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Eightcap Review 2024

Written By

Christian Harris

Written By

Christian Harris

Christian is a seasoned journalist with decades of experience. He transitioned from tech journalism to finance to follow his interest in investing. He has been trading stocks, futures, forex, and cryptocurrencies for more than 5 years, becoming an eToro Popular Investor. With hands-on expertise across various assets, he offers valuable trading insights.

» Christian Harris Profile Page

Edited By

Jemma Grist

Edited By

Jemma Grist

Jemma is a writer, editor and fact-checker focused on retail trading and investing. Jemma brings a unique perspective to the forex, stock, and cryptocurrency markets and works across several investment websites as a researcher and broker analyst.

» Jemma Grist Profile Page

Fact Checked By

James Barra

Fact Checked By

James Barra

James is an investment writer with a background in financial services. As a former management consultant, he has worked on major operational transformation programmes at prominent European banks. James authors, edits and fact-checks content for a series of investing websites.

» James Barra Profile Page

Updated

Nov 20, 2024

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Overall Rating

4.6 / 5

Eightcap is #9 in our CFD broker rankings.

Customer Reviews (2)

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Customer Reviews

Regulation & Trust

4.3 / 5

Accounts & Banking

4 / 5

Assets & Markets

3.6 / 5

Fees & Costs

3.8 / 5

Platforms & Tools

4.3 / 5

Customer Support

4 / 5

Minimum Deposit $100

Trading Platforms MT4, MT5, TradingView

Instruments CFDs, Forex, Stocks, Indices, Commodities, Crypto

Regulators ASIC, FCA, CySEC, SCB, CNMV

Account Currencies USD, EUR, GBP, CAD, AUD, NZD, SGD

Payment Options Neteller, Skrill, Visa, UnionPay, Credit Card, Debit Card, Bitcoin Payments, Wire Transfer, FasaPay, BPAY, PayPal, Dragonpay, PIX Payment

Awards

• Best Overall Broker 2024 - DayTrading.com
• Best Cryptocurrency Broker 2024 - DayTrading.com
• Best Forex Broker 2023 - DayTrading.com
• Best Cryptocurrency Broker 2023 - DayTrading.com
• Best MT4/MT5 Broker 2022 - DayTrading.com

Pros

• With tight spreads from 0 pips, low commission fees, and high leverage up to 1:500 for certain clients, Eightcap provides cost-effective and flexible trading conditions that can accommodate an array of strategies, including day trading and scalping.
• After bolstering its roster in 2021, Eightcap offers one of the most extensive selections of cryptocurrency CFDs in the market, with crypto/fiat pairs, crypto/crypto pairs, plus crypto indices for broader exposure to the market.
• Having excelled across all key areas for day traders, Eightcap outperformed every competitor to win our 'Best Overall Broker' award for 2024, also securing our 'Best Crypto Broker' title.

Cons

• In spite of an increasing variety of tools, Eightcap doesn't offer industry favorites like Autochartist or Trading Central, which offer cutting-edge charting analytics, live news, and market insights for short-term traders.
• The demo account expires after 30 days and can only be extended upon request - a notable inconvenience compared to the likes of XM with its unlimited demo mode.
• Eightcap needs to continue bolstering its suite of instruments to match category leaders like Blackbull Markets with its 26,000+ assets, featuring a particularly weak selection of commodities.

This Eightcap review will explore how the firm positions itself in the landscape of online day trading, drawing on years of first-hand tests and comparisons with our 500-strong database of brokers.

Regulation & Trust

Eightcap is trusted with authorization from three ‘Green-Tier’ regulators, 15+ years of experience in the industry, and an excellent reputation. Client funds are also safeguarded through segregation in Tier-1 banks, in line with the Corporations Act.

Traders who are serviced by the SCB-regulated arm of Eightcap may not benefit from the same level of legal safeguards as those regulated by more renowned bodies like the FCA or CySEC, with higher leverage and no access to investor protection.

Christian Harris

Author

Accounts & Banking

Live Accounts

Eightcap presents a range of account options designed to cater to traders of various experience levels and strategies:

• The Standard account is ideal for beginners and casual traders, with the simplicity of trading without a commission and spreads as low as 1.0 pip.
• The RAW account is tailored for more seasoned investors and active traders, with spreads as low as 0.0 pips plus commission.

Both accounts at Eightcap come with a minimum deposit of $100, rendering them accessible to a wide range of traders and presenting a more budget-friendly entry point compared to brokers like IC Markets, which demands a $200 deposit. Each account also supports trade sizes ranging from 0.01 to 100 lots.

