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Eightcap vs IC Markets Comparison – 2024
By:
Reviewed By:
Updated: Jul 29, 2024
Eightcap
4.5
CFD’s are complex instruments come with a high risk of losing your money rapidly due to leverage. Between 74%-89% of retail investor accounts lose money when trading CFDs. You should consider whether you can afford to take the high risk of losing your money.
VS
IC Markets
4.5
Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary.
General
Eightcap | IC Markets | |
|---|---|---|
Overall Rating | 4.5 | 4.5 |
Trust | 4.2 | 4.1 |
Fees | 4.7 | 4.6 |
Platforms and Tools | 4.3 | 4.4 |
Tradable Instruments | 4.7 | 4.7 |
Customer Support | 4.3 | 4.6 |
Research | 5.0 | 4.7 |
Deposit and Withdrawal | 4.9 | 4.9 |
Account Types and Terms | 4.9 | 4.9 |
Education | 4.4 | 4.4 |
Regulators & Max Leverage | 1:30 (ASIC), 1:30 (FCA), 1:30 (CySEC), 1:200 (SCB) | 1:30 (CySEC), 1:30 (ASIC), 1:500 (FSA) |
Foundation Year | 2009 | 2007 |
Fees Test | Low | Low |
Tradable Instruments | 763 | 2245 |
Trading Platforms | MT5, MT4, WebTrader, TradingView | MT5, cTrader, MT4, TradingView, Zulutrade |
Minimum Deposit | $100 | $200 |
Read Reviews |
Top Reasons to Choose Eightcap or IC Markets
Based on our assessment, Eightcap is suited to beginners who rely on expert market research and advanced traders seeking a large selection of cryptocurrencies. IC Markets is ideal for short-term and algorithmic traders, from intermediate to advanced levels, who seek low spreads and ultra-fast execution.
| Eightcap Best for Crypto Traders & Market Research |
IC Markets Best for Short-Term & Algorithmic Traders |
| 800+ instruments, 92 crypto pairs | Low spreads, zero commission |
| Tight spreads on crypto | Execution under 40 ms |
| AI economic calendar | MT4, MT5, cTrader platforms |
| Raw spread trading accounts | ECN-style pricing and execution |
| Expert market research articles and videos | 2250+ CFD instruments |
| User-friendly TradingView | Zero requote policy |
Eightcap: Snapshot
Founded in 2009 in Melbourne, Australia, Eightcap operates under licenses from five financial authorities, including three Tier-1 regulators. The broker provides a range of flexible account types, an excellent selection of trading platforms, expert market research videos, and access to over 750 tradable instruments.
Eightcap: Who is it For?
Eightcap is well-suited for novice traders searching for expert market research videos from seasoned analysts and beginners who favor utilizing micro-lot trading accounts for small account balances. The broker also caters to experienced cryptocurrency traders, boasting a selection of over 92 crypto pairs.
What Makes Eightcap Stand Out?
Eightcap distinguishes itself as a broker regulated by three Tier-1 authorities. It provides market research videos by renowned industry experts and offers various account types alongside innovative trading tools like its AI economic calendar. Additionally, Eightcap has an extensive range of cryptocurrency pairs for trading.
| Recommended in 5 best broker guides: |
| Forex | CFD | European Regulated | CySEC | Australia |
IC Markets: Snapshot
Established in 2007, IC Markets was founded in Sydney, Australia. Licensed by three financial authorities, including two Tier-1 regulators, IC Markets provides access to over 2,250 tradable instruments through the MT4, MT5, and cTrader platforms, along with additional research tools.
IC Markets: Who is it For?
IC Markets is ideal for advanced short-term traders due to its competitive ECN-style pricing and ultra-fast trade execution under 40 milliseconds. The broker offers a zero requote policy and no minimum order distance restriction, making it perfect for short-term traders and those who use algorithmic strategies.
What Makes IC Markets Stand Out?
IC Markets stands out as a well-regulated broker, licensed by three financial authorities, including two Tier-1 regulators. It offers access to MT4, MT5, and cTrader platforms, third-party research tools from Autochartist and Trading Central, an above-average range of tradable instruments, and low trading fees.
| Recommended in 8 best broker guides: |
| Forex | CFD | Platforms | Low Spreads | Crypto | Regulated | MT5 | Automated Trading |
Trust
Eightcap vs IC Markets Trust and Regulation Comparison
Trust Rank | 4.2 | 4.1 |
Regulators & Max Leverage | 1:30 (ASIC), 1:30 (FCA), 1:30 (CySEC), 1:200 (SCB) | 1:30 (CySEC), 1:30 (ASIC), 1:500 (FSA) |
Foundation Year | 2009 | 2007 |
Publicly Traded |
Founded in 2009, Eightcap operates with three entities licensed by Tier-1 regulators: CySEC (Cyprus), FCA (UK), and ASIC (Australia). One entity is licensed by a Tier-3 regulator, the SCB (Bahamas), and another entity based in the Seychelles is unregulated. The Tier-1 regulated entities provide the highest level of investor safety and transparency regarding trading conditions and terms.
