How do Eightcap and OvalX 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 OvalX, 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 OvalX 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 three Tier 1 and no Tier 2 licences, and OvalX holds two Tier 1 and no Tier 2 licences.
Is Eightcap financially regulated?
Yes Eightcap was founded in 2009 and is regulated by ASIC, CySEC, FCA and SCB.
Is OvalX financially regulated?
Yes OvalX was founded in 2002 and is regulated by CySEC, FCA and FSCA.
Based on these findings, Eightcap earned a higher trust rating than OvalX.
Does Eightcap or OvalX 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 OvalX has overall lower trading costs than Eightcap.
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Does Eightcap or OvalX 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, Eightcap offers support for MT4, MT5 and TradingView and OvalX offers support for MT4 and ETX.
Do the brokers offer copy trading?
In this case both Eightcap and OvalX 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 OvalX offers a greater range and depth of instruments to trade than Eightcap. OvalX offers 62 Forex pairs to trade and Eightcap offers 55 Forex pairs to trade.
And what about Cryptocurrencies?
In this case, Eightcap offers 100 cryptocurrencies while OvalX offers 3 cryptocurrencies. So if you want to trade cryptocurrencies, we advise trading with Eightcap.
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 OvalX charges a withdrawal fee and Eightcap does not. Overall, Eightcap has better deposit and withdrawal processes than OvalX.
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 and OvalX both have moderate educational support. Both Eightcap and OvalX 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 OvalX and that both Eightcap and OvalX offer frequent webinars.
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Our overall Verdict on Eightcap
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 1.00 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.
Our overall Verdict on OvalX
As of January 26, 2023, OvalX is no longer accepting new clients. Choose one of our other recommended brokers for Indian traders.
OvalX (formerly ETX Capital) is an FCA and FSCA-regulated broker with a feature-rich proprietary trading platform and a large range of tradable assets. With its highly customisable trading platform and 5000 share CFDs, OvalX is a good option for experienced traders or serious beginners looking to trade assets other than Forex.
OvalX offers full support for MT4 and its award-winning proprietary platform, TraderPro. Unlike many proprietary platforms, TraderPro caters to beginners and experienced traders and features numerous technical indicators, multiple chart types, split charting, highly customisable workspaces, and easy-to-use risk management tools.
Some traders may be disappointed at the lack of account options at OvalX, which has a single live commission-free account. Trading costs are average compared to other market maker brokers, with a minimum deposit of 100 USD and variable spreads averaging between 0.60 to 1.1 pips on the EUR/USD. Apart from share CFDs, OvalX offers trading on 60+ Forex pairs, cryptocurrencies, indices, commodities, and bonds - excellent for traders who wish to diversify their trading strategy.
OvalX also offers a wide range of educational materials for advanced traders, including regular courses run by professionals who have had successful careers as traders and senior managers at top financial institutions.
Which broker has the highest overall rating?
Eightcap has an overall rating of 4.53 and OvalX has an overall rating of 4.17. For more detail please read our reviews of
Eightcap and
OvalX.