Eightcap Review 2024: Is It Worth It?

Eightcap Review 2024: Is It Worth It? title=

This Trading Platform is available in Ukraine

Open account

Eightcap is a CFD trading platform founded in 2009 and based in Melbourne, Australia. As a multi-award-winning broker, Eightcap has over 800 financial instruments across multiple asset classes, including forex, crypto, indices, commodities, and shares, making it a solid choice for many investors.

If you’re into trading Contracts for Difference (CFD), Eightcap is a trading platform worth looking into.

Min. deposit
100$
Website address
https://www.eightcap.com/en/
Demo account
Yes
Currency
CADEURGBPNZDSGDUSD
Supported languages
AraEngFreSpa
Active
Yes
Payment Methods
Bank TransferCredit/Debit cardsE-Wallets
Pros
- Regulated by reputable international authorities across four jurisdictions - Won several prestigious awards for its trading services, which highlights its credibility - Supports a wide variety of financial instruments (800+) - Low spreads and zero fees for deposits and withdrawals - Silky-smooth sign-up and trading process
Cons
- Limited currency selection compared to other established trading platforms - Educational resources missing the ability to filter by level of trading experience - Not supported in the United States - Doesn’t offer the MetaTrader collections in the United Kingdom - Lack of basic security features like 2FA and face ID
Instruments
CommoditiesCryptoIndicesShares
Regulated By
ASICCySECFCASCB
MetaTrader 4
Yes
MetaTrader 5
Yes
cTrader
Yes
OmniTrader
Yes
AlgoTrader
Yes
TradingView
Yes
Trading Central
Yes
Autochartist
Yes
eSignal
Yes
STP Account
Yes
ECN Account
Yes
DMA Account
Yes
MAM Account
Yes
PAMM Account
Yes
LAMM Account
Yes
Demat Account
Yes
Mobile Apps
IOS and Android
Margin Trading
Yes
Volatility Index
Yes
Spot Trading
Yes
Perpetual Swaps
Yes
ELWs
Yes
REITs
Yes
AI / Machine Learning
Yes
Robo Advisor
Yes
P2P Trading
Yes
Negative Balance Protection
Yes
VPS Hosting
Yes
Tournaments
Yes
Demo Competitions
Yes
Managed Accounts
Yes
Market Maker
Yes
Auto Trading
Yes
Social Trading
Yes
Copy Trading
Yes
Trade Signals
No
Islamic Account
Yes
Guaranteed Stop Loss
Yes
Forex GBPUSD Spread
N/A
Forex EURUSD Spread
N/A
Crypto Lending
Yes
Crypto Staking
Yes
Crypto Mining
Yes
Crypto Auto Market Maker
Yes
Ladder Options
Yes
Boundary Options
Yes
Show all >>

* The amount that will be credited to the account in the case of a successful deal

* General Risk Warning: Your capital might be at risk

Content

Summary of Eightcap

In this guide, I will give you a comprehensive overview of Eightcap.

Whether you’re a seasoned trader or just dipping your toes into the CFD market, this review covers everything you need to know about this broker. We’ll go over account types, instruments, withdrawal methods, fees, and more.

Stick with me to learn what differentiates Eightcap from other brokers and whether it’s a good fit for your trading goals.

Further reading

Pros and Cons of Eightcap

Pros Cons
Regulated by reputable international authorities Limited currency selection compared to other trading platforms
Several prestigious awards for its trading services Can’t filter educational resources by level of trading experience
Supports a wide variety of financial instruments (800+) Not supported in the United States
Low spreads and zero fees for deposits and withdrawals Doesn’t offer the MetaTrader collections in the United Kingdom
Silky smooth signup and trading processes Lack of basic security features like 2FA and face ID

Further reading

Evaluating High Impact Factors

Key Performance Indicators Our Ratings (1-10)
User Satisfaction 8.5
Regulation 9
Educational Content 4
Webinars 5
Spreads and Commissions 8.5
Customer Support 6.5

Further reading

Trade with Eightcap If:

  • You want to use a well-regulated trading platform
  • You want a wide variety of CFD instruments, including stocks, indices, forex, shares, metals, and commodities

Further reading

Don’t Trade with Eightcap If:

  • You’re not even remotely familiar with CFD trading
  • You prefer a broker that offers extensive and flexible educational resources
  • You’re based in the United States

Further reading

Verified Office Addresses

Eightcap is regulated and registered with four verified offices in different regions (a big plus in its favor):

  1. Australia: “The Rialto,” South Tower, Level 35/525, Collins St, Melbourne VIC 3000, Australia
  2. England & Wales: 40 Gracechurch Street, London, EC3V 0BT
  3. Cyprus: Anexartisias 187, 1st floor, 3040 Limassol, Cyprus
  4. The Bahamas: 201 Church Street, Sandyport, Nassau, The Bahamas

Verified Office Address

Verified Office Address

This high level of regulatory oversight leaves no doubt about Eightcap’s legitimacy. This is as an authentic and legitimate trading platform.

