Eightcap Review 2024
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- $100
- MetaTrader4
- MetaTrader5
- TradingView
- ASIC
- SCB
- CySEC
- FCA
- 2009
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- $100
- MetaTrader4
- MetaTrader5
- TradingView
- ASIC
- SCB
- CySEC
- FCA
- 2009
Our Evaluation of Eightcap
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
Eightcap is one of the top brokers in the financial market with the TU Overall Score of 9.57 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by Eightcap clients on our website, Traders Union expert Anton Kharitonov believes he can recommend this company as the majority of reviews prove that the broker’s clients are fully satisfied with the company.
Eightcap has favorable working conditions due to a large choice of instruments, tight spreads, high leverage, and no withdrawal fees. Integration with popular trading platforms and basic deposit/withdrawal options greatly facilitates work with the broker and reduces the entry threshold. In addition to comfortable conditions and low financial costs, traders get free educational materials and special services for technical analysis. Some solutions, like Capitalise.ai, have no constructive counterparts. A relative disadvantage is the absence of opportunities for passive income. Also, the broker works only with CFDs, so other groups of trading instruments are not available.
Brief Look at Eightcap
Eightcap offers more than 800 trading instruments, namely CFDs [contract for (price) differences] on currency pairs, cryptocurrencies, indices, stocks, commodities, and precious metals. The broker has a minimum deposit of $100, a free demo account, and two live account types, which differ in trading costs. One account type has standard spreads without a fee, and the other has raw spreads that carry a brokerage fee. The maximum leverage is 1:500. Traders can use any strategy with minimal restrictions. Trading is carried out through MetaTrader 4, MetaTrader 5, and TradingView. Eightcap has two main features. First, the broker has a powerful training and analytical base. Second, the platform offers a number of unique tools, for example, Capitalise.ai, which provides automated trading with minimal risk. At the same time, there are no options for passive income, not even a referral program.
- The broker is registered in the Bahamas and Seychelles, and is regulated by the Securities Commission of the Bahamas (SCB, SIA-F220), ASIC (391441), FCA (921296), CySEC (246/14). Also, it partners with many proprietary firms;
- Traders need to deposit only $100 to open a live account, and the broker imposes few trading limits on its clients;
- Hundreds of the most popular CFDs are available, and the pool is constantly expanding;
- Eightcap provides one of the most profitable trading costs with really tight spreads;
- Almost all options for depositing/withdrawing funds are available and the broker does not charge a withdrawal fee;
- The broker’s clients can work through any of the three top trading platforms, including mobile versions of the MetaTrader solutions;
- The company provides high-quality training, extensive analytics, and its own developments for automated trading.
- No joint accounts, copy trading, referral program, or other options for passive income;
- Eightcap has some regional restrictions. For example, some services are not available in Australia;
- The broker's technical support is efficient and competent, but it is not available on weekends.
TU Expert Advice
Financial expert and analyst at Traders Union
Eightcap has been in business for 14 years. This is one of the largest brokers with millions of clients globally. It is registered in Seychelles and the Bahamas, and controlled by SCB. All this indicates the reliability and transparency of the company. Nevertheless, Traders Union experts checked it and found no confirmed conflicts with its clients, problems with tax reporting, or other negative aspects.
In terms of trading conditions, Eightcap rightfully takes one of the leading positions. The reason is that it manages to keep extremely low spreads. The declared indicator for account types with a raw spread is from 0 pips. The broker does not hide anything, thus current spreads can be checked on the website. For a number of assets, they really start from 0 pips, while the average indicator is about 0.5-0.7 pips. For most other brokers such parameters seem unreachable.
But spreads are not the only advantage of Eightcap. The broker offers over 800 assets. This is an impressive number, but keep in mind that those are CFDs only. That is, currencies, cryptocurrencies, stocks, indices, and commodities are not available as independent instruments, but only in the form of CFD trading. This is not necessarily a disadvantage; traders just need to understand what they are working on. No other broker provides so many CFDs on cryptocurrencies. Plus, the maximum leverage is 1:500. By itself, the indicator is market average, however, in combination with other advantages of the broker, it provides much more opportunities.
