Eightcap Review 2024: Is It a Legit Forex Broker?

Eightcap is an award-winning derivatives broker that was founded in 2009 in Melbourne, Australia. With a robust platform, competitive spreads, and a wide range of trading instruments, Eightcap has positioned itself as a reliable choice for traders. This Eightcap review consists of detailed information about the broker. If you are looking for a broker that is regulated, offers a wide range of financial assets, unique tools and insights, and has low spreads, then Eightcap is a good choice. The broker has been operating and offering its services since 2009. They have recently won awards at the 2022 Global Forex Awards for Best Global Forex Educational Resources & also for having the Best Forex Trading Support in Europe.

Key Takeaways

• Eightcap is regulated by ASIC, FCA, CySEC, and SCB, which ensures traders’ trust and security.
• Offers competitive spreads, particularly with the Raw account, which offers spreads starting from 0.0 pips.
• Supports MetaTrader 4 and MetaTrader 5, popular trading platforms.
• Provides research, education, and responsive customer support.
• Have a transparent fee structure.

Our Take On Eightcap

Eightcap is an award-winning derivatives broker, and there are many different benefits when choosing them to meet your trading needs. Once you have opened an account with Eightcap, you are assigned an account manager who will be there with you at every stage of your trading journey. It is recognized among regulated forex brokers and offers competitive spreads, rapid execution speeds, and extensive educational resources, ensuring a dependable and efficient trading experience. However, as per the best review of Eightcap, it should be the first choice for traders searching for a platform with good security and learning opportunities.

Pros and Cons

Every broker has some pros and cons so here are Eightcap’s pros and cons.

Eightcap Key Features and Services

According to Eightcap review, it stands out as a leading broker by offering a comprehensive suite of key features and services designed to cater to both novice and experienced traders. Below are a few of the key features and services mentioned –

Security and Regulation

Eightcap prioritizes the security of its client’s funds and information by adhering to strict regulatory standards. As a regulated forex broker, it ensures that it remains compliant with all of the products and services that it offers to retail traders. For the traders, this Australia based forex broker is regulated by ASIC – a tier 1 regulatory body. As per the Eightcap broker review, it accepts traders from a majority of countries.

Eightcap Trading Platforms and Tools

Eightcap offers multiple trading platforms and interesting tools to enhance your trading experience. Here is more information about the platforms and tools available once you open a trading account at Eightcap.

TradingView:

TradingView is one of the most popular trading and charting platforms, with over 30 million traders. Eightcap recently integrated with TradingView, and with this integration, Eightcap’s clients can have access to TradingView’s many features. For example, traders will be able to identify and analyze trading patterns by using the platform’s customizable charts. Another feature is that Eightcap clients will be able to discover a multitude of trade ideas by joining TradingView’s community of traders.

MetaTrader 4:

You can trade forex, shares, commodities, and indices with Eightcap via the MT4 platform. MT4 is an industry-leading platform known for its robot trading capabilities, making it accessible to both new and experienced traders, who can download a free-of-charge trading robot. With the MT4 platform, you can be as flexible as you want when it comes to opening and closing your trade. You can trade using the 1-click trading functionality directly from the charts, or you can have the choice from a number of orders, including market, pending, stop, and trailing orders. You will also have access to a range of charting tools, such as 9 timeframes, 30 built-in indicators, and 24 graphic objects.

MetaTrader 5:

If you are looking for an advanced trading platform, then MT5 will be your best choice. Trade forex, indices, commodities, shares, and cryptocurrency CFDs with Eightcap via the MT5 platform. With the MT5 platform, you will be exposed to advanced trading features, which are also accessible via the WebTrader feature, along with the mobile and desktop versions (that are available with the MT4). With this, you can automate your trading and analytical operations using Expert Advisors (EAs) through the intuitive MQL5 Wizard interface. The platform provides access to nine different timeframes, 30 built-in indicators, and an extensive range of 1,024 symbols, making it a powerful tool for traders seeking comprehensive market analysis and efficient trade execution.

