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Eightcap

Eightcap Review 2024

By Onose Enaholo - Updated 24 June 2024
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Eightcap is a global broker that offers users powerful trading tools, a wide range of markets to profit from, and the insights to maximize their chances of success.

The broker holds several licenses from top regulatory agencies worldwide, like ASIC in Australia, SCB in the Bahamas, CySEC in Cyprus, and the FCA in the UK. It is also registered and allowed to operate in Seychelles.

Eightcap lists over 800 Contracts for Differences (CFDs) across the Forex, Stock, Commodities, Crypto, and Indices markets, and offers robust integrations with popular trading platforms.

Despite these impressive credentials, does Eightcap hold up as a solid broker daily?

Our Eightcap review dives into the inner workings of the broker. It dissects its services, explores its features, highlights its pros and cons, and verifies its suitability as your preferred broker.

Table of Contents

3 Steps to Sign Up to Eightcap

To create an Eightcap account, follow these straightforward steps.

1. Register and Verify Your Identity

Register for an account by clicking on the “Create Account” button at the top right side of the homepage and filling out the form with your country, name, email, and phone number. You’ll also need to pass KYC to enjoy all the features the platform has to offer. Do this by uploading a valid ID and a proof of address document like a utility bill.

2. Make a Deposit

Next, deposit some funds into your account. The minimum amount for your first deposit is $100 through either credit cards, bank wires, PayPal, Skrill, or cryptos like Bitcoin and Tether.

3. Start Trading

Once you deposit funds, you can trade on the live market. You’ll first need to get login details for either an MT4 or MT5 account or connect your account to TradingView to place trades.

Pros & Cons of Eightcap

Pros

  • Global availability
  • Multiple funding methods
  • Supports MT4, MT5, WebTrader, and TradingView
  • Provides powerful tools for trading and insights
  • Offers narrow spreads
  • Supports scalping and hedging

Cons

  • Lower leverage for crypto CFDs

History of Eightcap

Eightcap was launched in Melbourne, Australia in 2009 to provide exceptional brokerage services to the Australian populace. It has since grown to serve millions of traders around the world thanks to multiple entities that are licensed with major regulatory agencies.

The broker was the official supplier of Scuderia Ferrari, a Formula 1 team that broke records in 2019 and 2020, because of shared values of excellence. Currently, Eightcap is the official sponsor of Daniel Ricciardo, a Formula 1 racer with 8 wins over a 12-year career.

How Does Eightcap Work?

Eightcap provides trading services across five major asset classes, stocks, commodities, cryptocurrency, indices, and currency pairs.

Forex Trading

With Eightcap, you can trade major currency pairs like USDJPY, commodity pairs like AUD and CAD, major cross pairs, and several exotic pairs with spreads as small as 1 pip for majors like EURUSD and GBPUSD.

Spreads could increase for more exotic pairs, but it is usually some of the smallest in the industry. To learn more, visit the site’s Forex section.

Commodities Trading

You can trade precious metals like Gold, Silver and Platinum, and commodities like Oil at spreads that start from $0.12 per lot and with a 1:100 leverage for users under the Seychelle licensed entity. Australian and other users under the ASIC-licensed entity are limited to a 1:20 leverage.

For more information, visit the site’s commodities section.

Indices Trading

Eightcap’s list of indices spans those from major US markets like the SPX500 to those of the European market, like the GER40 or the FRA40. Indices spreads are displayed in their native currencies but are usually between 0.1 – 2.0 units of the base currency for a standard lot.

You can access leverage of up to 1:200 for all users aside from those under the ASIC-licensed entity who are limited to a 1:20 leverage facility. For more information, visit the indices trading section.

Shares Trading

Equities from major markets like the US and the UK are available to trade on Eightcap. Note that the securities available are CFDs of shares, not the shares themselves. Spreads are variable as a direct market access pricing model determines them while commissions are $2 per side for a lot.

To learn more about the broker’s equity options, visit the equities trading page.

