FP Markets vs Elev8

Open FP Markets. A strict Australian regulator watches it, and nothing strict watches Elev8. Elev8 is cheaper, at about 0.6 pips against FP Markets’ 1.0, and it charges nothing to hold trades overnight, which is worth real money if you hold for days.

Three things decide it.

Who is watching. FP Markets holds strict ASIC and CySEC licences. Elev8 is offshore only, in Mauritius and the Comoros, with no compensation cover anywhere.

Its history. Elev8 is Octa renamed, effective 9 February 2026. India’s Enforcement Directorate has charged OctaFX and its founder with running an alleged pyramid scheme. Octa denies it, and these are allegations rather than convictions. But Octa’s European licence did not come across in the rebrand, leaving Elev8 fully offshore. Read the safety section before depositing.

Overnight fees. Elev8 charges none, on anything, by default. FP Markets charges swaps unless you ask. If you swing trade, that gap matters.

Regulation and Safety

FP Markets holds dual Tier-1 licenses, with ASIC in Australia and CySEC in Cyprus, alongside offshore entities for other regions, and it has operated since 2005. That’s among the stronger regulatory setups in retail trading, and it comes with segregated funds and negative balance protection.

Elev8 is licensed offshore only, through the FSC in Mauritius and MISA in the Comoros. It’s worth knowing that Elev8 is the rebranded Octa, so the business itself carries years of history rather than being a true startup. But offshore regulators offer lighter protection than Tier-1 ones, and one review reported difficulty matching Elev8’s Mauritius license to the official registry, so confirm its current licensing yourself before funding. On regulatory strength, FP Markets is clearly the safer of the two.

Comparison Table

A few figures to confirm on each broker’s own site: FP Markets’ Raw commission is quoted as both $3 and $3.50 per side, and Elev8’s minimum deposit shows as both $20 and $25. Spreads float during the day, so read these as normal-hours numbers.

Trading Costs and Swap-Free Trading

Elev8 wins on entry and on simple pricing. You can start with $25 against FP Markets’ $100, and Elev8’s spreads begin near 0.6 pips with no commission, tighter than FP Markets’ 1.0-pip Standard account. FP Markets fights back with its Raw account, where spreads drop to 0.0 pips for a commission of around $3 a side, which lands in similar territory to Elev8’s all-in spread once you do the maths. So for active traders the raw cost is close, but Elev8 is cheaper and simpler if you’d rather not pay commission or fund $100 to begin.

Where Elev8 has a clear, distinctive edge is swaps. Every Elev8 account is swap-free by default, so holding a position overnight or for weeks costs you no interest. FP Markets charges swaps in the normal way and offers swap-free status only on request. If you swing trade, hold longer-term, or need swap-free conditions for religious reasons, Elev8’s default setup is a real draw.

What FP Markets Does Better

Depth and platforms. This isn’t close. FP Markets gives you five platforms, including cTrader and IRESS, the latter offering direct market access with Level 2 order books across thousands of real share CFDs on major global exchanges. That’s institutional-grade access most retail brokers don’t touch. Add over 10,000 instruments against Elev8’s narrower menu, and FP Markets is the broker you can keep growing into rather than outgrowing.

Support. Elev8’s support is a genuine weak spot. Its public live chat is an AI bot, there’s no phone number listed for non-clients, and testers describe the human team as responsive but not always well-informed. FP Markets, as a long-established regulated broker, offers more dependable support, which matters most when something goes wrong with your money.

Elev8 does take one column back: its copy-trading service, with a Master Trader system you can follow, is stronger than FP Markets’ copy tools. And Elev8’s higher leverage, up to 1:1000 against FP Markets’ 1:500, will appeal to some, though high leverage cuts both ways and is a fast way for a beginner to lose an account.

Which One Should You Choose?

Go with FP Markets if you want proper regulation, professional tools, and room to grow into serious multi-asset or share trading. It costs a little more to start and it charges swaps, but you’re getting stronger oversight and far more depth, which is the sensible priority for anyone treating trading as a long-term thing.

Go with Elev8 if your priorities are low costs, swap-free holding, and copy trading, and you’re comfortable with an offshore broker. The Octa history means it’s not an unknown quantity, and for a swing trader or someone who holds positions overnight, the swap-free default is genuinely valuable. Just go in clear-eyed about the lighter regulation and the thin support, because those are the price of the low costs.

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