Losses can exceed deposits

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Eightcap Review

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Eightcap is a forex and CFD trading broker. They give traders access to a wide variety of instruments in several markets like currencies, indices and commodities.

Pros

  • Segregates client funds
  • Established in 2009
  • Regulated by ASIC and Eightcap Global Ltd is regulated by VFSC
  • Min. deposit from $100

Cons

To open a live account, you’ll need a minimum deposit of at least $100. Alternatively, Eightcap offers a demo account that you can use to practice and familiarise yourself with their platform.

Regulated by ASIC (AFSL #391441). Eightcap puts all client funds in a segregated bank account and uses tier-1 banks for this. Eightcap has been established since 2009, and have a head office in Australia.

Before we dive into some of the more detailed aspects of Eightcap’s spreads, fees, platforms and trading features, you may want to open Eightcap’s website in a new tab by clicking the button below in order to see the latest information directly from Eightcap.

Visit Eightcap

Full disclosure: We may receive a commission if you sign up with a broker using one of our links.

Eightcap screenshot Open a demo account

Losses can exceed deposits

What are Eightcap's spreads & fees?

Like most brokers, Eightcap takes a fee from the spread, which is the difference between the buy and sell price of an instrument.

The commisions and spreads displayed below are based on the minimum spreads listed on Eightcap’s website. The colour bars show how competitive Eightcap's spreads are in comparison to other popular brokers featured on BrokerNotes.

Eightcap
EUR/USD (Average: 0.7 pips) 0.0 pips + 3.5 0.7 pips 0.1 pips
GBP/USD (Average: 1.1 pips) 0.0 pips + 3.5 1.7 pips 0.1 pips
USD/JPY (Average: 1.1 pips) 0.0 pips + 3.5 0.6 pips 0.1 pips
AUD/USD (Average: 0.8 pips) 0.0 pips + 3.5 0.6 pips 0.2 pips
USD/CHF (Average: 2.3 pips) 0.0 pips + 3.5 2.3 pips 0.2 pips
USD/CAD (Average: 2.9 pips) 0.0 pips + 3.5 0.5 pips 0.3 pips
NZD/USD (Average: 3.6 pips) 0.0 pips + 3.5 2.8 pips 0.3 pips
EUR/GBP (Average: 2.4 pips) 0.0 pips + 3.5 0.5 pips 0.1 pips

Spreads are dynamic and are for informational purposes only.

As you can see, Eightcap’s minimum spread for trading EUR/USD is 0.0 pips - which is relatively low compared to average EUR/USD spread of 0.70 pips. Below is a breakdown of how much it would cost you to trade one lot of EUR/USD with Eightcap vs. similar brokers.

See all Spreads

How much does Eightcap charge to trade 1 lot of EUR/USD?

If you were to buy one standard lot of EUR/USD (100k units) with Eightcap at an exchange rate of 1.1719 and then sell it the next day at the same price you would likely pay $4. Here’s a rough breakdown of the fees and how this compares against IG & XTB .

Eightcap IG XTB
Spread from: $ 0.00 $ 6.00 $ 2.00
Commission: $4.00 $0.00 $0.00
Total cost of a 100k trade: $ 4.00 $ 6.00 $ 2.00
$2 more $2 less
Visit Eightcap Visit IG Visit XTB

All fees/prices are for informational purposes and are subject to change.

What can you trade with Eightcap?

Eightcap offers over 58 different instruments to trade, including over 42 currency pairs. We’ve summarised all of the different types of instruments offered by Eightcap below, along with the instruments offered by IG and XTB for comparison.

FX / Currencies Eightcap IG XTB
# of forex pairs offered 42 90 48
Major forex pairs Yes Yes Yes
Minor forex pairs Yes Yes Yes
Exotic forex pairs Yes Yes Yes
Cryptocurrencies* Yes Yes Yes
Commodity CFDs Eightcap IG XTB
# of commodities offered 4 34 21
Metals Yes Yes Yes
Energies Yes Yes Yes
Agricultural No Yes Yes
Index & Stock CFDs Eightcap IG XTB
# of stocks offered 250 8000 1606
UK shares Yes Yes Yes
US shares Yes Yes Yes
German shares Yes Yes Yes
Japanese shares Yes Yes Yes
See Eightcap's InstrumentsSee IG's InstrumentsSee XTB's Instruments

What’s the Eightcap trading experience like?

1) Platforms and apps

Eightcap is one of the few brokers that offer both of the MetaTrader platforms; MT4 and MT5. To see how the two platforms compare, you can read our comparison of MT4 vs MT5 here.

Eightcap Screenshot

Eightcap also offer mobile apps for Android and iOS, making it easier to keep an eye on and execute your trades while you are on the move.

See Eightcap's platforms

2) Executing Trades

Eightcap allows you to execute a minimum trade of 0.01 Lot. This may vary depending on the account you open. The maximum trade requirements vary depending on the trader and the instrument.

As a market maker, Eightcap may have lower entry requirements compared to an ECN broker who benefits from a higher volume of trades and typically has larger capital and minimum trade requirements. Market makers typically have a lower minimum deposit, smaller minimum trade requirements and no commission on trades.

As with most brokers, margin requirements do vary depending on the trader, accounts and instruments. You can see the latest margin requirements on their website.

Finally, we’ve listed some of the popular funding methods that Eightcap offers its traders below.

Trading Features:

  • Allows scalping
  • Allows hedging
  • Low min deposit

Accounts offered:

  • Demo account
  • Standard account

Funding methods:

  • Credit cards
  • Bank Transfer
  • Skrill
  • Neteller

3) Client support

Eightcap support a wide range of languages including English, Chinese, Thai, Korean, French, Spanish, Italian, and German.

Eightcap has a BrokerNotes A support rating because Eightcap offer over three languages and email support.live chat support.phone support.

4) What you’ll need to open an account with Eightcap

As Eightcap is regulated by ASIC and Eightcap Global Ltd is regulated by VFSC , every new client must pass a few basic compliance checks to ensure that you understand the risks of trading and are allowed to trade. When you open an account, you’ll likely be asked for the following, so it’s good to have these handy:

  • A scanned colour copy of your passport, driving license or national ID
  • A utility bill or bank statement from the past three months showing your address

You’ll also need to answer a few basic compliance questions to confirm how much trading experience you have, so it’s best to put aside at least 10 minutes or so to complete the account opening process.

While you might be able to explore Eightcap’s platform straight away, it’s important to note that you won’t be able to make any trades until you pass compliance, which can take up to several days, depending on your situation.

To start the process of opening an account with Eightcap you can visit their website here.

5) Education

Eightcap has recently announced a strategic partnership with Capitalise.ai. Eightcap’s clients will have the opportunity to enjoy a seamless trading experience by fully automating their trading strategies using free-style text. They also have access to the latest insights provided by Capitalise.ai’s analytics features.

As well as this, Eightcap also has a range of educational resources. All users will have access to regular market updates, a weekly trading week ahead, strategy guides and fundamental and technical guides. All resources can be found under the ‘Learn’ section of their website.

CFDs are leveraged products and can result in the loss of your capital. All trading involves risk. Only risk capital you’re prepared to lose. Past performance does not guarantee future results. *Availability subject to regulation.
This post is for educational purposes and should not be considered as investment advice. All information collected from http://www.eightcap.com/ on 01/05/2021.