EightCap Review: Pros, Cons and How It Compares
Contents
Pros and Cons
Eightcap offers a wide range of instruments to trade at low costs. Zero spread accounts are there for beginners. The customers’ support is very friendly and just a few clicks away. There is no deposit/withdrawal fee, and there are instant methods to do transactions. The broker also provides negative balance protection. One of the best aspects of Forex trading is the ability to apply leverage, which may significantly raise your potential gains over time.
On the other hand, the broker does not claim any investor protection despite providing negative balance protection.
Above all, here is the crux of all pros and cons with
Investment Products
Eightcap is an equal opportunity provider for both beginners and pro-level traders. They have offered a wide range of products to invest in for short-term and long-run traders.
Furthermore,
If you, as a trader, love to speculate on high-risk assets,
| Instruments | Availability |
| Forex | ✓ |
| Stocks | X |
| Indices | ✓ |
| Commodities | ✓ |
| Cryptos | ✓ |
| Options | X |
| Bonds | X |
| ETFs | X |
| CFDs | ✓ |
EightCap Account Types
Eightcap offers two account types throughout its global entities, including those in Australia and Vanuatu. The commissions and fees you pay will vary depending on whether you choose the commission-free Raw account or the spread-only Standard account.
Eightcap’s commission-based Raw account has an average spread of 0.06 pips. However, if the per-side commission of $3.50 per trade is deducted, the all-in cost is around 0.76 pips – slightly under the industry average of 0.8 pips. It’s worth noting that
| Account Type | Raw | Standard |
| Spreads from | 0.0 pips | 1.0 pips |
| Commission | 3.5 per standard lot traded | 0 |
| Minimum Deposit | $100 | $100 |
| Minimum Trade Size | 0.01 | 0.01 |
| EAs Availability | Yes | Yes |
- Free deposit and withdrawal
- Seamless, quick account opening
- Low forex fees
EightCap Spreads and Commission
For the ease of the traders, the broker offers both a zero spread raw account and a standardised zero commission account.
| Fee | Raw Account | Standard Account |
| Commission (per standard lot per side) | 3.5 per standard lot traded | 0 per standard lot traded
|
| Spreads from | 0.0 pips | 1.0 pips |
How to Deposit and Withdrawal on EightCap
The broker offers a wide range of deposit/withdrawal options to the trader. A trader can choose wire transfers, credit/debit cards, electronic transfers and cryptocurrencies to fund/withdraw the account. Besides this, third party payments like PayPal are also offered. Traders can open accounts and deposit funds in the base currencies, including GBP, EUR, NZD, AUD, USD, CAD and SGD. Here is in detail what the broker offers to fund the account and how it takes to do so.
Deposit Methods
Withdrawal Methods
It is worth noting that the method you choose to deposit the account will be used only as a medium to withdraw funds.
Credit/Debit Card
The broker offers to fund and withdraw from your debit/credit card from any currencies like GBP, EUR, NZD, AUD, USD, CAD, and SGD. The method provides a 24/7 instant deposit. There is no transaction fee at the end of the broker. The deposit/withdrawal limit range from 100 to 4,000 (base currency). 150+ countries are supported by this method of funding the account. However, consult your account manager to check if your country is on the list.
POLi Payment
If you reside in Australia and New Zealand, you can opt to use this online method to fund and withdraw your trading account. This service is not available outside Australia and New Zealand. The broker claims it to be the instant way to fund and withdraw from the account. The deposit/withdrawal limit range from 100-10000 AUD.
Bank Wire Transfer
Bank wire transfer is one of the best ways to deposit and withdraw funds on
BPAY
It is an Australia based e-payment system that the broker use as one of the deposit/withdrawal methods. Its estimated processing time is 2 business days while there are no transactions fees. The estimated deposit/withdrawal limit is 100-10,000, and this method is only applicable to the Australian region.
China UnionPay (uPOP)
If you reside in China, this is the best way to fund/withdraw your account. The available currency is RMB, and there are no transaction fees at all. The deposit is instant 24/7, and the deposit/withdrawal limit is 100-3000.
