Founded in 2009, EightCap is a brokerage firm with a mission to provide exceptional financial services to its clients. This FX and CFD broker offers fast execution on more than 200 trading instruments, using their Equinix-connected trade servers.
XM is a CySEC, ASIC and IFSC regulated, multi-asset class broker offering to trade on more than 1,000+ tradable CFD’S on Forex, Stocks, Commodities, Indices, Metals and Energies on the globally-recognised trading platforms MetaTrader 4 and MetaTrader 5 for PC, Mac, Web, iOS and Android systems.
|#||Broker's Features||XM Availability||EIGHTCAP Availability|
|#||Accepts US traders||❌||❌|
|#||24 hour trading||✔||❌|
|#||Trading by phone||❌||❌|
|#||1st deposit bonus||❌||❌|
|#||Forex contests competitions||✔||❌|
|#||Interest charges on the balance||✔||❌|
|#||24 hour support||✔||✔|
The variety of online brokers on the internet is very huge, so it is necessary to do a transparent review and comparison of the companies. After spending several days researching different forex brokers for trading FX, our team at onlineforextrading.net team collected over 50 data points. For this review, we will compare XM vs Eightcap.
Financial Trading and Investment Services: First of all, you should know which financial instrument you want to trade and then searching for the right broker. This can be stocks, forex, CFDs, cryptocurrencies or options. XM offers Online Financial Trading and Investment Services Such as CFD, Forex, Cryptocurrency, Stocks, Futures, while Eightcap offers Currencies, Commodities, Indices, Cryptocurrency.
Broker Type: Many types of brokers can be found in the most dynamic market in the world. XM is Market Maker, while Eightcap is No dealing desk.
Minimum Deposit Requirement: To compare these two FX brokers, we will then take a look at how much is required as a basic minimum to open an account. You need to consider how much money you can spare to start off a Forex brokerage. XM recommended minimum capital is 5, while Eightcap has a Minimum Deposit Requirement of .
Is the Forex broker regulated? Commissions and fees aside, let's take a look at regulation. Trust is critical, and you should highly consider choosing a broker that regulated in a major hub. XM is regulated by ASIC, CySEC, IFSC, while Eightcap regulated by ASIC. For our reviews, official regulation of an official financial authoritarian is required. Brokers have to fulfill certain conditions to get these licenses. In order to violate the rules, they would lose their license and a lot of money.
Account currencies: Next lets consider the Account currencies each broker offers. XM offers EUR, USD, GBP, JPY, CHF, HUF, PLN, RUB, SGD, ZAR, different account currencies for each account types, while Eightcap offers AUD, USD, GBP, EUR, NZD, SGD account currencies.
Languages Available: Next lets have a look at each broker's different Language options. XM offers English, Arab, Bulgarian, Vietnamese, Greek, Indonesian, Spanish, Italian, Chinese, Korean, Malay, Deutsch, Polish, Portuguese, Russian, Turkish, French, Swede, Japanese, while Eightcap offers Chinese, English, French, German, Italian, Korean, Customer Support Languages.
Payment methods: Next lets have a look at each broker's payment options. XM offers Credit/Debit Cards, Netteler, Skrill, Klarna, Przelewy 2 different payment methods for each account types, while Eightcap offers Credit/Debit Cards, Skrill, Bank Wire Transfer payment methods.
Trading platforms: Next, let's look at the tools and features fx traders desire. With trading platforms, XM makes MT4, MT5, WebTrader available to clients, while Eightcap offers MT4, MT5.
There’s no such thing as a perfect broker, but some are going to be a better fit for you than others.
Objectively, XM is more reliable based on our criteria above. Regulations play a huge role in protecting the traders/investors interest as they compel the financial service providers such as forex brokers to act in a fair and ethical manner. XM broker is regulated in more major hubs. XM offers a wider range of platforms making it easier for the traders to choose one that matches their needs most. XM offers a wider range of Account currencies. Why does base currencies matter? Because if you fund your account in the same currency as your bank account, currency conversion fees won't be charged. Customer service in your national language might not be a major concern for traders based in English-speaking countries, but it is a defining requirement for traders from other regions such as Asia and South America. XM has a wider range of languages in which customer service is offered making the broker more accessible. One of the criteria we looked at before opening an account on a forex broker is the minimum deposit amount. XM broker offers lower minimum deposit requirement. As a market maker, XM may have lower entry requirements compared to an ECN broker who benefits from a higher volume of trades and typically has larger capital and minimum trade requirements. Market makers typically have a lower minimum deposit, smaller minimum trade requirements and no commission on trades. Only XM provides training and education resources which is extremely critical to beginner traders who may not be familiar with most of what goes on in the Forex markets.
XM has low trading fees. The account opening is user-friendly and fast. From a demo account to webinars, you can use a lot of educational tools.
XM has a limited product portfolio as it offers only CFDs, forex, and crypto. The research tools are limited as no fundamental data and news are provided. Lastly, it charges a monthly $5 fee after 90 days of inactivity.
Finally, if you're really not sure you can always use our free tool (takes 15 seconds) that will help you find a suitable Personalised Broker based on your precise requirements here.