Eightcap vs FP Markets: which ASIC broker wins in 2026?
FP Markets is the clear winner for Australian retail traders. It is cheaper on commission (AUD 3.00 vs 3.50 per side, AUD 6.00 vs 7.00 round-turn), quotes tighter raw EUR/USD spreads (0.1 vs 0.2 pip average), adds cTrader to the platform stack, and uniquely offers IRESS for direct ASX share trading from the same login. It has also been ASIC-regulated four years longer (Sydney since 2005 vs Eightcap's Melbourne operation since 2009). Both require a AUD 100 minimum, both are ASIC-regulated with clean records, and Eightcap holds genuine edges in two niches: direct TradingView order placement and multi-jurisdiction regulation (ASIC plus FCA plus SCB). But on the cost-and-execution variables that decide most retail outcomes, FP Markets wins head-to-head.
FP Markets wins on cost, platforms, and ASX share access
Why FP Markets is the clear winner:
- Lower commission (AUD 3.00 vs 3.50 per side, AUD 6.00 vs 7.00 round-turn)
- Tighter raw EUR/USD spreads (0.1 pip average vs Eightcap's 0.2 pip)
- cTrader on the platform stack (Eightcap offers MT4 / MT5 / TradingView only)
- IRESS for direct ASX share trading from the same login (no Eightcap equivalent)
- Four years longer continuous ASIC-regulated operating history (2005 vs 2009)
- Same AUD 100 minimum deposit, so no accessibility penalty for choosing the cheaper broker
- Stronger structured education content for beginners
Eightcap is a genuinely credible ASIC broker, and it is not beaten on everything. It owns two niches outright: native TradingView order placement, and a multi-jurisdiction regulatory stack (ASIC plus FCA plus SCB). If either of those is decisive for you, Eightcap is the rational pick. But for the typical Australian retail trader weighing cost, execution, and platform breadth, FP Markets is the better default.
At-a-glance comparison
| Feature | Eightcap | FP Markets | Winner |
|---|---|---|---|
| ASIC licence | AFSL 391441 | AFSL 286354 | Tie |
| Headquarters | Melbourne | Sydney | Tie |
| Operating since | 2009 | 2005 | FP Markets |
| Extra regulators | FCA, SCB | CySEC, others (offshore entities) | Eightcap (for AU residents) |
| Minimum deposit | AUD 100 | AUD 100 | Tie |
| EUR/USD avg spread (raw) | 0.2 pip | 0.1 pip | FP Markets |
| Commission per side (raw) | AUD 3.50 | AUD 3.00 | FP Markets |
| Round-turn commission | AUD 7.00 | AUD 6.00 | FP Markets |
| Platforms | MT4, MT5, TradingView | MT4, MT5, cTrader, IRESS | FP Markets |
| cTrader | No | Yes (same login) | FP Markets |
| TradingView (direct order placement) | Yes | No | Eightcap |
| IRESS (direct ASX shares) | No | Yes | FP Markets |
| PayID / Osko support | Yes | Yes | Tie |
| Withdrawal speed | ~20 hours | ~20-24 hours | Tie |
| Education content depth | Good | Strongest among AU peers | FP Markets |
| Overall rating | 4.5 / 5 | 4.6 / 5 | FP Markets (slight) |
Regulation, history, and corporate structure
FP Markets has the longer continuous operating history of the two. First Prudential Markets Pty Ltd holds AFSL 286354 with Sydney operations since 2005, against Eightcap Pty Ltd at AFSL 391441 with Melbourne operations since 2009. Both run clean ASIC records: no enforcement actions, no client fund breaches, no significant sanctions. So the ASIC-baseline protections sit identically across the two, and the four-year history gap is a credibility signal rather than a protection difference.
Client protections are identical at the ASIC level: segregated trust accounts with Australian Tier-1 banks, negative balance protection for retail accounts, and AFCA dispute resolution access. Both have traded through the 2020 COVID volatility spike and the 2022 to 2023 rates re-pricing without major incident.
