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Eightcap Review 2024

By:
Dan Blystone
Updated: Feb 7, 2024
Overall Rating
4.6
  • Trust
    4.5
  • Fees
    4.7
  • Platforms and Tools
    4.3
  • Tradable Instruments
    4.7
  • Customer Support
    4.3
  • Research
    5
  • Deposit and Withdrawal
    4.9
  • Account Types and Terms
    4.9
  • Education
    4.4
  • How Did We Test and Rate This Broker?
    When trading forex and CFDs, understanding a broker's strengths and weaknesses is essential. We developed a proprietary rating system, which is the result of extensive research and hands-on evaluation by our expert reviewers. With a rigorous approach, our reviewers manually assess each broker, investing more than 50 hours per review, checking and testing the broker while analyzing over 250 variables to simplify the broker selection process for you. The categories we evaluate include trustworthiness, trading platforms, customer support, regulatory oversight, spreads, fees, the variety of instruments offered, education, and research tools. This unique rating system is specifically developed to ensure that the assessment is based on firsthand knowledge and experience. By dedicating a significant amount of time to each review, our team of experts can provide in-depth insights and help you make well-informed decisions when choosing the broker that best suits your trading goals.
    Chart

    Our Take on Eightcap

    Eightcap was founded in Melbourne, Australia, in 2009 and operates under five entities globally. The ASIC-regulated Australian entity offers over 800 financial instruments with highly competitive trading costs.

    Traders have access to the MetaTrader 4, MetaTrader 5, WebTrader, and TradingView platforms. Flexible account types can accommodate beginners and advanced traders.

    Given the powerful combination of tight spreads, robust platforms, third-party tools, and VPS hosting, I rate Eightcap as most suitable for experienced, active traders and those using automated strategies.

    Recommended in 5 best broker guides: 
    Forex | CFD | European Regulated | CySEC | Australia

    Eightcap Pros and Cons

    Pros: Cons:
    • Strong trust rating
    • Tight spreads
    • Fast order execution
    • Flexible account types
    • Wide range of crypto pairs
    • Innovative tools
    • No withdrawal fees
    • Support is not 24/7
    • Lacks educational courses

    Eightcap Highlights of 2024

    • Stability and Trust: As a long-established broker regulated by ASIC, FCA, and CySEC, Eightcap has achieved a notable level of trustworthiness.
    • Competitive Spreads: My live tests showed that Eightcap offers competitive trading costs in the industry, with very tight spreads in popular markets like the Dow 30 index and gold.
    • 800+ Instruments. Eightcap offers an impressive range of trading products – from hundreds of CFDs on Australian stocks to 92 cryptocurrency pairs.
    • Strong Research Content: The broker provides excellent market research in text and video format, presented by top market analysts.
    • Innovative Tools: Eightcap clients have access to Acuity’s AI Economic Calendar, providing trading insights with price projections, and to Capitalize.ai for code-free strategy automation and testing.

    What Sets Eightcap Apart?

    Eightcap sets itself apart in areas crucial to active traders: trust, fees, and platforms. It is licensed by three of the leading global regulators – the FCA, CySEC, and ASIC – and offers competitive pricing (for instance, gold spreads as low as 12 cents). The broker also provides a diverse array of trading platforms and tools equipped with advanced functionalities.

    Additionally, during my testing of Eightcap, I was assigned a dedicated account manager,, which is unusual for most CFD brokers. Having a direct contact provides a better and more personalized experience overall.

    Who is Eightcap for?

    My research showed that Eightcap is well-suited for experienced traders, offering ultra-tight spreads through the Raw Account and the advanced capabilities of MT5. These include automated trading, a wide array of technical indicators, and versatile order types.

    Additionally, features like 1-click trading and fast order execution make Eightcap a suitable choice for day traders and scalpers.

    Beginners can also find value in Eightcap’s offerings, thanks to the user-friendly TradingView platform, the availability of micro-lot trading, and a wealth of excellent research materials.

    In this review of Eightcap, we focused on the Australian entity (Eightcap Pty Ltd), regulated by the Australian Securities and Investments Commission, AFSL number 391441. We conducted our tests using a Standard Account via the MetaTrader 5 platform and MetaTrader 5 mobile app.