The primary disparity between the two account types lies in their cost structures: the Standard account operates without commissions, whereas the RAW account entails a commission of $3.50 per standard lot, offsetting its tighter spreads.

Available in seven base currencies – AUD, USD, EUR, GBP, NZD, CAD, SGD – these account options prove particularly advantageous for international traders, simplifying the management of accounts and trading activities in respective local currencies.

Unfortunately, my sign-up experience with Eightcap was frustrating. While registering for an account was a swift process requiring just a few minutes and completion of a CFD suitability questionnaire, getting my account authorized for trading took 2 days.

In fact, I encountered a setback initially when my first attempt to open a live account was rejected without explanation.

Christian Harris

Author

Demo Accounts

Eightcap offers a complimentary demo account, equipped with $5,000,000 in virtual currency and mirroring the trading conditions of a live account, including identical price feeds.

One drawback, however, is that demo accounts are initially valid for only 30 days, although extensions can be requested. This feature proves invaluable for traders like myself who continuously strive to test and refine their trading strategies alongside live trading.

Deposits & Withdrawals

Eightcap offers a diverse array of swift payment methods, including Visa, Mastercard, PayPal, Wire Transfer, BPay, Skrill, and Neteller.

Most of these payment options, excluding bank wires, incur no transaction fees. I’ve also found that Eightcap ensures instant deposit processing 24/7 for all methods except bank wire transfers, which, based on my own experience, take up to 3 days.

Submitting a withdrawal request form via the account area allows for cost-free profit withdrawals, utilizing all aforementioned methods. However, it’s important to note that bank wire transfers may be subject to fees beyond the broker’s control.

Eightcap aims to process withdrawal requests within 24-48 business hours, with funds typically clearing within 2-5 business days. This timeframe aligns with industry standards observed by other major brokers, such as XTB and Pepperstone.

Assets & Markets

The selection of 800 (801 on TradingView) instruments offered by Eightcap is strong, though it trails category leaders Blackbull Markets (26,000+) and IG (17.000+).

Particularly impressive is their suite of stock CFDs, which encompasses a wide array of blue-chip companies hailing from the US, UK, Australia, and Europe.

What really sets Eightcap apart though, is its extensive range of opportunities for cryptocurrency day trading. While comparing with platforms like CMC Markets, which typically offers around 20 digital tokens, Eightcap’s 122 assets stand out.

However, it’s important to note a limitation: you cannot directly purchase and sell real stocks or cryptocurrencies through Eightcap; rather, you can only engage in speculative trading on prices using CFDs.

Available trading options include:

• Currencies: 56 major, minor, and exotic forex pairs. In addition, the website offers helpful summaries of the six most traded pairs and their significant price determinants, as well as general forex FAQs.
• Stock CFDs: Over 590 equities from exchanges in the US, UK, EU, and Australia. Yet, it’s important to note that share CFDs are exclusive to the MT5 platform, which means that day traders who only use MT4 won’t have the opportunity to speculate on these assets.
• Index CFDs: Eightcap offers a somewhat limited array of 16 global indices (17 on TradingView), covering exchanges across four continents. This includes major indices such as the S&P 500, Nasdaq, and Dow Jones, alongside the FTSE 100 and AUS 200. However, the absence of e-mini indices or futures markets like the VIX might restrict options for certain traders.
• Cryptocurrency CFDs: Traders looking to capitalize on the dynamic nature of the cryptocurrency markets will be encouraged to discover that Eightcap offers access to 122 crypto derivatives markets. However, crypto CFDs are not available to retail traders to UK residents.
• Commodity CFDs: Eightcap’s offerings in commodity CFDs are more limiting. The absence of soft commodities such as cotton and wheat, along with a sparse variety of precious metals and energy commodities, marks this area as the broker’s least expansive sector, with 16 assets in total.

Leverage

Eightcap extends maximum leverage of 1:30 for Australian and EU clients and 1:500 for those registered under Eightcap Global Ltd.

Margin call levels are 80% and stop-out levels are 50%.

I discovered that I had the flexibility to adjust my leverage levels by contacting Eightcap’s support team directly. This option may be particularly relevant for beginners or individuals who prefer to trade with lower risk levels.

Christian Harris

Author

Fees & Costs

Eightcap’s pricing is competitive but trails the cheapest brokers, notably IC Markets.