Further reading

Expert Opinion on Eightcap Review

Popping into review platforms, online forums, and social pages, I noticed Eightcap receives glowing reviews from its users.

Let’s start with Trustpilot. As you can see, Eightcap received a stellar 4.3 star rating, with 72% of users giving it a perfect five stars.

Expert opinion on Eightcap review

On YouTube, The Savvy Professor had this to say about Eightcap:

“My overall verdict: I love that Eightcap offers traders various trading instruments like crypto and Forex, but it would fully benefit them by improving its educational and research content.

On the plus side, Eightcap is regulated by four different Financial Regulators, including the Australian Securities and Investment Commission. This makes it trustworthy and reliable.

Also, trading at Eightcap guarantees free deposits and withdrawals, quality order execution, and a wide selection of cryptocurrencies.

It’s worth it, and traders of all levels should try it.

A review by the YouTube channel The Diary of a Trader says this:

“In addition to consistent technological developments, Eightcap also recognizes the importance of embracing a strict regulatory and compliant culture… Eightcap meets the highest standard of corporate governance, financial reporting, and product disclosure…

Furthermore, Eightcap undertakes additional protection by the professional indemnity insurance policy, which provides you with the peace of mind and trust needed.”

It’s not all sunshine and rainbows, though. Dig deep enough and you’ll find some reviewers who will warn you to stay away from Eightcap.

For example, this Redditor claims the platform is “dodgy”:

 Eightcap this Redditor says

Further reading

Expert Review of Eightcap

Trust, affordability, and cutting edge tech are make-or-break factors when evaluating a broker. Based on my experience with the platform, Eightcap excels in all three areas.

Let’s start with trust. This broker is regulated by not one, not two, but four top-tier authorities:

  • The Financial Conduct Authority (FCA)
  • The Securities Commission of The Bahamas (SCB)
  • Australian Securities and Investments Commission (ASIC)
  • The Cyprus Securities and Exchange Commission (CySEC)

Moreover, Eightcap segregates users’ funds and monitors their trades for fairness. As a user, I sleep better at night knowing my broker has this level of oversight.

Then there are the fees. Eightcap undercuts many competitors with razor-thin spreads from 0.6 pips on forex and just 0.12 pips on gold. For high-volume traders, these tiny margins add up over time.

But pricing means little without world-class trading platforms to back it up. Eightcap does this well, too, with MetaTrader 5, TradingView, and a quality mobile app. Whether you want automated systems, advanced charting, or on-the-go access, Eightcap delivers.

What truly impressed me, though, was the personal touch. Unlike most CFD brokers, Eightcap pairs you with a dedicated account manager to address questions and concerns. Having that direct line is invaluable, especially for newer traders.

Further reading

Signing Up with Eightcap

Eightcap’s signup process is refreshingly straightforward.

It starts with selecting one of three account types:

  • The Standard Account has commission-free trades but slightly wider spreads
  • The Raw Account boasts ultra-tight spreads but charges a commission per trade
  • The TradingView Account also offers ultra-low spreads alongside advanced trading capabilities

Signing up with Eightcap

Signing up with Eightcap

I chose to test out the Standard Account so I could get a sense of the average user’s experience on the platform.

Next, Eightcap requires personal details and documentation verification as part of their Know Your Client (KYC) process.

Although they’re a common practice for preventing fraud, KYCs are known for being annoying. Yet, I found Eightcap’s process quick and smooth compared to other brokers. All you have to do is:

  • Upload proof of identity (I provided my driver’s license)
  • Submit proof of residence (like a bank statement or utility bill)
  • Answer some basic questions

And that’s it – you’re done.

One minor hiccup was that the platform didn’t initially recognize my utility bill as proof of residence. But a quick chat with their responsive customer support team solved that issue, so it wasn’t a big deal.

