Eightcap Review 2024
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74-89% of retail CFD accounts lose money. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Eightcap presents a solid forex and CFD offering, positioned as a reliable broker for traders looking for a variety of trading options, especially cryptocurrency CFDs, and support for a wide range of third-party platforms.
Overall Rating
Minimum Deposit
Trust Score
Pros and Cons
Pros
- Regulatory Compliance: Eightcap is authorized by major regulatory bodies including ASIC and FCA, enhancing its reliability.
- Third-party platforms: Provides access to both MetaTrader 4 and MetaTrader 5, TradingView, and other platforms, appealing to a broad range of traders.
- Cryptocurrency: Compared to other forex brokers, offers the most cryptocurrency CFDs.
Cons
- Limited Forex Pairs: Only offers 56 forex pairs, which is less than some competitors.
- No Advanced Education: Lacks advanced educational videos, which could be a drawback for more experienced traders.
- Average Investment Offerings: Received a slightly lower recommendation in the offering of investments, indicating a more limited range of assets.
Ratings Summary
- Investment Types - 7.0/10
- Commissions & Fees - 7.5/10
- Trading platforms - 7.5/10
- Research - 7.0/10
- Mobile Apps - 7.5/10
- Education - 7.0/10
- Overall - 7.6/10
Can I trust Eightcap?
We can confidently say Eightcap is a trustworthy broker, being publicly listed and regulated by significant authorities like ASIC and the FCA. According to ForexBrokers.com, with a Trust Score of 85, Eightcap is considered "Trusted."
Eightcap is currently licensed and/or authorised by the following regulatory bodies:
- Tier-1 Regulators - Australian Securities & Investment Commission (ASIC), Financial Conduct Authority (FCA), and regulated in the European Union via the MiFID passporting system
- Tier-2 Regulators - None
- Tier-3 Regulators - None
- Tier-4 Regulators - Securities Commission of the Bahamas (SCB)
Is Eightcap good for beginners?
While Eightcap offers beginner education videos and some other educational resources, it lacks advanced educational content and the more detailed educational resources of other brokers.
Feature |
Eightcap
|
---|---|
Education (Forex or CFDs) | Yes |
Client Webinars | No |
Videos - Beginner Trading Videos | Yes |
Videos - Advanced Trading Videos | No |
Investor Dictionary (Glossary) | Yes |
Eightcap commissions and fees summary
Our review of Eightcap's fees finds it to be competitively priced, especially as it offers a relatively low average spread cost for the EUR/USD pair at 1 pip, below the industry average of 1.08.
Feature |
Eightcap
|
---|---|
Minimum Deposit | $100 |
Average Spread EUR/USD - Mini | 1.0 |
Average Spread EUR/USD - Standard | 1.0 |
All-in Cost EUR/USD - Active | 0.76 |
Active Trader or VIP Discounts | No |
Eightcap trading platforms and tools
Did you know? Trading platforms comparison
Of the 60+ brokers reviewed on BrokerNotes, 64% offer a proprietary platform, 100% offer a web platform, 91% offer a desktop platform, 11% offer cTrader, 14% offer ZuluTrade, 81% offer MetaTrader 4, and 64% offer MetaTrader 5.
Eightcap's provision of MetaTrader 4, MetaTrader 5, TradingView, and Capitalise.ai’s algorithmic trading platforms comes highly recommended, supporting a robust trading experience for both novice and seasoned traders.
Trading platforms offered: MetaTrader 4, MetaTrader 5, TradingView, and Capitalise.ai’s algorithmic trading platforms are available.
Trading tools: The broker provides standard trading tools available through its third-party platforms.
Copy trading: Offers copy trading, adding value for traders interested in mimicking the strategies of others.
Feature |
Eightcap
|
---|---|
Virtual Trading (Demo) | Yes |
Proprietary Platform | No |
Desktop Platform (Windows) | Yes |
Web Platform | Yes |
MetaTrader 4 (MT4) | Yes |
MetaTrader 5 (MT5) | Yes |
DupliTrade | No |
Eightcap trading platform screenshots
Mobile trading apps at Eightcap
Eightcap's mobile trading apps are recommended for traders who need to manage their investments on the go, with a good level of functionality and usability.
Feature |
Eightcap
|
---|---|
Android App | Yes |
Apple iOS App | Yes |
Mobile Economic Calendar | Yes |
Mobile Alerts - Basic Fields | Yes |
Mobile Charting - Draw Trendlines | Yes |
Mobile Watchlist | Yes |
Eightcap mobile app screenshots
How do I open an account with Eightcap?
- Visit the Eightcap website and select the 'Sign Up' button.
- Fill out the registration form with your personal details.
- Verify your identity by submitting the required documents.
- Make your initial deposit using one of the supported payment methods.
- Start trading once your account is set up and funded.
What can I trade at Eightcap?
Eightcap offers trading in 56 forex pairs and 736 other tradeable symbols, providing a somewhat limited but focused range of options. It does have a standout collection of more than 100 cryptocurrency CFDs, however.
Feature |
Eightcap
|
---|---|
Tradeable Symbols (Total) | 736 |
Forex Pairs (Total) | 56 |
Social Trading / Copy Trading | Yes |
Cryptocurrency (Physical) | No |
Cryptocurrency (Derivative) | Yes |
Spread Betting | No |
Eightcap research screenshots
Account funding at Eightcap
Eightcap supports various funding methods including bank wires, Neteller, PayPal, credit cards, and Skrill eWallet, making the account funding process versatile and convenient for different preferences.
Feature |
Eightcap
|
---|---|
Visa/Mastercard (Credit/Debit) | Yes |
Bank Wire (Deposit/Withdraw) | Yes |
PayPal (Deposit/Withdraw) | Yes |
Skrill (Deposit/Withdraw) | Yes |
Neteller (Deposit/Withdraw) | Yes |
About Eightcap
Eightcap was founded in 2009 and has established itself as a reliable broker in the forex and CFD trading industry. While not publicly traded, it upholds high standards of regulatory compliance, being authorised by ASIC in Australia and the FCA in the UK. This solid regulatory framework combined with its commitment to offering competitive trading conditions has helped Eightcap build a respected presence in the global financial markets.
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Methodology
At BrokerNotes.co, our data-driven online broker reviews are based on our extensive testing of brokers, platforms, products, technologies, and third-party trading tools. Our product testing extends to the quality and availability of educational content, market research resources, and the accessibility and capabilities of mobile platforms and trading apps. We also dive into each broker’s trading costs, such as VIP rebates, inactivity fees, custody fees, bid/ask spreads, and other fee-based data points.
Steven Hatzakis, an industry veteran with decades of experience in the forex market, leads the BrokerNotes research team. All BrokerNotes content is researched, fact-checked, and edited by the research team.
All websites and web-based platforms are tested using the latest version of the Google Chrome browser. Our Desktop PCs run Windows 11, and we use MacBook Pro laptops running the latest version of macOS to test trading on the go. We test mobile apps and products using iPhones running iOS 17 and Samsung devices running Android OS 14.
Note: The online brokers on our site provide the ability to trade forex in one or more ways, such as non-deliverable spot forex (i.e., rolling spot contracts), contracts for difference (CFD), or other derivatives such as futures. The availability of specific markets or features will depend on your country of residence and the broker's applicable brand or entity that services your account(s).
AI disclaimer
We use proprietary AI technology to assist in some aspects of our content production. However, our scores, ratings, and rankings of online brokers are based on our in-depth product testing and thousands of hand-collected data points. Learn more about our AI Policy and How We Test.
Forex Risk Disclaimer
There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Learn more about foreign exchange risk.