In the RAW account, spreads start as low as 0 pips for major forex pairs, with indices like the SPX500 starting at 0.4 and gold at 0.12. Oil spreads commence at 0.03.

For cryptocurrencies, spreads vary from 0.0 for Bitcoin Cash to 12 pips for Bitcoin. Stock trading features spreads of 0.02 per share, per side, translating to $4 per lot for a complete round-trip trade.

It’s important to note that spreads may widen during times of heightened market volatility or reduced liquidity.

The RAW account entails a competitive commission of $3.50 per standard lot, totaling $7 for a round-trip trade. Additionally, overnight forex trades incur swap rates.

Typically, Eightcap does not levy fees for deposits, although withdrawal costs can vary depending on the chosen method. Withdrawals via bank wire, for example, may incur charges per transaction.

In contrast to platforms like eToro or Interactive Brokers, Eightcap does not offer interest payments on cash balances. Nevertheless, it compensates with low overnight fees and the absence of a monthly inactivity charge.

Platforms & Tools

Desktop Platforms

The broker provides access to three trading platforms: MetaTrader 4, MetaTrader 5, and TradingView. I was disappointed that the cTrader platform is not available, especially as I like to copy the strategies of experienced trades, but this is a minor complaint.

One standout feature, though, is the availability of the WebTrader version of MT5, accessible directly from Eightcap’s website. This platform offers the same extensive features as the desktop version, allowing for hassle-free market access without the need for desktop software installation.

Additionally, the brokerage partnered with TradingView in 2022, granting access to sophisticated charting tools and features. In my view, TradingView stands out as the premier charting platform, offering over 100 pre-installed indicators, over 5,000 indicators created by its user community, and more than 50 drawing tools.

TradingView also distinguishes itself with robust analysis capabilities and serves as one of the largest social investing networks globally, with millions of serious traders, making it an excellent addition to Eightcap’s suite of trading tools.

Advanced traders will appreciate MetaTrader’s sophisticated capabilities, such as automated trading, comprehensive charting options, and flexible order types, but I prefer the ability to trade within TradingView due to its more intuitive interface that is also accessible to beginners.

Christian Harris

Author

Mobile Apps

Eightcap also offers mobile applications for MT4, MT5 and TradingView platforms, compatible with iOS and Android devices.

These applications replicate the functionalities of their desktop counterparts, providing round-the-clock access from anywhere.

However, one drawback I encountered testing the mobile applications was the challenge of trading directly from charts and applying indicators on smaller screens, making the apps more suitable as supplementary tools than primary trading platforms.

Research

When comparing research capabilities with those of category leaders, notably Interactive Brokers, Eightcap’s offerings do not necessarily stand out. Integrating additional research resources such as third-party tools and content like Autochartist and Trading Central could bolster Eightcap’s position in the research category.

That said, one standout feature that I particularly appreciate is the ability to automate trading without the need for coding knowledge, courtesy of Capitalise.ai, which Eightcap introduced in 2021.

This tool simplifies the creation of trading instructions using plain English, making automated trading accessible even to beginners without coding experience.

The intuitive dashboard and guided instructions streamline the process, enabling the development of strategies ranging from simple to complex, all at no cost.

Furthermore, Capitalise.ai provides a diverse selection of pre-programmed strategies for risk-free testing or customization before going live.

There are also a few other valuable tools, such as an array of calculators (margin, profit, currency, pip) to support with trading plans and decisions, Amazing Trader (a charting algorithm), and Forex VPS (ideal for high-frequency, automated trading).

Furthermore, I’ve found the AI-powered economic calendar, which Eightcap introduced in 2023, to be particularly helpful. This intuitive tool assists in identifying potential opportunities across more than 1,000 macroeconomic events in over 100 countries.

The calendar categorizes events based on their expected impact level—high, medium, or low—providing insights into the potential market influence of each event and the speed at which it might occur.

Education

The education tools at Eightcap, known as ‘Labs’, present a strong assortment of resources. These include nearly 300 articles and guides, eBooks and content created in conjunction with third-parties like Capitalise.ai x Eightcap YouTube.

Helpfully, Labs articles are tailored to different experience levels (beginner, intermediate, advanced) and cover a growing range of topics, from MT4, MT5 and TradingView to how-to guides, risk management, technical and fundamental analysis, and more.

Yet while I’ve found these materials to be well-written and suitable for both beginners and experienced traders, the variety of the content doesn’t quite meet my expectations compared to what’s available on platforms like IG.