Founded in 2007, IC Markets has 2 entities licensed by Tier-1 regulators, CySEC (Cyprus) and ASIC (Australia), offering the highest level of safety and stability. One entity is licensed by the Tier-3 regulator FSA (Seychelles), which provides insurance up to $1 million from Lloyds of London.
Fees
Eightcap vs IC Markets Spreads, Fees, and Commissions Comparison
Fees Rank | 4.7 | 4.6 |
Inactivity Fee |
We assessed that Eightcap offers competitive spreads across the board. During our live fee test with Eightcap’s commission-free Standard CFD Account, we observed that the spread for EUR/USD averaged 1.0 pips during the London and New York sessions, aligning with the industry average. The Australian entity also does not charge any inactivity or account maintenance fees.
IC Markets provides highly competitive spreads in both its Standard and ECN accounts. Using IC Market’s commission-free Standard CFD Account, we found that the spread for EUR/USD averaged 0.65 pips during the London and New York sessions, outperforming the industry average of 1.0 pips. Additionally, there are no account maintenance or inactivity fees.
For more options, you can also check out our list of the best forex brokers with the lowest spreads.
Platforms and Tools
Eightcap vs IC Markets Trading Platforms Comparison
Platform Rank | 4.3 | 4.4 |
Trading Platforms | MT5, MT4, WebTrader, TradingView | MT5, cTrader, MT4, TradingView, Zulutrade |
Mobile Apps | Android, iOS | Android, iOS |
Eightcap offers the MT4 and MT5 trading platforms across desktop, web, and mobile devices. The MT5 web platform, designed with a user-friendly interface, provides real-time quotes, watchlists, 31 technical indicators, 4 analytical objects, 9 timeframes, and 3 chart types, and is well-suited for novice traders. Advanced traders might prefer the desktop platform for its expanded range of timeframes, indicators, and algorithmic trading functions. Eightcap also offers an intuitive TradingView platform.
IC Markets offers a comprehensive range of trading platforms, including MT4, MT5, and cTrader, across desktop, web, and mobile devices. These platforms cater to advanced traders, with cTrader specifically designed for high-frequency, short-term trading, featuring functionalities like one-click trading and depth of market. Beginners might favor the mobile apps, which are easier to trade from but offer limited charting features. The trading signals from Autochartist and market research from Trading Central are also useful for new traders.
Tradable Instruments
Eightcap vs IC Markets Instruments Selection Comparison
Tradable Instruments Rank | 4.7 | 4.7 |
# Tradable Instruments | 763 | 2245 |
# Currency Pairs | 56 | 61 |
# Commodities | 14 | 25 |
# Crypto | 92 | 21 |
# Stocks | 585 | 2100 |
# Indices | 16 | 25 |
Eightcap offers a diverse selection of over 800 financial CFD instruments across global asset classes, catering to traders of all proficiency levels. Its extensive offering for cryptocurrency traders, with over 92 cryptocurrency CFDs available, is particularly noteworthy.
IC Markets boasts a vast selection of over 2,250 financial CFD instruments covering global asset classes. While beneficial for a wide range of traders, the broker excels in catering to stock traders, offering more than 2,100 stock CFDs from regions including the U.S., Australia, Amsterdam, Spain, France, Germany, and the UK.
Customer Support
Eightcap vs IC Markets Customer Support Comparison
Customer Support Rank | 4.3 | 4.6 |
Availability | Available 24/5 | Available 24/7 |
Live Chat |
Eightcap provides customer support from 9:00 am to midnight (GMT + 2), accessible via phone, live chat, and email seven days a week. During our live test, we observed a mixed experience. While the live chat support was slow, the agents proved helpful and knowledgeable. Emails were responded to within 1 business day.
IC Markets offers 24/7 customer support via email and live chat. Email responses were received within a day, and live chat within two minutes. The responses were thorough and helpful. However, the general support phone number did not work.
Research
Eightcap vs IC Markets Research Tools Comparison
Research Rank | 5.0 | 4.7 |
News (Top-Tier Sources) | ||
Economic calendar | ||
Videos/Webinars | ||
Trading Central (Recognia) | ||
Autochartist |
Eightcap delivers expert market analysis through its YouTube channel and dedicated analysts. Their content includes a Weekly Market Breakdown, summarizing the week’s news and its market impact, and the In the Charts series, featuring instrument picks from seasoned analysts. Typically lasting 15 minutes, these videos cater to traders of all levels, from beginners to advanced. The AI Economic Calendar is useful for news-based and fundamental traders, covering 1,000 economic events across 55 countries and offering historical event analysis and future price range projections.
