Eightcap Review 2023
- DayTrading Review Team
Eightcap is good for traders familiar with MT4 and MT5 looking to trade forex and CFDs in a secure environment. The brand is also a great pick for crypto traders with 100+ derivatives, a sophisticated market scanner, plus Bitcoin and Tether deposits.
Eightcap is a forex and CFD broker founded in Australia in 2009. The brand is popular for its raw spreads on 1000+ instruments and advanced MetaTrader platforms. With five global offices and ASIC regulation, Eightcap has built a strong reputation. New traders can also sign up for a live account in just a few minutes.
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Trade 50+ major, minor and exotic pairs with an award winning platform. Users get institutional-level prices with spreads from 0.0 pips and no commissions. The VPS will also serve high-volume, active day traders.
Trade 500+ US, Australian, and European shares on MT5 or TradingView. Bet on rising and falling share prices while using leverage to bolster potential profits. On the downside, fractional shares aren't offered.
Trade over 800 CFDs on popular indices, shares, forex, cryptos and commodities. Clients get premium liquidity and superior execution with servers in leading data centres. Eightcap also offers more choice than most competitors in terms of platforms with MT4, MT5 and TradingView.
Eightcap offers over 100 crypto-backed derivatives, more than many rivals. Bitcoin spreads are also lower than most brokers coming in at 12, while the market scanner is a unique and powerful trading aid.
- Best Forex Broker 2023 - DayTrading.com
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- Best MT4/MT5 Broker 2022 - DayTrading.com
- Best Global Forex MT4 Broker 2020 - Global Forex Awards
- Sophisticated platforms including MetaTrader 4 and TradingView
- Raw spreads from 0.0 pips and a competitive $3.5 per lot commission
- Flexible and fee-free payment methods including cryptocurrencies
- 100+ crypto derivatives, more than most brokers, including crypto crosses and indices
- Strong trading education and analysis including forex guides and online webinars
- Cryptocrusher market scanner with sentiment indicators, news and trading signals
- AI-powered economic calendar with top-level insights, in partnership with Acuity
- Good for day trading with ECN pricing, a forex VPS and automated trading software
- Cryptocrusher platform not available for Australian clients
- Demo account can only be extended upon request
- Only four commodities available
Eightcap is an award-winning CFD and forex broker. Offering both the MT4 and MT5 platforms, as well as two competitive accounts, users can invest in over 1000 financial instruments with attractive trading conditions. On the negative side, the broker falls short in its commodity offering and regulatory oversight in some locations.
This review can help you decide whether to open an Eightcap account, covering spreads, leverage plus the mobile app and demo account. Our experts also share their verdict after testing the broker and give you a head start on getting the most out of the trading tools.
We appreciated Eightcap’s choice of accounts to suit traders of different experience levels and strategies:
- Standard – best for beginners
- Raw – best for experienced traders
Both accounts require a minimum deposit of A$100, which is accessible for the majority of traders and lower than alternatives like IC Markets ($200). They also come with a minimum trade size of 0.01, and offer a maximum leverage of 1:30 for Australian clients and 1:500 for non-Australian clients.
The main difference between the two accounts is that the Standard account comes with zero commissions, whereas the Raw account charge is A$3.50 per standard lot in return for tighter spreads.
They are both available in seven base currencies: AUD, USD, EUR, GBP, NZD, CAD, SGD. This is good news for global traders, making it easier for traders from Canada, for example, to manage their account and trading activity in their local currency.
How To Open An Eightcap Account
I have tested hundreds of brokers and I appreciated the straightforward sign-up process at Eightcap. It only took me a few minutes to register for an account.
I had to provide my name, country of residence, email address, and password. Then I could activate my account using the registration link sent to my email.
Once in the client dashboard you can choose your account settings, from account type and base currency to leverage and trading platform.
Assets & Markets
We were impressed with the suite of instruments available at Eightcap. The selection of shares is particularly strong with blue chip stocks from leading US, UK, Australian and European firms. The broker also offers more crypto trading opportunities than most rivals, including CMC Markets, which offers around 20 digital tokens.
