Eightcap Review 2024 – Pros, Cons, and Fees Revealed

Eightcap is among the top forex and CFD brokers globally, but how does it truly measure up? In this Eightcap review, we will look at all the factors that make it an ideal trading platform. 

We’ll explore its features and the benefits it offers for trading and building a portfolio, highlighting the ability to trade crypto and stocks without owning the underlying asset or paying a hefty fee and spread. So, let’s dig into what this innovative broker has to offer!

What is Eightcap?

Established in 2009, Eightcap is a global CFD broker founded in Melbourne, Australia with the aim of offering financial services to the masses. This award-winning platform comes with a wide range of asset offerings, covering 800+ financial instruments across multiple asset classes, which is impressive. 

As a testament to its reliability, Eightcap is a regulated platform with five offices worldwide. Having been active for the last 15 years, it has built a solid reputation in the market that has helped it garner hundreds of thousands of users. 

In line with its user-first philosophy, it takes just a few minutes to get started with Eightcap, and the entire registration process is digital and seamless. Here, you get access to MetaTrader 4 (MT4) and MetaTrader 5 (MT5), as well as WebTrader and different types of accounts catering to both novice and advanced traders. 

The MetaTrader broker further offers Capitalise.ai’s algorithmic trading tools, the popular analysis platform TradingView, and many other third-party resources for traders and investors to take full advantage of the market and make better decisions. 

Moreover, through a combination of highly competitive fees, tight spreads, and VPS hosting, Eightcap offers an unrivaled trading experience for beginners, professionals, and active traders.

What Can You Trade and Invest in on Eightcap?

Now, let’s take a look at the different markets and assets available for you to trade at Eightcap, which are in line with the industry average. Notably, these assets are available for trading as CFDs (Contracts for Differences), which are financial derivative products that allow you to speculate on different assets without owning the underlying asset itself.

So, here are the wide range of assets across several markets:

Cryptocurrencies

At Eightcap, you’ll find about a hundred different crypto assets that you can trade. From majors like Bitcoin and Ethereum to metaverse tokens such as MANA and SAND and decentralized finance (DeFi) coins like CRV, MKR, COMP, AAVE, and CAKE, Eightcap covers a lot of categories. Other options that you’ll enjoy include LINK, LRC, FIL, ICP, AVAX, ZEC, 1INCH, HOT, ENJ, SOL, NEO, FTM, MATIC, BNB, TRX, and ADA.

However, when it comes to meme coins, Eightcap’s offering falls a little short. It only has two meme coins, DOGE and SHIB, which, though big and popular names, aren’t the latest ones. Moreover, the broker lacks new crypto coins in general, with most of the options available from the last cycle. 

Unfortunately, there is no crypto staking option at Eightcap, which means you can’t put your idle sitting coins to good use and earn passive income simply by holding them.

Stocks

Eightcap offers hundreds of stock CFDs from exchanges ranging from the NASDAQ to the Australian Securities Exchange (ASX) for you to trade. These options cover a wide variety of industries, allowing you to take full advantage of the market momentum and diversify your portfolio. This includes pharmaceutical, semiconductor, automobile, technology, banking, finance, and more.

Some of the company stocks available at Eightcap include Puma, Adidas, Volkswagen, Deutsche Telekom, Siemens AG, Tesco, Barclays, Unilever, ​​HSBC, Boeing, Citigroup, BlackRock, Alibaba Group, Palantir, Square, Wells Fargo, Taiwan Semiconductor Manufacturing Company, At&T, Pfizer, and many more.

Exchange-traded Funds (ETFs)

ETFs are a basket of securities that tracks an underlying index and seeks to outperform it. At Eightcap, there are limited ETF options, which include the Vanguard MSCI INDEX International Shares ETF, the Vanguard US Total Market Shares INDEX ETF, the Betashares Australian High-Interest Cash ETF, the Vanguard All-World Ex-US Shares INDEX ETF, the Vanguard Australian Property Securities INDEX ETF, the Vanguard Australian Shares High Yield ETF, and the Ishares Global 100 ETF.