Nevertheless, I did find some value in articles that provided practical short-term strategies linked to various technical indicators and specific assets.

The broker does also offer occasional live YouTube webinars, which I’ve found to be quite beneficial. These webinars provide previews of significant trading events for the upcoming week, which may assist beginner traders in identifying potential opportunities.

Customer Support

Eightcap provides customer support 24 hours a day, 5 days a week, accessible via phone, live chat, and email in 9 different languages.

I’ve found that reaching out to their customer service team is a straightforward process, and their responses are prompt. Specifically, when using the live chat feature, I’ve been connected with an agent in less than a minute, surpassing the response times of many forex and CFD brokers.

However, while I’ve found that live chat support is efficient for general inquiries, it isn’t suitable for account-related issues such as changing leverage, which required me sending an email.

In case of urgent matters, local phone numbers are available on the broker’s website. Alternatively, clients can reach out to their account manager for assistance.

Throughout my time using Eightcap, I’ve benefited from the support of a dedicated account manager, a service not commonly found among most CFD brokers. This direct line of communication has significantly enhanced my overall experience by providing personalized assistance.

Christian Harris

Author

Should You Trade With Eightcap?

Eightcap sets itself apart not only as a MetaTrader broker but also by granting access to the highly acclaimed TradingView platform and the award-winning algorithmic trading platform from Capitalise.ai, alongside a growing range of other third-party tools. Eightcap’s cryptocurrency options are also among the best in the industry.

On the downside, there is a relatively limited selection of overall market instruments, coupled with sparse research materials.

Overall though, Eightcap remains a premier broker for day trading, consistently delivering in key areas and making enhancements to its offering year after year.

FAQ

Is Eightcap Legit Or A Scam?

Eightcap is a legitimate forex and CFD broker. It operates under strict regulatory oversight from reputable financial authorities, notably the FCA and ASIC, and adheres to high standards of customer protection and financial security, such as segregating client funds in top-tier banks. Additionally, Eightcap offers a transparent day trading environment.

Is Eightcap A Regulated Broker?

Eightcap is a regulated broker. It operates under the regulatory oversight of several financial authorities; FCA, ASIC, CySEC and SCB, ensuring compliance with financial laws and standards.

Is Eightcap Suitable For Beginners?

Eightcap is well-suited for beginners due to its user-friendly trading platforms like TradingView, free demo account, and superb customer support, to assist new traders in navigating the trading environment.

Does Eightcap Offer Low Fees?

Eightcap has a competitive fee structure, offering tight spreads starting from 0 pips on major forex pairs with the RAW account and low commission fees of $3.50 per standard lot per side for forex trades.

The broker also avoids major non-trading fees, with no account maintenance charges and generally free deposits and withdrawals, though swap rates apply for overnight positions.

Is Eightcap A Good Broker For Day Trading?

Eightcap is an excellent broker for day trading, earning our ‘Best Overall Broker’ award in 2024. With leverage up to 1:500 for certain clients, advanced trading platforms like MT5 and TradingView, and fast execution speeds, it caters well to the quick, high-volume trading style of day traders.

Does Eightcap Have A Mobile App?

Eightcap doesn’t offer its own proprietary trading platform, so you’ll have to use the mobile versions of one of the supported third-party charting tools: MT4/MT5 and TradingView, all of which are available for iOS and Android devices.

Top 3 Alternatives to Eightcap

Compare Eightcap with the top 3 similar brokers that accept traders from your location.

1. IG – Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand-US offers spread betting, CFD and forex trading across an almost unrivalled selection of 17,000+ markets, with a range of user-friendly platforms and investing apps. For 50 years, IG has maintained its position as an industry leader, excelling in all key areas for traders.
   Go to IG
2. Interactive Brokers – Interactive Brokers (IBKR) is a premier brokerage, providing access to 150 markets in 33 countries, along with a suite of comprehensive investment services. With over 40 years of experience, this Nasdaq-listed firm adheres to stringent regulations by the SEC, FCA, CIRO, and SFC, amongst others, and is one of the most trusted brokers for trading around the globe.
   Go to Interactive Brokers
3. FOREX.com – Founded in 1999, FOREX.com is now part of StoneX, a financial services organization serving over one million customers worldwide. Regulated in the US, UK, EU, Australia and beyond, the broker offers thousands of markets, not just forex, and provides excellent pricing on cutting-edge platforms.
   Go to FOREX.com

Eightcap Comparison Table

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.

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