broker

Eightcap Review 2022

Updated:
4.4
Trust
4.4
Fees
4.6
Platforms and Tools
4.5
Customer Support
4.7
Tradable Instruments
4.4
Account Types and Terms
4.5
Deposit and Withdrawal
5.0
Research
4.3
Education
2.5

Margin trading involves a high level of risk, and may not be suitable for all investors. You should carefully consider your objectives, financial situation, needs and level of experience before entering into any margined transactions with Eightcap, and seek independent advice if necessary. Forex and CFDs are highly leveraged products which mean both gains and losses are magnified. You should only trade in these products if you fully understand the risks involved and can afford losses without adversely affecting your lifestyle (including the risk of losing substantially more than your initial investment). A Product Disclosure Statement (PDS) and a Financial Services Guide (FSG) for our products are available to download from our Legal Documentation page. You must assess and consider them carefully before making any decision about using our products or services.

While we adhere to strict editorial integrity, this page may refer to our partners' products. Here's how we make money.Learn how we make money and our review methodology.

Please Note: For this Eightcap review, we focused on the services provided by Eightcap Global Limited (www.eightcap.com), which is an entity regulated by the Securities Commission of the Bahamas (SCB), using the Standard Account and the MetaTrader 5 trading platform.

The Big Picture

If you’re interested in trading with a broker that has top-notch customer support and competitive trading fees, then Eightcap could be for you. The broker was founded in 2009 and operates four entities, regulated by FCA, ASIC, CySEC, and SCB.

Based on our live testing of Eightcap’s products and services, the broker scored highly in several categories, including deposit and withdrawal, customer support, and trading fees. Compared to other companies in the industry, the overall trading fees in particular are extremely competitive.

The broker’s offering is primarily geared towards professional traders, who can trade on MetaTrader 4 and MetaTrader 5 on desktop, web, and mobile devices and access additional tools and indicators from third-party FX Blue Lab. Beginners will find it easier to trade from the mobile trading app than from other platforms since they have a small learning curve.

Eightcap Key Takeaways for 2022

  • We evaluated Eightcap according to nine categories which include Trust, Fees, Platforms and Tools, Tradable Instruments, Customer Support, Deposit & Withdrawal Account Types and Terms, Research and Education.
  • The broker scored maximum points in the deposit and withdrawal category as there is a great range of payment options that are also fee-free. The second highest score was in customer support which we found to be very fast and helpful.
  • The lowest score was in the education category. While there are a lot of educational articles available, they are not structured into a trading course. There are also no educational or platform video tutorials.
  • Beginners will enjoy the commission-free trading account, fee-free payment options, the low minimum deposit of $100 and the fast account opening process.
  • Advanced traders will enjoy the competitive trading fees and access to professional trading platforms, as well as third-party platforms such as Capitalise where you can automate your trading, code-free.

What Sets Eightcap Apart from Other Brokers?

Eightcap has top-notch customer service. We were able to connect to live support agents in seconds who were very helpful and knowledgeable. We were also able to open a live trading account in just a few minutes and be fully verified in less than an hour which was impressive.

Who is Eightcap For?

The Eightcap trading offering is mainly geared towards advanced traders due to the professional trading platforms, MetaTrader 4 and MetaTrader 5, that are offered. There are also no platform tutorial videos, educational courses or live webinars for beginners.

However, beginner traders will be able to trade from the MetaTrader 5 mobile trading app with ease. It’s the fastest and easiest way to trade, compared to the desktop platform which requires a bigger learning curve.

Eightcap Pros and Cons

Pros Cons
  • Commission-free trading available.
  • Competitive spreads.
  • Large crypto CFD offering.
  • No education or research videos or webinars.
  • Bahamas entity based offshore.

 

broker

Margin trading involves a high level of risk, and may not be suitable for all investors. You should carefully consider your objectives, financial situation, needs and level of experience before entering into any margined transactions with Eightcap, and seek independent advice if necessary. Forex and CFDs are highly leveraged products which mean both gains and losses are magnified. You should only trade in these products if you fully understand the risks involved and can afford losses without adversely affecting your lifestyle (including the risk of losing substantially more than your initial investment). A Product Disclosure Statement (PDS) and a Financial Services Guide (FSG) for our products are available to download from our Legal Documentation page. You must assess and consider them carefully before making any decision about using our products or services.

 

About the Author

Jitan Solanki
After discovering techniques to trade pan-European and US equities, Jitan developed a love for a short to medium term trading on indices and commodities, and later on currencies.
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How Do We Rate?