Skrill & Neteller
If you have Skrill or Neteller account, that will be advantageous for you. You can use this digital mode to fund/withdraw from your trading account. USD, EUR and CAD are the available currencies. The broker offers instant 24/7 deposit. There are no transaction fees while the withdrawal limit is 100-10000 base currency. This mode of payment is available for all regions.
Cryptocurrencies
This is the modern way to fund and withdraw from an account. The plus point is that there is no limit on funding and withdrawal on this mode. The broker accepts this mode of funding/withdrawal from every country except Australia. Besides this, the transactions are instantaneous and free of cost. The available currencies to do so are USDT (TRC20), USDT (ERC20), and BTC.
The other options you can go for include PayPal, Worldpay (except in Japan), Fasapay, PSP Virtual Account, and PayRetailers.
| Deposit/Withdraw Methods | Deposit Fee | Withdrawal Fee |
| Wire Transfer | No Fees | No Fees |
| Credit/debit Card | No Fees | No Fees |
| Electronic Wallets | No Fees | No Fees |
| Online Banking | No Fees | No Fees |
| Cryptos | No Fees | No Fees |
Inactivity Fees
Eightcap does not charge any account inactivity fees. This attribute makes this broker unique as many of the brokers in the industry do not spare the traders and charge heavy account inactivity fees. Yet, this broker is not stand alone, and there are a few brokers who do not charge account inactivity fees only.
Platforms
Eightcap makes a range of trading tools available to many conventional platforms. There are third-party MetaTrader 4 and MetaTrader 5 trading platforms for the traders.
- Free deposit and withdrawal
- Seamless, quick account opening
- Low forex fees
MetaTrader 4
Metatrader 4 is a well-known trading platform among experienced traders due to its customisability and epic capabilities. The platform allows customised market analysis and automated trading. Clients with advanced trading experience can further mould their terminals and display numerous real-time charts using technical indicator overlays, which can be purchased or prepared anyways.
The large amount of technical information provided in one window makes Metatrader 4 the favourite software for advanced traders. The data can be adjusted to the trader’s preferences with windows that can be reorganised and changed in the interface. Besides this, there is a wide range of technical indicators and overlays.
Here are some of the prominent features of MetaTrader 4:
- Offers one-click CFD trading
- Built-in indicators and analysis tools
- Custom trading templates
- Historical data available so you can back-test your expert advisors
- Available on iPhone, iPad, Android phones and tablets and PC
- 80+ markets
- Account base currencies are available
- Expert advisors allowed
- Available for desktop and mobile
- 9 chart timeframes
- 30 technical indicators
- Flexible trading system
- Technical analysis
- Security
- Fast execution
MetaTrader 5
MetaTrader 5’s multi-asset, the multi-functional platform is a better match if you’re a more advanced trader. The platform provides price data and allows the use of a special type of non-tradable assets such as physical gold to provide a margin for open positions of other instruments and create custom financial symbols. Generally, day traders want a trading platform that is fast, robust, reliable, and powerful, and MetaTrader 5 ticks all of these boxes. MetaTrader 5’s platform is available in desktop, web, and mobile versions. The desktop version includes enhanced tools for comprehensive price analysis, algorithmic trading applications through trading robots and copy trading.
The MetaTrader 5 platform incorporates the MQL5 programming language, used by automated trading software that runs on your computer and executes trades. It follows financial symbols 24 hours a day, copies trades, creates and transmits reports, analyses news, and even gives a specialised custom graphical interface.
Because the platform provides an entire development environment for creating and optimising your own EA, you may create your successful trading strategy. Alternatively, you can also purchase from a number of ready-to-use EAs that can be downloaded for free from CodeBase or purchased or rented from “MetaTrader Market,” the world’s largest marketplace of ready-to-use trading applications. You can also purchase custom applications from professional programmers using the freelance service.
The copy trading feature allows you to subscribe to successful trader signals, automatically replicating all trades on your account. There are hundreds of free and paid signals available for demo and live accounts.
The MetaTrader 5 platform supports both the traditional netting system for exchange markets such as the stock market, the options market, as well as the forex market’s hedging option system. It supports two market orders, six pending orders, and two stop orders and supports four execution modes: instant, request, market, and exchange execution.
