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HFM vs Eightcap 2023

BrokerNotes.co

Written by BrokerNotes.co

January 31, 2023

Trying to decide between HFM and Eightcap? We’ve taken the guesswork out of the equation with our Comparison Tool. Use our tool to compare hundreds of data points, side-by-side, to see how these two brokers stack up against each other.

Based on our extensive research, hands-on testing, and expert analysis of over a hundred data-driven variables, we've determined that, overall, HFM ranks more highly than Eightcap.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 65% and 82% of retail investor accounts lose money when trading CFDs. 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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Overall RatingHFMEightcap
Overall Rating 7.7 / 10 7.6 / 10
Account TypeHFMEightcap
Standard Trade Size (100,000 units) Yes Yes
Mini Trade Size (10,000 units) Yes Yes
Micro Trade Size (1,000 units) Yes Yes
Islamic Account Yes No
Copy TradingHFMEightcap
Social Trading / Copy Trading Yes Yes
DupliTrade No No
ZuluTrade No No
CryptocurrencyHFMEightcap
Cryptocurrency (Physical) No No
Cryptocurrency (CFD) Yes Yes
Bitcoin Yes Yes
ethereum Yes Yes
Forex Trading (Spot or CFDs)HFMEightcap
Forex Trading (Spot or CFDs) Yes Yes
Mobile Trading - Forex or CFDs Yes Yes
Indices (Index CFDs)HFMEightcap
DAX Yes Yes
Dow Jones Yes Yes
FTSE Yes Yes
NASDAQ 100 Yes Yes
Nikkei Yes Yes
SP 500 Yes Yes
InvestmentsHFMEightcap
Forex Trading (Spot or CFDs) Yes Yes
Spread Betting No No
Social Trading / Copy Trading Yes Yes
Metals Yes Yes
Energies Yes Yes
Agriculturals Yes No
ETF Yes No
U.S. Stocks (CFD) Yes Yes
Trading PlatformsHFMEightcap
Apple iOS App Yes Yes
Android App Yes Yes
Proprietary Platform No No
Desktop Platform (Windows) Yes Yes
Web Platform Yes Yes
MetaTrader 4 (MT4) Yes Yes
MetaTrader 5 (MT5) Yes Yes
Regulatory LicensesHFMEightcap
Tier-1 Licenses 1 2
ASIC Authorised (Australia) No Yes
IIROC Authorised (Canada) No No
FCA Authorised (U.K.) Yes Yes
SFC Authorised (Hong Kong) No No
MAS Authorised (Singapore) No No
FINMA Authorised (Switzerland) No No
CFTC Registered (USA) No No
Tier-2 Licenses 3 1
Tier-3 Licenses 1 1
Research, EducationHFMEightcap
Trading Central (Recognia) No No
Forex News (Top-Tier Sources) Yes No
Daily Market Commentary Yes Yes
Autochartist Yes No
Investor Dictionary (Glossary) No Yes
Videos - Beginner Trading Videos Yes Yes
Client Webinars (Archived) Yes Yes
Trading CostsHFMEightcap
Minimum Initial Deposit $5 $100
Average Spread EUR/USD - Standard 1.2 (August 2021) 1.0 (Aug 2022)
All-in Cost EUR/USD - Active 0.9 (August 2021) 0.76
Active Trader or VIP Discounts No No
Bank Wire (Deposit/Withdraw) Yes Yes
Visa/Mastercard (Credit/Debit) Yes Yes
PayPal (Deposit/Withdraw) No Yes
Trading ToolsHFMEightcap
Watchlists - Total Fields 7 7
Mobile Watchlist Yes Yes
Charting - Indicators / Studies (Total) 15 30
Mobile Charting - Indicators / Studies 30 30
Trust FactorsHFMEightcap
Year Founded 2010 2009
Publicly Traded (Listed) No No
Bank No No
Authorised in European Union Yes info Yes info
Trust Score 85 87
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HFM 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 HFM vs Eightcap.

Can I trust HFM?

HFM has a trust score of 85, giving it a "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 HFM a good broker?

HFM, previously known as HotForex, is a trusted brand that primarily offers the MetaTrader platform suite. HFM also features its own in-house copy trading platform, HFcopy, as well as a proprietary mobile platform called the HF app (though it can't yet be used for actual trading).

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. HFM is FCA Authorised (U.K.), while Eightcap is ASIC Authorised (Australia) and FCA Authorised (U.K.)., neither have IIROC Authorised (Canada), SFC Authorised (Hong Kong), CBI Authorised (Ireland), FSA Authorised (Japan), MAS Authorised (Singapore), 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, HFM is CySEC Authorised (Cyprus), FSCA Authorised (South Africa) 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) and SEC Authorised (Thailand). When comparing tier-3 licenses HFM is FSC Authorised (Mauritius), while Eightcap is VFSC Authorised (Vanuatu)., neither have SCB Authorised (Bahamas), IFSC Authorised (Belize), BMA Authorised (Bermuda), FSC Authorised (British Virgin Islands) and CIMA Authorised (Cayman Islands).

Which broker offers more trading platforms?

Both HFM and Eightcap offer a Desktop Platform (Windows)., neither have Proprietary Platform, cTrader, DupliTrade and ZuluTrade

Does HFM offer MetaTrader? Does Eightcap offer MetaTrader?

Both HFM and Eightcap offer the whole MetaTrader suite, which consists of both MetaTrader 4 and MetaTrader 5. If you’re new to MetaTrader 4 here’s our educational guide on how to use MT4.

How do HFM and Eightcap differ in terms of minimum deposit? What about average spreads and funding options?

HFM requires a minimum deposit of $5, while Eightcap requires a minimum deposit of $100. From our testing we found HFM offers spreads of 1.2 (August 2021), while Eightcap offers spreads of 1.0 (Aug 2022). HFM supports Bank Wire (Deposit/Withdraw), Visa/Mastercard (Credit/Debit) and Skrill (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, HFM or Eightcap?

HFM offers a more diverse selection of investment options than Eightcap allowing you to trade Forex Trading (Spot or CFDs), Social Trading / Copy Trading, Metals, Energies, Agriculturals, ETF and U.S. Stocks (CFD)., neither have Spread Betting Looking at total tradeable symbols, HFM has 3500, compared to 326 from Eightcap.

Can I trade cryptocurrency with HFM 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 HFM nor Eightcap allow you to trade physical cryptocurrencies.

Who offers more research tools, HFM or Eightcap?

In terms of research and research tools HFM gives traders the following tools: Autochartist, Daily Market Commentary, Stock Charts, Forex News (Top-Tier Sources) and Social Trading / Copy Trading. In comparison Eightcap has the tools listed here: Daily Market Commentary and Social Trading / Copy Trading., neither have Trading Central (Recognia)

Broker Reviews

Still looking for more information, read our broker reviews.

HFM Review

Eightcap Review

Overall winner: HFM

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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.

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