When trading forex and CFDs, it is crucial to know a broker's strengths and weaknesses. That is why FX Empire developed its proprietary rating system. We put the knowledge and expertise of our reviewers to work to bring you the most suitable brokers. A total of 200 variables have been analyzed to help you choose your broker wisely. This chart describes all the categories we evaluated and rated.
How Do We Rate Chart
Visit our methodology page to learn more about our review and rating process.
Eightcap Main Features
☑️
Regulations
FCA (United Kingdom), ASIC (Australia), CySEC (Cyprus), SCB (Bahamas)
🗺
Supported Languages
English, Spanish, German, French, Arabic, Portuguese, Chinese, Bulgarian, Italian, Indonesian, Vietnamese, Thai
💰
Products (CFD)
Currencies, Commodities, Indices, Stocks, Crypto
💵
Min Deposit
$100
💹
Max Leverage
1:30 (FCA), 1:30 (ASIC), 1:30 (CySEC), 1:500 (SCB)
🖥
Trading Desk Type
Market Maker, Dealing Desk
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Check if...
unknownEightcap accepts clients from your country:
Choose your country:

Margin trading involves a high level of risk, and may not be suitable for all investors. You should carefully consider your objectives, financial situation, needs and level of experience before entering into any margined transactions with Eightcap, and seek independent advice if necessary. Forex and CFDs are highly leveraged products which mean both gains and losses are magnified. You should only trade in these products if you fully understand the risks involved and can afford losses without adversely affecting your lifestyle (including the risk of losing substantially more than your initial investment). A Product Disclosure Statement (PDS) and a Financial Services Guide (FSG) for our products are available to download from our Legal Documentation page. You must assess and consider them carefully before making any decision about using our products or services.

Eightcap Full Review

Trust

4.4
How Do We Test A Broker's Trust?
When choosing a broker, trustworthiness is one of the most important things to keep in mind. Always check the broker's regulations, know how financially secure the firm is, and find out whether the broker is transparent and reliable. These factors, calculated into our score, will help you understand if your money is safe.

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Eightcap operates four entities, three of which are regulated by tier 1 regulators: the Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC) and the Cyprus Securities and Exchange Commission (CySEC). Eightcap global entity is regulated by the Securities Commission of the Bahamas (SCB), a tier 3 regulator that provides fewer safeguards.

Eightcap Regulations

Three entities are operated under the brand name Eightcap:

  • Eightcap Group Ltd. authorised and regulated by tier 1 regulator the Financial Conduct Authority (FCA).
  • Eightcap PTY Ltd. authorised and regulated by tier 1 regulator the Australian Securities and Investments Commission (ASIC).
  • Eightcap EU Ltd. authorised and regulated by tier 1 regulator, the Cyprus Securities and Exchange Commission (CySEC).
  • Eightcap Global Limited. is authorised and regulated by tier 3 regulator the Securities Commission of the Bahamas (SCB).

Why is it important to know where your broker is regulated?

A broker’s location will dictate the level of regulatory oversight and protections offered to investors. Due to a regulatory clampdown from tier 1 regulators such as the FCA, CySEC, and ASIC, many brokers have moved offshore, so it’s worthwhile doing your due diligence.

We look for several things when analysing the safety and trust of a broker. This includes:

  • Segregation of client funds from company funds. Having client funds segregated from company funds is always important as you don’t want your broker to use your funds to run their business
  • A negative balance protection policy. This means that your account cannot go into a negative balance from adverse movements in the market.
  • Compensation scheme. Does the entity or regulator provide access to compensation if a broker goes bust?

Are additional safeguards put in place by the broker even when they are not required to do so? This indicates how seriously the broker takes your safety.

Some financial regulators make it a regulatory requirement to offer some of these features, while others do not. The protections offered to you by Eightcap are listed in the next section.

Eightcap Protections and Safeguards

The regulatory protection and safeguards you have as an investor are extremely important. You need to know how your money is kept safe, how the broker is protecting you and if there is any compensation if the broker goes bust.

