Eightcap review 2024

📍Open an Account 📍Eightcap Review

Eightcap, established in 2009, is a notable Forex and CFD broker with a strong global presence. Headquartered in Melbourne, Australia, the company offers a range of trading instruments, including Forex, commodities, indices, stocks, cryptocurrencies, and more. Regulated by reputable authorities such as ASIC, CySEC, FCA, and SCB, Eightcap prioritizes the safety of client funds and adherence to regulatory standards. The platform features various account types, including Standard and Raw accounts, providing flexibility for traders of different experience levels. Eightcap's unique offerings include the integration of Capitalise.ai for code-free automation, diverse trading platforms like TradingView, and educational resources through Eightcap Labs. 

Popular users’ questions about Eightcap:

Is Eightcap legal in the USA?

No, Eightcap does not accept clients from the United States. The broker restricts its services to certain jurisdictions, and the USA is not among the supported regions.

What is the minimum deposit for Eightcap?

Eightcap imposes a minimum deposit requirement of $100. Traders need to fund their accounts with at least this amount to commence trading on the platform.

Does Eightcap offer a demo account?

Yes, Eightcap provides a demo account option for users. However, it's important to note that the demo accounts typically expire either after 30 days from creation or once they have executed 5000 orders. This feature allows users to practice trading in a risk-free environment.

Can Eightcap be trusted?

Eightcap has established itself as a reputable broker in the industry. The company is regulated by multiple authorities, including ASIC, CySEC, FCA, and SCB, which enhances its credibility. Additionally, it adheres to strict regulatory standards, providing features like negative balance protection, capped leverage, and a dispute resolution process to ensure the safety of its clients.

Eightcap review 2024: A comprehensive analysis

Established in 2009 and headquartered in Melbourne, Australia, Eightcap has gained recognition for its role in facilitating online trading. As a Forex broker, Eightcap allows individuals to participate in the global financial markets by providing a platform for trading various financial instruments such as currencies, commodities, indices, stocks, and cryptocurrencies. This review aims to offer insights into Eightcap's offerings, including account types, regulatory status, trading features, educational resources, and customer support, providing a detailed overview for those considering or currently using this platform.

What is Eightcap?

Eightcap, established in Melbourne in 2009, operates as a CFD broker under the parent company Eightcap Pty (Ltd). Situated at level 11, 356 Collins Street, Melbourne, with additional offices in Shanghai, Eightcap follows a "no-dealing desk" STP (Straight Through Processing) model, providing traders with close-to-raw spreads. The platform offers leveraged trading with a maximum ratio of 500:1 across various assets, including Forex, commodities, equities, and cryptocurrencies.

Despite its Australian roots, Eightcap extends its services to more than 100 countries globally, with a multilingual website available in German, Spanish, French, Italian, Chinese, Japanese, and Thai. With over 800 trading instruments, encompassing CFDs on currency pairs, cryptocurrencies, indices, stocks, commodities, and precious metals, Eightcap caters to a diverse range of traders. The broker features a minimum deposit of $100, a free demo account, and two live account types with varying trading costs—standard spreads without a fee and raw spreads incurring a brokerage fee. Offering a maximum leverage of 1:500, Eightcap supports traders employing diverse strategies with minimal restrictions. The trading platforms include MetaTrader 4, MetaTrader 5, and TradingView. 

Pros and cons of using Eightcap

Eightcap, an online trading platform, presents a range of features and considerations for potential users:

Pros

• Streamlined deposit and withdrawal alternatives

Eightcap facilitates an array of deposit and withdrawal approaches, encompassing credit/debit cards, e-wallets, wire transfers, and cryptocurrency avenues, ensuring users experience maximum convenience.

• Robust customer support

Consistently lauded for its customer service, Eightcap delivers prompt and supportive responses from support representatives and dedicated account managers, elevating the overall user experience.

• Automated trading without coding

By integrating with Capitalise.ai, traders can formulate, assess, and automate strategies using plain English, simplifying the trading process, particularly for individuals lacking coding proficiency.

• Diverse trading platforms

Eightcap provides adaptability through a selection of trading platforms, including TradingView, WebTrader, MT4, and MT5, enabling traders to opt for the platform that aligns most effectively with their preferences.

• Assorted account types

The presence of diverse account types, such as Raw, Standard, and TradingView accounts, presents options for traders to tailor their choices according to their distinct needs and inclinations.

• User-intuitive interface

Users applaud Eightcap's website and trading platform for its interface that is user-friendly and easily navigable, catering to traders across all levels of experience.

• Supplementary tools

Characteristics like the Crypto Crusher market scanner and an AI-driven economic calendar, developed in collaboration with Acuity, furnish valuable insights and trading signals.