Tools

Along with a number of market-leading trading platforms, Eightcap offers unique trading tools for all levels of traders. These tools will take your trading strategy to the next level. Below are some of the tools available when opening a trading account with Eightcap.

AI-powered Economic Calendar:

Eightcap offers an innovative AI-powered economic calendar as part of its trading tools. Using artificial intelligence, it helps traders access current economic information and events that might impact financial markets. The AI-powered economic calendar predicts future market movements and identifies important economic indicators by examining past data and market trends, helping traders make well-informed decisions.

FlashTrader:

⁤It automatically revolutionizes your trading experience by automatically adding stops and targets to every trade. ⁤⁤This feature allows you to concentrate more on developing and executing your strategy without the hassle of manual adjustments. ⁤⁤Moreover, FlashTrader simplifies risk management, which ensures a consistent and streamlined trading process.

Capitalise.ai:

This is a pretty useful tool for traders. Capitalise.ai allows you to automate your trades without the need to code. Eightcap’s partnership with Capitalise.ai means that Eightcap clients can receive access to this cutting-edge tool for free with their Eightcap trading account. Capitalise.ai will scan the markets and execute trades based on data, tech indicators, and macroeconomics in real time, 24/7.

You can also backtest your trading strategy by using historical data. All you will need to do is use plain English language to give instructions on how you want Capitalise.ai to handle your trades. For example, ‘Close position at profit of 4%, or at trailing stop of 3%’. Please see some examples below.

Cryptocrusher:

If you want to crush the crypto trading market or experience great crypto trades, then this tool is for you. Cryptocrusher will help you find new crypto trading ideas, scan and analyze crypto markets (by trend, price, % change, major highs, and lows), determine the strength of market direction by identifying market sentiment, being able to spot new trades with exclusive indicators and also access to live educational resources and a 24-hour trade room to chat through your crypto trade ideas. Whether you’re trading on top crypto exchanges like Binance, Coinbase, or Kraken, this tool is useful. This is available if you have a live Eightcap trading account, maintain an account balance of over $500, and have placed at least one trade in the last month.

Forex VPS

Forex VPS can give you a lot of benefits, but to get that, you need to fulfill some requirements. You need to have a live Eightcap account and maintain a record of 5 lot trades every month. You can then enjoy the benefits of using Forex VPS if you meet the criteria. Having the VPS means that you will be able to trade from any device and location.

Types of Eightcap Accounts

Eightcap offers two account types. The broker also offers a demo account for traders to practice opening positions on the financial markets using virtual funds. Here are the main differences between the live trading accounts offered.

Eightcap Demo Account:

A demo account is also known as a risk-free account, as it allows you to trade with simulated funds. This gives you time to practice opening and closing trades while familiarizing yourself with creating an effective trading strategy. You will also be able to experience market volatility firsthand as you are exposed to live trading conditions. The Eightcap demo account lasts for 30 days before it expires. A demo account is a great tool for beginner traders who want to gain more experience trading on the financial markets.

Raw Account:

The Raw account offers trader spreads from 0.0 pips and charges a commission of $3.5 per standard lot traded. The Eightcap minimum deposit required to open a Raw account is $100.

Standard Account:

The standard also offers low spreads (not as low as the Raw account); traders can start trading assets with spreads from 0.5 pips. No commission is charged to the raw account. The minimum deposit required for a standard account is the same as that required for a raw account, which is $100.

Eightcap Account Opening Process

The Eightcap account opening process is pretty simple. The process usually takes under three minutes, and the account gets approved within 24 hours once ID documents have been provided. You need to follow the steps mentioned below, and your live account will be ready quickly.

Step 1: Click on the Create Account tab at the top right corner of the site. You need to fill out a simple application form that includes your email, name, country of residence, and contact number, and you will also need to create your password.

Step 2: In accordance with Eightcap’s KYC policy, you will need to submit identification documents before your account can be approved.