Eightcap has no options for passive income, and this can really be defined as a conditional disadvantage. There is not even a referral program, that is, the company's clients can earn only by actively trading in the available markets. Also, you can trade via MT4/MT5 from a desktop or smartphone, while the TradingView solution is available for browsers. Here the broker also offers comfortable working conditions. That's why its clients love it.
- You are in search of a reliable platform that has been operating for many years. Eightcap is one of the largest brokers and is regulated by SCB, ASIC, FCA, and CySEC, with dozens of proprietary trading companies as partners.
- You value a wide variety of contracts for difference (CFDs) of different types. Currently, Eightcap offers CFDs on currency pairs, stocks, indices, metals, commodities, and other assets, totaling more than 800 financial instruments.
- You require a low minimum deposit and comfortable trading costs. A Standard account can be opened with a deposit starting from $100, but the claimed spread of 1 pips is actually higher. An unprocessed spread of 0 pips is available on the Raw account, but it requires a significant deposit and comes with a high fee.
Eightcap Summary
Your capital is at risk. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. A high percentage of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
| 💻 Trading platform: | MetaTrader 4, MetaTrader 5, and TradingView |
|---|---|
| 📊 Accounts: | Standard, raw, demo |
| 💰 Account currency: | AUD, USD, GBP, EUR, NZD, CAD, and SGD |
| 💵 Replenishment / Withdrawal: | Visa, MasterCard, POLI, wire transfer, BPAY, UnionPay, Skrill, Neteller, BTC and ETH wallets, PayPal, WorldPay, FasaPay, PayRetailers, and PSP |
| 🚀 Minimum deposit: | 100 USD |
| ⚖️ Leverage: | Up to 1:500 |
| 💼 PAMM-accounts: | No |
| 📈️ Min Order: | 0.01 |
| 💱 Spread: | Floating, from 0-1 pips subject to the account type |
| 🔧 Instruments: | CFDs on currency pairs, cryptocurrencies, indices, stocks, commodities, and precious metals |
| 💹 Margin Call / Stop Out: | 80%/50% |
| 🏛 Liquidity provider: | No |
| 📱 Mobile trading: | Yes |
| ➕ Affiliate program: | No |
| 📋 Orders execution: | No |
| ⭐ Trading features: |
Free 30-day demo account; Account types with standard and raw spreads; Minimum deposit is $100; Over 800 assets in the pool; High leverage; High-quality training; A lot of current analytics; Special tools for technical and fundamental analyses |
| 🎁 Contests and bonuses: | Bonuses in the form of rebates from Traders Union |
The minimum deposit for most brokers is determined by the account type. That is, in order to trade with real money, you need to deposit a certain amount. For example, from $10 or $1,000. With Eightcap, the minimum deposit is $100 regardless of the account type. Thus, traders need to deposit at least this amount when opening a live account. Further, traders can focus only on their own preferences and the minimum trade volume, which is a standard lot of 0.01. Leverage also does not depend on the account type but on the asset. The highest trading leverage, which is always relevant for currency pairs, is 1:500. This is more than enough to increase the profit potential, although the risk increases proportionally. The broker's technical support is ready to respond promptly by phone, email, or live chat. An important plus is that multilingual support works 24 hours a day, but not on weekends.
Eightcap Key Parameters Evaluation
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Trading Account Opening
To start working with the broker, create a user account and open a trading account. TU experts have prepared a step-by-step guide on registration and also highlighted the features of Eightcap’s user account.
Go to the broker's official website. In the upper right corner, select the interface language and click the “Create Account” button. You can also click the “Log In” button.
Indicate your country of residence, then enter your first and last names, email, and phone number. Create a password and click the “Create Account” button.