The platform lets you examine up to 100 currency or stock charts at once, and the 21 timeframes allow for comprehensive and detailed analysis of even minor price movements. It also includes 44 analytical objects and 80 technical indicators such as Gann, Fibonacci tools, geometric shapes, and various channels.
MetaTrader 5 includes fundamental analysis, which monitors various economic and industrial indicators. The platform sports news reports from worldwide news agencies as well as an economic calendar. MetaTrader’s mobile trading platform is available on your smartphone or tablet running Android or iOS. The mobile version, among other things, supports the entire range of trading functions, allows account status monitoring, and allows viewing of trading history.
Tools
Eightcap provides a ton of trading tools to its clients.
Capitalise.ai
Eightcap provides a smooth, code-free automated trading experience to all traders, including non-technical traders, by using Capitalise.ai. The traders can enjoy a one-of-a-kind, automatic, and straightforward approach to creating and executing trading strategies using free-form text. With the blessing of Captalise.ai, the traders can execute their trading strategies automatically.
Give your traders the ability to effortlessly automate any situation based on:
- Events in the macroeconomic news
- Specific timetables
- A variety of technical indicators
With improved buying power, traders can now capture any opportunity. Traders may launch as many strategies as they desire, but only those that are triggered unlock their allocated funds, thus increasing their buying power. Traders may opt to run strategies in a loop, trading continuously throughout time and enhancing their trading capacity.
FX Blue Labs Products
Trading may be a perplexing experience. FX Blue Labs provides the assets you need to trade them to allow you to concentrate on the relevant data. It was created by traders for traders to aid in execution and analysis.
FX Blue Labs has created a catalogue of multi-platform, multilingual, market-informed applications to assist brokers in marketing. At the same time, it guides the traders in optimising their trading plans to be more successful. These applications offer institutional-quality tools to traders and those given by the underlying trading platform.
The Alarm Manager is essentially a collection of building blocks that you may use to create a totally personalised and automated trading buddy. You may, for example, use it to take automatic action when an event occurs or to be notified when something happens on your account or in the markets.
The Correlation Matrix displays the relationship between symbols across a configurable period and a number of bars, such as the previous 100 H1 bars.
The Correlation Trader shows the correlation between symbols across a configurable period, such as recent H1 bars. The Correlation Trader assists you in identifying symbols with high or low correlation and trading emerging changes in the correlation.
The Excel RTD app allows you to enter real-time data into Excel using just the RTD function – no macros, programming, or XLL add-ins are required. You may even send basic trading commands from VBA code in Excel. The app comes with an example spreadsheet that allows you to add up to 5 account numbers and then displays an equity and balance dashboard, symbol prices, and a consolidated list of open positions.
Using the Market Manager, you may gain a birds-eye perspective of the fundamental aspects of staying on top of markets. In addition to the watch list, which facilitates both price and position monitoring, you will have access to headline information on various fronts. Open tickets and full editing skills are also unlocked, as is a summary of recent price activity on a symbol.
With the Mini Terminal in hand, you have access to the enormous buttons that everyone enjoys pushing — this time for buy and sell activities. The MT4/5 interface will acquire an additional status indicator that shows your current net position and control over lot size, stop-loss, take-profit, and trailing-stop.
As simple as it sounds/your strongest feeling – with direct percentages on current and historical positions in a symbol held by other traders. These are the long and short versions of the sentiments. You avoid pending orders and buy or sell at the current market price while remaining anonymous. The same is true for stop-loss, take-profit, and other stop-loss levels — your entry and exit points remain concealed from the market.
The Tick Chart Trader walks you through various tick chart styles and teaches you how to quick-trade using a keyboard or mouse. There is no historic tick data. Tick chart compilation starts as soon as the app is launched.
CryptoCrusher
Eightcap, in collaboration with BKForex, provides the right dedicated platform to trade cryptocurrencies. From market directions and the strength of trends, trade ideas with precise entry and exits are offered on the platform. Furthermore, with customer strategy tests and market commentary, the platforms equip traders with tools that aid in making intelligent trading decisions.