Cryptocurrency Trading

Eightcap offers CFDs for over 100 cryptos, from majors like Bitcoin and Ethereum to memecoins like Shiba Inu. Spreads are charged in USD per lot and range between $0.0025 for pairs like ADAUSD to $12 per lot for BTCUSD.

For a complete list of crypto CFDs, visit the cryptocurrency trading page.

Key Features and Offerings of Eightcap

Flexible Account Types

Eightcap offers two account types, the standard account and the raw account, suitable for different traders.

Standard Accounts

The standard account features low spreads and commission-free trading for most securities besides stocks. You can open trades with a minimum size of 0.01 lots and a maximum of 100 lots.

You must deposit at least $100 to trade in the live markets. Once you do, you can access leverage of up to 1:20 if you live within Australia and 1:200 if you live outside the region. However, note that the margin call and stop-out levels are 80% and 50% respectively.

Lastly, standard accounts come in one of seven base currencies, i.e., USD, GBP, EUR, SGD, AUD, NZD, and CAD.

Raw Accounts

Raw accounts differ from standard accounts because they have little to no spreads, but charge commissions on each trade. It is ideal for expert traders relying on raw pricing to run sophisticated strategies.

The raw account is like the standard in everything but spreads and commissions. The spreads are much lower, and traders pay a commission on each trade.

TradingView Account

The TradingView account integrates directly with the popular charting software so users can execute trades from their trading application. Like the standard account, the TradingView account doesn’t charge commission on trades (aside from equities) and is available in the same seven base currencies as the standard account.

Multiple Trading Platforms

MetaTrader 5

The MetaTrader 5 platform is a powerful trading terminal with over 38 indicators, 21-time frames, and support for all of Eightcap’s assets. It is the latest iteration of the popular trading platform from MetaQuotes; the builders of the platform.

With an Eightcap account, you can access the broker’s list of 800+ CFDs and MT5’s powerful analytical tools. Unfortunately, this platform is unavailable to TradingView accounts.

MetaTrader 4

MetaTrader 4 is the previous version of the popular trading terminal from MetaQuotes. While the newer version 5 packs more features, the MT4 is still so valuable that many traders prefer it.

Eightcap allows users to use the MT4 platform to trade currencies and other asset types.

WebTrader

The WebTrader is a web-based version of the MT5 trading platform. It possesses all the same features as MT5 and allows you to log in from any browser with your credentials.

AI-Powered Economic Calendar

Eightcap features an AI-powered economic calendar from Acuity that uses the power of artificial intelligence to provide data analysis of upcoming economic events based on past effects and current events.

The calendar doesn’t just tell you which economic events and releases are coming up, it also highlights their measured impacts, and past effects, and tells you why certain events will impact the market.

With this, traders can brainstorm more informed trading ideas.

Capitalise.ai Integration

Capitalise.ai is a tool that allows users to build automated trading strategies without having to code. Thanks to AI, the tool can translate instructions in plain English into executable trading signals and triggers.

Eightcap’s partnership with Capitalise.ai allows traders to connect their accounts to the tool to supercharge their trading with powerful automation.

FlashTrader

FlashTrader allows traders to execute strategies without worrying about details like position sizing, and stop loss or take profit levels. The tool can automatically set targets based on predetermined risk and profit parameters.

Traders can set multiple profit targets within one trade to lock in profits and edit profit targets while trades are live.

Crypto Crusher

Crypto Crusher is a dashboard that filters out the noise of the crypto market, allowing traders to see the key metrics they need to identify trading opportunities and make more informed decisions.

The dashboard includes expert insights, regular commentary, and a live events calendar. To access it, you’ll need an Eightcap account, a balance of at least $500, and to place at least one trade a month.

ForexVPS

The ForexVPS is a virtual private server that provides the environment and computational resources to run algorithmic strategies or engage in high-frequency trading without managing equipment.

This service is available to live account holders with a $1,000 minimum balance who trade at least 5 lots monthly. Traders can access their servers anywhere and from any device.

