Eightcap Review

Established in 2009, Eightcap is one of the top brokers in the financial market, regulated by the top financial authorities. The broker operates under five entities globally: Eightcap Global Limited, Eightcap Pty Ltd, Eightcap Group Ltd, Eightcap Limited, and Eightcap EU Ltd. Focused solely on CFDs, it offers over 800 financial instruments with competitive spreads, high leverage, and minimal or no withdrawal fees. Eightcap provides access to top trading platforms with advanced tools for technical analysis, including:

• An AI-powered economic calendar
• Capitalise.ai, which helps you create a solid trading plan to eliminate emotional decisions. 
• FlashTrader, which allows you to add stops and targets to every trade automatically. 

Eightcap Pros and Cons

Is Eightcap Secure?

Yes, Eightcap is secure. It is regulated by top authorities like:

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

Markets and Products

Eightcap offers more than 800 CFDs on:

• Forex currency pairs (EUR/USD, GBP/USD, AUD/USD, USD/JPY)
• Cryptocurrencies
• Indices
• Shares
• Commodities (gold, silver, and crude oil)

Eightcap Fees and Charges

Eightcap charges a minimum deposit of $100 to open an account. It doesn’t charge fees on FX or CFD products. However, fees may apply to open positions held overnight. 

• Conversion fee of 0.01%
• Low FX fees of $3.50 commission per lot per trade on forex. Spread costs are on top of this, e.g. the EUR/USD spread is 0.1.
• Index fees are built into the spread. For example, the S&P 500 index spread is 0.6.
• Stock fees. The commission for stock CFD trading is $2 per lot (100 shares), therefore $0.02 per share.

Though it has slightly lower fees and doesn’t charge for deposits, inactivity, or withdrawals, Eightcap is still more expensive than other brokers. 

Eightcap Account Types & Account Opening

Eightcap has two main live accounts:

Raw Account: The Raw account is if you prefer to trade forex CFDs. For a minimum of $100, you get to enjoy spreads as low as 0.0 pips and a minimum trade size of 0.01.

Standard Account: This account has no commissions and also has spreads of 0.1.

You also get access to:

A TradingView account: Eightcap provides you with access to an advanced charting package, custom indicators, daily trade ideas, and webinars. 

A Demo account: If you are unsure about the platform you can use the demo account to trade in a risk-free environment. The demo account expires after 30 days from creation or once you hit 5000 orders.

You can have a maximum of 5 live trading accounts per entity. 

How to Open an Account

Opening an account is quick and straightforward. To open an account, click on the “Create Account” button on the top right corner. You will be asked to provide your country of residence, name, email address, and mobile number.

You will be required to complete your profile by providing your physical address, national ID number, tax ID number, educational background, employment details, financial details, and level of trading experience. 

Demo accounts take less than a minute to set up while live accounts can take up to 24 hours to be approved. 

Trading Platforms

Eightcap provides MetaTrader 4, MetaTrader 5, TradingView, and WebTrader platforms each with features like automated trading, advanced charting, and other technical analysis tools. 

Mobile Trading Platform

You can trade with MetaTrader 4 and MetaTrader 5 on your iOS or Android device. Once you have downloaded either, search for Eightcap and start trading. The platform on mobile is easy to use allowing you to navigate through different features. You can search for the trading instrument you want using the category folders feature. However, the mobile app only offers a one-step login option, which might not be the most secure one and you also can’t set up any alerts. 

Web Trading Platform

Eightcap provides the MetaTrader 5 WebTrader option, which is different from its desktop one. It’s user-friendly and you can trade on any browser without additional software. It gives you access to chart trading, watchlists, advanced charting, trade history, and one-click trading. You can use market orders, limit orders, stop loss orders, and track your trades with the Trade Panel.

Desktop Trading Platform

The MetaTrader 4 and 5 desktop platforms are available in multiple languages and are feature-rich with alerts, one-click trading, chart trading, copy trading, automated trading, MarketWatch, and different orders. If you are a beginner, these platforms may have a steep learning curve.

Eightcap Research Tools

Eightcap provides analysis from leading industry experts through its Insights tab. Here you will see a Trading Week Ahead and the Eighcaps Lab where you can learn from trading professionals. 

Eightcap Educational Content

Eightcap has educational materials.

• Events and webinars like the TraderFest series that discussed CFDs and forex. 
• Trading Week Ahead with articles providing insight into an upcoming trading week. 
• Eightcap Labs, is a learning center with ebooks and information on trading strategies, trading tools, and trading fundamentals.  
• A YouTube page with several educational videos. 

There is still room for improvement when compared to other brokers who have more educational materials for traders. 

Customer Service Overview

You can contact the customer service team at customerservice@eightcap.com in Australia or global@eightcap.com in the rest of the world. You can also call or chat with the team using the chat box. But this support is not available over the weekend. The platform also has an FAQ section with information on the platform, trading accounts, trading platforms, instruments, funding & withdrawals. 

Eightcap Deposit and Withdrawals

Eightcap has a variety of deposit and withdrawal methods, with quick processing times and no processing platform fees. 

Deposit Methods

Payment Method	Available currency	Processing Time**	Transaction Fee	Transaction Limit
Visa/Mastercard	AUD, USD, GBP, EUR, NZD, CAD, SGD	Instant	$0	$5,000
PayPal	AUD, USD, GBP, EUR, NZD, SGD	Instant	$0	$4,000
Wire Transfer	AUD, USD, GBP, EUR, NZD, CAD, SGD	1-5 business days	Variable	N/A
Bpay	AUD	1-5 business days	$0	$50,000
Skrill	USD, EUR (only for EEA clients), CAD	Instant	Variable	$50,000
Neteller	USD, EUR (only for EEA clients), CAD	Instant	Variable	$50,000

Withdrawal Methods and Payout Times

Payment Method	Available currency	Processing Time**	Transaction Fee	Transaction Limit
Visa/Mastercard	AUD, USD, GBP, EUR, NZD, CAD, SGD	2-5 business days	$0	No limit
PayPal	AUD, USD, GBP, EUR, NZD, SGD	1-5 business days	$0	No limit
Wire Transfer	AUD, USD, GBP, EUR, NZD, CAD, SGD	1-5 business days	$0	Above USD $25 / EUR $20
Bpay	AUD	1-3 business days	$0	Above USD $25 / EUR $20
Skrill	USD, EUR (only for EEA clients), CAD	1 business day	$0	$50 – 50,000
Neteller	USD, EUR (only for EEA clients), CAD	1 business day	$0	$50 – 50,000

Eightcap Online User Reviews and Ratings

Eightcap has excellent reviews on TrustPilot with a score of 4.3 out of 2,109 reviews. 

72% of reviewers have given it 5 stars citing easy withdrawal and quick customer support. 

10% have given it 1 star because of poor customer service and account issues. 

Author Opinion on Eightcap

Eightcap is definitely worth a try. Its forex fees are among the lowest in the industry and they do not have any deposit, withdrawal, or inactivity fees. You can open an account really fast with just $100. Eightcap has a great lineup of trading products and offers the top trading platforms. Not only is it regulated it is also transparent about its spreads, commissions, and fees. 

Frequently Asked Questions

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