw Account, Standard Account, Trading View Account
- Fees: about $3.5 per lot on each side for the raw account, 1 pip spread for the standard account, 1 pip spread for the Tradingview account
- PAMM/ MAM: Available
- Scalping: Allowed
- News Trading: Allowed
- EA/ Robot Trading: Allowed
EagleFX
- Trading Instruments: 100+ instruments including Forex, commodities, stocks, indices, futures, and cryptocurrencies
- Trading Platforms: Mt4, Webtrader
- Minimum Deposit: $10(BTC), $50 Credit or Debit card, Bank wire transfer,
- Maximum Leverage: 1:500
- Trading Fees: Commission $6 round turn per lot. A rollover commission is applied on open positions overnight.
- Minimum Trade Size: 0.01 lot.
- Maximum Trade Size (Lot restriction per Ticket): 1000 Lots
- Funding Currencies: Credit/Debit Card and Wire Transfer
- Trading Style Allowed: All including Scalping, hedging, News trading, and EA Trading.
- PAMM/ MAM: Available
- Stop Out Level (retail): 70%
- Margin Call Level: 100%
- Negative balance Protection: Yes
- Investor Protection: No investor protection is Available.
- Applicable For: Applicable to traders of all jurisdictions.
- Account Opening: Fully Online Account opening. It may take only 5 to 7 Minutes. The demo account has 30 days of validity.
- KYC Verification: Required
Eightcap vs EagleFX: Pros and Cons
Eightcap Pros & Cons
- Regulated by ASIC, FCA, VFSA
- The Maximum Leverage is as high as 1:500
- Offers passive investment programme(MAM, PAMM accounts)
- No Deposit/Withdrawal Fees
- Easy To Open An Account
- Scalping and EA Trading are allowed
- 100+ Crypto CFDs available
- Minimum deposit is $100
- No Investor Protection for non-EU Clients
- The Broker is not regulated by FCA UK
- Conditions and trading costs vary according to the entity
- Hedging is not allowed with the ASIC entity
- No joint accounts, copy trading, referral program, or other options for passive income
EagleFX Pros & Cons
- The maximum leverage is as high as 1:500
- The minimum deposit is as low as $10
- Scalping Hedging, News trading, and the use of trading robots are allowed
- Speedy STP trade executions in less than a second.
- Over 150 trading instruments can be traded on the platforms.
- Offers free demo accounts
- The round-turn commission is $6, which is low and competitive compared to others.
- Zero Fees on Deposit and Withdrawal
- Offers Crypto CFD Trading
- The broker is not regulated
- No investor protection scheme for traders
- No managed accounts, social trading, or any provision for investors.
- Limited Deposit and Withdrawal Options
- Ctrader, Zulutrade, and Tradingview are not available
- There are no educational resources
Eightcap vs EagleFX : Side-by-Side Comparison
Eightcap Vs EagleFX : Our Scores and Ratings
We rated both brokers, Eightcap and EagleFX, on a scale of 1 to 10, with 0.1 increments. To achieve a comprehensive rating, we broadly grouped all services offered by brokers into 6 macro categories and assigned percentage weights to them. Each macro category is subdivided into several data points which contributes to the total score of 1.0-10.0 assigned to each macro category. Since all categories are not equally important, our weight percentage plays a significant role in assessing the broker accurately. For example, Regulation and Security contributes a total weight of 40% to the whole ratings because this is the most important rating category. To learn more, read our methodology.
Eightcap :
EagleFX
Final Verdict :
Both Eightcap and EagleFX offer similar trading services worldwide. However, there are differences in their regulations, reputation, and operation. Eightcap is a highly regulated and trusted forex broker. It is regulated by top-tier regulatory authorities, including ASIC, FCA, CySEC, and SCB. On the other hand, EagleFX is an unregulated offshore forex broker. Eightcap provides Multiple trading platforms including MT4, MT5, TradingView, and WebTrader. On the Contrary, EagleFx offers MT4.
As Eightcap is not licensed in the USA, it cannot accept US clients. Being an unregulated offshore forex broker, EagleFX can onboard clients from anywhere in the world, including the USA. Therefore, non-US traders may opt for Eightcap, while US traders looking for offshore forex brokers may consider EagleFX. Trading with offshore forex brokers is risky and not recommended.