The one regulation dimension where Eightcap genuinely leads is multi-jurisdiction breadth. Eightcap holds FCA (UK) and SCB (Bahamas) licences on top of ASIC, which appeals to traders who want regulatory backstops in more than one jurisdiction. For an Australian resident, the ASIC licence is the operative one and the FCA / SCB licences do not change the protections that apply to your account, but the wider footprint is a legitimate tiebreaker for some traders. FP Markets also operates offshore entities (CySEC and others) but markets the Australian entity to local residents.
Spreads and commissions head-to-head
This is where the comparison gets concrete, and where FP Markets pulls ahead on two fronts at once: it is cheaper on commission and tighter on raw spread.
| Cost component | Eightcap (Raw) | FP Markets (Raw) |
|---|---|---|
| EUR/USD avg spread (London / NY) | 0.2 pip | 0.1 pip |
| EUR/USD spread cost per standard lot | ~AUD 3.00 | ~AUD 1.50 |
| Commission per side | AUD 3.50 | AUD 3.00 |
| Round-turn commission per standard lot | AUD 7.00 | AUD 6.00 |
| Total round-turn cost (EUR/USD, raw) | ~AUD 10.00 | ~AUD 7.50 |
What does the cost gap actually compound to?
The headline difference is roughly AUD 2.50 per round-turn on EUR/USD once both the AUD 1 commission gap and the spread gap are counted. Modelled across realistic AU retail volume profiles:
- Casual trader, 5 round-turns per week: ~AUD 12.50 per week saved at FP Markets, ~AUD 650 per year. Noticeable.
- Active scalper, 100 round-turns per week: ~AUD 250 per week saved, ~AUD 13,000 per year. Material.
- High-frequency EA, 1,000 round-turns per week: ~AUD 130,000 per year. Strategy-defining.
These figures assume EUR/USD; the spread component varies by instrument, but the AUD 1 round-turn commission advantage at FP Markets holds across every pair. For most retail traders the per-trade gap is small in isolation, but compounded over a year of active trading it is the dominant factor in broker choice and makes FP Markets the obvious pick on cost grounds alone, before considering cTrader or IRESS.
Both brokers run raw ECN-style routing on their Raw accounts, fed by tier-1 liquidity providers, so retail execution quality is broadly comparable. The cost saving at FP Markets is not offset by any measurable execution disadvantage, which is why it flows straight to the bottom line.
Decided? Skip ahead and open the account with our pick.
Open Account with FP MarketsPlatforms: cTrader and IRESS vs TradingView
Both brokers offer MetaTrader 4 and MetaTrader 5. From there the platform philosophies diverge sharply.
| Platform | Eightcap | FP Markets |
|---|---|---|
| MetaTrader 4 | Yes | Yes |
| MetaTrader 5 | Yes | Yes |
| cTrader | No | Yes (same login) |
| TradingView (direct order placement) | Yes | No |
| IRESS (direct ASX shares) | No | Yes (same login) |
| Mobile app quality | Strong | Strong |
FP Markets supports MT4, MT5, cTrader, and IRESS from a single login with shared funding. cTrader appeals to traders who value its depth-of-market ladder and C# algo development; IRESS is the institutional-grade Australian equity platform (more below). Eightcap omits both but adds native TradingView order placement, which FP Markets lacks.
The practical read: FP Markets has more platforms and the only direct-ASX-share platform, while Eightcap has the one platform FP Markets cannot offer. Which way that cuts depends entirely on whether your workflow is anchored on TradingView or on cTrader / IRESS.
IRESS: where FP Markets pulls clear
IRESS is institutional-grade Australian equity trading software. Wealth managers, financial advisers, and institutional dealers across Australia run IRESS as their primary equity platform. Retail brokerage exposure to IRESS is rare, and FP Markets is the only retail forex broker offering direct IRESS access in the Australian market.
What this means in practice:
- Direct ASX share trading from the same account used for forex. Real share ownership, not synthetic CFD exposure, and no need for a separate equities broker.
- Level 2 depth of market showing the actual bid / ask ladder rather than just top of book. Useful for working larger orders without disturbing price.
- Integrated market intelligence including company announcements, dividend dates, broker research, and corporate action data.