Step 3: Once all the details are submitted, you must wait for your account to be verified.

Step 4: Once the account has been approved, you will receive your trading platform login details. You can then deposit funds into your account to begin trading.

Eightcap Fees

According to  Eightcap review, there are no deposit or withdrawal fees. However, there may be some charges applied if you were to use Bank Wire Transfer as your preferred method for withdrawals and deposits. These charges are external to Eightcap and dependent on your bank. Swap rates refer to the interest rates charged for overnight open positions – in reference to Forex Trading. Eightcap is not involved in the physical delivery of trades. Thus, all positions left open at the end of the trading day will be rolled over to a new value date and will, therefore, be exposed to a swap charge or credit. After looking at Fees, we can say that Eightcap client’s are getting the best value compared to other most popular forex brokers in the market.

Deposit & Withdrawal Methods Supported by Eightcap

The chart above shows the different deposit methods you can use when you fund your Eightcap trading account. The same methods are also available for withdrawing your money. Deposits and withdrawals at Eightcap are seamless and quick.

Market Instruments Offered by Eightcap

Eightcap offers a wide range of financial instruments, including Forex, Indices, Shares, Commodities, and Cryptocurrency CFDs. Here is a brief overview of the financial instruments Eightcap offers.

Forex

Forex is one of the most traded assets in the world and has an average daily trading volume of $5 trillion. Traders look for market opportunities by trading forex CFDs; they speculate on both rising and falling prices of major and minor currency pairs. With Eightcap, you can access over 45 currency pairs, including major, minor, and exotic. Eightcap’s spreads on forex are ultra-low; with the raw account, you can trade forex with spreads starting from 0.0pips. However, it is important to note that there is a commission charged at $3.5 per standard lot traded when opening a raw account.

Commodities

Eightcap offers Gold, Oil, and Silver CFDs. Most traders add Gold to their trading portfolio. Most traders tend to opt for gold as a safe haven or a hedge during times of market turbulence. Eightcap offers ultra low spreads on commodity CFDs, traders can open positions on oil with the standard account from 0.03 USD, the average spread for Oil is around 0.05 USD. With the raw account, you can open a position on Oil with spreads from 0.03 USD and Gold from 0.1 USD, depending on market conditions. With the raw accounts, clients have access to ultra-low spreads, however, there is commission charged at $3.5 per standard lot traded.

Indices

Since CFDs are complex products, you will need a reputable CFD broker, and we believe that Eightcap is the right derivatives provider to meet your trading needs. If you enjoy watching the movements of top indexes such as the S&P 500 or the Dow Jones Index, then trading index CFDs may be for you. Eightcap offers 10 of the largest indices, again with low spreads to match. For example, if you were interested in trading the AUS200 (the index that tracks the most liquid and valuable stocks in Australia), then you can start with spreads from 0.0 AUD with the raw account.

Shares

Trade share CFDs of the largest companies in the world. You can trade over 600 stock CFDs with Eightcap with a TradingView or MT5 account. Clients can trade CFDs of some of the largest US, European and Australian companies, including Netflix, Apple, Commonwealth Bank, Facebook, Volkswagen, and more.

Cryptocurrencies

Eightcap is not only a forex broker but also a crypto broker. If you plan to trade in cryptocurrency, this is your ideal space. Eightcap is renowned for offering cryptocurrency derivatives. The broker has rolled out over 100 crypto derivatives, including altcoins, crypto-crosses, and crypto indices. This makes it one of the most extensive cryptocurrency derivatives offerings in the marketplace. Pricing when trading cryptocurrencies with this broker is second to none. For example, if you are looking to trade Bitcoin, then a Bitcoin contract with Eightcap ranges between $12-$15, depending on market conditions.