    Eightcap Main Features

    ☑️ RegulationsASIC (Australia), FCA (United Kingdom), CySEC (Cyprus), SCB (Bahamas)
    🗺 Supported Languages
    English, French, Indonesian, Portuguese, Thai, Arabic, Bulgarian, Italian, Spanish, Chinese, Vietnamese, German, Malaysian, Serbian, Croatian, Bosnian, Japanese
    💰 ProductsCurrencies, Stocks, Crypto, Indices, Commodities
    💵 Min Deposit$100
    💹 Max Leverage1:30 (ASIC), 1:30 (FCA), 1:30 (CySEC ), 1:200 (SCB)
    🖥 Trading Desk TypeSTP
    📊 Trading PlatformsMT5, MT4, WebTrader, TradingView
    💳 Deposit OptionsPayPal, Wire Transfer, Skrill, Neteller, Credit Card, Bpay, Visa
    💳 Withdrawal OptionsWire Transfer, PayPal, Bpay, Skrill, Neteller, Visa
    🤴 Demo AccountYes
    🗓 Foundation Year2009
    🌎 Headquarters CountryAustralia
    Risk DisclosureCFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

    Eightcap Full Review

    Trust

    4.5
    How Did We Test the Broker's Trustworthiness?
    Assessing a broker's trustworthiness with your funds is vital. To help you make the right decision, we carefully checked each broker's regulatory license and examined how well they protect traders. Moreover, we looked at the broker's stability by studying their business history, corporate structure, and industry experience. Finally, we thoroughly reviewed all of the broker's legal documentation, including terms, conditions, and fees, and evaluated their transparency based on our analysis. Our hands-on approach ensures that even novice traders have the knowledge they need to make smart decisions.
    trust chart

    In our Trust category, Eightcap surpassed the industry average. The Aussie broker has three entities licensed by top-tier regulators and two offshore entities with limited oversight. Eightcap’s high level of transparency and 14-year operating history contributed to its elevated trust rating in our review.

    This section will cover how the different entities of Eightcap are regulated and how this impacts you as a trader. We rate regulators on a scale of 1 to 3, with 1 reflecting the highest level of trust.

    Eightcap Pty Ltd on the ASIC Register
    Eightcap EU Ltd on the CySEC Register
    Eightcap Group Ltd on the FCA Financial Services Register

    Why is it important to know where your broker subsidiary (entity) is regulated?

    Different regulators provide different levels of protection. For example, Eightcap clients in Australia benefit from the oversight of ASIC. It requires that clients have negative balance protection, which means they cannot lose more than their deposit. Client funds must also be segregated from company funds.

    The tables below list the protections and benefits by entity, regulator, and region.

    Entity Eightcap Group Ltd Eightcap EU Ltd Eightcap Pty Ltd Eightcap Global Limited Eightcap Limited
    Country/Region UK EU Australia Bahamas/Global Seychelles
    Regulator FCA CySEC ASIC SCB Unregulated
    Tier 1 1 1 3 n/a
    Segregated Funds Yes Yes Yes Yes Yes
    Negative Balance Protection Yes Yes Yes Yes Yes
    Compensation Scheme FSCS Up to £85,000 ICF Up to €20,000 No No No
    Maximum Leverage (Standard Account) 1:30 1:30 1:30 1:200 1:500

    Stability and Transparency

    In our tests for the Trust category, we also cover factors relating to stability and financial strength. Here, we evaluate the broker’s longevity in the industry, the company’s size, and its transparency.

    Eightcap was established in 2009, marking it as an experienced forex and CFD broker. According to its LinkedIn page, the company is headquartered in Melbourne, Australia, and has 201-500 employees.

    In my research, Eightcap is open about its regulatory status, listing its regulator in the footer of each page of the eightcap.com website. Eightcap clearly covers its spreads and commissions in its Trading Costs section. The Client Agreement can be found on the Legal Documents page referenced in the footer.

    To summarize, my findings indicate that Eightcap Pty Ltd can be regarded as trustworthy due to the following qualities:

    • Regulated by top-tier ASIC
    • 14 years of operating history
    • High level of transparency

    Fees

    4.7
    How Did We Test the Broker's Fees and Commissions?
    Broker commissions and fees can be challenging to understand. To simplify this for you, we carefully examined all the broker's fee-related documentation and presented it in a clear, easy-to-understand format. Furthermore, we conducted hands-on tests on spreads and commissions for the most common instruments during both London and New York trading sessions. We then compared these real-time test results to the market benchmark we've established through our extensive experience evaluating the industry.
    fees chart

    My hands-on tests showed that Eightcap offers highly competitive trading fees. Spreads in commodities, shares, and indices are especially tight, and swap fees are average for the industry. Another bonus is that there are no inactivity or account maintenance fees.