My account was verified within 24 hours, allowing me to start trading with over 800+ instruments across forex, commodities, indices, shares, and crypto.

Bottom line: Eightcap’s signup process was seamless and its KYC verification wasn’t complex at all. But keep in mind that this was just my individual experience.

Further reading

Eightcap Dashboard

Dashboard of Eightcap

After verifying and funding my account, I jumped into Eightcap’s trading platform. Their web-based dashboard immediately impressed me with its clean, intuitive design.

Too many brokers try to cram every feature and widget onto a single screen. Eightcap takes a far more minimalist approach. The layout is neatly organized into separate sections for watchlists, charts, trade tickets, and account metrics with no clutter or confusion.

Even better, Eightcap doesn’t sacrifice functionality for user-friendliness. Its simple order entry box makes executing basic trades a breeze.

Plus, it displays positions, profit/loss, and account balance front and center, which helps monitor trades efficiently. The dashboard is also reasonably customizable.

One feature that stood out to me was the integration of TradingView. This powerful charting platform improves the trading experience by offering technical analysis tools and indicators.

 Eightcap technical analysis tools and indicators

Whether you’re a trend follower or a contrarian trader, you’ll find everything you need to analyze markets effectively on Eightcap.

My only gripe is that it lacks some advanced trading tools. But for most traders, Eightcap’s core offering covers all the essentials well.

Further reading

Deposits and Withdrawals on Eightcap

Deposits

Any respectable trading platform will make Funding your account hassle-free, and Eightcap does a good job of this.

I was happy to see many deposit methods accepted, including debit and crebit cards, e-wallets like Skrill and Neteller, and conventional bank wire transfers.

Deposit and Withdrawal on Eightcap

Better still, Eightcap doesn’t charge deposit fees, so every dollar goes straight into your trading account and is ready to be put to work. This is a significant advantage over other brokers who charge you for the “privilege” of funding your account.

Deposit currency options are decent, but with some notworthy limitations. Eightcap supports seven major currencies:

  • USD
  • AUD
  • EUR
  • GBP
  • CAD
  • NZD
  • SGD

But if you want to fund your account with minor currencies like CHF or JPY, you’re out of luck.

Withdrawals

Eightcap is quick and convenient for withdrawals, using the same methods as deposits. Moreover, most withdrawals on Eightcap are free (rare in this industry).

I tested this by depositing a small sum via credit card, then requesting the funds back. My withdrawal was quickly approved, and I received the money within half a day.

Skrill transfers are even faster. Bank wire transfers, however, will make you wait up to five business days before processing your funds.

It should be noted that only withdrawals from accounts in your name will be approved to ensure the security of your funds.

Overall, I’m a big fan of Eightcap’s handling of funds. It delivers cost efficiency with low to zero fees, decent currency selection, and modern payment methods.

Further reading

Trading Conditions on Eightcap

Eightcap provides a transparent and competitive environment tailored to meet the needs of traders at all levels. Let’s start with its commissions and fees.

Remember, Eightcap provides three primary account types, each with different fees.

Trading Conditions on Eightcap

Standard Account

The Standard Account is ideal for beginners who prefer a commission-free structure. However, expect slightly wider spreads (1.0 pips) compared to the Raw Account.

Depending on the instruments, this account also features a minimum trade size of 0.1.

Raw Account

Experienced traders might favor the Raw Account. It offers tight spreads (0.0 pips), ideal for scalping and high-volume trading. However, this account type comes with a commission of $3.50 per trade. Still, the overall cost is lower than the industry average of 0.8 pips.

TradingView Account

The TradingView Account provides access to razor-thin spreads (0.0 pips), customer indicators, advanced charting, trade ideas from the entire TradingView community, and proprietary Pine-Script language.

Eightcap TradingView Account

But the good news doesn’t end there. Eightcap doesn’t charge account maintenance or inactivity fees. In other words, you can focus on trading without worrying about hidden costs eating into your profits.

It’s important to note that international wire transfers may incur receiving fees from your bank, typically around $20 to $50.

So, are Eightcap’s fees competitive? Absolutely. The tight spreads across all asset classes make it an attractive option for traders.

It’s worth noting that there may be some slippage at times that cause you to lose profits on certain trades. This generally isn’t an issue with most Eightcap users. However, some have noted that the slippage can sometimes exceed 50%.