IC Markets provides an Information Hub for Serious Traders, featuring regularly updated market news and technical and fundamental analysis reports from its in-house team. The content is actionable and useful for beginner to intermediate traders. The broker also offers content from Trading Central, including Analyst Views, Featured Ideas and Technical Insights, benefitting advanced traders. The trading signals from Autochartist are useful to all traders.
Deposits & Withdrawals
Eightcap vs IC Markets Deposit and Withdrawal Methods Comparison
Deposit and Withdrawal Rank | 4.9 | 4.9 |
Deposit Options | PayPal, Wire Transfer, Skrill, Neteller, Credit Card, Bpay, Visa | Poli, PayPal, Wire Transfer, Skrill, Neteller, Credit Card, Union Pay, Klarna, Rapid Transfer, Bpay, Broker to Broker, Debit Card, Local Banks |
Withdrawal Options | Wire Transfer, PayPal, Bpay, Skrill, Neteller, Visa | Wire Transfer, Neteller, Skrill, Credit Card, PayPal, Klarna, Rapid Transfer, Union Pay, Bpay, Broker to Broker, Poli, Local Banks, Debit Card |
Withdrawal Fee |
Eightcap facilitates fee-free deposits and withdrawals through various methods: bank wire transfer (2 – 7 working days), Visa/Mastercard (instant), and Skrill (1 – 5 business days). Withdrawals via Visa, Mastercard, and Skrill require a minimum of 10 EUR/USD/GBP, while bank wire transfers have a minimum of 30 EUR/USD/GBP.
IC Markets offers 15 fee-free deposit and withdrawal methods for more than ten currencies. Most methods, such as debit/credit cards, PayPal, Neteller, and Skrill, offer instant processing times. Bank wire transfers take the longest (2 – 5 working days), and international wires can take up to 14 working days.
Account Types and Terms
Eightcap vs IC Markets Account Types Comparison
Account Types and Terms | 4.9 | 4.9 |
# Base Currencies | 56 | 61 |
Islamic Account | ||
Demo Account | ||
Minimum Deposit | $100 | $200 |
Eightcap provides two distinct account types catering to different trading styles. The Standard Account, ideal for beginners, facilitates commission-free and micro lot trading of 0.01 lots. The Raw Account, tailored for advanced and short-term traders, features lower spreads than the Standard Account but entails a commission of USD 3.50 per lot, which aligns with the industry average.
IC Markets offers three account types for different traders. The Standard MetaTrader Account offers zero-commission trading and is suited for beginner traders. The Raw Spread MetaTrader and Raw Spread cTrader accounts charge lower spreads and a commission per trade. The Raw Spread cTrader commission is USD 3.00 per lot, better than the industry average of USD 3.50.
Education
Eightcap vs IC Markets Educational Content Comparison
Education Rank | 4.4 | 4.4 |
Videos | ||
Webinars |
Eightcap provides a limited selection of educational resources. While it offers articles on fundamentals and trading strategies, there are no platform video tutorials, webinars, or courses available. The materials are primarily geared towards beginner traders seeking introductory information.
IC Markets offers an extensive range of educational resources, including articles, tutorial videos, and live webinars. The content library caters to both beginner and advanced traders, covering topics such as algorithmic trading.
Our Methodology
Since 2011, FX Empire has developed a detailed methodology for evaluating CFD brokers, involving over 250 variables across nine crucial categories. Our team of experts, with deep industry knowledge, conducts live testing and research by interacting with the brokers directly. We check regulations, open accounts, test spreads, account costs, platform functionality, instrument variety, customer support reliability, and the quality of research and educational content. This granular analysis helps us identify each broker’s strengths and weaknesses, keeping our comparisons current with market trends and ensuring our guides meet traders’ needs.
We strive to evaluate each broker objectively, considering how their offerings align with the diverse trading goals and preferences of our readers. Our focus is on providing a balanced overview of each broker’s strengths and weaknesses. This method ensures that our readers receive clear, insightful comparisons to aid in making well-informed trading decisions.
We employ a comprehensive rating system across nine key categories:
- Trust
- Fees
- Platforms and Tools
- Tradable Instruments
- Customer Support
- Research
- Deposits and Withdrawals
- Account Types and Terms
- Education
In each category, we conduct an in-depth analysis for both brokers, outlining features, advantages, and disadvantages and determining their suitability for different trader profiles. By blending insights from our extensive reviews with first-hand experiences and observations, we ensure each comparison is balanced, informative, and tailored to the trader’s unique needs. You can read more about our review process here.