    Trading Fees

    I tested the Standard Account spreads at Eightcap across various markets during the London open at 8:00 a.m. UK time and after the open of the New York forex session at 1:00 p.m. UK time. At these times, the market is typically highly liquid with the tightest spreads. I recorded the data on 24 January 2024.

    Instrument Spread AM Spread PM
    EUR/USD 1 Pip 1 Pip
    GBP/JPY 2.4 Pips 2.2 Pips
    Gold  12 Cents 12 Cents
    Light Crude Oil  3 Cents 3 Cents
    Apple n/a 1 Cent
    Tesla n/a 7 Cents
    Dow 30 1.6 Pips 1.6 Pips
    Dax 40 3.2 Pips 2.2 Pips
    Bitcoin $15.32 $12.46

    It was hard to find fault with Eightcap in this area, and I was especially impressed by the tight spreads in the Dow 30, gold and Bitcoin.

    Swap Fees

    In the table below, you can see the Swap Long (the cost/credit of holding a buy position overnight) and the Swap Short (the cost/credit of maintaining a sell position overnight) for one full-sized contract. A full-sized contract is 100,000 units of the base currency (the first currency quoted in the pair). I recorded the data on 24 January 2024.

    Instrument Swap Long Swap Short
    EUR/USD Charge of $6.79 Credit of $2.25
    GBP/JPY Credit of $14.49 Charge of $35.58

    My live tests showed that swap fees at Eightcap are average for the industry.

    Non-Trading Fees

    The Australian entity (Eightcap Pty Ltd) does not charge any inactivity or account maintenance fees.

    Are Fees at Eightcap Competitive?

    While some brokers have competitive spreads in only a few popular assets, Eightcap does better by providing tight spreads across the board. This is of great importance to traders and can make or break their journey to profitability, especially for day traders and scalpers. I rate the fees at Eightcap as highly competitive for the following reasons:

    • Tight spreads across all asset classes
    • Average swap fees
    • No inactivity fees
    • No deposit or withdrawal fees

    Platforms and Tools

    4.3
    How Did We Test the Broker's Trading Platforms?
    We understand that platforms play a crucial role in your trading experience. That's why we spent many hours testing the broker's web, desktop, and mobile trading platforms to gain a real understanding of their usability, functionality, and overall performance. From experimenting with different order types to testing execution speeds, charting, and other features, we thoroughly examined every aspect of these platforms based on our trading expertise, helping you make an informed choice.
    platforms chart

    The Australian entity (Eightcap Pty Ltd) provides a standard suite of MetaTrader 4 and MetaTrader 5, along with WebTrader and TradingView platforms. Experienced traders can benefit from advanced features on MetaTrader, including automated trading, robust charting, and versatile order types. Meanwhile, the TradingView platform is intuitive and suitable for beginners as well.

    MetaTrader 5 Desktop Platform

    MetaTrader 5 is available in 52 languages, from Arabic to Vietnamese. The platform provides popular features such as

    • Alerts. This feature updates traders when an instrument reaches a specific price level.
    • Watchlists. Traders can create a list of their favorite instruments and follow live quotes in a market watch panel.
    • One-Click Trading. This feature allows traders to execute orders with a single click and no secondary confirmation. This feature enables traders to operate faster and is especially useful for short-term traders.
    • Trading from the Chart. MT5 also allows users the convenience of trading directly from the chart.
    MetaTrader 5 Marketwatch

    The Marketwatch panel enables traders to stay on top of their favorite instruments at a glance.

    MetaTrader 5 Toolbox Panel

    The Toolbox panel allows traders to track their open positions, market exposure, trade history, and profit/loss figures in real time.

    MetaTrader 5 Order Entry Panel

    MetaTrader delivers when it comes to the range of available order types. The platform offers the following:

    • Market Order. Traders use market orders to buy or sell an instrument at the best current price.
    • Limit Order. Traders use limit orders to buy or sell an instrument at a specified price or better.
    • Stop Loss Order. Traders use stop-loss orders to buy or sell an instrument when its price reaches a specified level.
    • Stop Limit Order. Traders can manage risk more precisely with stop limit orders, which combine the features of a stop-loss with those of a limit order.
    • Trailing Stop Order. Traders use trailing stop-loss orders as a stop-loss order at a defined percentage or dollar amount away from an instrument’s current market price. This order type allows traders to secure profits when they are in a winning trade while not having to exit the position.
    MetaTrader 5 Charts

    Charting features are robust. MetaTrader 5 offers:

    • 38 Technical Indicators. These include classic trend indicators, volume indicators, and oscillators.
    • 44 Analytical Objects. These include lines, channels, Gann, and Fibonacci tools.
    • 21 Time Frames. Traders can choose from nine time frames, from one minute to one month.
    • 3 Chart Types. Traders can use Bar Charts, Japanese Candlestick Charts, and Line Charts.