An email with a link will be sent to the provided address. Follow this link to complete your registration. You will be redirected to your user account.
Select an account type and fill in the missing information about yourself, such as date of birth, place of registration, and tax identification number or its equivalent for your country. Click the “Next” button.
Select a trading platform, account currency, and leverage. Click the “Next” button.
Agree to the terms of service by ticking the three boxes and click the “Complete Application” button.
You will automatically be redirected to the verification block. Provide scans/photos of required documents. Read the comments on the screen carefully.
Once verification is complete, go to the “Deposit/Withdrawal” section and follow the instructions on the screen to deposit funds. Now you can download the trading platform you have chosen and get started.
Features of the user account:
Dashboard. It displays aggregated data about each trader's accounts;
Trading accounts. In this block, traders can open new accounts and close the old ones;
Deposit/withdrawal. It is a block for replenishing the account balance and withdrawing profits using the selected method;
Partners. Here functions for corporate clients who want to work with the broker are available;
Tools. Useful services like Capitalise.ai and Crypto Crusher are available here;
Economic calendar. The smart calendar is placed in a separate block to simplify the work;
Reports. In this block, you can generate standard reports on trading results;
Help and support. There is a live chat and details for contacting the broker.
Regulation and Safety
For any trader it is important that a broker offers favorable working conditions and guarantees compliance with its obligations to its clients. This can be confirmed by providing documents on registration and regulation. The Eightcap website has all the relevant documents, the company is officially registered and operates under the control of two regulators. Eightcap Global Limited is regulated by The Securities Commission of The Bahamas (SCB) (SIA-F220). The company is regulated by ASIC, the FCA, and CySEC.
TU experts have studied in detail client reviews of the broker, and most of the traders speak positively about it. As for reviews, there is an important point - when studying them, you should always give preference to proven independent websites. For example, on the TU website, all reviews are checked, and moderators filter out advertising and fake comments.
Advantages
- Traders can contact the broker’s technical support
- The broker’s clients can apply to SCB (The Securities Commission of The Bahamas)
- Contact Traders Union’s legal department for free consultation and representation. It protects its members’ rights without charge.
Disadvantages
- No opportunity to contact regulators that do not control the broker’s activities
- No opportunity to address any financial controller outside the Bahamas and Seychelles
Commissions & Fees
| Account type | Spread (minimum value) | Withdrawal commission |
|---|---|---|
| Standard | $10 | No |
| Raw | $1 | No |
Spreads and trading fees are important but are not the only part of financial costs, such as withdrawal fees, if any. Eightcap does not charge withdrawal fees, however, those can be charged (and, as a rule, are charged) by other parties involved in the withdrawal process, such as banks, crypto wallets, or online transfer systems. Traders must account for “extras” in advance, so as not to be surprised by additional write-offs later. The figures presented above provide only basic information about the working conditions of a particular broker. TU experts have compiled a comparative table with up-to-date data for Eightcap and its closest competitors.
| Broker | Average commission | Level |
|---|---|---|
|
$5.5 | |
|
$1 | |
|
$8.5 |
Account Types
It happens that the choice of account type is of great importance, because different accounts often have significantly different trading conditions. Eightcap’s account types differ only in fees. In the first case, there is a standard spread without a fee; and in the second case, there is a raw spread combined with a fee. It cannot be said that one account type is more profitable than another. Traders need to focus on their own strategic preferences. An important point is the trading platform. Eightcap offers three platforms. MT4 and MT5 are considered the most functional and are easily customizable. Iterations include desktop and mobile versions. But if a trader prefers to work through a browser, it is better to use TradingView. Also, the broker offers a lot of educational and analytical materials, and the basics are available even to unregistered users, but it is recommended to study them first.
Account types:
In most cases, traders first open a demo account. This is a great opportunity to get acquainted with the broker, as well as to practice and improve strategies. Then the broker's clients choose one of the live account types in accordance with their preferences. Both account types are financially profitable.