Indices

Now comes indices, which represent a collection of trading instruments that measure the performance of a market sector within an exchange or the broader economy. 

At Eightcap, those interested in trading indices won’t be disappointed, as it offers several attractive options. It includes Netherlands 25 index, Canada 60 Index, Switzerland 20 Index, US Dollar Index Cash, Nasdaq Cash 100, EURO STOXX 50, FTSE 100, Dax 40, Dow Jones Industrial Average, Russell 2000 Cash, CBOE Volatility Index, S&P 500, Nikkei 225 Cash, Hang Seng China 50, and ASX200. 

Forex

Eightcap offers a variety of currency pairs, including currencies from both developed and emerging economies, ensuring you don’t miss a lucrative opportunity.

Different currencies that you’ll find at this broker are the Australian Dollar, New Zealand Dollar, Japanese Yen, Swiss Franc, US Dollar, Euro, Pound, Canadian Dollar, Hungarian Forint, Norwegian Kroner, Polish Zloty, Turkish Lira, Danish Kroner, Hong Kong Dollar, Mexican Peso, South African Rand, Thai Baht, and Brazilian Real.

Eightcap Fees & Commissions

Commissions, spread, and fees apply whenever you trade, regardless of whether you have a Raw Account or a Standard Account at Eightcap. 

However, the spreads in crypto, commodities, shares, and indices are tight, and fees are pretty average for the industry. While tight across the board, it differs not just for each market but also for each asset in addition to per-side commission. 

Although Eightcap is a bit more expensive than the lowest-cost brokers in the market, it charges competitive fees, which makes it a good platform to trade on. 

Moreover, some platforms impose hidden fees that can hurt your profits considerably. This is not a problem at Eightcap, where not only are spread and fees favorable to traders, but the trading platform also levies no inactivity or account maintenance fees. Eightcap’s swap fees are pretty average, too.

Eightcap Trading Fee Structure

Here’s a detailed view of Eightcap’s pricing model for each asset class:

Eightcap Non-Trading Fees

The best thing about Eightcap is that there are no deposit or withdrawal fees in most cases. Whether you’re using credit cards like Visa and Mastercard, PayPal, or any other method, Eightcap charges no fees from you for funding your account or cashing out your profits. 

This applies to all payment methods except for making crypto withdrawals, which involve 0.75% and 0.90% fees. Interestingly, even when one uses e-wallets such as Neteller and Skrill on Eightcap, they won’t have to pay any fees for withdrawals, but there will be some fees involved for deposits.

Eightcap Review: Trading on Eightcap

When it comes to trading on Eightcap, the platform offers several features to make it an exciting and profitable experience for its users. You can make use of several third-party apps to make better trading decisions.

Automated Trading with Capitalise.ai

The global trading platform enables you to automate trading and deploy a range of sophisticated strategies through Capitalise.ai —  a full suite of analytics and automated trading tools.

By leveraging Capitalise.ai, you can eliminate emotional influence on your trades, create a robust trading plan with pre-configured conditions, and fully automate the whole experience. Moreover, you don’t have to monitor the market round the clock, as Capitalise.ai can assist in implementing trading strategies that scan the markets 24/7. Additionally, it enables the creation of automated strategies that search for triggers based on pre-set conditions, offering you complete flexibility. These trading strategies can further be backtested to gauge how they perform. 

What’s interesting is that you don’t need any coding experience for this. You can either utilize the most popular strategies from the extensive template library available on the platform or simply base them on time frames, macroeconomic events, and other technical indicators. Also, Eightcap allows you to create custom smart notifications to stay updated with real-time alerts anytime, anywhere.

Trade Faster with FlashTrader

Built in partnership with BKForex, FlashTrader at Eightcap allows its users to calculate position size and place stops and limits instantly. This allows them to manage risk automatically and have more freedom to focus on strategy. 