Your geographical region will be the key factor in which entity you open an account and what protections you have. Here’s a quick rundown on the Eightcap regulatory protections for retail clients:

Eightcap Group Ltd Eightcap Pty Ltd Eightcap Global Limited Eightcap EU Ltd
Domain www.eightcap.eu www.eightcap.com/au www.eightcap.com www.eightcap.eu
Regulation FCA ASIC SCB CySEC
Segregated Funds Yes Yes Yes Yes
Negative Balance Protection Yes Yes Yes Yes
Compensation Scheme Yes No No Yes
Standard Leverage 1:30 1:30 1:500 1:30

*Regulations for retail traders are current as of 24 April 2022.

Both ASIC and SCB do not offer a compensation scheme for Eightcap’s clients, in the event the broker goes bust, unlike FCA and CySEC. While it is a regulatory requirement for the ASIC entity to make sure client funds are segregated from company funds and offer a negative balance protection policy, this is not the case for the SCB entity.

However, this entity still provides these additional safeguards which is good to see. You can confirm the broker’s licences through the relevant regulator’s register, as shown below for the SCB entity.

Eightcap SCB Licence, 29 January 2022

Stability & Transparency

In our test for the Trust category, we also cover factors relating to stability and transparency. Here, we focused on how long the broker has been in business, the size of the company and how transparent they are in terms of information being readily available.

We found that the transparency for trading fees was average. This is because, on the broker’s account type page, the Standard Accounts says ‘No Commission.’ But this isn’t actually true when trading stock CFDs as these are commission-based.

As Eightcap was founded in 2009 we believe this shows a good level of stability. Having the ability to navigate all of the market and regulatory changes over the past few decades shows a strong commitment to having a good operating business.

Fees

4.6
How Do We Test A Broker's Fees?
Broker fees can be difficult to understand. We test the broker's platforms and examine commissions, spreads, and overnight fees to ensure that you can determine if trading with this broker is worth your time and money.

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Eightcap’s trading fees are very competitive overall. The spreads on the commission-free Standard Account are better than the industry average and the commission-based trading account offers low commissions as well.

There are a variety of different fees to look at when choosing a broker.

  • Trading fees are those associated with buying and selling a financial instrument and include:
    • Commission – The cost to enter and exit a trade.
    • Spread – The cost between the buy price and sell price
    • Overnight swap fee – The cost of holding a leveraged position overnight.
    • Conversion fees – The cost to convert your base currency into the currency of the asset you are trading, if it is different.
  • Non-trading fees are charges that are not related to buying and selling a financial instrument and include:
    • Deposit and withdrawal fees (discussed further down this review)
    • Inactivity fees – The cost to have a trading account opened with zero activity on it.

Eightcap Trading Fees

In our live trading test for fees, we used the commission-free Standard Account from Eightcap Global Limited which is authorised and regulated by SCB.

We viewed the live spread for forex, indices and commodities at two different times of the day – around 8 am and 2 pm London time on 26 January 2022.

These times generally cover the most liquid sessions of the day and should have the best available spreads.

What did we find? Eightcap’s trading fees are competitive and better than the industry average in most cases

Instrument London AM Spread London PM Spread
EURUSD 1.0 1.1
GBPJPY 1.8 1.7
Gold 1.0 1.0
WTI Oil 0.04 0.04
DAX 40 1.9 1.9
Dow 30 2.1 1.4
Apple (not open) 0.02
Tesla (not open) 1.18

We also found the overnight swap fees were better than the industry average. This fee is important for long-term traders, as overnight fees can add up if you are holding trades for a long period of time.

Are the Eightcap Trading Fees Good?

Overall, Eightcap’s fees are competitive. The spread on EURUSD averaged 1.05 pips with most brokers advertising a 1 pip spread on the currency pair. The GBPJPY spread is also very good, averaging 1.75 pips. Some brokers will quote a spread of around 3 – 5 pips, so the Eightcap offering is very good.

The fees for commodities and indices were also very good. There are brokers that will quote the DAX 40 index spread at 1 point, so the Eightcap spread of 1.9 points is higher but when compared to the industry average it is very good.

The spreads for stock CFDs on Apple and Tesla were also good but there is a commission of $0.02 per share, per side. This totals $4 per share to buy and then sell. This commission is average compared to the industry.

The spreads for currency pairs would be even lower on the Eightcap Raw account but each trade will have a commission of $3.50 per lot per side which again is in line with the industry average.

Eightcap Non-Trading Fees

Some brokers impose an inactivity fee on trading accounts if there is no activity on your account, such as the buying and selling of an instrument, deposits and withdrawals, for a certain period of time.

Eightcap does not charge inactivity, account, deposit or withdrawal fees.