    MetaTrader is also popular due to its copy trading and automated trading features.

    • Trading Signals. Signals in MetaTrader 5 allow users to copy other traders’ activity in real time.
    • Automated Trading. MetaTrader 5 allows users to develop, test, and apply Expert Advisors (EAs). EAs are programs that monitor and trade markets using algorithms.

    My Key Takeaways after Testing the Eightcap MT5 Desktop Platform

    The MetaTrader 5 desktop platform is one of the most feature-rich and popular trading platforms. However, it may present a steep learning curve for beginners.

    MetaTrader 5 WebTrader

    The interface of the MT5 web platform is very different from the desktop and has a more intuitive and user-friendly interface. It allows you to trade without any additional software, only an internet connection is required. The Web Platform allows users to trade directly from any browser and operating system.

    Eightcap Web Platform

    Popular features of the WebTrader platform include

    • One-click trading
    • Trading from the chart
    • Watchlists with real-time quotes
    • Trade History
    • Advanced charting
    Web Platform Watchlist

    Watchlists provide real-time updates for a selected list of instruments.

    Web Platform Charts

    Charting via the WebTrader platform is outstanding. Traders can make use of:

    • 31 Technical Indicators. These include classic trend indicators, volume indicators, and oscillators.
    • 4 Analytical Objects. These include trend lines, regression channels, Gann, and Fibonacci tools.
    • 9 Time Frames. Traders can choose from nine time frames, from one minute to one month.
    • 3 Chart Types. Traders can use Bar Charts, Japanese Candlestick Charts, and Line Charts.
    Web Platform Order Entry

    The WebTrader platform provides standard order types including market orders, limit orders, and stop loss orders. Time-in-force conditions like Good-Til-Cancelled (GTC) or a specified date can be applied to pending orders.

    Web Platform Open Positions Tracking

    Traders can easily track their open positions, account balance, and profits and losses via the Trade panel, which appears at the bottom of the screen.

    ModelMetaTrader 5 Mobile App

    MetaTrader 5 Mobile App in Dark Mode

    Eightcap offers the MetaTrader 5 mobile app for mobile trading, which is available for Android and iOS. The app offers popular features such as alerts, 1-click trading, and trading from the chart.

    The MetaTrader 5 mobile app also provides many order types, including pending and stop orders. However, trailing stop-loss orders are only available from the desktop. To change the language of the MT5 app, you must change the language for your entire phone.

    My Key Takeaways after Testing the Eightcap Mobile App

    Overall, the MT5 app offers an above-average range of features. I rate it as a well-designed app, but as one that caters more to experienced traders.

    Capitalize.ai

    Clients of Eightcap’s Australian entity have access to Capitalize.ai, which enables them to create, test, and automate trading strategies using everyday English instead of code. For example, you could type in an entry trigger such as ‘if EUR/USD 30 minute RSI crosses above 80, buy $500 worth’. You can also automate your exits, for example, ‘close position at a profit of 6% or at trailing stop of 4%’. I found this to be a user-friendly platform with great potential for easily automating your trading ideas.

    Eightcap Order Execution

    Eightcap is a no-dealing desk STP (Straight Through Processing) broker.

    Tradable Instruments

    4.7
    How Did We Test the Broker's Tradable Instruments?
    For this section, we examined the broker's market offering, assessing the variety and depth of instruments and asset classes available for trading. Through our proprietary database, we then compared the results with other brokers. This comprehensive analysis allows you to determine if the broker offers the specific instruments and trading options you're looking for.
    tradable_instruments chart

    Eightcap offers a diverse range of over 800 tradable instruments. Clients can benefit from an especially strong range of commodities, indices, and cryptocurrencies. I rate the scope of available instruments as better than average for the industry.