Eightcap - How to open, deposit and verify a trading account | Firsthand experience of TU
Deposit and Withdrawal
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Withdrawal of funds is carried out through the user account on the broker's website, where it is necessary to submit a withdrawal request;
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Traders can withdraw funds in basic account currencies, which are AUD, USD, GBP, EUR, NZD, CAD, and SGD;
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Withdrawal is available to Visa, MasterCard, POLI, wire transfer, BPAY, UnionPay, Skrill, and Neteller;
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Also, traders can use BTC and ETH crypto wallets, PayPal, WorldPay, FasaPay, PayRetailers, and PSP systems;
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Withdrawals are processed within a day, and funds are usually credited within a few days;
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Eightcap does not charge withdrawal fees;
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Withdrawal request status is displayed in the relevant section of the user account.
Investment Options
A number of brokers provide alternative sources of income, in addition to active trading. It can be cryptocurrency staking or investing in a partner startup. However, more often these are joint accounts such as MAM, PAMM, or a copy trading service. Passive income has many advantages, but it is totally inferior to active income in terms of demand. This is largely why Eightcap does not offer any of the above, but only active trading. Also, there is training and a lot of tools that make life easier for traders.
Why Eightcap doesn't have a referral program
All partnership (referral) programs work on the same basic principle: traders register, receive a referral link, and place it on the internet. Everyone who follows the link becomes a referral of its owner and brings him bonuses. Usually, the bonus is fixed or it is a percentage of a deposit/fee. Eightcap and some other top brokers in the segment do not have referral programs, because if a broker does not lack new clients, a partnership program may not be worthwhile. However, Eightcap still offers partnerships, but only for corporate clients such as IBs (introducing brokers).
Customer Support
Technical (client) support is important for any broker because traders are constantly faced with various situations that they cannot solve without professional help. Sometimes the reason is the inattention of a user. But there are also cases when a technical failure has occurred or the task really requires involvement of an expert department. If support is not available, does not respond quickly enough, or lacks competence, traders may get frustrated and go to another broker. Eightcap offers top-level support. Specialists are rated as experts, according to traders' reviews. They are available 24 hours a day in 24 languages, but only on weekdays. All major communication channels, such as email, live chat, and call center are available.
Advantages
- Non-clients of the broker can contact technical support
- Specialists are available 24/5
Disadvantages
- Support is not available on weekends
Whether you are the broker’s client or just want to register with it, you can contact technical support via the following communication channels:
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main call center;
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additional call center;
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email;
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live chat on the website and in the user account.
Also, traders can visit the company's physical office in the Bahamas or Seychelles. However, first, clarify the working hours by phone.
Contacts
| Foundation date | 2009 |
|---|---|
| Registration address | 2nd Floor, Ebrahim Building, Office No. 5 and 9, Francis Rachel Street, PO Box 1196 Victoria, Mahé, Seychelles |
| Regulation |
ASIC, SCB, CySEC, FCA
Licence number: 391441, SIA-F220, 246/14, 921296 |
| Official site | https://www.eightcap.com/ |
| Contacts |
+61 3 8375 9700 +61 3 8373 4800
|
Education
Some brokers try to help traders in researching trading on certain markets. This is an advantage because only successful traders constantly engage in self-learning, and not just blind trading alone. Studying materials by industry experts, reading specialized books, and attending webinars taught by experienced trainers provide useful knowledge, which is then applied in practice to create successful trading strategies. Eightcap refers to brokers that offer a comprehensive educational system and materials presented in different formats. Most of the basic information will be extremely useful for novice traders, while professional market participants can receive up-to-date analytics and unique expert materials.
In some reviews, traders note the absence of structured training and its narrow focus. Experts agree with this, but Eightcap provides a very significant amount of information for trading CFDs, which compares favorably with most of its competitors.