One can utilize this feature to take profit on half of the position, instantly move the stop to break even and target a potentially much larger profitability. In addition to the ability to dynamically react to market movements with adjustable profit targets, traders can enjoy equal-weighted positions with Flashtrader. 

Moreover, all of this—managing risk, equalizing size, and aiming for multiple profits—can be done with just one click instantly and automatically. This tool is designed exclusively for the Eightcap MT 5 platform and can be downloaded from the Client Portal for lifetime access.

Free ForexVPS

At Eightcap, you get a free VPS or Virtual Private Server, which provides secondary storage for data files and is used to build test environments. 

Renowned for being a powerful, fast, and reliable service, ForexVPS is a beneficial feature for algo and high-frequency traders as well as those who want to run EAs 24/7. It provides high-speed connectivity and low-latency trade execution. 

In addition to instant trades, you also get high uptime and don’t have to worry about downtime due to power outages or any other interruptions, as ForexVPS will run regardless of the network connection.

So, when using the ForexVPS, you enjoy a flexible trading experience as you can access your trades on a virtual desktop at any time of the day, anywhere in the world, on any device.

To make the most of the free ForexVPS, you simply have to open a live trading account at Eightcap, deposit a minimum of $1,000, and trade a monthly minimum of 5 lots. It comes pre-installed with Eightcap MT4, so you can get trading right away. However, this feature is not available to Australian retail clients.

Eightcap Trading Platforms

There are three main trading platforms offered at Eightcap: TradingView, MetaTrader 4, and MetaTrader 5. 

For those who are just starting out, TradingView is the most suitable choice, while professionals will appreciate the advanced features of MetaTrader. This platform is the most common trading platform offered by the majority of CFD providers and is, in fact, one of the most used applications for financial institutions.

MetaTrader 5

Available in 52 languages, this intuitive and award-winning platform boasts advanced charting packages, offering up to 100 charts, 21 time-frames, and over 80 built-in technical indicators for a fully flexible and adjustable trading experience. Its economic calendar features 600+ macroeconomic indicators affecting the world’s largest global economies.

MT 5 offers a powerful trading system equipped with alerts, one-click trading, and the capability for direct trading from the chart. It supports a comprehensive range of order types, such as market, limit, stop loss, stop limit, and trailing stop orders. Additionally, the platform facilitates copy trading and automated trading with Expert Advisors (EAs) — programs that use algorithms to monitor and engage in trading activities.

MetaTrader 4

The multi-award-winning MT4 platform has an intuitive trading interface that offers advanced technical analysis features. Here, you can trade CFDs with a selection of pending orders and direct market execution. Moreover, 

MT4’s technical and analytical tools include built-in indicators alongside a substantial library of both free and premium custom indicators to enable its users to analyze any level of market complexity.

Much like MT5, MT4 supports the development, testing, and application of Expert Advisors that track financial instruments 24 hours a day, enabling you to never miss a single market movement. For security, MT4 utilizes 129-bit encryption when exchanging data between the client terminal and the platform servers, incorporates RSA digital signatures, and follows an advanced SSL certification process.

Eightcap Review: User Experience

To use Eightcap and trade all the different asset classes, one must create an account first and provide personal details, including name, date of birth, email address, phone number, physical address, country of residence, Identification number, and tax ID number.

You also have to provide your educational background, employment details, financial information, and level of trading experience. While this may feel cumbersome, being regulatory compliant means following the rules as required by the authorities to provide users with a safe environment.

Besides safety, Eightcap’s desktop experience is pretty user-friendly, offering an intuitive interface that is easy to navigate for both beginners and experienced traders alike. However, when it comes to having a mobile application, it is behind the market leaders.

Eightcap Mobile App

Eightcap doesn’t have a proprietary application but allows you to trade on both the MT4 and MT5 apps, which are available on Android and iOS devices from their respective stores. The app comes with all the features offered on desktop platforms, with the added benefit of the ability to access the market at any time, anywhere.

