Eightcap Review 2024

Quick Links

• Our Review Method

• EightCap Pros and Cons

• EightCap Review Summary in 12 Points

• Overall EightCap Ranking

• Is EightCap Safe to Trade With?

• Is EightCap Available in Nigeria?

• Leverage

• Fees

• Account Types

• Trading Instruments

• Spread

• Deposits and Withdrawals

• Trading Platform

• Conclusion

Our Review Method ▲

EightCap, incorporated in Australia, stands as a notable Forex and CFD Broker since 2009, known for its transparent pricing model. Through the utilization of variable spreads, EightCap ensures low rates by sourcing quotes from numerous leading banks and institutions. The brokerage leverages technological solutions, including Equinix servers, to provide a seamless trading experience.

EightCap Pros and Cons ▲

Pros

• EightCap is recognized for its reliability and robust technological infrastructure for trading.

• It offers competitive costs and extensive research options within the MT4 platform.

• A wide array of instruments is available, and funds can be withdrawn through various methods, contributing to a wellrounded offering.

Cons

• The lack of comprehensive learning materials for beginners is notable.

• Absence of 24/7 support centers.

• Primarily, accounts are managed under the Bahamas entity, which does not offer the same level of customer security as the ASICregulated EightCap.

EightCap Review Summary in 12 Points ▲

Headquartered in Australia, EightCap is regulated by multiple authorities including ASIC, SCB, CySEC, and FCA. The platforms available for trading include MT4, MT5, and TradingView. Instruments accessible for trading encompass currencies, oil, gold, silver, global indices, shares, and cryptocurrencies. The EUR/USD spread in a Standard Account averages 1.0 pips. A Demo Account is available for practice trading. The minimum deposit required to start trading is $100, with base currencies including USD and AUD. EightCap also provides educational resources focusing on analysis and research. Customer support is available 24/5 to address traders' inquiries and concerns.

Overall EightCap Ranking ▲

Based on our expert analysis and comparison with over 1000 brokers, EightCap offers an appealing proposal for Forex and CFD traders. The technology provided is advanced, and its spreads are competitive within the industry, ensuring favorable trading conditions. The Overall EightCap Ranking stands at 8.0 out of 10.

Is EightCap Safe to Trade With? ▲

EightCap is deemed a low-risk broker, attributed to its adherence to stringent regulatory standards set by prestigious bodies such as the Australian Securities and Investments Commission (ASIC). Additionally, EightCap is a brand within the EightCap Group Ltd, regulated by the Financial Conduct Authority (FCA), offering CFD trading across various markets. Its UK entity is distinctively positioned as the only dedicated, specialist TradingView broker, enhancing the trading experience on this platform. With a safety score of 8.0 out of 10, EightCap is considered reliable, particularly through its Australian entity, despite some operations through an offshore zone with lower regulatory requirements. We advise opting for an EightCap account regulated by ASIC for enhanced safety.

Is EightCap Available in Nigeria? ▲

EightCap caters to international traders, including those from Nigeria, through its offshore branch based in the Bahamas. While we typically caution against trading solely with offshore brokers, EightCap's adherence to ASIC's stringent regulatory framework ensures a high level of operational regulation. The Australia-regulated entity of EightCap upholds the highest standards in corporate governance, financial reporting, and disclosure. Retail client funds are segregated in AA-rated banking institutions, further secured by a professional indemnity insurance policy. This comprehensive approach assures a safe and trustworthy trading environment.

EightCap Leverage ▲

One of the distinct advantages of Forex trading is the ability to use leverage, which can significantly amplify potential profits. However, it's crucial for traders to understand how to utilize leverage wisely to minimize risks. EightCap offers variable leverage options that depend on the trader's operating size and the specific entity through which they trade. For Australian traders, EightCap permits leverage of up to 1:30. Meanwhile, international traders may access higher leverage levels, providing greater flexibility in trading strategies.

EightCap Fees ▲

EightCap structures its fees based on the account type chosen by the trader. For those opting for the Standard account, fees are mainly incorporated into the spread, offering a straightforward trading cost structure. Conversely, the Raw account features spreads starting from 0.0 pips, with a commission charged for trades, catering to professional traders seeking tighter spreads. Notably, the overall fee structure is competitive, with EightCap's fees earning a commendable rating of 4.0 out of 5. This evaluation is based on comprehensive testing and comparison against 1000 other brokers. While the overall fees are favorable, and some deposits and withdrawals are free of charge, traders are advised to review the specific rules of their trading entity. Additionally, it's important to account for overnight fees, also known as Rollover rates, which are incurred for holding positions open overnight and vary depending on the interest rate differential between the two currencies involved in a trade.