Cons

• Limited availability by country

The availability of Eightcap's services may be limited depending on the trader's country of residence, impacting accessibility for potential users.

• Regional variations in services

Eightcap may offer different services and features based on the region or jurisdiction in which a trader is located, potentially leading to disparities in user experience.

• Commodity options

While Eightcap provides various trading options, the limited availability of only four commodities might disappoint experienced day traders seeking portfolio diversification.

• Demo account extension

The extension of the demo account is possible only upon request, which may pose a limitation for users looking for more flexibility in their practice trading.

Eightcap account types

Eightcap offers various account types to cater to the diverse needs of traders:

• Standard account

The Standard account is designed for traders who are new to the market and prefer a straightforward approach. It operates on a spread-only model, meaning there are no additional commission costs apart from the spread itself. This simplicity allows new traders to focus on understanding the platform features without the complexity of cost structures.

• Raw account

The Raw account is ideal for experienced traders or those gaining confidence in trading. It features lower spreads, providing more savings, especially for larger trade volumes. While this account incurs a commission fee of $7 per standard lot round turn, the lower spreads compensate for the cost. This account type becomes a preferred choice as traders advance in their trading journey.

• Demo account

Eightcap offers a Demo Account accessible through MetaTrader 4 and MetaTrader 5, providing a risk-free environment for users to practice trading. The demo account mimics real trading conditions without actual financial risks. Although the sign-up process requires detailed information, the demo account offers unlimited virtual funds and a platform setup similar to a real-money account. Users can extend the default 30-day period by contacting Eightcap.

• Swap free/Islamic account

For traders adhering to Islamic Sharia law, Eightcap provides a Swap Free or Islamic Account, exempt from overnight fees. To utilize this account, traders need to contact Eightcap customer service and request the Islamic account, possibly providing proof of adherence to the Muslim faith.

Eightcap fees and commission

Eightcap presents two account types, namely the commission-based Raw account and the spread-only Standard account, each influencing the fees and commissions incurred. The Raw account, while listing an average spread of 0.06 pips, entails a per-side commission of $3.50 per trade, resulting in an overall cost of approximately 0.76 pips. This cost positioning is slightly below the industry average of 0.8 pips. 

During an evaluation, the experts at TU observed tight and variable spreads with Eightcap, starting at 0 pips for major Forex pairs in the Raw Account and 0.4 pips for significant indices like the SPX500. Spreads for gold initiate at 0.12 USD, while oil exhibits spreads starting at 0.03 USD. Cryptocurrencies exhibit diverse spreads, ranging from 0 USD for Bitcoin Cash to 31.2 USD for Bitcoin. Shares carry spreads of 0.02 USD per share, per side (4 USD per lot round turn). It is crucial to note that increased volatility during trading hours or reduced liquidity periods can elevate spreads for certain assets. Additionally, the Raw account incurs a competitive commission of 3.50 USD per standard lot, amounting to $7 for the complete "round trip." Swap rates are applicable for overnight Forex trades.

Eightcap withdrawal and deposits

Eightcap facilitates account funding in various currencies, including AUD, USD, GBP, EUR, NZD, CAD, and SGD. To fund your account, visit the client portal and access the deposit menu, where you can select your preferred payment method. Accepted payment options include credit/debit cards, POLi Payment, wire transfer, Bpay, China Union Pay, and Skrill, each with its own processing time and fee structure.

For withdrawals, navigate to the withdrawal section in your client portal, complete the required form, and ensure you've fulfilled KYC requirements. Withdrawal requests submitted before 01:00 pm AEST/AEDT are processed on the same business day; otherwise, they wait until the next day. Withdrawals back to a card reflect the initial funding within the past 90 days. If the withdrawal exceeds the funded amount, the balance is processed through an alternative method. Bank withdrawals may take 2-5 days for SWIFT transactions, and while Eightcap doesn't charge withdrawal fees, a $25 fee for telegraphic transfers may apply. Both deposits and withdrawals must be made from/to accounts in your name, as third-party transactions are not accepted.

Eightcap regulation and licensing

Eightcap EU Ltd operates under the authorization and regulation of the Cyprus Securities and Exchange Commission (CySEC) with license number 246/14, where CySEC is classified as a Tier-1 regulator. The Financial Conduct Authority (FCA), FRN 921296, oversees and regulates Eightcap Group Ltd, with the FCA also holding a Tier-1 regulator status. In Australia, Eightcap Pty Ltd is subject to regulation by the Australian Securities and Investments Commission (ASIC) under AFSL 391441, and ASIC is acknowledged as a Tier-1 regulator. For Eightcap Global Limited, which falls under the regulatory purview of The Securities Commission of The Bahamas (SCB) with the designation SIA-F220, the SCB is considered a Tier-3 regulator. 