    CFDs (Contracts for Differences) are financial derivative products that allow traders to speculate in various markets without owning the underlying assets. Tradable instruments at Eightcap include the following:

    • 56 Currency Pairs. A currency pair combines two different currencies, with the value of one currency quoted against the other. For example, EUR/USD, which reflects the value of the euro measured in dollars.
    • 14 Commodity CFDs. Commodities are raw products, such as gold and oil.
    • 500+ Global Stock CFDs. IG offers trading in stock CFDs from exchanges ranging from the NASDAQ to the Australian Securities Exchange (ASX). A stock is a security that represents partial ownership of a corporation.
    • 16 CFDs on Indices. Available instruments range from Japanese to Swiss stock indices. An index is a basket of trading instruments that are used to gauge a market sector, stocks within an exchange, or the economy of a country.
    • 92 Cryptocurrency CFDs. Cryptocurrencies, such as Bitcoin, are digital currencies that are secured by cryptography.

    In the tables below, you can see a selection highlighting the variety of CFD instruments available at Eightcap:

    Forex Major Forex Minor
    GBP/USD | EUR/USD | USD/JPY | USD/CHF GBP/JPY | EUR/GBP | CHF/JPY | AUD/CAD 
    Energies Metals
    Brent Crude Oil | WTI Crude Oil Nickel | Gold | Palladium | Zinc
    Indices Crypto
    Nikkei 225 | UK 100 | Australia 200 | Wall Street 30 Ethereum | Solana | Shiba Inu | Tron
    US Stocks Global Stocks
    Spotify | Pfizer | AMD | Robinhood Vodafone | BMW | BP | Rio Tinto

    My Key Takeaways After Exploring Eightcap Tradable Instruments

    My assessment indicated that Eightcap is particularly strong in the areas of indices and cryptocurrencies. There is some room for improvement in the range of available currency pairs. Overall, the variety of tradable assets at Eightcap is impressive.

    Customer Support

    4.3
    How Did We Test the Broker's Customer Support?
    Traders often underestimate the importance of customer support, yet it proves to be a critical aspect during times of crisis. We put the broker's customer support to the test ourselves using all possible channels, such as chat, phone, and others. Our evaluation focused on the accessibility of live agents, as well as the helpfulness and professionalism of their responses. This way, we provide you with comprehensive insights into whether a broker can deliver full support when you need it most.
    customer_support chart

    The Australian entity of Eightcap (Eightcap Pty Ltd) provides 24/5 support via phone, live chat, and email in 9 languages. Once I was assigned an account manager, I received high-quality support with fast and complete answers to my inquiries.

    Support is a key component of a broker’s offering – whether you are a new trader looking for guidance on how to use the platform or an experienced trader who needs help fast to exit their positions in the event of a technical glitch.

    I tested Eightcap customer service over two weeks with dozens of queries, ranging from available order types to fees and regulatory issues. Overall I had a positive experience.

    Eightcap Live Chat Support
    Customer Support Languages
    English | Chinese | Thai | Korean | French | Spanish | Italian | German | Vietnamese

    Deposits & Withdrawals

    4.9
    How Did We Test the Broker's Deposit and Withdrawal Process?
    The deposit or withdrawal process can be tricky since you may encounter hidden fees or longer than expected processing time. To assess the broker's offerings, we examined their deposit and withdrawal options and conditions. Using our proprietary database, we then compared these results with those of other brokers.
    deposit chart

    Eightcap Australia clients can deposit and withdraw funds via bank wire transfer, Visa, PayPal, Neteller, Skrill, and BPay. Processing times are relatively fast for the industry. Deposits and withdrawals (including bank wire) are free of internal charges.

    Deposits

    Method Available Currencies Processing Time Transaction Fee Transaction Limit
    Visa 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 1-2 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

    Processing times for bank wires are average compared with other CFD brokers. Free deposits are standard for the industry.

    Withdrawals

    You can request to withdraw funds from your account by submitting an online form through the Client Portal.

    Method Available Currencies Processing Time Transaction Fee Withdrawal Limit (per transaction)
    Visa 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 does not charge any internal fees for deposits or withdrawals but be aware that the provider you use might charge you a transaction fee and/or international processing fee and/or other.

    Account Types and Terms

    4.9
    How Did We Test the Broker's Account Types and Terms?
    When it comes to achieving your trading goals, choosing the proper account is essential. We initiated our evaluation by personally opening an account with the broker, which allowed us to gain firsthand experience of the process and accurately asses, how fast and easy it is. In addition, we carried out an in-depth analysis of the account types and features offered by the broker, including spreads, maximum leverage, minimum deposits, and more. For a comprehensive comparison, we turned to our proprietary database and examined how this broker's account offerings and processes stacked up against other brokers.
    account chart

    Eightcap Pty Ltd provides three account types. The account opening process is entirely digital and can be completed through their website. I completed the application in just 10 minutes. Additionally, clients can access a free demo account on both the MetaTrader 4 and MetaTrader 5 platforms.