Further reading

How to Start Trading with Eightcap

With my account funded, I was eager to test Eightcap’s trading features. The broker offers a few different ways to start trading, and I have tried them all.

Web-Based Platform

The simplest option is their web-based platform. Simply log into your client dashboard and access the trading workspace in your browser. No extra downloads are required.

MetaTrader 5

For a more comprehensive experience, I’d recommend the desktop MetaTrader 5 terminal. It’s easy to set up by downloading the software from Eightcap’s website.

How to Start Trading with Eightcap

Veteran traders should feel at home with MT5’s advanced charting, automated trading capabilities, and technical tools.

Eightcap Mobile App

If you prefer trading on the go, Eightcap has quality iOS and Android mobile apps for MetaTrader 4 and MetaTrader 5. I was impressed by how clean and responsive the iOS app felt. Monitoring positions and executing trades directly from my phone was a breeze.

The app unfortunately lacks standard security features like two-step login and Face ID, which could be a big downside for some. I’ve been hacked before, so I had some hesitations about making this my primary trading platform.

Whichever way you choose to trade, the onboarding process is smooth. I didn’t encounter any technical issues or download errors. And it was simple to sync my accounts across devices.

Demo Account

While Eightcap makes it easy to start trading immediately, I recommend taking the platform for a risk-free test drive with a demo account.

 Eightcap demo account

Once you’re comfortable with your trading skills, you can move on to a real account, deposit funds, and hit the “Trade” button. It’s that straightforward.

Further reading

Useful Tools for Traders on Eightcap

As a data-driven trader, I was thrilled with Eightcap’s impressive collection of trading tools.

The caliber of these tools is surprising for a broker aimed at individual traders. Sure, some of the more advanced offerings have premium costs attached to them. But the free AI Calendar alone provides an edge very few competitors can match.

Let’s take a closer look at each of the tools you can access on Eightcap.

AI-Powered Economic Calendar

Eightcap AI-powered Economic Calendar

The Eightcap Economic Calendar lists events and uses artificial intelligence (AI) to evaluate their impacts on the markets. This has allowed me to identify trading opportunities based on data patterns and sentiment.

This machine provides more than just economic plans. It’s also an important tool for news-driven strategies as it uses machine learning to quickly go through real-time data releases to see how the market reacts.

Captialise.ai

 Eightcap Captialise.ai

Capitalise.ai is another AI-powered trading tool on Eightcap. Here, you can set up automated trading strategies without learning how to code.

I used this feature to assess my market risk exposure and receive tailored trade recommendations. I trust my analysis, but I see the value in this tool for those who are just getting started or trying different trading methods.

FlashTrader

 Eightcap FlashTrader

FlashTrader is built for power users. With this, you can execute one-click trades with predefined approaches such as position sizing, stopping loss orders, and taking profit levels.

Furthermore, it has saved me time when scalping or when it is difficult to read the markets.

Retail brokers rarely have access to high-quality institutional-grade trading technology, so finding this on Eightcap was a very pleasant surprise.

ForexVPS

 Eightcap ForexVPS

ForexVPS acts as a server that can improve trading for high-frequency traders and those employing algorithmic strategies. It has low latency and never switches off because it operates 24/7. This way, trading algorithms will always run without being interrupted by personal computers.

Although I have never used ForexVPS, it’s worth considering if you plan to run more complex algorithmic trades.

Further reading

Investing Opportunities with Eightcap

Eightcap gives its users opportunities to expand their investment portfolio and optimize their profits. They cater to people dealing with forex options, stocks, commodities, and popular cryptocurrencies such as Bitcoin.

There are also features like copy trading, which allows you to automatically duplicate what experienced traders are doing.

It’s really as simple as its sounds. Simply browse top-performing traders, allocate some funds, and you’ll automatically copy their positions in real time. Best of all, you get full transparency into their logic and risk management approach.

Further reading

Eightcap Affiliate Program

Eightcap offers an enticing affiliate program for those looking to earn extra income beyond trading. I recently signed up myself to see what it’s all about.

Here’s how it works: You register, receive an affiliate link, and promote Eightcap’s services to your audience. When someone opens an account using your affiliate link and starts trading, you earn a commission.

But it doesn’t stop there.

Eightcap gives its affiliates versatile tools and resources to support their efforts. You get a complete marketing toolkit with banners, videos, reviews, and more to share across your channels.

Further reading

General Risk Warning: Your capital might be at risk

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