Platforms and Tools

4.5
How Do We Test A Broker's Platforms and Tools?
Platforms are where you trade, so they must be secure, fast, and accessible while offering you the tools you need to succeed. Each broker's desktop, web, and mobile platforms are evaluated according to the order types, speed of execution, ease of use, and other 'need to know' features.

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Eightcap provides access to professional trading platforms MetaTrader 4 and MetaTrader 5 for desktop, web and mobile, which can be integrated with TradingView. There is a learning curve to the platforms but beginners will find the mobile app the easiest to trade from.

The MetaTrader suite of trading platforms is considered to be the most popular trading platform in the world. Many brokers offer these platforms to their clients. With Eightcap, you can trade on the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms for PC, MAC, web and mobile.

The desktop platform is mainly geared towards professional traders and will take beginners some time to get used to. Unfortunately, there are no platform video tutorials that we could find from the broker.

In addition to MT4 and MT5, Eightcap also provides an opportunity to connect your TradingView and Eightcap accounts. To do this, you must have an active account with Eightcap. Then, you should open a chart on TradingView, go to the Trading Panel, choose Eightcap from the list, and follow instructions. This is an interesting opportunity for those traders who want to use TradingView as their trading platform.

Eightcap has several tools that can provide additional support to traders. Capitalise.ai is a trading automatization tool that helps traders build their own trading bot without coding.

Cryptocrusher is a crypto analysis tool which includes daily crypto trade ideas, market sentiment evaluation, exclusive indicators, and access to educational resources. To use this tool, you should have an Eightcap live account with a balance over $500. Also, you should have placed at least one trade in the last month.

Amazing Trader is a charting algo with built-in risk management. Requirements include a live Eightcap account with a balance over $500.

Forex VPS is a virtual private server that is used to boost trading speeds and increase uptime. VPS is often used when running trading software. To get a free VPS, you should have an Eightcap live account and meet the minimum monthly criteria of 5 lots traded per month.

Eightcap Trading Desk Type

Eightcap is a non-dealing desk broker. This means they do not interfere with client trades and provide quotes directly from tier one liquidity providers.

Eightcap Desktop Platform

For our live testing, we used the feature-rich MetaTrader 5 desktop platform. This platform provides a high level of customisation with a lot of inbuilt technical indicators that are mainly geared towards professional traders.

General Ease of Use

While the MetaTrader 5 desktop trading platform is feature-rich, there is a learning curve in navigating the platform. Downloading the platform is easy if you follow the download links from the Eightcap client portal area.

After spending a few minutes navigating the desktop platform, most beginner traders will see how everything is intuitively laid out with charts on the right-hand side, a quotes column on the left side and the toolbox at the bottom.

The desktop platform allows for a high level of customisation of charts, trading tickets and offers algorithmic trading and copy trading capabilities. The web platform is easier to use and get started but does not offer as many features as the desktop platform.

Charts

The MetaTrader 5 desktop platform allows you to view multiple charts just from one screen so you can keep track of multiple markets. The products available to trade on are shown in the Market Watch column on the left.

You can customise this list and build your own watchlist, as well as create more columns to show more information such as the spread of an instrument. You can also access 38 technical trading indicators, 44 drawing tools and view 21 different timeframes for technical analysis.

Below is a screenshot of the Eightcap MetaTrader 5 desktop platform for Windows:

Eightcap MetaTrader 5 Desktop Platform for Windows

Orders

You can access a variety of order types from the MetaTrader 5 platform. Market orders will open a trade at whatever the current market price is. Pending orders allow you to set an order at a specific price level. When the market price gets to your order level it will open your trade.

You can also set price alerts from the desktop platform from the Toolbox bar. You can choose from a range of sounds, a timeout and an expiration date.

Eightcap Mobile App

The MetaTrader 4 and MetaTrader 5 mobile apps provided by Eightcap is the easiest and fastest way to place and manage trades when compared to the desktop platform.

The mobile app also allows you to view your trades on the move, as well as perform technical analysis on different markets using a range of technical trading indicators.

For our test, we used the MetaTrader 5 mobile trading app.

Devices

You can download the MetaTrader 5 mobile trading app for both Android and iOS devices directly from the app store. In our test, we downloaded the iOS MT5 mobile app.

General Ease of Use

The Eightcap MT5 mobile app is simple to use with the ability to navigate between different sections which include Quotes, Chart, Trade, History and Settings. The interface is clear and responsive.

