Established in Melbourne, Australia, Eightcap is an online brokerage firm that was introduced in 2009 and has significantly grown with five offices across the globe. The broker is committed to ensuring that traders enjoy exceptional trading services. As a result, they provide traders with several competitive trading conditions — low spreads from 0.0 pips, zero commissions, multiple payment methods, and more. They are regulated in various jurisdictions to ensure that traders enjoy an enhanced trading experience.
Eightcap allows trade to buy and sell over 200 financial instruments across various CFD asset classes, such as forex, indices, shares, commodities, and cryptocurrencies. Their clients are provided with the popular MT4 and MT5 trading platforms, which are available in desktop, web, and mobile versions. The minimum deposit required to start trading is $100.
Trade Forex, Indices and more with a top-rated Global Forex MT4 Broker. Start trading on low spreads with Eightcap and choose from over 200 financial instruments with a zero-commission account.
There are many things to love about Eightcap. The broker has been operating actively since 2009, which clearly shows that they have a wealth of experience in financial markets trading. They are regulated by various financial authorities in multiple locations while offering a vast selection of trading instruments.
The broker’s clients are allowed to trade with the sophisticated MT4 and MT5 trading platforms along with a selection of helpful trading tools. There are various learning resources and a knowledgeable client support team to assist traders. They offer various favourable trading conditions, including tight spreads from 0.0 pips, low trading fees, various live account options, demo account, and more.
- Regulated by various financial authorities
- Advanced trading platforms: MT4 and MT5
- A reliable client support team
- Secure payment options
- Low trading fees
- Commission-free accounts are available
- Tight spreads from 0.0 pips
- Over 200+ trading instruments
- A good selection of educational resources
- Capitalise.ai & FX Blue Labs
- Supports automated trading
- Minimum $100 deposit
- No fixed spread accounts
- A demo account is available for a limited period
- No crypto account funding
- Does not have Islamic accounts
- No USA clients
Traders can easily find an asset to trade at Eightcap since the broker offers a wide selection of over 200 financial instruments across different asset classes, including forex, commodities, indices, shares, cryptocurrencies, and CFDs.
At Eightcap, traders can trade more than 40 major, minor, and exotic forex pairs. In addition to the FX pairs, traders are offered over 250 shares and cryptocurrency pairs, 10+ popular indices, and various commodities, including gold, silver, and oil CFDs.
Eightcap Instruments Summary
Commission and Spread Fees
Eightcap would charge traders a small fee when they execute trades. This is known as the commission fee, and it varies depending on the account type you are trading with. Besides charging commission fees, brokers also make money from the spreads they charge on clients’ trades. Spreads represent the difference between an instrument’s buy and sell price. Most times, accounts with zero commissions have higher spreads — trading fees are incorporated into the spreads.
Eightcap charges zero commissions on the Standard account with variable spreads that range from 0.5 to 1.8 pips. On the Raw account, traders enjoy tight spreads starting from 0.0 pips. But the Raw account has a commission fee of $3.5 per side or $7 lot per 100k traded. This means that:
- For a 1 Standard Lot trade (100,000 units), traders will pay a $7.0 commission to open and close a trading position;
- For a 1 Mini Lot trade (10,000 units), traders will pay a $0.7 commission to open and close a position; and
- For a 1 Micro Lot trade (1,000 units), traders will pay a $0.07 commission to open and close the position.
While a commission fee of $7 per round trip on the Raw account is similar to the commission fees of their major competitors, the broker can do better. Some brokers offer as low as $4 per round turn.
|Fee||Standard Account||Raw Account|
|Commission (per standard lot per side)||$0||$3.5|
Deposit and Withdrawal Fees
Eightcap does not charge any internal fees for deposits and withdrawals. However, when you carry out international bank wire transfers, the bank may charge you a receiving fee of up to $20 or more.
Also, traders may be subjected to currency conversion fees if they transfer funds in a currency that is different from their account base currency. For example, deposits and withdrawals to and from non-Australian banking institutions come with intermediary transfer and conversion fees.
Unlike many brokers, Eightcap does not charge a fee on your trading when you leave it dormant for a specific period. This is good as some brokers would charge high monthly fees on clients’ inactive accounts.
In the absence of a proprietary trading platform, Eightcap provides traders with the sophisticated MT4 and MT5 trading platforms. Hence, clients can trade all the available investment products — forex, indices, and commodities — using the MT4 or MT5 trading platforms.
All trading activities at Eightcap can be executed on the MT4 trading platform. It is an intuitive trading platform that was developed in 2005 by a Russian software company known as MetaQuotes. The platform is designed to suit traders of all levels with a user interface that is user-friendly yet packed with versatile functionalities, such as live quotes, real-time charts, in-depth news and analytics. It features charting tools, market indicators, scripts, expert advisors, advanced risk management tools, real-time market execution, and more. The MT4 trading platform is available as a desktop application for Windows and Mac computers, WebTrader, and a mobile app for Android and iOS devices. The web version can also run directly on most modern web browsers, including Chrome, Safari, Firefox, and Edge.