Eightcap offers neither IRESS nor direct ASX share trading. For a trader who wants both forex / CFD activity and direct Australian equities from one login, FP Markets is structurally unique among AU brokers and Eightcap is simply not in the running. The competing approach is to maintain a separate ASX broker (CommSec, SelfWealth, Stake) alongside Eightcap, which is operationally more complex.
TradingView: where Eightcap pulls clear
To keep this comparison honest: Eightcap wins the platform battle on exactly one front, and it is a meaningful one for a large slice of retail traders. Eightcap offers native TradingView integration with order placement directly from the TradingView chart interface. FP Markets does not offer direct TradingView order placement.
If TradingView is your primary charting and execution environment, this is a real reason to prefer Eightcap. Many discretionary traders live inside TradingView for its charting, indicators, and community scripts, and being able to place and manage orders without leaving the platform is genuinely valuable.
The honest framing is this: FP Markets wins on cost, cTrader, IRESS, and ASX share access; Eightcap wins on TradingView and multi-jurisdiction regulation. For the typical Australian retail trader optimising cost and platform breadth, FP Markets is the better default. For the TradingView-native discretionary trader, Eightcap is the rational pick. The traders for whom Pepperstone (which offers both TradingView and cTrader) is the better answer should read Pepperstone vs Eightcap and Pepperstone vs FP Markets.
Minimums and accessibility
Both brokers require a AUD 100 minimum deposit, so there is no accessibility penalty for choosing the cheaper broker. This is a clean tie, which is unusual: in most FP Markets comparisons the minimum is a differentiator, but Eightcap matches it exactly.
With the minimum neutralised, the accessibility decision flips entirely to running cost (FP Markets cheaper), platform fit (TradingView for Eightcap, cTrader / IRESS for FP Markets), and education depth (FP Markets stronger). For a true beginner the AUD 1 per round-turn commission saving compounds quietly in the background while the larger decision is which platform you want to learn on. Position-sizing math at 1 percent risk per trade tolerates a AUD 100 account at either broker; the position size calculator demonstrates the maths.
Who wins on specific use cases
Cost-sensitive active forex trader
Winner: FP Markets. Cheaper on both commission (AUD 1 per round-turn) and raw spread (0.1 vs 0.2 pip on EUR/USD). The combined gap compounds hardest at high volume.
TradingView-native discretionary trader
Winner: Eightcap. Native TradingView order placement is the one area FP Markets cannot match. If you live inside TradingView, Eightcap is the better fit.
Australian investor combining forex and ASX shares
Winner: FP Markets. IRESS for direct ASX share trading is structurally unique. Eightcap offers no equivalent.
cTrader or algorithmic trader
Winner: FP Markets. cTrader (depth-of-market ladder, C# algos) is available at FP Markets and not at Eightcap.
Trader who weights multi-jurisdiction regulation
Winner: Eightcap. ASIC plus FCA plus SCB is a wider footprint than FP Markets markets to Australian residents. For an AU resident the ASIC licence is the operative one, but the breadth is a legitimate tiebreaker.
Beginner choosing a first broker
Winner: FP Markets. Same AUD 100 entry, lower running cost, and stronger structured education content. Eightcap is a credible alternative if TradingView is the learning environment you want.
Final recommendation: FP Markets for Australian retail traders
FP Markets is the better default across most realistic Australian retail use cases. It is cheaper on commission (AUD 1 per round-turn saved), tighter on raw EUR/USD spread (0.1 vs 0.2 pip), broader on platforms (adds cTrader), four years longer ASIC-regulated (2005 vs 2009), and the only broker of the two offering IRESS for direct ASX share trading. The AUD 100 minimum is identical, so none of that comes at an accessibility cost.
Eightcap is not a weak broker. It matches FP Markets on minimum deposit, it holds a clean ASIC record, and it wins outright in two niches: native TradingView order placement and a multi-jurisdiction regulatory stack (ASIC plus FCA plus SCB). For a TradingView-native trader, or for someone who specifically wants FCA / SCB backstops alongside ASIC, Eightcap is the rational choice.