On the negative side, clients can’t directly buy and sell stocks – only CFDs on shares are available. Also the breadth of commodities is limited, so it isn’t the best broker if you want to speculate on precious metals and energies.
Clients can trade:
- Currencies – Trade 40 major, minor, and exotic forex pairs
- Share CFDs – Trade on 500+ US (NASDAQ and NYSE), UK (LSE), German (EXTRA) and Australia’s most popular companies, including Westpac Banking Corp & Woolworths
- Index CFDs – Trade 10 of the most popular indices, including the US30, UK100, and SPX500
- Cryptocurrency CFDs – 250 + crypto pairs with cross pairs and indices
- Commodities – Trade gold, silver and oil CFDs
See Eightcap’s Product Disclosure Statement (PDS) for full details.
Spreads & Commissions
When we used Eightcap, we found that spreads were tight and variable, starting at 0 pips for major forex pairs (Raw Account) and 0.4 on major indices, such as the SPX500. For gold they start at 0.12 USD, whilst oil spreads are 0.03 USD.
Cryptocurrencies have varying spreads from 0 USD for Bitcoin Cash and up to 31.2 USD for Bitcoin. Shares have spreads of 0.02 USD per share, per side (4 USD per lot round turn).
Note that during trading hours with significant volatility some assets’ spreads tend to get higher. This is also true during less liquid periods.
Commissions are charged at 3.50 USD per standard lot on the Raw account, which is competitive.
Swap rates also apply for overnight forex trades.
Eightcap offers several fast payment options in a multitude of base currencies, all transacted through the Client Portal:
- PSP (Virtual Account)
- Credit/debit card
- China UnionPay
- Bank Wire
All payment methods except for bank wires are free of transaction charges. Eightcap also offers instant 24 hour deposit processing, except for wire transfers, BPAY and PayRetailers, which can take up to 3 days.
To prevent any delays, make sure to upload the relevant ID documents to your account before trying to fund your account.
I was pleased to find that after completing a request form through the Client Portal, you can withdraw profits for free, using all of the methods above.
Eightcap also aims to process withdrawals within 24 business hours. Clearing times typically take between 2 and 5 business days. These are similar timelines to other big names like XTB and Pepperstone.
Note that deposit and withdrawal limits are dependent on the payment method. Detailed information can be found in the Client Portal.
We have evaluated hundreds of brokers and Eightcap is relatively secure with good regulatory oversight.
To protect client interests, the company is independently regulated across multiple entities: Eightcap Pty Ltd is regulated by the Australian Securities and Investments Commission (ASIC) while Eightcap Global Ltd is regulated by the Securities Commission of Bahamas (SCB). Client funds are also segregated and held at Tier 1 banks, as per the Corporations Act.
Our opinion is that the broker isn’t a scam and their online trading services are legitimate. With that said, traders registered with the SCB-regulated entity won’t get the same level of legal protection. This isn’t a hugely respected regulator like the ASIC.
The suite of trading platforms available at Eightcap is a standout feature for us. As well as the world’s most popular retail trading solutions, MetaTrader 4 and MetaTrader 5, users can automate strategies through the Capitalise.ai software. This means clients can find a platform that suits their trading style and strategy, such as scalping.
The award-winning MT4 platform facilitates online investing in forex, indices, and commodities. With its user-friendly interface, automated trading capabilities, and comprehensive charting package, it is an excellent all-around platform. After testing, we recommend beginners download this platform.
Our favorite features include:
- 9 time-frames, 30 built-in indicators, 24 graphical objects
- Trading robots with access to Expert Advisors (EAs)
- 4 types of pending orders, 3 order execution types
- Real-time quotes in Market Watch
- One-click trading
- Historical data
MT4 is available to download on Windows, macOS, and Linux PCs.