Unfortunately, ForexVPS is unavailable to Australian users.

Insights

The Trade Zone is a section of the Eightcap site that provides insights and analysis from renowned experts on the markets that the broker supports.

The zone features analysis of economic updates that could impact the market at the start of each week, comprehensive market forecasts that help inform traders’ weekly strategies, and insightful market analysis that can help when creating new trade ideas.

What Can You Trade With Eightcap?

Eightcap lists over 800 CFDs across five major asset types. We explore them below.

Currency Pairs

Eightcap lists 42 currency pairs including majors like USDJPY and EURUSD, crosses like GBPJPY and CADCHF, and exotics like USDNOK. In total, there are three types of currency pairs you are available.

Cryptocurrency

Eightcap lists over 100 crypto CFDs that run the gamut from major coins like BTC to DeFi tokens like UNI, memecoins like SHIB, and even some lesser-known tokens like XMR.

Commodities

Eightcap’s commodities list includes precious metals like Gold, Silver, and Platinum, as well as other commodities like Oil.

Stocks

With Eightcap, you can trade over 600 of the most popular stocks worldwide using CFDs. The broker’s list covers major stocks in markets like the US, UK, Australia, Japan, and Europe.

Equity Indices

Eightcap lists most of the indices from the major stock markets worldwide. There are S&P500 indices (SPX500), the Dow Jones index (US30), indices from the German Dax (GER40), the French market (FRA40), the Australian market (ASX200), and more.

Asset Types Availability
Stocks Yes
Bonds No
Commodities Yes
Cryptos Yes
Indices Yes
Rights No
ETFs No
ETPs No

Factors to Consider Before Using Eightcap

Security

Before using Eightcap, you must ensure the broker is entirely secure. While we do not have many details about the technologies used, the fact that the broker holds multiple licenses with top-rated government agencies implies that it adheres to strict standards for information security.

Licenses

Before using Eightcap, ensure it is licensed to operate in your region. Eightcap holds licenses from four major regulators: The Australian Securities and Investments Commission (ASIC), the Securities Commission of The Bahamas (SCB), the Financial Conduct Authority in the UK (FCA), and the Cyprus Securities and Exchange Commission (CySEC).

It is also incorporated in Seychelles.

Trading Costs

Eightcap keeps trading costs low by offering narrow spreads on standard and TradingView accounts, and low commission fees on raw accounts.

The broker also helps traders manage costs by keeping deposits and withdrawals free, and not charging inactivity fees. However, note that your payment provider may charge you fees.

Asset List

With over 800 CFDs available, traders have enough opportunities to excel. With a live account, you can access over 100 cryptocurrencies, 660 stock CFDs, 11 equity indices, 4 major commodities, and 42 currency pairs.

Customer Service

Eightcap provides customer support through live chat and email 24 hours a day on weekdays. The service is available in at least 9 major languages: English, Spanish, Italian, French, Chinese, German, Thai, and Bahasa.

Eightcap Broker Fees and Costs

Eightcap charges commissions on trades for Raw accounts and adds a spread to pairs for standard accounts. A comprehensive list of their fees is provided below.

Spreads

Trading fees include commissions and spreads. Spreads are usually smaller for more famous (or liquid) assets like major currency pairs and indices. For example, the spread on a major FX pair like EUR/USD is 1 pip for standard accounts and 0.1 for raw accounts.

Commissions

Commissions are charged on raw accounts, except for commissions on shares that are charged to all account types. For currency pairs, this is $3.5 per lot per side. So a total trade (i.e. opened and closed) would cost $7. For shares, the commission is $2 per side per lot or $4 for a complete trade.

Deposits and Withdrawals

Eightcap does not charge fees for deposits or withdrawals. However, keep in mind that your payment provider may charge fees. For example, Eightcap’s fee schedule lists Skrill and Neteller as payment methods with variable fees, inferring that the service provider may charge you.

Payment Methods & Limits of Eightcap

Eightcap supports multiple payment methods free from the broker’s end. Your service provider may impose a charge.