Promotions and Bonuses

Refer a Friend promotion

These easy actions can let you take advantage of the Eightcap Refer a Friend deal. First, make sure your Eightcap live trading account is financed and operational. Next, encourage your friends to establish an account with Eightcap and fund it with at least $100 by telling them about the advantages of trading with the platform. You will be rewarded for your successful referral and the growth of the Eightcap trading community when your friend’s account is validated, and you notify Eightcap. An instant $100 cash bonus will be applied to your account.

Eightcap Customer Support

Eightcap customer support is available 24/5. You can reach them over live chat, email, or by phone. Support is available in several languages, so you can feel comfortable speaking with someone who can help you with any query you may have. Languages that are supported are EnglishChinese, Thai, French, Spanish, Italian, German, Vietnamese, Portuguese, Japanese, and Bahasa. This huge team of customer service representatives will ensure that you receive the best possible trading experience.

If you have any questions or need assistance, you can email their support team at [email protected] or call them at +61 3 8592 2375. Their professional and responsive team is ready to help with any issues or questions you may have.

Educational Resources Offered by Eightcap

Eightcap offers several resources to increase your knowledge about trading. These are categorized into three areas, which are mentioned below.

Analysis:

Eightcap provides regular market updates, delivered straight to your inbox or found on their website under the ‘analysis’ tab. Market updates are delivered as articles and also as YouTube videos, where their in-house analyst reviews key price movements of the day and carefully uses technical analysis to show trends and reveal possible trade ideas.

Trading Education:

Trading is not something you learn overnight. Eightcap offers a wealth of educational resources that you can access for free with your Eightcap trading account. Eightcap offers educational articles that cover the basics of how to use different trading platforms, how to create a trading strategy, guides on risk management and trading psychology, and more.

Eightcap has also started TradeZone, an initiative involving numerous trading professionals who provide key market insights via regular market updates and weekly webinars. The broker is also launching a new education portal later this year. Eightcap Labs is an educational portal that has different levels in relation to how much experience you have as a trader. With Eightcap Labs, traders will gain access to events, promotions, eBooks, webinars, and many more resources.

Financial Events

When dealing with the global financial markets, it is important to know about the key financial events that, in turn, affect the markets. Traders will try to analyze and interpret the possible outcomes of an event, such as the European Central Bank meeting where monetary policy is determined. Eightcap offers its traders key insights; their in-house market analyst will inform traders of upcoming financial events and outline possible market sentiment. After the event, their analyst covers market reaction and key price levels that traders need to be aware of before opening a position on the markets.

Our Conclusion

Eightcap is a low-cost platform that offers trading. This Eightcap review has listed all the positives of this broker. We could not find any negative sides of this broker. The site is ideal for all traders, and we recommend this broker for crypto derivatives and all other markets such as Forex, Shares, Indices, and Commodities derivatives. It is regulated in multiple jurisdictions, which makes it even safer.

FAQs

Is Eightcap Safe?

Yes, Eightcap is a safe broker. It is regulated by multiple jurisdictions by top-tier regulatory bodies. Client funds are segregated in separate tier-1 bank accounts.

What Leverage Range Does Eightcap Offer?

Eightcap offers a versatile leverage range, typically up to 1:500, allowing traders to amplify their positions with a smaller amount of capital. This high-leverage option provides the potential for significant gains, but it also comes with increased risk.

Is Eightcap a trusted broker?

Yes, Eightcap is considered a trusted broker. It is regulated by ASIC, FCA, CySEC, and SCB, ensuring adherence to high security and transparency standards. However, conducting your own research is always wise to ensure it meets your specific trading needs.

How long does it take to withdraw money from Eightcap?

Withdrawals from Eightcap typically take 1-3 business days to process, depending on your chosen withdrawal method and any verification requirements. Bank transfers may take a bit longer, while e-wallets and credit/debit card withdrawals are usually quicker. Always check your account for the latest updates on your transaction status.

Does Eightcap Allow Scalping and Hedging?

Yes, Eightcap does allow both scalping and hedging. Traders can use scalping strategies to take advantage of small price movements and utilize hedging techniques to manage their risk.