MT5 is a more advanced platform offering trading in forex, indices, shares, commodities, and cryptocurrencies. We have pulled out some of the best functionality:
- 21 time-frames, 38 technical indicators, 40+ graphical objects
- Automated trading bots with backtesting capabilities
- 6 types of pending orders, 4 order execution types
- One-click trading and Advanced Market Depth
- Financial news and economic calendar
- Real-time quotes in Market Watch
- Netting and hedging
- Community chat
- Historical data
MT5 is available to download on Windows, macOS, and Linux PCs.
Eightcap also offers the Web Trader version of MT5. The web-accessible platform can be opened easily from the broker’s website and has the same range of features as the desktop download.
It is a quick and hassle-free way to get connected to the financial markets.
Eightcap has a popular automated trading tool that lets clients program instructions using plain English, for example, buy $1,000 GBP/USD on Tuesday at 15:30 EST.
With a slick dashboard and assisted instructions, it’s straightforward to build automated trading strategies for beginners. With no coding skills required, you can develop simple and complex algorithms free of charge.
We also rated that Capitalise.ai offers an extensive list of pre-programmed strategies which clients can test risk-free or tweak to their preferences before pushing live. Check out the video below for more details.
Eightcap offers a mobile app for both the MT4 and MT5 platforms, which are available on iOS and Android devices. The applications offer all the same features as the desktop platform, with the added benefit of 24/7 access from anywhere.
Our only criticism is that trading from charts and overlaying indicators is a struggle on smaller screens, so it works best as a supplementary tool.
Once you have your MT4 or MT5 login credentials, simply head to the Apple App Store or Google Play to download the trading app.
Maximum leverage at Eightcap Pty Ltd is 1:30. Maximum leverage for clients trading with Eightcap Global Ltd is 1:500. This is line with regulatory restrictions and is the same at other reputable brokers.
Details of the margin call process can be found on the broker’s website. Clients can also amend their leverage limits by contacting the broker’s support team. We recommend beginners and those with a low risk appetite consider this.
Eightcap offers a free demo account that can be opened from the broker’s website. Users have access to 5,000,000 in virtual funds and the same trading conditions as a real-money account, including the same price feed.
On the negative side, demo accounts last for 30 days by default, though this can be extended upon request. This is important as we like to be able to continuously test and refine strategies alongside real-money trading.
How To Open A Demo Account
I appreciated the fast account opening process at Eightcap. You can sign up for a simulator account and start trading in less than 10 minutes.
- Navigate to the broker’s website
- Register for a demo account
- Provide your basic contact details
- Choose a platform and currency
- Click ‘Open Demo’
Bonuses & Promotions
Eightcap does not currently offer any deposit bonuses or promotions. This might deter some traders but it aligns with regulatory conditions.
We also never recommend selecting a broker just based on a welcome bonus or other incentive. Account requirements and trading conditions are more important considerations.
If you do choose to trade with a bonus, make sure you check terms and conditions before you start trading.
Eightcap’s mission is to build a home for MT4 and MT5 traders. The broker offers an in-depth education suite to help both new and experienced investors. Included in this are regular market updates, insights into the trading week ahead, live webinars, CFD and forex investing tips, MetaTrader tutorials and strategy guidance.
Overall, Eightcap beats most brokers in terms of its extra tools and services, making it a good pick for both beginners and seasoned traders.
A highlight for us is the ability to automate trades without any coding knowledge. With the use of capitalise.ai, investors have access to automation and analytic tools, including backtesting, loop strategies, smart notifications, and much more.
The online broker has also partnered with TradingView to offer powerful charts and tools. TradingView is a top-rated charting solution with 100 built-in indicators, 5,000+ investor-created indicators, plus 50 drawing tools. You can enter and exit positions directly from TradingView’s charts with their Eightcap account.
As well as powerful analysis features, TradingView is one of the world’s biggest social investing networks. With more than 30 million monthly users and active social media forums, investors can swap ideas and discuss strategies and markets.
Our team found a few other useful tools:
- Cryptocrusher – signals service
- Amazing Trader – charting algorithm
- Forex VPS – ideal for high-frequency traders
Another feature worth calling out is the AI-enabled economic calendar. The intuitive tool can help traders identity opportunities across 1000+ macroeconomic events in 100+ countries. The calendar also categorizes events to show traders if they will have a high, medium or low impact. In addition, it offers insights into why an event will impact the market and how quickly it will have an impact.
