AuthorBy Björn Michels
Updated: August 5, 2022

Trading with a reputable online broker is a crucial factor for success in the international markets. At Forex Malaysia, we help you find the broker that suits your trading needs.

Each year we spend thousands of hours testing brokers by opening accounts, testing their platforms, and rating them according to a set of over 200 metrics. We deposit real money with the brokers to ensure that the products and user experience they advertise are consistent with reality.

We have found that the best way for traders to choose a broker is to compare brokers side-by-side. The comparison tool below allows you to compare two brokers based on their ratings and features.

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Overall Rating
Min. Deposit
Regulation
Trading Desk Type
Trading Instruments
Forex Pairs
Crypto Pairs
Pros
Cons
Regulation
Trading Conditions
Trading Platforms
Deposit & Withdrawal
Education & Research
Assets Available
Customer Service
% Lose with this broker
Leverage
Spread
Hedging
Scalping
Account Types
Islamic Account
Trading Platforms
Funding Methods
Trading Commission
11110.54.13/ 5 AUD 100ASIC BrokersVanuatuSecurities Commission of the BahamasMarket Maker NDDForex, Commodities, Metals, Indices, Stock CFDs, Cryptocurrencies45250
  • Great platform choice
  • Excellent education
  • Limited demo account
  • No swap-free account option
Read Review 111104/ 5 11110.54.5/ 5 11110.54.5/ 5 11110.54.5/ 5 110.5002.5/ 5 11110.54.5/ 5 111104/ 5 0500:10 pips Raw, Standard MT4, MT5Bank Transfer, Visa, Mastercard, Skrill, Neteller, BPay, POLi, Unionpay7 USD / lot
11110.54.29/ 5 USD 100FCA Regulated BrokersCySEC Regulated BrokersFinancial Services Conduct AuthorityDubai Financial Services AuthoritySecurities Commission of the BahamasMarket Maker NDDForex, Stock CFDs, Futures, Indices, Metals, Energies, Cryptocurrencies7030
  • Well regulated
  • Great platform choice
  • Tight spreads
  • Limited education
Read Review 111104/ 5 11110.54.5/ 5 111115/ 5 111115/ 5 1110.503.5/ 5 1110.503.5/ 5 11110.54.5/ 5 71.58%200:10.40 pips FxPro cTrader, FxPro MT4, FxPro MT5, Islamic, ProEdge MT4, MT5, cTrader, FxProEdgeBank Transfer, Mastercard, Visa, Unionpay, Paypal, Neteller, Skrill9 USD / lot

At Forex Malaysia, 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 FxPro and Eightcap, 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 FxPro or Eightcap 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 FxPro holds one Tier 1 and two Tier 2 licences, and Eightcap holds one Tier 1 and no Tier 2 licences.

 

Can I trust FxPro?

Yes as FxPro was founded in 2006 and is regulated by CySEC, DFSA, FCA, FSCA and SCB.

 

Can I trust Eightcap?

Yes as Eightcap was founded in 2009 and is regulated by ASIC, SCB and VFSC.

 

Based on these findings, FxPro earned a higher trust rating than Eightcap.

Does FxPro or Eightcap 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 FxPro. 

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Broker
Trading Conditions
Base Currencies
EURUSD (Standard)
Trading Cost (Standard)
EURUSD (Best)
GBPUSD (Best)
USDJPY (Best)
Commission
Eightcap
11110.54.5/ 5
AUD, CAD, EUR, GBP, NZD, SGD, USD
0.00 pips
USD 7
0.06 pips
0.73 pips
0.23 pips
USD 7
FxPro
11110.54.5/ 5
USD, GBP, EUR, AUD, CHF, JPY, PLN, ZAR
1.40 pips
USD 14
0.40 pips
1.00 pips
0.60 pips
USD 0

 

Does FxPro or Eightcap 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, FxPro offers support for cTrader, MT4, MT5 and FxProEdge and Eightcap offers support for MT4 and MT5. 

Do the brokers offer copy trading?

Copy trading is a great option for beginner traders who can’t trade full-time or lack experience with Forex trading. In this case both Eightcap and FxPro offer copy trading.

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Broker
Platform Choice
Copy Trading
Platforms
Eightcap
11110.54.5/ 5
FxPro
111115/ 5
FxProEdge

 

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 FxPro offers a greater range and depth of instruments to trade than Eightcap. FxPro offers 70 Forex pairs to trade and Eightcap offers 45 Forex pairs to trade.

And what about Cryptocurrencies?

In this case, Eightcap offers 250 cryptocurrencies while FxPro offers 30 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 neither Eightcap nor FxPro charges a withdrawal fee. Overall, FxPro 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 and FxPro both have moderate educational support. Neither Eightcap nor FxPro offer educational support for more experienced traders.

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Broker
Beginner Course
Advanced Course
Eightcap
FxPro

 

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 FxPro offers better research analysis than Eightcap and that FxPro offer frequent webinars and Eightcap does not.

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Broker
Economic Calendar
Autochartist
Trading Central
Trading View
Free VPS
Eightcap
FxPro

 

Our overall Verdict on FxPro

FxPro is a low-risk, well-regulated broker with a wide range of accounts, reasonable minimum deposits, and an excellent selection of trading platforms. Although Malaysians are onboarded through FxPro's global entity, regulated by the SCB of Bahamas, all client money is held in segregated accounts and all traders are offered negative balance protection, which means they cannot lose more than their initial deposit.

Some issues we found with FxPro are that its trading costs are generally much higher than other brokers and that its education and market analysis materials are limited. But we were impressed with how easy-to-use FxPro’s mobile trading app was and the quality of customer support we received. Support is available in a range of languages, including Malay, 24 hours a day, seven days a week.  Malaysians will also be pleased to note that FxPro offers Islamic swap-free accounts. 

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 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.

Which broker has the highest overall rating?

FxPro has an overall rating of 4.29 and Eightcap has an overall rating of 4.13. For more detail please read our reviews of FxPro and Eightcap.

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Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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