    • The Raw account is geared towards experienced traders, with spreads as low as 0.0 pips plus commission.
    • The Standard Account caters well to beginners and casual traders, with the simplicity of trading without a commission and spreads as low as 1.0 pip.
    • The TradingView account provides access to ultra-low spreads, advanced charting, trade ideas from the massive TradingView community, and the proprietary Pine-Script language.

    Account Comparison

    The table below breaks down the key features of the Standard, Raw, and TradingView account types:

    Feature Raw Account Standard Account TradingView Account
    Spreads From 0.0 pips 1.0 pips 1.0 pips
    Available instruments 800+ 800+ 800+
    Commission 3.5 AUD, USD, NZD, SGD, CAD | 2.25 GBP | 2.75 EUR per standard lot traded No Commission* (Shares include commission) No Commission* (Shares include commission)
    Minimum Deposit $100 $100 $100
    Min. / Max. Trade Size 0.01 lots / 100 lots 0.01 lots / 100 lots 0.01 lots / 100 lots
    Margin Call Level 80% 80% 80%
    Stop Out Level 50% 50% 50%
    Account Base Currencies AUD, USD, EUR, GBP, NZD, CAD, SGD AUD, USD, EUR, GBP, NZD, CAD, SGD AUD, USD, EUR, GBP, NZD, CAD, SGD
    Scalping Allowed Allowed Allowed

    Account Application

    Eightcap Account Application

    To open a CFD account with the Australian entity of Eightcap, prospective clients must provide the following information:

    • Contact and Personal Details: Name, email address, country of residence, date of birth, phone number, physical address, nationality, national ID number, tax ID number, educational background.
    • Employment Details: Employment status, industry, and occupation.
    • Financial Details: Annual income, liquid net worth.
    • Level of Trading Experience: Volume of trades, professional and academic knowledge.

    There is a brief section testing your knowledge and understanding of risk.

    Demo Accounts

    Eightcap offers demo accounts via MetaTrader 4 and MetaTrader 5. Demo accounts are especially important for beginners as they allow them to practice the strategies and get comfortable with the trading platform without risking real money. The demo account features live quotes and simulates live market conditions. Once users are up to speed on a demo account, they can easily switch to a live version.

    Professional Accounts

    To be eligible for a professional account at the Australian entity, you will need to meet either one of the following criteria:

    Sophisticated Investor High Net Worth Investor
    • Complete a Sophisticated Investor Assessment. Successful candidates need to obtain 80% or higher on the test to pass.
    • Evidence of substantial trading history with a notional volume of at least 2M. 
    • Submit a signed Sophisticated Investor Acknowledgement Form.
    • Complete a questionnaire relating to your knowledge and experience with derivatives.
    • Own net assets of 2.5 million.
    • Or have a gross annual income of over $250,000 shown over two financial years, certified by an accountant.

    Benefits of being a professional client include:

    • Networking opportunities at VIP events.
    • Flexible pricing and leverage options.
    • High-performance trade execution with ProVPS.
    • Trade ideas with market news, regular insights, and complimentary analysis from your dedicated account manager.

    If you become a professional client, you will not receive any protections afforded to retail clients under Chapter 7 of the Corporations Act.

    Islamic Accounts

    The Australian entity (Eightcap Pty Ltd) does offer swap-free Islamic accounts.

    Leverage

    One of the reasons that traders are attracted to the forex market is the high degree of available leverage. Leverage is the use of borrowed funds to increase the size of your trading positions beyond what would be possible using only the cash in your account. In the table below I cover the leverage available at Eightcap across a range of CFD instruments.

    Major Currency Pairs 1:30
    Non-Major Currency Pairs 1:20
    Gold 1:20
    Major indices 1:20
    Non-Major Indices 1:10
    Stocks 1:5
    Cryptocurrencies 1:2

    Supported Countries

    Eightcap accepts clients from the majority of countries globally, except FATF blacklist countries like Iran and North Korea.

