In the fast-paced world of forex trading, choosing the right broker is crucial. Eightcap and IKOFX 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 IKOFX 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 IKOFX, 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. The more top-tier authorities regulating a broker, the higher its trust rating.
In our comparison:
Based on these findings, Eightcap earned a higher trust rating than IKOFX.
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 Eightcap has overall lower trading costs than IKOFX.
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 Eightcap and IKOFX offer copy trading.
A broader range of CFD instruments provides more trading opportunities. Eightcap offers a greater variety of instruments compared to IKOFX:
For those interested in trading cryptocurrencies, Eightcap offers 100 cryptocurrencies, while IKOFX offers 0 cryptocurrencies. Therefore, Eightcap 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 IKOFX charges a withdrawal fee and Eightcap does not. Overall, Eightcap has better deposit and withdrawal processes than IKOFX.
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 IKOFX. Both Eightcap and IKOFX 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 IKOFX and that both Eightcap and IKOFX 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.
IKOFX, also known as IKO Global Limited, is an STP broker registered in Vanuatu but unregulated. It has support for MT5 and leverage up to 1:1000 on its Mini Account.
With simple account options, one-click trade execution, and optional swap-free Islamic accounts. Intermediate and advanced traders will enjoy the updates to the MetaTrader 4 platform that IKOFX have built by themselves and can take advantage of hedging and scalping, and fast execution and minimal slippage on the ECN account.
For more detailed reviews, please read our comprehensive assessments of Eightcap and IKOFX.
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Broker | Regulated by FCA | Licenced by | Min. Deposit | Cost of Trading | Broker Score | Official Site | Compare |
---|---|---|---|---|---|---|---|
No | USD 20 | USD 6 | |||||
No | USD 10 | USD 7 | |||||
No | USD 5 | USD 6 | |||||
No | USD 100 | USD 9 | |||||
Yes | USD 0 | USD 10 | |||||
No | USD 200 | USD 8 | |||||
No | AUD 100 | USD 6 | |||||
Yes | USD 0 | USD 10 | |||||
No | USD 5 | USD 7 | |||||
Yes | USD 0 | USD 10 |
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.