Both the Android and iOS apps offer features such as alerts, many order types, and trading from the chart. You’ll also find the mailbox, news, chat and messages, interface, charts, and Settings tabs to pick the display language, stay informed of the market in real time, communicate with other traders, edit charts, and add an extra layer of protection.

These are well-designed apps, and you simply need your login credentials. Once downloaded and installed, you can start trading on the app. You can also connect your Eightcap account to the TradingView mobile app and begin trading in just a few clicks.

Eightcap Review: Charting and Analysis

To help traders and investors make better decisions, Eightcap provides a suite of tools to evaluate investments, identify patterns and trends, find trading opportunities, and predict future price movements.

Charting on TradingView 

Besides its feature-rich MT4 and five trading platforms, Eightcap has TradingView in its arsenal. This means you can chart with TradingView and trade with Eightcap. 

TradingView is the largest social trading network, with more than 50 million traders using it. It allows trading with more than 15 customizable chart types. Additionally, on each tab, you can use as many as eight charts and apply 90+ smart drawing tools.

Here, you have the option to choose from an extensive library of over 100,000 indicators developed by the community or craft your own with the intuitive Pine-Script language exclusive to TradingView. Additionally, you can set up alerts for various price levels and indicators, enabling you to establish more than ten distinct alert conditions for each category provided.

To trade directly from TradingView charts, start by registering with Eightcap and selecting TradingView as your preferred platform in the application. Next, launch a chart within TradingView, navigate to the ‘Trading Panel’ tab, and select Eightcap. Next, follow the prompts and link your Eightcap account with it. Notably, the Standard Account at Eightcap is specifically designed to enhance trading through TradingView and streamline the trading process.

AI-powered Economic Calendar

When trading, market data, and sentiments are of key importance. At Eightcap, you can leverage historical market impact and sentiment analysis to generate daily trade ideas from over 1000 macroeconomic events.

This feature is available via Acuity’s Economic Calendar and is accessible from the Client’s Portal. It covers macroeconomic events from over 100 countries to ensure you don’t miss any opportunities. 

When providing insights into the financial markets, Acuity’s unique data analysis covers everything from identifying the best asset to trade at the moment and determining optimal entry/exit to explaining the effects of events on the market, predicting market responses, and assessing the magnitude and speed of the impact.

The Acuity Economic Calendar is further packed with features to help you take advantage of event-driven market volatility. This includes personalized fields of interest, which are refined with the help of AI, news, sentiment charts, price, and potential range.

Eightcap Payment Methods

Eightcap has a variety of payment methods available to fund your account, which you can use according to your preference and convenience. These options include widely popular methods such as credit cards (Mastercard and Visa), PayPal, e-wallets (Neteller and Skrill), and international/local bank transfers. There are also specific options used in Europe, Australia, Asia, LATAM, the UK, and Canada, such as DragonPay, Pix, Interac, and UnionPay.

You simply have to choose the payment method and the amount you would want to deposit or withdraw and then simply wait for confirmation.

Eightcap Minimum Deposit

At Eightcap, there is no deposit fee, though you might have to pay a service-specific charge or conversion fees, depending on the payment option you choose. The majority of supported methods offer instant transactions, processing within a few seconds, with the exception of e-wallets and wire transfers, whose processing times may vary.

For deposits made via wire transfers, the processing can take up to 5 business days. A transaction limit also applies, which differs for each payment method, so make sure to check that out.

The minimum deposit amount is $100 for all three account types: Raw, Standard, and TradingView. 

Eightcap Withdrawal Times

Much like deposits, Eightcap doesn’t charge any internal fees for withdrawals, but of course, the payment service provider might impose some fees. 

To make deposits, simply submit an online form from your account through the Client Portal. Withdrawal requests are usually processed within a day. Notably, all withdrawals at Eightcap are subject to review by its finance team and may take a couple of business days to complete.

When it comes to crypto withdrawals, make sure to use the same wallet address that was used to make the deposit. If the crypto wallet address is not the same, you will have to provide the platform with additional proof of identity, including an image of your ID or Passport and a short video showing your face.