Comparison of Eightcap with other Brokers
| Eightcap | RoboForex | Exness | Pocket Option | NPBFX | 4XC | |
| Trading platform |
MT4, MT5 | MT4, MT5, R MobileTrader, R StocksTrader, R WebTrader | Exness Trade App (mobile), Exness Terminal (web), MetaTrader5, MetaTrader4 | Pocket Option, MT5, MT4 | MT4 | MT5, MT4, WebTrader |
| Min deposit | $100 | $10 | $10 | $5 | $10 | $50 |
| Leverage |
From 1:30 to 1:500 |
From 1:1 to 1:2000 |
From 1:1 to 1:2000 |
From 1:1 to 1:1000 |
From 1:1 to 1:1000 |
From 1:1 to 1:500 |
| Trust management | No | No | No | No | No | No |
| Accrual of % on the balance | No | No | No | No | No | No |
| Spread | From 0 points | From 0 points | From 1 point | From 1.2 point | From 0.4 points | From 0 points |
| Level of margin call / stop out |
80% / 50% | 60% / 40% | No / 60% | 30% / 50% | No / 30% | 100% / 50% |
| Execution of orders | Market Execution | Market Execution, Instant Execution | Market Execution, Instant Execution | Market Execution | Instant Execution, Market Execution | Market Execution |
| No deposit bonus | No | No | No | No | No | $50 |
| Cent accounts | No | Yes | No | No | No | No |
Detailed review of Eightcap
The brand is owned by Eightcap Global Limited, which was registered in 2009. It’s headquartered in the Bahamas and is regulated there and in Seychelles. The broker has a powerful technological base. This is easy to confirm, for example, by the speed of order execution, which does not exceed 30-50 ms. Eightcap also uses virtual dedicated servers, which increase the platform’s speed. If traders need their own server, they can rent it from the company for a reasonable amount. Not all brokers offer this opportunity. Eightcap also provides completely unique solutions, like Capitalise.ai, which is a powerful analytical tool that allows you to almost completely automate trading, minimizing any risks. Even the broker’s economic calendar is non-standard, it is connected to its own self-learning system, which focuses the trader's attention on the most significant events, filtering data by region and time frame.
Eightcap by the numbers:
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Minimum spread is 0 pips;
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Minimum deposit is $100;
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Over 800 financial instruments;
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Maximum leverage is 1:500;
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30,000,000 clients.
Eightcap is a broker for novice traders and professionals
Usually, one of the main advantages of a broker is the number of assets. Eightcap only has CFDs, but there are more than 800 of them, which is one of the highest numbers on the market. Traders can work with CFDs on currencies, cryptocurrencies, stocks, etc. This facilitates a diversified portfolio and using a wide range of strategies. Minimal trading costs are a universal advantage. Novice traders can get really extensive training, which is presented in various formats ranging from articles to webinars. All traders have access to innovative tools like Capitalise.ai and Crypto Crusher.
Useful services offered by Eightcap:
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Capitalise.ai. This is an integrated analytical tool with functions for partial or full trading automation. It permanently scans markets using self-learning algorithms and user presets. It executes trades within the specified risk. There are backtests, simulation, performance analysis, and other options;
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Crypto Crusher. This analytical service is similar to Capitalise.ai, but it is focused on cryptocurrency markets. It provides traders with accurate target, stop, and entry levels. It allows the scanning of an array of markets or individual markets according to the specified parameters. Built-in chat with colleagues and specialists is available;
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AI-powered economic calendar. A regular calendar shows the most important economic and political events that may affect the position of an asset. The Eightcap variant differs in that it can filter data for specific regions and time frames.
Advantages:
The broker is suitable for novice traders because it has a small minimum deposit, a lot of assets, high-quality training, and intuitive trading platforms with extensive functionality;
Also, the platform is highly evaluated by professionals because it has high leverage, a lot of cutting-edge analytics, and special services, including automated trading;
The company's universal strengths include a powerful technology stack, speed and transparency, 24/5 technical support, and adaptability.
User Satisfaction