However, it's important to note that Eightcap Limited, registered in the Seychelles with the number 196744, operates without regulatory oversight.

Eightcap safety and security

Established in 2009, Eightcap stands as an experienced Forex and CFD broker with its headquarters located in Melbourne, Australia, employing a workforce of 201-500 individuals, as indicated on its LinkedIn page.

The regulatory status of Eightcap is transparently displayed on the footer of each page on the eightcap.eu website. The company provides comprehensive information on spreads and swap rates in the Trading Conditions section, and the Client Agreement document is easily accessible on the Legal Documents page, accessible via the website's footer.

For clients dealing with entities regulated by CySEC, their funds are safeguarded by the Investor Compensation Fund (ICF), ensuring protection of investments up to €20,000 in case of insolvency. The regulatory standards adhered to by ASIC, FCA, and CySEC, among the highest in the Forex regulatory landscape, incorporate protective measures such as Negative Balance Protection, capped leverage (up to 30:1 for Forex), a dispute resolution process, and third-party auditing of financials and business processes.

Eightcap trading features

• Capitalise.ai integration

Eightcap offers a distinctive feature with Capitalise.ai, allowing users to create trading bots effortlessly using non-coding language. By connecting it to MT4, traders can execute commands and design strategies from scratch or choose from prebuilt templates. Capitalise.ai facilitates automation of unique trading strategies with user-friendly plain English commands, offering functionalities like creating trading bots, setting price alerts, and conducting back-testing without the need for coding expertise. Exclusive webinars provide demonstrations and expert guidance.

• Trade zone educational resource

Eightcap introduces Trade Zone, an educational platform featuring weekly webinars by market experts. This resource offers market updates, key insights, and engaging webinars to diversify portfolios, learn from professionals, and gain valuable trading insights. Weekly sessions such as "Trading Week Ahead" and "Live Market Update" provide live forecasts and mid-week assessments, enhancing traders' understanding of potential market volatility.

• Eightcap labs

Designed by professional traders, Eightcap Labs provides a comprehensive collection of essential trading materials to help users develop and refine their trading skills. It serves as a valuable resource for learning new trading strategies and enhancing existing ones.

• BK Crypto Crusher

Exclusive to Eightcap clients, BK Crypto Crusher offers daily trade ideas with precise entry, target, and stop levels. This feature enables quick market scans, assesses market sentiment, uses exclusive indicators for trade identification, and provides access to live educational resources. To access Crypto Crusher, clients need to maintain a $500 account balance and place at least one trade in the last month.

• AI Economic Calendar from Acuity

Embedded within the client portal, the AI Economic Calendar from Acuity stands out with its extensive coverage of over 1000 events from 55 countries. It features advanced filtering options, highlights affected assets, offers historical event analysis, and provides price range projections. Additionally, it includes news, commentary, news sentiment, and correlation data, aiding traders in identifying tradable instruments, determining optimal trading times, and understanding market responses to economic data.

Eightcap education

Eightcap stands out in market analysis and education. The platform offers daily analysis articles, focusing on the latest occurrences in Forex, commodities, and cryptocurrency markets. Complementing this, weekly live YouTube webinars provide in-depth insights into upcoming trading events for the week ahead.

The 'Labs' section within the platform serves as a valuable educational resource. Here, users can access a wealth of content covering market fundamentals, platform guides, e-books, potential trading strategies, and in-depth explorations of popular assets such as Bitcoin and gold.

Eightcap customer support

Eightcap provides a Live Chat option, powered by Zendesk, offering a quick and direct means of communication. Notably, the Live Chat feature assures a short wait time for responses and avoids the use of chatbots, ensuring a genuine connection with a support representative.

Accessible even during the sign-up process, Live Chat serves as a reliable support channel for users facing difficulties or questions. Operating hours, aligned with Melbourne, Australia time, cover weekdays and limited hours on Saturday.

For those preferring alternative communication methods, the platform offers a phone line and a dedicated customer service email. The global and Australia-specific options cater to diverse user preferences. The client services team is available 24 hours a day on working days, reachable through phone or email.

How to open an account in Eightcap?

To initiate the account opening process with Eightcap, adhere to the following steps:

• Navigate to the Eightcap Client Portal.
• Complete the registration form to submit your account application.
• Allow for the verification of your application, a process typically concluding within one day.
• Following successful verification, deposit funds into your account to commence trading.
• Throughout the account opening procedure, be prepared to furnish personal details and validate your identity and residency using documents like a national ID, passport, driver's license, along with proof of residency such as utility bills or bank statements.