City Index vs Eightcap Comparison
Comparing forex brokers side by side is no easy task. For our 2023 annual forex broker review, we spent hundreds of hours assessing 39 forex and CFD brokerages to find the best forex broker. Let's compare City Index vs Eightcap.
Can I trust City Index?
City Index has a trust score of 99, giving it a "Highly Trusted" trust label. Here's what each trust score label means:
- "Highly Trusted" (90-99) - These brokers are considered the most trustworthy firms in the industry. Simply put, we would not hesitate to open and fund an account with a Highly Trusted broker.
- "Trusted" (80-89) - These brokers are reliable and trustworthy. "Trusted" firms are a solid choice, and may simply hold fewer regulatory licences or feature different corporate structures than those brokers that have earned our top Trust Score rating.
- "Average Risk" (70-79) - Average Risk brokers are firms we generally consider to be safe, but that may warrant a closer inspection before you open and fund a live trading account. At the least, we always encourage traders to check the regulatory licenses for Average Risk firms to verify that they are regulated in their own country of residence.
- "High Risk" (60-69) - High-risk firms should be scrutinized and carefully reviewed before opening an account. These forex brokers are – in most cases – operating without credible regulatory licensing, and likely have a history of legal or financial issues. Before considering an account with a high-risk firm, we recommend checking our country guides for your country of residence to see if a more trusted broker is available.
- "Do Not Trust" (<59) - We do not recommend opening an account of any kind with a broker that earns a “Do Not Trust” rating.
Can I trust Eightcap?
Eightcap has a trust score of 87, giving it a "Trusted" trust label.
Is City Index a good broker?
City Index, part of StoneX Group, is a trusted broker with a long history of offering forex and CFDs across its global offices. City Index provides a large range of markets on its flagship trading platform suite, but pricing is just average, and only a few markets are available on City Index's MetaTrader platform.
Is Eightcap a good broker?
Eightcap is an up and coming broker that boasts a large range of cryptocurrency CFDs, alongside several MetaTrader plugins and related tools. That said, it's offering is otherwise limited in terms of the number of symbols you can trade, and the scope of its educational and reserach materials available could stand to improve.
What tier-1 jurisdictions is each broker regulated in?
Tier-1 regulators go above and beyond by requiring additional capital requirements, checking in on brokers more frequently, and putting brokers through a tougher screening process. City Index is ASIC Authorised (Australia), IIROC Authorised (Canada), MAS Authorised (Singapore) and FCA Authorised (U.K.), while Eightcap is ASIC Authorised (Australia) and FCA Authorised (U.K.)., neither have SFC Authorised (Hong Kong), CBI Authorised (Ireland), FSA Authorised (Japan), FMA Authorised (New Zealand), FINMA Authorised (Switzerland) and CFTC Registered (USA)
What tier-2 jurisdictions is each broker regulated in? What about tier-3?
Tier-2 and tier-3 licenses are still important in evaluating the overall trustworthiness of forex brokers. As far as tier-2 licenses go, City Index is CySEC Authorised (Cyprus) and DFSA / Central Bank Authorised (UAE), while Eightcap is CySEC Authorised (Cyprus)., neither have CBRC Authorised (China), SEBI Authorised (India), ISA Authorised (Israel), CBR Authorised (Russia), FSCA Authorised (South Africa) and SEC Authorised (Thailand). When comparing tier-3 licenses City Index is CIMA Authorised (Cayman Islands), while Eightcap is VFSC Authorised (Vanuatu)., neither have SCB Authorised (Bahamas), IFSC Authorised (Belize), BMA Authorised (Bermuda), FSC Authorised (British Virgin Islands) and FSC Authorised (Mauritius).
Which broker offers more trading platforms?
For trading platforms City Index supports a Proprietary Platform and Desktop Platform (Windows), whereas Eightcap supports a Desktop Platform (Windows)., neither have cTrader, DupliTrade and ZuluTrade
Does City Index offer MetaTrader? Does Eightcap offer MetaTrader?
For MetaTrader City Index provides MetaTrader 4 (MT4), while Eightcap provides MetaTrader 4 (MT4) and MetaTrader 5 (MT5). If MetaTrader is a must for you, read our guides on the best MT4 brokers or best MT5 brokers.
How do City Index and Eightcap differ in terms of minimum deposit? What about average spreads and funding options?
City Index requires a minimum deposit of £100.00, while Eightcap requires a minimum deposit of $100. From our testing we found City Index offers spreads of 1.0 (July 2022), while Eightcap offers spreads of 1.0 (Aug 2022). City Index supports Bank Wire (Deposit/Withdraw), Visa/Mastercard (Credit/Debit) and PayPal (Deposit/Withdraw) for popular funding options, where Eightcap supports Bank Wire (Deposit/Withdraw), Visa/Mastercard (Credit/Debit), PayPal (Deposit/Withdraw) and Skrill (Deposit/Withdraw).
Which brokers offers more tradeable asset classes, City Index or Eightcap?
City Index offers a more diverse selection of investment options than Eightcap allowing you to trade Forex Trading (Spot or CFDs), Spread Betting, Social Trading / Copy Trading, Metals, Energies, Agriculturals, ETF and U.S. Stocks (CFD). Looking at total tradeable symbols, City Index has 13500, compared to 326 from Eightcap.
Can I trade cryptocurrency with City Index or Eightcap?
Crypto trading is popular with forex traders. Most crypto assets are offered either as the underlying physical asset or as a CFD or other derivative — including spot forex contracts. In terms of trading physical cryptocurrency neither City Index nor Eightcap allow you to trade physical cryptocurrencies.
Who offers more research tools, City Index or Eightcap?
In terms of research and research tools City Index gives traders the following tools: Daily Market Commentary, Stock Charts, Forex News (Top-Tier Sources), Trading Central (Recognia) and Social Trading / Copy Trading. In comparison Eightcap has the tools listed here: Daily Market Commentary and Social Trading / Copy Trading., neither have Autochartist
Overall winner: City Index
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We review each broker’s overall global offering – a “Yes” checkmark in our Compare Tool does not guarantee the availability of any specific features in your country of residence. To verify the availability of any features within your country of residence, please contact the broker directly.