From the quotes tab, you can view the live prices of the instruments available to trade on. You can even create your own watchlist of favourites instruments, as well as view more details regarding each instrument such as the open and close times.

If you click on an instrument you have several options which include opening a trading ticket or viewing a chart. The charts provide access to a wide range of technical analysis indicators and different timeframes.

The trading ticket is also laid out in a simple to use manager. You can choose to enter ‘at market’ which is the current price the market is trading at, or you can place an order to enter you at a specific price in the future.

The mobile app is a great place for beginners to start trading.

Charts

From the MT5 mobile app, you can access 30 technical analysis indicators, 24 drawing tools, across 9 different timeframes making it a great ‘on the go’ trading app for analysis.

Charts are clean and responsive and are easy to navigate. You can also have two charts side by side if you wish which many other mobile trading apps do not have.

Below are some screenshots of the Eightcap MetaTrader 5 mobile app for iOS devices:

From the MT5 mobile app you cannot access algorithmic trading capabilities, customised indicators or layouts like you can in the desktop version. But, this is in line with the industry standard as there are no broker apps that provide such advanced levels of functionality on mobile.

Orders

The mobile app allows you to place pending trades or enter live at the market. Unfortunately, you cannot add expiries or set alerts.

Tradable Instruments

4.4
How Do We Test A Broker's Tradable Instruments?
In this section, we check the broker’s market offering and how varied the instruments and asset classes are. It will allow you to check if they offer what you're looking for and what you can trade.

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Eightcap Ltd provides the ability to trade on more than 450 financial CFD instruments covering forex, indices, stocks, commodities and cryptocurrencies. The crypto CFD offering is particularly impressive as you can trade major coins and altcoins against major, minor and exotic fiat currencies.

With Eightcap, you can trade on major, minor and exotic currencies, as well as stock CFDs from the US, UK, Germany and Australia. The cryptocurrency CFD offering is also very impressive, although there are no agriculture commodities available.

What are CFDs?

A CFD, or Contracts for Difference, is a derivative product that allows you to speculate on the price direction of a financial instrument allowing you to profit from rising and falling markets. You can also trade on margin which means you can control a large position with a smaller deposit, amplifying both gains and losses.

What Can You Trade with Eightcap?

With Eightcap Ltd you can trade CFDs on:

  • 58 forex pairs. The list includes major forex pairs like GBP/USD and USD/CHF, as well as more exotic options like EUR/NOK (Euro vs Norwegian Kroner) and USD/THB (U.S. Dollar vs Thai Baht)
  • 18 indices. Traders can work with the world’s major indices like S&P 500, Dow Jones, and Nikkei 225, as well as minor indices from Switzerland and Netherlands.
  • 14 commodities.  The list includes energies (WTI Oil and Brent Oil) and metals (Gold, Platinum, Nickel, etc.).
  • 232 cryptocurrencies. The cryptocurrency offering is very rich. The broker offers cryptos of various market cap and plenty of crosses, like ADA/MXN (Cardano vs Mexican Peso) or LTC/GBP (Litecoin vs British Pound)
  • 617 stock CFDs. Traders have access to stocks from Australia, U.S., UK, and Germany.

Below is a list of just some of the available markets for trading:

Forex Indices
EURUSD | GBPJPY | AUDNZD | CADJPY | USDCHF | USDTHB ASX200 | US30 | FRA40 | SPX500 | JPN225 | VIX
Stocks Commodities
Apple | Tesla | Facebook | Amazon | Nike | Novartis UKOUSD | USOUSD | XAUUSD | XAGUSD | XPTUSD | XZNUSD
Cryptocurrencies
BTCUSD | BTCAUD | DSHMXN | DOTEUR | LTCGBP | SOLUSD

*Details regarding the available assets are taken from the Eightcap trading platform and website and are correct at the time of this review.

Margin trading involves a high level of risk, and may not be suitable for all investors. You should carefully consider your objectives, financial situation, needs and level of experience before entering into any margined transactions with Eightcap, and seek independent advice if necessary. Forex and CFDs are highly leveraged products which mean both gains and losses are magnified. You should only trade in these products if you fully understand the risks involved and can afford losses without adversely affecting your lifestyle (including the risk of losing substantially more than your initial investment). A Product Disclosure Statement (PDS) and a Financial Services Guide (FSG) for our products are available to download from our Legal Documentation page. You must assess and consider them carefully before making any decision about using our products or services.

