Eightcap Review

Eightcap is more than a MetaTrader broker. It also provides the popular TradingView platform, Capitalise.ai’s award-winning algorithmic trading platform, and other third-party resources. Eightcap is a leading Forex and CFD broker with over 800 trading instruments, including currency pairs, cryptocurrencies (not available with the FCA entity), indices, stocks, and commodities. While Eightcap’s crypto offerings are impressive, its limited range of markets, lack of standout educational content, and minimal research materials make it hard to compete with the best forex brokers. Now, let’s explore in detail what Eightcap offers for investors.

🏢 Headquarters Australia
📅 Year founded 2009
🗺️ Regulation ASIC (Australia), FCA (United Kingdom), CySEC (Cyprus), SCB (Bahamas)
💻 Trading platform: WebTrader, TradingView, MT5, MT4
💰 Account currency: AUD, USD, GBP, EUR, NZD, CAD, and SGD
📊 Accounts: Standard, raw, demo
💵 Withdrawal options: Visa, MasterCard, POLI, wire transfer, BPAY, UnionPay, Skrill, Neteller,

BTC and ETH wallets, PayPal, WorldPay, FasaPay, PayRetailers, and PSP
💵 Deposit options: PayPal, Wire Transfer, Skrill, Neteller, Visa, Credit Card, Bpay
🚀 Minimum deposit: $100
⚖️ Leverage: 1:30 (ASIC), 1:30 (FCA), 1:30 (CySEC ), 1:200 (SCB)
☪️ Islamic account (swap free) No
🎮 Demo Account Yes
💱 Spread: Floating, from 0-1 pips subject to the account type
🔧 Instruments: CFDs on currency pairs, cryptocurrencies, indices, stocks, commodities, and precious metals
📋 Orders execution: No
☎ Customer Support: 24/7
📚 Education Yes

Fees

Eightcap offers two types of accounts with different fees and charges. The raw account charges a commission starting at $7 per round trip (trade entry plus exit) and has a minimum spread starting at 0 pips. The standard account does not charge a commission but has a minimum spread starting at 1 pip.

Like most brokers, major currency pairs like EUR/USD and GBP/USD usually have lower spreads than minor and exotic pairs. The lowest advertised spread for Forex in the standard account is 1 pip. However, the actual spread in the live market can differ from the advertised one, often depending on market volatility. For the Raw account, the spread can be 0 under normal market conditions. We checked the live platform during the London and New York overlap and found that EUR/USD and AUD/USD had a live spread of 1 pip, matching the advertised minimum, while a minor pair like EUR/HUF had a spread of 14.1 pips.

Eightcap also charges a swap fee for overnight trades, similar to most Forex/CFD brokers. You can view the swap rates on MT4/5 by right-clicking your preferred symbol, selecting “Specification,” and scrolling down to see the swap rates for long and short trades.

Eightcap does not charge an inactivity fee, which is beneficial as many brokers typically impose such fees after two or three months of inactivity. There doesn’t seem to be a good reason for a retail Forex/CFD broker to charge this fee.

Pros and Cons

Pros Cons
The broker is based in the Bahamas and Seychelles and is regulated by the Securities Commission of the Bahamas. It partners with many proprietary firms. No joint accounts, copy trading, referral program, or other options for passive income.
Traders only need to deposit $100 to open a live account, and there are few trading limits. Some regional restrictions apply. For example, certain services are not available in Australia and the United Kingdom.
Hundreds of popular CFDs are available, and the selection is constantly growing. Technical support is efficient and competent but not available on weekends.
Eightcap offers some of the most profitable trading costs with very tight spreads.
Almost all options for depositing and withdrawing funds are available, and there is no withdrawal fee.
Clients can use any of the three top trading platforms, including mobile versions of MetaTrader.
The company provides high-quality training, extensive analytics, and its own tools for automated trading.

Regulation and Safety

For any trader, it’s crucial that a broker provides good working conditions and fulfills its obligations. Eightcap confirms this with registration and regulation documents on its website. The company is registered and controlled by two regulators: The Securities Commission of The Bahamas (SCB) (SIA-F220) and ASIC, the FCA, and CySEC.

Account Types

Demo: This account type gives traders virtual currency to trade with real-time quotes based on the current market. It is available for 30 days.

Standard: You need to deposit at least $100. Spreads start from 1 pip with no fee. You can access over 800 trading instruments and all options.

Raw: You need to deposit at least $100. Raw spreads start from 0 pips, and there is a $3.5 fee per lot. All options and instruments are available.

Deposit and Withdrawal

You can withdraw funds in AUD, USD, GBP, EUR, NZD, CAD, and SGD.

Available withdrawal methods include Visa, MasterCard, POLI, wire transfer, BPAY, UnionPay, Skrill, Neteller, BTC and ETH crypto wallets, PayPal, WorldPay, FasaPay, PayRetailers, and PSP systems.

Withdrawals are processed within a day, and funds are usually credited within a few days.

Eightcap does not charge any withdrawal fees.

You can check the status of your withdrawal request in the relevant section of your account.

Trading Platform

Eightcap offers trading platforms like MT4, MT5, and TradingView for desktop, web, and mobile. The desktop version has more features than the others. In 2022, Eightcap partnered with TradingView, a leading platform for charts and social trading. This allows Eightcap clients to trade directly from TradingView’s price charts.

TradingView offers 12 chart types and over 100 pre-built indicators. With this integration, traders at Eightcap can execute trades directly from TradingView charts using the broker’s latest tools. TradingView is popular globally with over 30 million users and supports both new and experienced traders. Experienced traders can automate and test strategies using TradingView’s Pine Script language.

Eightcap clients can use various tools for better trading decisions, including different chart types like Renko and Point and Figure, market playback features, and customizable formulas and timeframes. TradingView itself provides over 100 pre-built indicators, thousands of community-built ones, and numerous drawing tools.

Research and Education

Brokers offer educational and research materials. Eightcap has an educational page with valuable content on topics like swing trading and technical analysis. This content isn’t organized as a course. Beginners should start here before exploring more detailed information from other free online sources. The education page is only in English and covers MetaTrader Guides, Fundamentals, and Trading Strategies.

Eightcap also provides market analysis with insights on trading. The analysis covers Crypto News, CFD News, Forex News, and Market Updates in videos and articles. It’s high-quality content that benefits beginners with trading ideas and offers seasoned traders well-presented insights.

Customer Support

Eightcap provides customer support through phone calls, emails, and online chat. We tested all these options and found that they responded quickly. There were no long waits on the phone, and our emails were answered promptly, often within seconds. The customer service representatives were knowledgeable and able to answer our questions effectively.

Conclusion

Eightcap is worth considering. It offers the lowest forex fees among Australia-based brokers, with free withdrawals and no inactivity fees. Opening an account is quick, and the $100 minimum deposit is reasonable for a forex/CFD-only broker. Additionally, Eightcap provides a variety of crypto products, though its CFD selection is limited and its research, education, and customer support services are basic. Based on positive client reviews, we recommend considering this company.

FAQs

Is Eightcap regulated?

Yes, Eightcap follows regulations set by the Australian Securities and Investment Commission (ASIC) and the Vanuatu Financial Services Commission (VFSC).

What is the maximum leverage at Eightcap?

At Eightcap Pty Ltd, the maximum leverage is 1:30. For clients trading with Eightcap Global Ltd, it can go up to 1:500. Leverage also varies depending on the asset.

What is the minimum deposit for Eightcap?

The minimum deposit required for all types of Eightcap accounts is $100 or its equivalent in other currencies.

More Brokers:

Eightcap Review