IC Markets vs Eightcap : Features, Safety, and More 2024

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Forex traders always look for trading with brokers that suit their trading style and preferences. IC Markets and Eightcap are Forex and CFD brokers that offer online trading services globally. Both brokers are regulated by top-tier regulatory authorities. IC Markets is regulated by two Tier-1, and one Tier-4 jurisdiction, including ASIC, CySEC, and FSA. On the other hand, the Eightcap is regulated by three Tier-1 jurisdictions and one Tier-4 jurisdictions including  ASIC, FCA, CySEC, and SCB. These two brokers offer almost similar services. However, each broker has its strengths and weaknesses.

In this article, we will compare and contrast IC Markets with Eightcap regarding pros, cons,  trading platforms, regulations, tradable assets, fees, customer support, and overall trading experience score. This comparison lets you understand which broker is better for your trading style and preferences.

IC Markets vs Eightcap: In a Nutshell

IC Markets

Andrew Budzinksi founded IC Markets in 2007 with the aim of using superior technology to provide forex and CFD trading services to both institutional and retail traders. Over the years, the broker has improved in quality and services. It offers true ECN trading with low spreads, high leverage, and fast executions to a global clientele.

ICMarkets Overview

ICMarkets Overview
  • Founded In: 2007 
  • Founder: Andrew Budzinksi
  • Minimum Deposit: $200
  • Maximum Leverage: Upto 1000:1 for FSA Jurisdiction, 30:1 for ASIC, CySEC clients.  
  • Regulations: ASIC, CySEC,  and FSA
  • Trading platform: MT4, MT5 and cTrader
  • Trading Instruments: 2150+ Trading Instruments including Forex, Crypto, Stock, Commodity Indices, Bonds, Futures.
  • Account Types: Standard, Standard, Raw (Metatrader, Ctrader) 
  • Fees: Spread starting from 0.8 Pips(Standard Accounts) or $3 to 3.5 Commission (Raw Accounts)
  • Payment Options: bank/wire transfer, Paypal, credit card, Skrill, Neteller, UnionPay, Bpay, FasaPay and Poli.
  • US Traders: Not Accepted 

Eightcap

EightCap was registered in Melbourne, Australia in 2009. The broker allows the trading of over 800 forex and CFDs on its platforms which include MT4, MT4, and TradingView. Traders are provided with tools like free VPS, Crypto Crusher, Capitalise.ai, FlashTrader, Trade Idea, outlook, etc.

Eightcap Overview
  • Founded In: 2009
  • Minimum Deposit: $100
  • Maximum Leverage: 1:1000
  • Regulations: ASIC,FCA, CySEC, SCB
  • 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 Traders: Not Accept

IC Markets vs Eightcap: Pros and Cons

IC Markets

Pros
  • Fully Regulated broker, ( One tire-1 , jurisdiction, one tire-2 jurisdiction) 
  • Super fast trade execution speed 
  • Straightforward registration process 
  • Low spread, starting from 0 pips. 
  • Easy and Fast Account Opening 
  • Free deposit and withdrawal 
  • Offers standard and raw spread account
  • Trading EA is Allowed 
  • Ability to trade from a mobile device 
  • A demo Account is available
Cons
  • Higher minimum deposit 
  • No investor protection for non-EU Clients 
  • Limited Product Selection 
  • No weekend Trading 
  • US Traders are not accepted

Eightcap

Pros
  • 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
Cons
  • 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

IC Markets vs Eightcap: Side-by-Side Comparison

ICMarkets
Eightcap
Product
Founded In
Founded In
2007
2009
Founded By
Founded By
Andrew Budzinksi
Alex Howard
Headquarters
Headquarters
Sydney, Australia
Melbourne, Australia
Regulations
Regulations
ASIC, CySEC, FSA, and SCB
ASIC,FCA, CySEC, SCB
Min Deposit
Min Deposit
$200
$100
Max Leverage
Max Leverage
1:500
1:1000
Tradable Assets
Tradable Assets
Over 2100 forex, CFDs in stocks, indices, commodities, cryptos, and Bonds.
Forex,Commodities,Indices,Shares,Crypto
Fees
Fees
Spreads from 0.6 pips, Commissions $7/round lot
Spread from 0 pips
Platforms and Tools
Platforms and Tools
MT4, MT5, and cTrader
MT4, MT5, TradingView, Webtrade
US Traders
US Traders
Not Allowed
Not Allowed

IC Markets Vs Eightcap: Our Scores and Ratings

We rated both brokers, IC Markets and Eightcap, 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.

IC Markets :

9.3
IC Markets Scores
Regulation and Security (40%)9.5
Fees and Commissions (20%)9.5
Trading (15%)8.5
Trading tools (10%)9
Customer Support (10%)9.6
Trading Education (5%)9.4

Eightcap:

9
Total Score
Regulation and Security (40%)9.6
Fees and Commissions (20%)9
Trading (15%)8.5
Trading tools (10%)8.6
Customer Support (10%)9
Trading Education (5%)7.2

Final Verdict :

IC Markets and Eightcap are regulated forex and CFD brokers in the industry. They offer similar trading services including forex and CFD trading. They both allow scalping, hedging, EA trading and Copy trading. Neither of these brokers accept US Clients. The minimum order size for both of them is 0.01. 

However, there are a few areas where you may find some differences. For example, the minimum deposit for IC Markets is $200, whereas the minimum deposit for Eightcap is $100. Additionally, the maximum leverage for the IC Market is generally 500:1 (in some countries IC Markets offers 1000:1 leverage). On the other hand, the maximum leverage for Eightcap is 500:1. IC Market offers passive investment programs or copy trading programs like MAM, and Zulutrade. Similarly, Eightcap offers passive investment programs like MAM and PAMM.

Our score for IC Markets is 9.3, and for Eightcap, it is 9. So, if you are looking for the most trusted forex brokers with tight spread and MAM account services, you may choose IC Markets. However, If you prefer a forex broker with a lower minimum deposit, and offering a similar trading service to IC Markets, you may choose Eightcap. Eightcap has improved its services greatly in recent years.

Written by

Jason Paine is a forex trader, researcher, and tech enthusiast. He is passionate about financial markets and cutting-edge technology. With a dynamic 16-year trading career, he's on a mission to guide fellow traders. Having navigated diverse forex brokers, Jason shares his insights at Brokersway to bridge the gap between traders and the right brokerage.

DisclosureAt Brokersway we're committed to delivering unbiased information. our opinions are our own and are not influenced by the payment we receive from our advertising partners. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation of how we make money.

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