Credit Cards

Major credit card providers like Mastercard and VISA are supported in all countries except Japan and China. You can deposit in almost any currency as credit cards convert automatically, at extra fees.

Credit card transactions are instant but limited to a maximum of $5,000 per transaction. Withdrawals are not instant as they take 2-5 business days to settle. They are, however, not subject to any withdrawal limits.

Bank Transfers

Bank transfers include both local and wire transfers; however, we’ll cover the cost of wire transfers. These transfers usually take between 1-5 business days to settle for both deposits and withdrawals.

Transaction fees are variable (depending on your bank), and withdrawals must be above $25 or €20. Bank transfers are available in all countries except Russia, Crimea, Ukraine, Afghanistan, Venezuela, Belarus, Cuba, Iran, North Korea, Sevastopol, and Syria.

e-Wallets

e-Wallets like PayPal, Skrill, and Neteller are supported, but only in certain regions. Skrill and Neteller are supported in all regions besides Italy and Kazakhstan, while PayPal is accepted in numerous regions. For an exact list, visit the deposits and withdrawals page.

The deposit transaction limit for PayPal is $4,000 per transaction, while for Skrill and Neteller, it is $50,000 each. PayPal has no withdrawal limit, while Skrill and Neteller are at $50,000.

Deposits are instant for all wallets while withdrawals take 1-5 business days for PayPal and 1 business day for Skrill and Neteller.

Cryptocurrency

Eightcap accepts cryptocurrencies like Bitcoin and Tether as viable deposit methods. However, note that BTC deposits only work for USD-denominated accounts. This method is also unavailable in Australia, Turkey, China, Taiwan, Italy, and Kazakhstan.

Deposits and withdrawals are instant but limited to a minimum of $10 and a maximum of $10,000 per transaction. While deposits are free, withdrawals are subject to a 0.90% fee.

Other Methods

Eightcap supports multiple other methods that are country-specific or just not as popular, so we included them under this subcategory. These methods include Union Pay which supports the Chinese renminbi, Fasa Pay for Indonesia, Pix for Brazil, and DragonPay for Malaysia and the Philippines.

How Does Eightcap Compare to Other Crypto Brokers?

Eightcap isn’t the only crypto broker on the market that offers flexible account types, multiple trading platforms, and low spreads. However, this broker shines in its cutting-edge integrations.

We were particularly impressed with Capitalise.ai and the Crypto Crusher platform. However, if you wish to test Eightcap against others to make a more informed decision, we have highlighted the essential aspects in the table below.

Features Eightcap Pepperstone Oanda
Spreads From 0.1 pip From 0.00 pip From 0.1 pip
Commissions Yes Yes Yes
Minimum deposit $100 $200 $0
Deposit fee No None No
Withdrawal fee No None Yes
Inactivity fee No No Yes
Funding methods 13 8 5
Negative balance protection Yes Yes Yes
MT5 Yes Yes Yes
MT4 Yes Yes Yes
TradingView Yes Yes Yes
Tradable assets 800+ 1,200+ 200+
Leverage 1:200 1:400 1:100
cTrader No Yes No
Proprietary platform No No No

Eightcap Regulation and Security

Regulation

Eightcap is regulated by The Australian Securities and Investments Commission (ASIC), the Securities Commission of The Bahamas (SCB), the Financial Conduct Authority in the UK (FCA), and the Cyprus Securities and Exchange Commission (CySEC).

The broker is also registered with financial authorities in Seychelles.

Security

Eightcap is secure on all the essential fronts, i.e., technologically and financially. It implements industry-standard information security technologies and methodologies to secure user data and funds.

Financially, it keeps user funds in segregated accounts, away from the company’s funds.

Eightcap Broker Trading Hours

Asset Class Opening Time (EST) Closing Time (EST)
Currency pairs Sunday 18:00 Friday 17:00
Stocks Sunday 18:00 Friday 18:00
Indices Sunday 18:00 Friday 18:00
Cryptocurrency All day All day
Commodities Sunday 18:00 Friday 17:00

Is Eightcap Safe?