You can scan the most liquid assets in the crypto markets and learn the most recent trading traits on the platform. A trader can analyse the chart and take an instant idea to place or close the positions in one go. It is a separate world that helps beginners and pro-level traders if they meet the certain criteria defined on the broker’s website.
Amazing Trader
The amazing trader is a unique charting algorithm that can help any trader while trading. It is a charting tool that has dynamic trading lines that form patterns. It is loaded with all instruments and workable in all market conditions in any timeframe. Furthermore, this charting tool is equipped with an automated risk management feature. You can get access to it if you have met the specified qualification criteria mentioned on the broker’s website.
VPS
If you are trading with
It is always linked to the internet, which speeds up the execution process while also contributing to a safer and more stable trading atmosphere. Computer viruses, connection failures, and power outages may all be disastrous to trade, especially during periods of market volatility. Using a VPS may alleviate these issues, making it an ideal technical environment for automated trading.
Multi Account Management Software
Eightcap provides a high-performance Multi Account Manager software that has been designed to work seamlessly with the MetaTrader 4 platform, and it can be customised based on the complexity of your trading needs for professional assets and fund managers who are authorised to trade on behalf of their clients. Broker’s sophisticated money manager programme combines market-leading pricing with flexible allocations and the ability to easily manage trader’s funds under a master account structure – delivering enhanced features and tighter control through a single MT4 interface.
The MAM solution is available to all discretionary traders and investment and asset managers, and it is particularly ideal for traders who manage multiple accounts using Expert Advisors (EAs). The broker has invested heavily in our MT4 server to ensure that our MAM solution provides the fast and reliable service that money managers require to service their clients.
Because all processing is centralised and server-based, you get the quickest and most reliable integration possible. You may manage and execute block orders on all accounts with a single click from your MT4 master account, and almost virtually all trades are immediately allocated to your client sub-accounts.
One of the key features of the
Trades are automatically allocated to each of the clients’ accounts, and commissions are credited to a live trading account in real-time – these, like regular trading accounts, may be withdrawn at any time. Furthermore, performance fees may be determined at any time using the MAM Manager, which is available to all money managers.
The system allows real-time management, with the ability to quickly and easily add or withdraw funds without interrupting existing positions or affecting trading activity. In such cases, the broker can collaborate with you to identify the fairest solutions for all parties, such as withdrawal limitations while trades are open, profit and loss reporting on a per-account basis, and so on.
| Platform | |
| MetaTrader 4 (MT4) | ✓ |
| MetaTrader 5 (MT5) | ✓ |
| cTrader | x |
| Proprietary (e.g.) | x |
| Desktop | ✓ |
| Web | ✓ |
| Mobile | ✓ |
| Social Trading | ✓ |
| Other (AmazingTrader, VPS, Cryptocrusher, FX Blue Labs Products, Capital.ai) | ✓ |
Research and Education
Eightcap provides a handful of material that helps the traders begin their careers. There are separate news sections where the daily news on assets like Cryptocurrencies, CFDs, Forex Trading, and Markets are updated. In addition, the news analysis is updated frequently on the website to water the roots of every trader. There is a separate section to guide the use of MetaTrader platforms. Textual content is there to educate every level of trader on trading strategies. The dedicated news section on financial updates promotes financial awareness and enables traders to make informed trading decisions. Live webinars are conducted worldwide to guide and spread valuable opinions on trading. Traders can benefit from them by registering themselves before a certain period.
| Resources | |
| Market Analysis | ✓ |
| Guides | ✓ |
| Videos | X |
| Webinars | ✓ |
| Autochartist | X |
| Trading Central | X |
| Financial Calendar | X |
| Other (Trading Strategies ) | ✓ |
Regulation and Safety
EightCap is not a scam. It is a low-risk trading broker for its strict regulatory or compliance culture implemented by a reputable licence and adherence to regulations established by the Australian Securities and Investments Commission (‘ASIC’). This globally recognised authority regulates the forex and trading industry.