Customer Support

4.7
How Do We Test A Broker's Customer Support?
Traders tend to underestimate customer support, but it might be a crucial feature in moments of crisis. In our rating, we check the contact methods available, how accessible a live agent is and how helpful the responses are. This information will allow you to know if a broker can provide full support when you need it.

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Eightcap provides access to customer support 24 hours a day, 5 days a week. Connecting to a live support agent was very fast and we found them to be helpful and knowledgeable.

Eightcap provides customer support via email, telephone, live chat and a contact form on its website. Customer support is provided 24 hours a day, 5 days a week in multiple languages including English, Chinese, Thai, Korean, French, Spanish, Italian, German, Vietnamese and Portuguese.

Why is customer support important? If you need help with your platform, question a trade execution or have any administration issues you want to know that you can contact your broker as fast as possible when you want!

Eightcap Customer Support Test

In our live customer support test, we used the live chat icon on the Eightcap homepage on Friday 28 January 2022 at 3.45 pm GMT. It took just a few seconds to connect to an agent who answered our question quickly.

Eightcap Live Chat Support

You can also connect to a phone agent very quickly with each language having its dedicated website and customer support page. We found the live agents to be knowledgeable regarding the product offering.

Deposit and Withdrawal

5.0
How Do We Test A Broker's Deposit and Withdrawal?
The deposit or withdrawal process can be a tricky one. You may discover that there are hidden fees, or that withdrawal times are longer than you anticipated. We check these factors and others so you know what to expect when trading with this broker.

See More

Eightcap scored maximum points in this section because you can deposit and withdraw funds fee-free. Payment options include bank transfer, credit/debit card and a range of e-wallets such as PayPal, Neteller, Skrill, China UnionPay and others.

You can deposit funds in the following currencies AUD, USD, GBP, EUR, NZD, CAD and SGD. Depositing and withdrawing funds is very easy from the Eightcap client portal area.

Eightcap Deposit Methods

With Eightcap you can deposit funds fee-free using a variety of methods. However, your own bank or payment provider may charge some fees.

Method Commission Processing Time
Bank transfer *Your own bank fees 1 – 3 business days
Credit/debit card Zero Instant
POLi Payment Zero Instant
BPay Zero 1 – 2 business days
China Union Pay Zero Instant
Skrill Zero Instant
Neteller Zero Instant
Cryptocurrencies Zero Instant
PayPal Zero Instant
Worldpay Zero Instant
Fasapay Zero Instant

* For all available deposit and withdrawal options refer to the Eightcap Funding page.

Eightcap Withdrawal Methods

You can withdraw your funds from your Eightcap fee-free. However, there may be fees when withdrawing small amounts to non-Australian banking institutions.

Method Commission Processing Time
Bank transfer *Your own bank fees 1 – 3 business days
Credit/debit card Zero Instant
POLi Payment Zero Instant
BPay Zero 1 – 2 business days
China Union Pay Zero Instant
Skrill Zero Instant
Neteller Zero Instant
Cryptocurrencies Zero Instant
PayPal Zero Instant
Worldpay Zero Instant
Fasapay Zero Instant

* For all available deposit and withdrawal options refer to the Eightcap Funding page.

While Eightcap does not charge withdrawal fees, any withdrawals to non-Australian banking institutions may attract intermediary fees which will be passed on to you.

All withdrawal requests before 1pm AEST/AEDT Monday to Friday will be processed on the same business day.

Account Types and Terms

4.5
How Do We Test A Broker's Account Types and Terms?
In order to achieve your trading goals, you need to choose the right account. We evaluate each broker's account types, how easy it is to open an account with them, and the steps involved, so you can decide if it is worth your time to open an account.

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We found that opening an account with Eightcap was a very fast process. The application form only took a few minutes to fill in and we were verified in less than an hour which is very fast.

Eightcap offers two different types of trading accounts called the Standard Account and the Raw Account.

The Standard Account is a commission-free trading account with spreads starting from 0.5 pips, while the Raw Account is commission-based with spreads starting from 1 pip.

In our test, we opened the Eightcap Standard Account from the SCB regulated entity.

Why is Choosing the Right Account Type Important?

The account you open will impact nearly every aspect of your trading. Different accounts will often have different fees, tradable instruments and platforms so choosing the right one for your own needs is important.

What Account Types does Eightcap Offer?