    Research

    5
    How Did We Test the Broker's Research Tools?
    Research options offered by brokers may not be seen as the most important feature for some traders, but they can provide a competitive advantage. To assess the broker's research offerings, we personally explored and tested both proprietary and third-party tools and content, such as Fundamental and Technical Analysis, Market News, educational videos, and webinars. After evaluating the availability and quality of the overall research offering, we compared the results with our benchmark to provide a comprehensive analysis of the broker's research capabilities.
    research chart

    Eightcap shines in the research category with high-quality text and video-based analysis from leading industry experts.
    The AI Economic Calendar from Acuity enables clients to get trade ideas from 1000+ macroeconomic events.
    Eightcap also incorporates live webinars. I rate the research materials as above average.

    Eightcap Research

    The Trade Zone series of videos from Eightcap helps traders orient themselves with key insights for the upcoming trading week. These reports by Joe Jeffriess are less than five minutes and enable traders to be best prepared for high-impact economic reports.

    Trading Outlook

    The Trading Week Ahead report is text-based and also covers events on the economic horizon – deciphering everything from central bank speeches to key economic reports.

    Eightcap Trade Ideas

    In the Trade Ideas series of reports, Joseph Jeffriess provides a technical perspective including major support and resistance levels, chart patterns, trend analysis, and potential set-ups.

    Economic Calendar

    The AI Economic Calendar from Acuity within the client portal goes deeper than the norm, covering over 1000 events from 55 countries. It has advanced filtering capabilities, shows assets affected by the release, provides historical event analysis, and gives price range projections.

    Economic Calendar Event History

    It also includes news and commentary, along with news sentiment and correlation data. The AI Economic calendar helps traders identify which instruments to trade, when to trade, and how the market is likely to respond to economic data.

    My Key Takeaways after Examining Eightcap Research Materials

    I was impressed by the high-quality text and video-based analysis, along with the third-party AI Economic Calendar from Acuity. The analysis provides comprehensive coverage of both technical and fundamental themes.

    Education

    4.4
    How Did We Test the Broker's Education Offering?
    Gaining knowledge about trading in the financial markets can make the difference between success and failure. To assess the broker's educational offerings, we personally tested and evaluated the quality of the content provided, considering its relevance for both novice and experienced traders. We explored the range of materials available, such as articles, videos, webinars, and courses. After evaluating the content's volume, update frequency, and overall quality, we compared the results with our benchmark to provide a well-rounded analysis of the broker's education offerings.
    education chart

    The Eightcap Labs section of the website offers a comprehensive range of educational articles, guides, and eBooks covering trading fundamentals, strategies, and cryptocurrencies. Materials are insightful and can cater to beginners and experienced traders.

    Eightcap Educational Resources

    Eightcap provides useful articles covering trading fundamentals with topics like The Power of Market Momentum and Trading the GBP Crosses. These articles are well-written, in-depth, and accessible to beginners.

    Eightcap Labs Guides

    The eBooks within Eightcap Labs are focused on cryptocurrencies. Traders can get up to speed with cryptocurrencies ranging from Dogecoin to Solana with detailed downloadable guides. These complement the above-average range of crypto pairs available to trade at Eightcap.

    Eightcap Labs Trading Strategies

    I especially liked the articles on actionable strategies relating to various technical indicators and specific assets like crude oil. These articles go beyond the theoretical and get into practical trading advice. I rate the educational content as better than average for the industry. Eightcap could improve further by adding interactive courses.

    The Bottom Line

    Operating for over 15 years, Eightcap is a well-known brand on the Australian market with entities licensed by three top regulators in the world – FCA, CySEC, and ASIC.

    Its Australian entity provides first-class account protection, highly competitive spreads, and a diverse range of assets. The intuitive TradingView platform makes Eightcap accessible to beginners. Meanwhile, experienced traders can benefit from the advanced features of the MT4 and MT5 platforms.

    Eightcap has gone the extra mile with research materials and tools. With their advanced platforms and resources like Capitalize.ai, I also rate Eightcap as a strong choice for traders using automated strategies.

    Considering Eightcap’s advantageous mix of narrow spreads, strong platforms, extensive third-party tools, and VPS hosting, I find it to be a good choice for seasoned, active traders and those employing automated trading strategies.