All retail client funds are kept separate from that of businesses in separate bank accounts with an AA-rated financial institution. Furthermore,
| Regulator | |
| ASIC (Australia) | ✓ |
| IIROC (Canada) | x |
| CySEC (Cyprus) | X |
| SFC (Hong Kong) | X |
| JFSA (Japan) | x |
| MAS (Singapore) | x |
| FINMA (Switzerland) | x |
| FCA (UK) | x |
| CFTC (USA) | x |
| Other(SCB, VFSC) | ✓ |
Broker Safety
Eightcap is a safe broker (average-risk) for forex and CFDs trading since it is regulated in one tier-1 and some low tier regulatory authorities like SCB and VFSC.
Despite its suitable regulation, the broker does not provide any investor protection. Thus it only provides negative balance protection. The broker does not disclose its financial statements, nor is it listed on any stock exchange, which may concern some traders.
Client Support
Eightcap is a global company and has regional and local offices, partners, and affiliates worldwide to ensure provide the highest possible level of customer service. You can approach the broker via live chat, phone and email 24/5. The support is provided in 9 languages, including English, Chinese, Thai, French, Spanish, Italian, German, Vietnamese and Portuguese.
Conclusion
Eightcap is a trusted and regulated trading service provider with a solid business strategy based on simple trading that does not make complicated or confusing choices while giving exceptional conditions. Their primary product is a technology solution for execution through powerful servers with centralised integration, competitive pricing supplied by leading institutions and access via the powerful features of popular platform MT4 as well as accounts suitable for different strategies. The main shortcoming is a lack of deep learning resources, which the firm does not give; nonetheless, their support centres work well, so this is merely considered a disadvantage.
- Free deposit and withdrawal
- Seamless, quick account opening
- Low forex fees
FAQs
What are the Eightcap deposit fees?
Eightcap does not charge any deposit fees on the account.
What is the Eightcap commission fee?
The Raw account has a $3.50 commission cost per standard lot on each side, but the Standard account has no commissions.
What are the Eightcap withdrawal fees?
Eightcap does not charge any withdrawal fees on any account.
Are there any Eightcap inactivity fees?
Eightcap does not charge inactivity fees.
What are the Eightcap account types?
Eightcap provides two types of accounts: Standard Accounts and Raw Accounts. Both provide the same trading conditions, bonuses, and features. Clients will, however, benefit from narrower spreads on the Raw Account, and there is a commission for each transaction placed on the Raw Account.
Is there an Eightcap demo account?
Yes, Eightcap provides the demo account option to the traders.
What are the Eightcap spreads?
Eightcap promotes tight spreads starting from 0.0 pips.
What are the Eightcap stop & margin levels?
The stop-out level is 50%, while the margin at Eightcap is 80%
Does Eightcap allow hedging, scalping and news trading?
Yes, all trading strategies, including hedging, scalping, and expert advisers, are supported by Eightcap.
Is there Eightcap Islamic account?
Yes, an Islamic account is available with the broker “Eightcap” and may be obtained via email. The Islamic account is swap-free, and it adheres to sharia law.
What are the Eightcap trading instruments?
Eightcap offers trading in forex, commodities, indices, shares, and cryptocurrencies.
What trading platform does Eightcap offer?
Eightcap provides traders with only the MT4 and MT5 trading platforms.
What is the Eightcap leverage?
Eightcap offers maximum leverage of up to 1:500.
Where is Eightcap located?
Eightcap is an Australian based broker with offices in Melbourne and Vanuatu.
Is Eightcap regulated?
Eightcap is regulated by The Securities Commission of The Bahamas (SCB), Australian Securities and Investments Commission (ASIC) in Australia and Vanuatu Financial Services Commission (VFSC) in Vanuatu.
What countries do Eightcap not accept?
Eightcap does not accept countries that are majorly discouraged worldwide. These countries include Iran, Noth Korea and the Republic of Congo.
Is Eightcap a scam?
Eightcap is not a scam and has maintained a worthy market reputation since its inception.
How can I contact Eightcap support?
You can contact Eightcap via phone, live chat, and email address 24/5.
Find all Eightcaps contact details here.
Does Eightcap offer zero spread accounts?
Yes, Eightcap offers zero spread accounts.
- Free deposit and withdrawal
- Seamless, quick account opening
- Low forex fees