But for the typical Australian retail trader optimising for cost, execution, platform breadth, and the option of direct ASX share access from one login, FP Markets wins head-to-head. The cost saving compounds, the platform stack is wider, and IRESS is a free option even if you do not initially plan to trade ASX shares.
For traders comparing the broader ASIC ECN landscape, the IC Markets vs FP Markets, Pepperstone vs FP Markets, and Pepperstone vs Eightcap comparisons cover the rest of the field.
FP Markets
AUD 100 minimum. AUD 6.00 round-turn. 0.1 pip EUR/USD raw. cTrader plus IRESS for direct ASX shares. AFSL 286354, operating since 2005.
Eightcap
AUD 100 minimum. Native TradingView integration. Multi-jurisdiction (ASIC + FCA + SCB). AFSL 391441. Credible alternative if TradingView or the FCA/SCB regulatory mix is decisive for you.
Frequently asked questions
FP Markets is the better choice for Australian retail traders. It wins on commission (AUD 3.00 vs 3.50 per side, saving AUD 1 per round-turn), tighter raw EUR/USD spreads (0.1 vs 0.2 pip average), a broader platform stack that adds cTrader, four years' longer ASIC operating history (Sydney since 2005 vs Eightcap's Melbourne operation since 2009), and the unique IRESS platform for direct ASX share trading from the same account. Both require a AUD 100 minimum and both are ASIC-regulated with clean records. Eightcap wins in two niches: direct TradingView order placement and multi-jurisdiction regulation (ASIC plus FCA plus SCB). On the cost-and-execution variables that decide most retail outcomes, FP Markets wins.
No. FP Markets is cheaper on both commission and spread. FP Markets charges AUD 3.00 per side (AUD 6.00 round-turn) on its Raw account; Eightcap charges AUD 3.50 per side (AUD 7.00 round-turn) on its Raw account. FP Markets also averages 0.1 pip on EUR/USD raw versus Eightcap's 0.2 pip, so the total round-trip cost gap is wider than the commission alone. On 100 standard lots traded per month, FP Markets saves at least AUD 100 in commission plus the spread difference.
No. Direct TradingView order placement is the one platform area where Eightcap clearly beats FP Markets. Eightcap supports MT4, MT5, and native TradingView integration with order placement from the chart. FP Markets supports MT4, MT5, cTrader, and IRESS but does not offer direct TradingView order placement. If TradingView is your primary execution interface, Eightcap is the better fit; if you want cTrader, IRESS, or ASX share access, FP Markets is.
No to both. Eightcap supports MT4, MT5, and TradingView only. It does not offer cTrader, and it does not offer IRESS for direct ASX share trading. FP Markets offers cTrader and IRESS from a single login alongside MT4 and MT5. For a trader who wants direct ASX share ownership from the same account used for forex, FP Markets is the only option of the two.
Yes. Eightcap holds AFSL 391441 under Eightcap Pty Ltd (Melbourne, operating since 2009). FP Markets holds AFSL 286354 under First Prudential Markets Pty Ltd (Sydney, operating since 2005). Both maintain clean ASIC records, segregated client funds with Australian Tier-1 banks, negative balance protection for retail accounts, and AFCA dispute resolution access. Eightcap additionally holds FCA (UK) and SCB (Bahamas) licences, which can matter for traders who weight multi-jurisdiction regulatory backstops, though for Australian residents the ASIC licence is the operative one. FP Markets has been operating four years longer.
FP Markets, decisively. It is the only retail forex broker in Australia offering direct IRESS access for real ASX share ownership from the same account used for forex and CFDs. Eightcap offers neither IRESS nor direct ASX share trading. If combining forex with direct Australian equities from one login matters to you, FP Markets is the only viable choice in this comparison.
Yes. Some traders run both: FP Markets as the cost-and-platform primary (cheaper commission, cTrader, IRESS for ASX shares) and Eightcap as a TradingView-anchored secondary that also adds FCA and SCB regulatory backstops. For most Australian retail traders, though, FP Markets alone covers the core needs at lower cost, and adding Eightcap is a diversification or TradingView-workflow choice rather than a capability gap to fill.
About this analysis