Eightcap offers a range of different accounts that are suitable for beginner and advanced traders. Some of the features are highlighted below:

Standard Account Raw Account
Commission Zero $3.50 per side
Spread (from) 0.5 pips 0 pips
Minimum Deposit $100 $100
Leverage (up to)

1:500 SCB

1:30 ASIC (retail)

1:500 SCB

1:30 ASIC (retail)

Demo Account Yes Yes
Islamic Account No No

Eightcap

You can open an account in a variety of base currencies which includes AUD/USD/EUR/GBP/NZD/CAD/SGD.

One of the main differences between the two accounts is that the Standard Account is commission-free and the Raw Account is commission based. For both accounts, scalping and automated trading strategies are permitted.

Why is an Eightcap Demo Account Important?

With Eightcap you can open a free demo trading account. Why is this important? A demo account allows you to practice your trading ideas and get comfortable on the trading platform with zero risk as you simply trade in a virtual environment.

It’s a great way to test all of the tools the broker provides you and get comfortable with the platform and the different markets available to trade on. When you are comfortable trading on an Eightcap demo account it is easy to transition to a live account with real money.

What is CFD Leverage?

Leverage in CFD trading allows you to open a large position with a smaller deposit. For example, a 30:1 trading leverage means you can have $30,000 exposure with only a $1,000 investment. A 1:500 trading leverage means you can have a $500,000 exposure with only a $1,000 investment.

But leverage is a double-edged sword. It can amplify your winning and losing trades. This is one reason regulators such as CySEC, ASIC and the FCA cut the leverage brokers can offer retail traders – to make it safer for beginners.

With Eightcap under the SCB regulated entity, you can access a maximum of 1:500 leverage. For users under the ASIC regulated entity, traders classified as retail can access a maximum of 1:30 leverage.

How to Open an Account with Eightcap

You can open an account with Eightcap in just a few minutes as everything is done digitally and online.

Here is the step by step process we used to open a Standard Account:

  • Step 1: Fill in your personal details such as date of birth and address.
  • Step 2: Choose your account setup such as the trading platform (MT4 or MT5), Standard or Raw account and base currency.
  • Step 3: Confirm your acceptance of the legal documents and terms and conditions.
  • Step 4: Verify your identity.

Verifying your identity is a standard procedure for regulated brokers. We found this process to be easy as you just need to upload proof of ID (passport or driver’s licence) and proof of residence (utility bill or bank statement).

You can upload your document through the Eightcap client portal area. This customised area is great for managing all of your trading activity. We received confirmation of our trading account and verification in less than an hour after submission which is much better than the industry average.

Eightcap Client Portal

Eightcap does not accept clients from the United States and other countries such as North Korea and Iran.

Margin trading involves a high level of risk, and may not be suitable for all investors. You should carefully consider your objectives, financial situation, needs and level of experience before entering into any margined transactions with Eightcap, and seek independent advice if necessary. Forex and CFDs are highly leveraged products which mean both gains and losses are magnified. You should only trade in these products if you fully understand the risks involved and can afford losses without adversely affecting your lifestyle (including the risk of losing substantially more than your initial investment). A Product Disclosure Statement (PDS) and a Financial Services Guide (FSG) for our products are available to download from our Legal Documentation page. You must assess and consider them carefully before making any decision about using our products or services.

Research

4.3
How Do We Test A Broker's Research?
Research options provided by brokers may not be seen as the most important feature for some traders, but they can give you an edge over the competition. Staying on top of important market news announcements and being aware of big themes can be very helpful. The rating system provides a clear picture of how well your broker fulfills this service.

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Eightcap provides access to a range of research materials under different categories which include Analysis Overview, CFD News, Market Updates and Forex News. The articles provide brief analysis and news. However, there are no videos or webinars available.

Eightcap Research

The CFD News page provides research related to stock indices and commodities. The Market Updates page has the main focus on cryptocurrency news and technical analysis of coins. The Forex News page provides fundamental and technical analysis of different currency pairs.

All of the pages are updated regularly by the Eightcap market analyst providing you with fresh content almost daily.

Education

2.5
How Do We Test A Broker's Education?
Educating yourself on how to trade the financial markets can make the difference between success and failure. We check the educational content provided by the broker, its quality and suitability for beginners and advanced traders.

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Eightcap provides a range of educational materials categorised under MetaTrader Guides, Fundamentals and Trading Strategies. However, there is no structure on what to read when, no videos and no trading courses which is why this was the lowest score among all the categories.

Eightcap Education

The educational articles are fairly brief and provide more high-level content rather than actionable content on trading. Articles are released on a regular basis so there is fresh content to view.