Users can trade forex 24 hours a day, 7 days a week. However, global foreign exchange trading hours vary by time zone. Based on AEST, Sydney opens at 7 am and closes at 4 pm, Tokyo opens at 9 am and closes at 6 pm, London opens at 5 pm and closes at 2 am, and New York opens at 10 pm and closes at 7 am. Cryptocurrencies can be invested in 24/7.
Opening hours also vary across other markets with details available on the broker’s website.
Our team found the customer service team easily contactable and responsive. When we tested the live chat, we got through to an agent in less than 1 minute, which is faster than most forex and CFD brokers.
Eightcap’s 24/5 multilingual support team can be contacted via:
- E-mail – firstname.lastname@example.org or email@example.com
- Live chat – the chat logo is located on the right-hand side of the website
- Telephone numbers – +61 3 8373 4800, +61 3 8375 9700, +61385922375, +67835382
You can also keep up to date with the latest news on Eightcap’s social media pages:
The Eightcap PTY LTD headquarters office address is Level 6, 360 Collins Street, Melbourne, VIC 3000 Australia.
Company Details & History
Eightcap was founded in 2009 and is based in Melbourne, Australia.
The company’s CEO is Joel Murphy and the firm is regulated by the Australian Securities and Investment Commission (ASIC), plus the Securities Commission of The Bahamas (SCB).
Eightcap has offices worldwide with a large multilingual client support team based in the UK, Sofia, Bulgaria, China and Thailand, amongst others.
Ultrafast execution is available with zero-pip spreads, as well as access to top-tier liquidity. The brokerage also offers fee-free deposits and payments via popular eWallets in addition to wire transfers and debit cards.
We are comfortable that Eightcap employs industry-standard measures to provide a relatively secure trading environment.
Data exchanges are encrypted between the platform and the client servers, using 128-bit Secure Sockets Layer (SSL) encryption. Server authentication is also required upon accessing the MetaTrader platforms. Two-factor authentication (2FA) can be added to both the MT4 and MT5 platforms.
To ensure client data protection, Eightcap is fully compliant with the Privacy Act 1988, the Australian Privacy Principles (APPs), and the General Data Protection Regulation (GDPR).
Operating for over a decade and offering both the award-winning MT4 and MT5 platforms, Eightcap is a respected CFD and forex broker. In particular, we rated the competitive spreads, reliable customer support and free demo account offering, meaning beginners and experts can begin trading with ease.
Eightcap cannot accept traders from certain jurisdictions including the US, New Zealand and Japan.
- Credit Card
- Debit Card
- Bitcoin Payments
- Wire Transfer
|Minimum Trade||0.01 Lots|
|Regulated By||FCA, ASIC, CySEC, SCB|
|Mobile Apps||iOS & Android|
|AI / Machine Learning||No|
|Negative Balance Protection||Yes|
|Auto Trading||Capitalise.ai platform plus Expert Advisors (EAs) on MetaTrader software|
|Trade Signals||Cryptocrusher – signals for cryptocurrencies|
|Guaranteed Stop Loss||No|
CFD Trading Details
|Stocks Spread||$0.02 per share, per side ($4 per lot round turn)|
|Leverage||1:30 (EU), 1:500 (Global)|
Forex Trading Details
Cryptocurrency Trading Details
|Crypto Spread||From $0|
|Crypto Auto Market Maker||No|
Compare Eightcap with similar brokers that accept traders from your location. Among available brokers these are the most similar to Eightcap:
IG Group – IG is an award-winning broker that has an excellent reputation globally. The brand-US offers spread betting, CFD and forex trading across a comprehensive suite of markets. IG is also multi-regulated, provides a great trading app and has 50 years experience.
Go to IG Group
Just2Trade – Just2Trade is a reliable multi-regulated broker registered with FINRA, NFA and CySEC. The company has 155,000 clients from 130 countries and stands out for its huge suite of instruments and additional features, including a social network, robo advisors and a funded trader programme.
