In the fast-paced world of forex trading, choosing the right broker is crucial. Eightcap and BlackBull Markets are two popular options, each with unique strengths and weaknesses. This comparison will dive into the key features of both platforms,helping you decide which one best suits your trading style and goals.
The radar chart above illustrates the comparison between Eightcap and BlackBull Markets across several key metrics, with the highest possible score being 100 in each category.
At FxScouts, our mission is to assist traders in finding the broker that best suits their needs. Comparing brokers side-by-side is an effective method to achieve this goal. We evaluated Eightcap and BlackBull Markets, using our standard criteria: trust and regulation, trading platforms, costs and trading conditions, and educational and market analysis resources.
Trust and regulation are crucial when selecting a Forex broker. A broker’s credibility is largely built on its regulatory status. We spend considerable time verifying the safety of each broker by examining their regulatory licenses. We also consider numerous factors when deciding which tier a regulator belongs to. Regulators that we rank as the world’s top regulators, gets a tier 1 rank, while regulators who only scores a tier 5-rank, provide virtually no regulatory oversight. The more top-tier authorities regulating a broker, the higher its trust rating. Read more about regulation and our tier system here.
In our comparison:
Based on these findings, Eightcap earned a higher trust rating than BlackBull Markets.
When comparing brokers, trading costs are a significant factor. We consider the minimum deposit required to open an account and ongoing costs, including spreads and commissions. We measure the cost to trade one lot of EUR/USD using the broker’s account with the lowest minimum deposit, including both the spread and any commission charged.
We found that BlackBull Markets has overall lower trading costs than Eightcap.
Trading Platforms Offered Traders prefer brokers that offer a variety of trading platforms. We rate brokers higher if they support multiple platforms like MetaTrader4, MetaTrader5, cTrader, and proprietary platforms.
Copy trading is beneficial for beginner traders or those unable to trade full-time. In this case both BlackBull Markets and Eightcap offer copy trading.
A broader range of CFD instruments provides more trading opportunities. BlackBull Markets offers a greater variety of instruments compared to Eightcap:
For those interested in trading cryptocurrencies, BlackBull Markets offers 10 cryptocurrencies, while Eightcap offers 0 cryptocurrencies. Therefore, BlackBull Markets is the better choice for cryptocurrency trading.
Traders prefer brokers with quick and cost-effective deposit and withdrawal processes. We favor brokers that process withdrawals within 24 hours using multiple methods without charging fees.We found that BlackBull Markets charges a withdrawal fee and Eightcap does not. Overall, BlackBull Markets has better deposit and withdrawal processes than Eightcap.
We often find that brokers offer very little in the way of educational materials, forcing traders to use other third-party sites or self-educate elsewhere. Beginner traders need well-structured, well-presented materials in multiple formats to get a good start at trading. More experienced traders also benefit from webinars led by experts in the field and advanced trading strategy sections with new trading ideas.
BlackBull Markets has better educational support than Eightcap. Both BlackBull Markets and Eightcap offer educational support for more experienced traders.Access to frequent and high-quality market research and analysis is crucial.
We found that Eightcap offers better research analysis than BlackBull Markets and that both BlackBull Markets and Eightcap offer frequent webinars.
With two simple low deposit accounts, Eightcap offers appeals to cryptocurrency traders who are familiar with the MT4 and MT5 trading platforms looking for a large range of cryptocurrency options.
A well-regulated broker, Eightcap offers trading on Forex, indices, commodities, share CFDs, and over 250 cryptocurrencies, the largest set in the industry.
Eightcap offers two live accounts and a demo account. Both of its live accounts have a minimum deposit of 100 AUD (or currency equivalent), making them appealing to beginner traders. The Standard Account has fees included in its variable spreads, which average at 1 pip on the EUR/USD, while its Raw Spread Account offers competitive spreads of 0.1 pips (EUR/USD) in exchange for a commission of 7 USD (round turn).
Both MT4 and MT5 are fully supported, and Eightcap offers a premium toolset by FX Blue Labs that includes an array of sophisticated alarms and messaging systems, and live sentiment and correlation tracking. It also offers Capitalise.ai, a platform that helps customers create automated trading strategies using intuitive non-coding language.
While Forex education and analysis are not as comprehensive as some of Eightcap’s larger competitors, customer service is available in 10 languages and is responsive and knowledgeable.
Founded in New Zealand in 2014, BlackBull Markets is an ECN-only broker that offers trading on a limited number of assets compared to most other brokers, including Forex, commodities, and indices.
While BlackBull Markets offers a range of accounts for beginners and more experienced traders, trading costs are higher than those of other brokers on its entry level commission-free account, with average spreads of 1.2 pips on the EUR/USD. Trading costs improve on its Prime and Institutional Accounts, with spreads down to 0.1 pips (EUR/USD), but this is in addition to a commission and high minimum deposit requirements of 2,000 USD and 20,000 USD respectively.
BlackBull Markets provides direct market access on the MT4 and MT5 trading platforms and offers a number of useful trading tools, including a VPS service, FIX API and copy trading through third-party providers Zulutrade and Myfxbook Autotrade, but these are available at an additional cost.
Finally, BlackBull Markets’ educational and market analysis materials are limited compared to most other brokers, forcing traders to self educate elsewhere, but unlike most other brokers it offers personalised customer service.
For more detailed reviews, please read our comprehensive assessments of Eightcap and BlackBull Markets.
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Broker | Regulated by FCA | Licenced by | Min. Deposit | Cost of Trading | Broker Score | Official Site | Compare |
---|---|---|---|---|---|---|---|
No | GBP 100 | USD 9 | |||||
Yes | GBP 100 | USD 6 | |||||
Yes | GBP 0 | USD 10 | |||||
Yes | GBP 100 | USD 7 | |||||
Yes | GBP 0 | USD 6 | |||||
No | GBP 5 | USD 6 | |||||
Yes | GBP 0 | USD 7 | |||||
Yes | GBP 100 | USD 14 | |||||
No | GBP 50 | USD 6 | |||||
Yes | GBP 100 | USD 7 |
Alison and Chris cover a range of topics, including how to choose a Forex broker, safety and regulation, how to reduce your risk, trading psychology, trading platforms, and trading strategies, among others.
The FxScouts podcast helps beginner Forex traders get the best start to their trading careers.