Account Types ▲

EightCap offers a simple yet effective choice between two account types: the Standard account and the Raw account. The Standard account is designed for simplicity, with all trading costs built into the spread, making it an appealing option for traders seeking straightforward fee structures. On the other hand, the Raw account appeals to professional traders with its offering of spreads from 0.0 pips and a commission-based cost structure. This diversity ensures that traders of varying preferences and strategies can find a suitable account type that aligns with their trading goals.

Trading Instruments ▲

EightCap boasts an extensive selection of over 800 trading instruments, encompassing major and minor currency pairs, commodities like oil, gold, and silver, shares, cryptocurrency CFDs, and indices. The broker is committed to continually expanding its offerings, as demonstrated by the recent inclusion of Stock CFDs from various global exchanges, including ASX, NASDAQ, NYSE, LSE, and German Share CFDs. This ongoing expansion of trading instruments underscores EightCap's dedication to providing traders with a rich and diverse trading environment. The broker's instrument score stands at 4.0 out of 5, reflecting a strong proposal of trading instruments and a commitment to continuous improvement. However, it's important to note that the range of available instruments may vary depending on the trading entity.

Spread ▲

EightCap offers variable spreads tailored to the account type chosen by the trader. The Standard account features slightly wider spreads with no commission fees, whereas the Raw account provides access to interbank spreads with a commission charged per trade. Our analysis reveals that EightCap delivers competitive pricing, with the average spread for EUR/USD in the Standard account ranging from 0.8 to 1.2 pips and the Raw account offering spreads from 0.0 to 0.3 pips. Gold trading with XAU/USD sees spreads between 20 to 30 cents. Comparing EightCap's spread offerings to other brokers, such as FBS, it's evident that EightCap maintains excellent cost efficiency with an average EUR/USD spread of 1.0 pips in the Standard account and an impressive 0.0 pip spread in the Raw account. The spread for trading metals like XAU/USD is competitively priced at 1.0 pips.

Deposits and Withdrawals ▲

EightCap supports a variety of payment methods for account funding, facilitating the transition from demo to live trading. Instant deposits are available through Visa/MasterCard, Skrill, Neteller, China UnionPay, and bank wire transfers. Additionally, EightCap has introduced cryptocurrency deposits via BTC and USDT, though these are currently limited to USD accounts. The broker allows clients to select from multiple base account currencies, including AUD, USD, GBP, EUR, NZD, CAD, and SGD, ensuring deposits and withdrawals are processed in the same currency as the account base to avoid conversion fees. The minimum deposit requirement at EightCap is $100 for both account types, with no internal fees charged for deposits or withdrawals. However, transactions from non-Australian banks may incur bank fees, for which the client is responsible. Withdrawal options include bank transfer, debit cards, and e-wallets, all without any fees from EightCap's side.

Pros

• Wide range of payment methods

• Support for multiple base currencies

• No internal fees for deposits and withdrawals

Cons

• Bank fees for nonAustralian transactions may apply

Trading Platform ▲

EightCap grants access to the popular MetaTrader 4 and MetaTrader 5 platforms, along with the newer addition of TradingView for a more comprehensive trading experience. These platforms are known for their advanced features and tools, enhancing the trading capabilities of users. EightCap's proprietary platform is available on both desktop and mobile, offering real-time price monitoring, account management, chat, and push notifications. MetaTrader 4 is lauded for its extensive range of indicators and strategies, catering to the needs of traders looking for a robust trading environment. Additionally, EightCap facilitates automated trading through capitalise.ai, allowing users to automate their strategies without any coding knowledge. This includes access to backtesting, loop strategies, smart notifications, and more. Regardless of the chosen account type, all traders are provided with professional trading conditions and company support.

Pros

• Access to MT4, MT5, and TradingView

• Advanced trading features and tools

• Support for automated trading without coding knowledge

Cons

• Limited to proprietary and MetaTrader platforms

Conclusion ▲

EightCap emerges as a reliable and regulated broker, offering a straightforward trading experience complemented by competitive conditions. The broker harnesses technology to ensure efficient execution through powerful servers and centralized integration. This, coupled with competitive pricing from leading institutions and the robust features of the MetaTrader 4 platform, positions EightCap as an attractive choice for a wide range of trading strategies. While the broker could benefit from enhanced educational resources, its support centers and professional analysis more than compensate for this gap. Therefore, EightCap is highly recommended for forex traders, those who favor MetaTrader platforms, individuals interested in automated trading, long-term trading, trading with raw spreads, and traders employing a variety of strategies.