Go to Just2Trade
Forex.com – Forex.com boasts a global reputation with multiple awards and 20+ years experience. Regulated in the US, EU, UK and Canada they provide a huge range of markets, not just forex, and offer competitive fees on a cutting-edge platform. The brand also provides a suite of additional tools, from performance analytics and SMART Signals to advanced charts and strategy builders.
Go to Forex.com
Eightcap Comparison Table
|Markets||CFDs, Forex, Stocks, Indices, Commodities, Crypto||CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting||Stocks, ADRs, ETFs, Futures, Options, Commodities, Bonds||Forex, Spot Metals|
|Minimum Trade||0.01 Lots||0.01 Lots||0.01 Lots||0.01 Lots|
|Regulators||FCA, ASIC, CySEC, SCB||FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA||CySEC, NFA, FINRA, Bank of Russia||NFA, CFTC|
|Bonus||–||–||Up to $2,000 for professional accounts||Active Trader Program With A 15% Reduction In Costs|
|Platforms||MT4, MT5, TradingView||MT4, AutoChartist, TradingCentral||MT4, MT5, TradingCentral||MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral|
|Leverage||1:30 (EU), 1:500 (Global)||1:30 (Retail), 1:250 (Pro)||1:20||1:50|
Compare Trading Instruments
Compare the markets and instruments offered by Eightcap and its competitors. Please note, some markets may only be available via CFDs or other derivatives.
Eightcap vs Other Brokers
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Is Eightcap Trustworthy?
Our experts consider Eightcap a trustworthy broker. The company is authorized by a tier-one regulator – the Australian Securities & Investments Commission (ASIC). The broker also has strong account security measures, including negative balance protection and segregated client accounts.
Is Eightcap Good For Day Trading?
Eightcap is an excellent broker for active day traders. We recommend the Raw account with ultra-tight spreads and low commissions to keep costs down. The MetaTrader 5 platform is a good option for technical day traders looking for fast processing speeds. Alternatively, Capitalise.ai can be used to automate day trading strategies with limited coding know-how.
Does Eightcap Offer A Low Minimum Deposit?
The minimum deposit amount is 100 AUD or currency equivalent. We consider anything less than $500 low so Eightcap will serve beginners. The minimum position size is also accessible at 0.01 lots.
Does Eightcap Offer High Leverage?
Eightcap offers maximum leverage of 1:500 across both accounts (1:30 in regulated markets). Leveraged trading can increase potential returns, but also potential losses.
Does Eightcap Offer A Demo Account?
Yes, a demo account can be set up from the main page on the website. Users will have access to 5,000,000 worth of virtual funds (available in several currencies) for 30 days and can enjoy identical trading conditions to a live account. Our team found that you can also extend the demo account by contacting the broker’s support team.
How Do I Open A Live Account With Eightcap?
Select ‘Create Account’ from the top right-hand corner of the broker’s website to register. You will be required to fill out a short form before going through five additional steps to personalize your account and verify your identity. You can also use our registration button to open an account.
What Can I Trade On Eightcap?
Users can trade forex, indices, and commodities on the MT4 platform, and forex, indices, commodities, shares, and cryptos on the MT5 platform. In total, over 1000 assets are available, which is more than many rival brokers.
What Does Eightcap Do?
Eightcap is an international forex and CFD broker. It offers the MT4 and MT5 platforms alongside a WebTrader solution and a popular automated trading terminal. The company also offers spreads from zero pips, a crypto signals service plus integration with TradingView.
The writing and editorial team at DayTrading.com use credible sources to support their work. These include government agencies, white papers, research institutes, and engagement with industry professionals. Content is written free from bias and is fact-checked where appropriate. Learn more about why you can trust DayTrading.com
|Eightcap is a forex and CFD broker founded in Australia in 2009. The brand is popular for its raw spreads on 1000+ instruments and advanced MetaTrader platforms. With five global offices and ASIC regulation, Eightcap has built a strong reputation. New traders can also sign up for a live account in just a few minutes.|