The Bottom Line

If you’re interested in trading with a broker that has top-notch customer support and competitive trading fees then Eightcap could be for you.

There is a good range of markets across forex, stocks, indices, commodities and cryptos available to trade. Crypto enthusiasts, in particular, will be pleasantly surprised at how many crypto CFDs are available.

While the trading platforms are mainly geared towards advanced traders, the mobile trading app is simple to use and a great way to get started.

The fee-free deposit and withdrawal options and fast account opening process make it a breeze to get started on either the commission-free Standard Account or commission-based Raw Account.

FAQ

Where is Eightcap based?
Eightcap is based at 208 Church Street, Sandyport, Nassau, The Bahamas.

Is Eightcap safe?
Eightcap Group Ltd is regulated by tier 1 regulator FCA. Eightcap PTY Ltd is regulated by tier 1 regulator ASIC. Eightcap EU Ltd. authorised and regulated by tier 1 regulator CySEC

How does Eigthcap make money?
Eightcap makes money through its trading fees such as spreads, commissions and swaps from certain trading account.

Is Eightcap good for beginners?
The offering is mainly geared towards advanced traders but there are some articles to help beginners.

How do I deposit in a Eightcap account?
You can deposit funds via bank wire, credit/debit card, Neteller, Skrill, PayPal, among others

What is the min. deposit for Eightcap?
The minimum deposit is $100.

How do I withdraw money from Eightcap?
You can withdraw funds via bank wire, credit/debit card, Neteller, Skrill, PayPal and other e-wallets.

How long does it take to withdraw money from Eightcap?
Bank wire will take 1 – 3 business days with other methods instant.

What is the max leverage in Eightcap?
For FCA, ASIC and CySEC retail traders 1:30. For SCB clients 1:500.

How do I open an account with Eightcap?
You can open an account through the Open a Live Account tab on the broker’s website.

What platforms does Eightcap offer?
MetaTrader 4 and MetaTrader 5.

Does Eightcap provide a demo account?
Yes.

broker

Margin trading involves a high level of risk, and may not be suitable for all investors. You should carefully consider your objectives, financial situation, needs and level of experience before entering into any margined transactions with Eightcap, and seek independent advice if necessary. Forex and CFDs are highly leveraged products which mean both gains and losses are magnified. You should only trade in these products if you fully understand the risks involved and can afford losses without adversely affecting your lifestyle (including the risk of losing substantially more than your initial investment). A Product Disclosure Statement (PDS) and a Financial Services Guide (FSG) for our products are available to download from our Legal Documentation page. You must assess and consider them carefully before making any decision about using our products or services.

See Eightcap Full Information
Broker General Information
Trading Features
Other Details
Headquarters Country
Australia
Foundation Year
2009
Regulations
FCA (United Kingdom), ASIC (Australia), CySEC (Cyprus), SCB (Bahamas)
Publicly Traded
No
Number Of Employees
100-200
Trading Desk Type
Market Maker, Dealing Desk
Trading platforms
MT4, MT5
Restricted Countries
United States, Japan, Congo, Cyprus, Eritrea, North Korea, Iran, Iraq, Afghanistan, Tunisia, Trinidad and Tobago, Kosovo, Somalia, Puerto Rico, Azerbaijan, Venezuela, Yemen, Syria, Sierra Leone, Lebanon, Ethiopia, Vanuatu, Israel, Libya, Myanmar, South Sudan, Sudan, Bahamas, Zimbabwe, Burundi
Supported Languages
English, Spanish, German, French, Arabic, Portuguese, Chinese, Bulgarian, Italian, Indonesian, Vietnamese, Thai
Min Deposit
$100
Max Leverage
1:30 (FCA), 1:30 (ASIC), 1:30 (CySEC), 1:500 (SCB)
Deposit Options
Wire Transfer, PayPal, Cryptocurrencies, Skrill, Neteller, Poli
Withdrawal Options
Wire Transfer, PayPal, Cryptocurrencies, Neteller, Cash-U, Poli
Cryptocurrencies
Bitcoin Cash, Bitcoin, Cardano, Dogecoin, Litecoin, Ripple, TRON, EOS, Ethereum, Polkadot, Binance Coin, Chainlink
Products (CFD)
Currencies, Commodities, Indices, Stocks, Crypto
Demo Account
Yes
Islamic Account
Yes
Segregated Account
Yes
Managed Account
No
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