    FAQ

    Eightcap is based in Melbourne, Australia.
    The Australian entity of Eightcap is regulated by ASIC. Funds are segregated and clients have negative balance protection. I rate Eightcap as relatively safe.
    You can deposit funds via Visa, PayPal, Wire Transfer, BPay, Skrill, and Neteller.
    The minimum deposit is $100.
    You can withdraw funds via Visa, PayPal, Wire Transfer, BPay, Skrill, and Neteller.
    Eightcap does not charge any internal fees for withdrawals.
    To withdraw funds via bank transfer takes 1–5 business days.
    The maximum leverage at the EU entity is 1:30.
    You can open an account by clicking on Create Account at the top right of the Eightcap.com website.
    With the intuitive WebTrader platform and micro lot trading, I judge Eightcap to be a suitable broker for beginners.
    The broker offers MetaTrader 4, MetaTrader 5, WebTrader, and TradingView.
    Yes, Eightcap offers demo trading via MT4 and MT5.
    With tight spreads, trading from the charts, and 1-click trading, I rate Eightcap as a viable choice for scalping.
    Yes. Eightcap offers MetaTrader 4 and 5, which can run automated trading strategies.
    At the ASIC entity, hedging is only available to professional clients.
    No, Eightcap does not offer spread betting.
    Yes VPS hosting is available.
    It depends on the instrument. For example, forex pairs can be traded 24 hours a day during weekdays, while cryptocurrencies can be traded 24/7.
    No, Eightcap is an STP (Straight Through Processing) broker.
    No, Eightcap is a broker only.

    See Eightcap Full Information

    Headquarters CountryAustralia
    Foundation Year2009
    RegulationsASIC (Australia), FCA (United Kingdom), CySEC (Cyprus), SCB (Bahamas)
    Publicly TradedNo
    Number Of Employees201
    Trading Desk TypeSTP
    Trading PlatformsMT5, MT4, WebTrader, TradingView
    Restricted Countries
    Bahamas, Belarus, Burundi, Congo, Cuba, Eritrea, North Korea, Guyana, Mali, Nicaragua, Iran, Iraq, Afghanistan, Guam, United States, Albania, Turkey, Kosovo, Northern Mariana Islands, Somalia, Puerto Rico, Russian Federation, Venezuela, Yemen, Syria, Ukraine, Central African Republic, Lebanon, Vanuatu, Israel, Japan, Libya, Myanmar, South Sudan, Sudan, Zimbabwe, American Samoa, Haiti, Saint Helena
    Supported Languages
    English, French, Indonesian, Portuguese, Thai, Arabic, Bulgarian, Italian, Spanish, Chinese, Vietnamese, German, Malaysian, Serbian, Croatian, Bosnian, Japanese
    Min Deposit$100
    Max Leverage1:30 (ASIC), 1:30 (FCA), 1:30 (CySEC ), 1:200 (SCB)
    Deposit OptionsPayPal, Wire Transfer, Skrill, Neteller, Credit Card, Bpay, Visa
    Withdrawal OptionsWire Transfer, PayPal, Bpay, Skrill, Neteller, Visa
    Time to Withdrawal3
    Time to Open an Account8
    Crypto
    Ethereum, Monero, Dogecoin, NEM, Bitcoin, Litecoin, Bitcoin Cash, Ripple, Dash, Fantomcoin, NEO, TRON, Kyber Network, Cardano, Stellar, EOS, Qtum, VeChain, Waves, storm, Metal, Polkadot, Binance Coin, Chainlink
    Products
    Currencies, Stocks, Crypto, Indices, Commodities
    Demo AccountYes
    OCO OrdersNo
    Offers HedgingYes
    Automated TradingYes
    API TradingNo
    Guaranteed Stop LossNo
    Guaranteed Limit OrdersNo
    Guaranteed Fills / LiquidityNo
    Economic calendarNo
    Trading From ChartYes
    One-Click TradingYes
    Expert AdvisorYes
    Social TradingYes
    AutochartistYes
    Trading SignalsYes
    Platform Languages
    Multi-lingual, English
    24 Hours SupportYes
    Support During WeekendsNo
    Live ChatYes
    Daily Market CommentaryYes
    News (Top-Tier Sources)Yes
    WebinarsYes
    Deposit FeeNo
    Withdrawal FeeNo
    Inactivity FeeNo

    About the Author

    Dan BlystoneBroker Analyst

    Dan Blystone began his career in the trading industry in 1998 on the floor of the Chicago Mercantile Exchange. Later Dan gained insight into the forex industry during his time as a Series 3 licenced futures and forex broker. He also traded at a couple of different prop trading firms in Chicago. Dan is well-equipped to recommend the best forex brokers due to his extensive experience and understanding of the brokerage industry.

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    CFD’s are complex instruments come with a high risk of losing your money rapidly due to leverage. Between 74%-89% of retail investor accounts lose money when trading CFDs. You should consider whether you can afford to take the high risk of losing your money.