How do Eightcap and MultiBank stack up against each other?
The Radar Chart below highlights how the brokers stack up against each other across various metrics. The highest score a broker can receive in each area is 5.
At FxScouts, we help traders find the broker that suits their trading needs. In many cases, the best way to achieve this is to compare brokers side-by-side.
To compare Eightcap and MultiBank, we used the same factors we use when reviewing brokers: The trust and regulation of the broker, the trading platform, the costs and trading conditions, and the level of education and market analysis available at the broker.
Does Eightcap or MultiBank have a better trust and regulation rating?
Trust and regulation are some of the most important factors to consider when choosing a Forex broker. Trust in the Forex trading business is almost entirely founded upon regulation. We spend many hours evaluating the safety of each broker by delving into their fine print and confirming each one of their regulatory licences on the online registers. The more top-tier authorities a broker is regulated by, the higher its trust rating.
In our comparison, we found that Eightcap holds two Tier 1 and one Tier 2 licences, and MultiBank holds three Tier 1 and no Tier 2 licences.
Is MultiBank financially regulated?
Yes MultiBank was founded in 2005 and is regulated by ASIC, B.V.I FSC, BaFin, CIMA, FSC, MAS and VFSC.
Is Eightcap financially regulated?
Yes Eightcap was founded in 2009 and is regulated by ASIC, CySEC, FCA and SCB.
Based on these findings, MultiBank earned a higher trust rating than Eightcap.
Does Eightcap or MultiBank have lower costs?
Another important aspect we consider when comparing brokers is the cost of trading. When evaluating trading costs, we always consider the minimum deposit required to open an account and the ongoing trading costs, including the spreads and commissions. When calculating trading costs, we measure the cost to trade one lot of EUR/USD using the broker’s account with the lowest minimum deposit. The cost includes both the spread and any commission charged.
Not all brokers publish their trading costs, so we often open accounts and trade on their platforms to verify the spreads and commissions. Based on our reviews, we found that Eightcap has overall lower trading costs than MultiBank.
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Does Eightcap or MultiBank offer a better choice of trading platforms?
Traders want Forex brokers to offer them a choice of trading platforms, so we give brokers who offer multiple platforms higher ratings. Trading platforms we consider include MetaTrader4, MetaTrader5, cTrader and proprietary mobile and web-based platforms.
In this case, MultiBank offers support for TradingView and Eightcap offers support for MT4, MT5 and cTrader.
Do the brokers offer copy trading?
In this case both Eightcap and MultiBank offer copy trading.
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Which broker offers a better choice of trading instruments?
A variety of CFD instruments – and a large range of CFDs for each instrument category allow traders more opportunities for profitable trading. The best brokers will have thousands of CFDs to trade, covering all these instrument categories. We found that MultiBank offers a greater range and depth of instruments to trade than Eightcap. MultiBank offers 50 Forex pairs to trade and Eightcap offers 40 Forex pairs to trade.
And what about Cryptocurrencies?
In this case, MultiBank offers 11 cryptocurrencies while Eightcap offers 0 cryptocurrencies. So if you want to trade cryptocurrencies, we advise trading with MultiBank.
Which broker offers better deposit and withdrawal processes?
Although brokers may have reasonable trading fees, many traders are caught out by the high non-trading fees charged by some brokers, including deposits and withdrawals. Traders want to be able to deposit and withdraw funds quickly and cheaply. Most brokers have multiple funding methods with zero fees for making deposits, but some brokers make it more expensive and take longer to process withdrawals.
We rate brokers more highly that process withdrawals within 24 hours by multiple withdrawal methods and without charging processing fees. We found that neither Eightcap nor MultiBank charges a withdrawal fee. Overall, MultiBank has better deposit and withdrawal processes than Eightcap.
Which broker offers better educational support?
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.
Eightcap has better educational support than MultiBank. Both Eightcap and MultiBank offer educational support for more experienced traders.
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Which broker offers better market analysis materials?
To successfully predict the price movements of an instrument, traders will need access to frequent market research and analysis. We find that research and market analysis are always better when they are produced in-house and updated frequently. Third-party resources don’t show the same expertise in trading ideas, so we place a strong emphasis on frequent in-house updates. Some brokers also often offer interactive webinars where traders can learn from experts in the field.
We found that Eightcap offers better research analysis than MultiBank and that both Eightcap and MultiBank offer frequent webinars.
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Our overall Verdict on Eightcap
Eightcap is an FCA-regulated broker with a single trading account only available on the TradingView platform. This account has a minimum deposit of 100 GBP (or currency equivalent) with spreads starting at 1 pip on the EUR/USD. Assets available to trade include 40+ Forex pairs, indices, commodities, and share CFDs.
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. Beginners should be aware that Eightcap does not offer a demo account.
Eightcap Group Ltd for UK residents is FCA authorised and regulated and offers CFD trading on over 600 markets across forex, indices, commodities, and shares. Eightcap’s UK entity is the only dedicated, specialist TradingView broker in the UK, providing a tailored product experience to get the most out of trading via TradingView.
*You must meet the Eightcap target market criteria (including being assessed as having the required knowledge and experience to trade in CFDs to trade with this broker)
Our overall Verdict on MultiBank
A well-regulated broker with the largest number of CFDs in the industry, Multibank will appeal to experienced traders who prefer paying higher minimum deposits for tighter spreads and those looking to trade share CFDs from a wide range of global stock exchanges.
Multibank offers support for the MT4 and MT5 trading platforms in addition to a copy trading platform and a range of trading tools including free VPS hosting, MAM/PAMM accounts, and FIX API. Of the three account types on offer, its high deposit ECN account with tight spreads will appeal to more experienced traders.
Multibank offers trading on Forex, cryptocurrencies, commodities, metals, indices, and over 20,000 share CFDs, the largest set in the industry. A significant drawback for beginner traders considering MultiBank is the lack of educational and market analysis materials.
Which broker has the highest overall rating?
Eightcap has an overall rating of 4.53 and MultiBank has an overall rating of 4.33. For more detail please read our reviews of
Eightcap and
MultiBank.