Eightcap is a safe broker because it implements industry-standard security measures to protect its systems. It also ensures users undergo KYC procedures in line with the latest AML guidelines.

Despite these positives, the real reason we believe Eightcap is safe is because of the multiple licenses it holds from some of the strictest regulators, like the Australian Securities and Investments Commission (ASIC).

In total, Eightcap holds four licenses which suggests that the broker is in line with the latest information security standards.

Reasons to Use Eightcap

Low Costs

Eightcap keeps fees low enough for users to run multiple trades without increasing their trading costs. If you prefer low spreads, you can sign up for a raw account and get the best interbank quotes, but pay a small commission.

If you don’t mind the spreads, you can sign up for a standard account which doesn’t charge commission. And since Eightcap doesn’t charge inactivity or maintenance fees, you can easily calculate your costs on a per-trade basis.

Wide CFD Selection

With over 800 CFDs, Eightcap allows traders to profit from multiple markets. The broker can also cater to a broader range of traders as many expert traders prefer to specialize in specific markets.

Great Customer Support

Customer support staff are available all day every weekday to respond to queries and render help with account issues. You can reach them via live chat from your account dashboard or email the support team at [email protected].

Powerful Tools

Eightcap’s tools and integrations provide traders with the tools and insights to make informed trading decisions. From automated trading strategies with Capitalise.ai to crypto insights with Crypto Crush, users have everything they need.

Eightcap Broker Trading Platforms

MetaTrader 4

MetaTrader 4 is a trading software that provides tools, indicators, and an interface to trade CFDs, indices, and up to 1,024 assets. The platform has over 30 built-in technical indicators, 9 time frames, 23 analytical objects, and dynamic orders like trailing stops.

MetaTrader5

The MetaTrader 5 software is the latest iteration of the popular MT4 platform. It has even more features like 22 in-built analytical tools, over 38 indicators, and support for over 2,000 instruments, including stock CFDs.

TradingView

TradingView is a popular charting software with powerful features like a back tester, a scripting program for automated trading, and almost every indicator you can think of. The platform integrates with various brokers, allowing users to execute trades directly from the charting interface.

WebTrader

WebTrader is a web-based version of the MetaTrader 5 platform. It is ideal for people on the go as it allows users to log in from anywhere on any browser.

Final Thoughts on Eightcap

Eightcap is a global broker that seems to be blazing a trail by offering trading services through accounts that keep costs low, offer a wide selection of instruments, integrate with powerful platforms and insightful news sources, and support multiple deposit methods.

You can open a standard trading account which charges a small spread but no commission, or a raw account which quotes the raw market spread but charges a $3.5 commission per lot per side. Note that all accounts pay commission on shares.

To begin trading, you must deposit at least $100 using any of the 13 supported payment methods like wire transfers, credit card payments, cryptocurrencies like Bitcoin and Tether, and e-wallets like PayPal, Skrill, and Neteller.

If you encounter any issues, you can contact customer service via live chat or email anytime during the weekday.

Frequently Asked Questions

What is the minimum account balance at EightCap?
The minimum account balance on Eightcap is $100. You’ll need to deposit the sum to gain access to the live markets.
Is EightCap trustworthy?
Yes, Eightcap is a trustworthy broker with licenses from four regulatory agencies; the ASIC, SCB, FCA, and CySEC.
Is EightCap suitable for day trading?
Yes. Eightcap is suitable for day trading as it provides platforms with the tools and timeframes for short-term trades.
Does EightCap offer high leverage?
Eightcap offers a 1:200 leverage which is considered high in countries like the US but is still within reasonable limits. The broker also considers trader safety when drafting policies like leverage.
Does EightCap offer a Demo account?
Yes. Eightcap offers a demo account for traders to test new strategies or get a feel for the platform before committing to a live account.
What does EightCap do?
Eightcap is a global broker that offers forex, commodities, crypto, stocks, and indices trading services to millions of users worldwide.