Eightcap Demo Account

If you don’t want to jump headfirst into the live market, you can first test your strategies and trades in a no-risk environment by signing up for a demo account at Eightcap. This is a great way, especially for beginners, to test the market as well as the platform before risking their hard-earned money. The demo account includes real-time quotes and simulates the conditions of the live market. 

Eightcap’s demo account lasts for 30 days from the day of creation or once you’ve hit 5000 orders, whichever comes first. If you already have a live account at Eightcap, you can have three demos each at one time on both MT4 and MT5. Non-active accounts, meanwhile, can only have one demo at a time.

While users can access a free demo account on both MT 4 and MT5 platforms, TradingView integration is not available on demo accounts as it is only optimized for efficient live trading. However, the team is planning to roll out this feature for demo accounts in the near future.

Eightcap Customer Support

Eightcap was honored with the title of ‘Broker of the Year 2023’ at the Global Forex Awards for delivering quality services, tools, educational material, and instruments to traders worldwide. Additionally, its accolades include Best Crypto Broker and Most Innovative Affiliate Program. 

To assist its customers, Eightcap features a detailed FAQ section to address all their queries regarding the platform. Additionally, Eightcap Labs provides knowledge and insight into different markets, while the Trade Zone offers regular trading inspiration through articles and videos from experts to help its users plan their trading. It also hosts events and webinars so that its customers stay informed.

As for customer support, you can reach out to them via email at [email protected] or [email protected] or call them at +61 3 8592 2375, +61 3 8375 9700, and +61 3 8373 4800, depending on your location. Their online real-time chat service, meanwhile, is only available 24/5 instead of round the clock. Eightcap’s social media covers X (previously Twitter), LinkedIn, Instagram, and YouTube. 

To check its reputation among users, we looked at the customer review site Trustpilot, where Eightcap has received an excellent rating of 4.3 based on close to 2,000 reviews. This showcases trust among the community.

Eightcap Accepted Countries

Eightcap accepts traders from a majority of nations worldwide as it operates in 125+ countries.

Some of the jurisdictions restricted by the broker include Afghanistan, Albania, American Samoa, Belarus, Central African Republic, Congo, Eritrea, Guam, Haiti, Iran, Iraq, Japan, North Korea, Kosovo, Lebanon, Libya, Mali, Myanmar, Nicaragua, Pakistan, Zimbabwe, Yemen, Palestine, Puerto Rico, Somalia, South Sudan, Sudan, Syria, Ukraine, United States, Venezuela, and the Virgin Islands.

Is Eightcap Safe? Licensing & Security

One of the best things about Eightcap is that it’s a regulatory-compliant platform, having obtained licenses in several jurisdictions. Its multi-jurisdiction authorization and regulation covers:

• Australia – The Australian Securities and Investments Commission (ASIC), AFSL 391441
• The UK – Financial Conduct Authority (FCA), FRN 921296
• Cyprus – The Cyprus Securities and Exchange Commission (CySEC), Registration Number HE329922 and License number 246/14
• The Bahamas – The Securities Commission of The Bahamas (SCB), SIA-F220

In addition to being regulated in multiple jurisdictions, Eightcap utilizes several security measures, such as risk management and data encryption, to ensure user safety.

Conclusion

In the market for over a decade, Eightcap has created a name and reputation for itself. This well-known brand has also obtained licenses from some of the top regulators in the world, such as the FCA, ASIC, and CySEC. In terms of benefits, the trading platform offers account protection, tight spreads, competitive fees, and a diverse range of assets. Active and automated traders can enjoy rich MT4 and MT5 platforms as well as the resourceful TradingView. Support is also available 24/5 via various mediums and in multiple languages.

Moreover, through its advanced resources, such as Capitalize.ai, AI-powered Economic Calendar, free ForexVPS, and FlashTrader, Eightcap offers a strong trading platform for both beginners and professional traders alike.

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