- Nine timeframes
- Trade automation via expert advisors (MQL4)
- Thousands of plugin apps
- Several pre-installed indicators
- Analysis tools
- Flexible order types
- 28 additional Smart Trader Tools
- Multiple chart setups to help you to control your position
- User-friendly trading interface
- Fully customisable
- Web, desktop and mobile
- Hedging allowed
- Scalping allowed
The MT5 trading platform was introduced in 2010 to make up for the absent features in its predecessor — the MT4 trading platform. In addition to having all the features of the MT4 trading platform, the MT5 trading platform comes with extra features and extended capabilities, such as 38 technical indicators, 21 timeframes, MQL5 programming language, and more. And just like the MT4, it is available on desktop, web, and mobile platforms. The mobile platform is convenient for traders who wish to access their trading account and place trades even while on the go, as long as there is an internet connection.
- Automation of trade using MQL5
- Fully customisable platform
- Access Smart Trader Tools and Autochartist
- Faster processing speeds
- Hedging allowed
- Built-in economic calendar
- 38 inbuilt indicators
- Maximum of 500 total orders
- 21 timeframes
- Advanced pending orders
- Easy-to-use user interface
- Web, desktop and mobile
- Hedging allowed
- Scalping allowed
Eightcap Platforms Summary
|MetaTrader 4 (MT4)||✓|
|MetaTrader 5 (MT5)||✓|
One of the perks you will get when you sign up with Eightcap is free access to Capitalise.ai. It is an essential app that allows users to automate their trading strategies using plain English without writing any complex code. Other essential features of Capitalise.ai include the following:
- The app scans the markets around the clock and executes trades using real-time data, tech indicators, and macroeconomics.
- It enhances efficiency in traders’ buying power
- It allows traders to back test their strategies
- The Capitalise.ai documents your essential trading data throughout the entire trading process
- It offers rapid responses and real-time notifications via email or the mobile app.
FX Blue Labs
This tool allows you to seamlessly customize your trades with cutting-edge widgets, trading apps, and charts. It offers a suite of essential apps that are developed to help traders to get an optimal trading experience. Some of the apps provided by the FX Blue Labs include the following:
- Alarm Manager
- Correlation Matrix
- Correlation Trader
- Excel RTD
- Market Manager
- Mini Terminal
- Sentiment Trader
- Session Map
- Stealth Orders
- Tick Chart Trader
- Trade Terminal, and more.
The “Learn” section at the top of the broker’s website contains a trading academy that is packed with various learning resources, such as trading courses, learning articles, MetaTrader guides, trading strategies, trading basics, and more.
The ‘Fundamentals’ section contains articles on the basics of forex trading. It also introduces forex trading, stocks, spread, pips, swap rates, charts, and more. The MetaTrader Guides contains articles on the MetaTrader platforms, including ‘how to install EAs’, open and close trades, and enable one-click trading. While the ‘Trading Strategy’ section contains articles on how to use various indicators. Some of the indicators are Elliot waves, MACD indicator, Bollinger Bands, and more. It also looks at risk management, trading strategies and trading psychology.
There is an economic calendar on the broker’s website. It helps traders in their decision-making process by displaying the schedule of future market events and their expected impacts on the financial markets. The information provided by the economic calendar helps traders to effectively plan their trading moves with reference to upcoming economic releases and market events from around the world.
News and Market Updates
This section of the broker’s website is dedicated to providing traders with insights on the latest market updates. It contains frequently updated news articles that keep traders aware of the events that take place in the financial markets from time.
The FAQ section is located under the ‘Client Support” tab at the bottom page of the broker’s website. It contains an extensive list of traders’ most common questions and their corresponding answers. The FAQ section provided by Eightcap covers the following topics: General Information, Trading Accounts, Funding & Withdrawals, Login Problems, Platform Issues, and Trading.
Eightcap Research and Education Summary
|Other (Capitalise.ai, FX Blue Labs, and FAQs)||✓|
The broker provides traders with a plethora of secure payment methods to ensure the ease of depositing and withdrawing funds to and from clients’ accounts. But to avoid being charged with some currency conversion fees, you should ensure that your trading account is denominated in any of the following base currencies: United States Dollar, Euro, Great British Pound, Australian Dollar, New Zealand Dollar, Singapore Dollar, and Canadian Dollar.
The broker allows you to instantly fund or withdraw from your trading account through the broker’s encrypted client portal payment gateway. All you have to do is log into your secure client portal and choose the payment method of your choice from the list of available payment options: Bank wire, credit cards, and various electronic payment processors. But, always bear in mind that the broker processes withdrawals using the same payment method that was used for account deposits.
The time taken to process transactions may vary depending on the payment method in use. For instance, bank wire transfers may take up to 1 to 3 days to be processed, while some e-wallet payments are instant and allow you to manage your funds in real-time. The minimum deposit required to start trading at Eightcap is $100.
Eightcap Funding Summary
Eightcap is the trading brand of Eightcap Pty Ltd, which is registered in Australia. The broker is regulated by the Australian Securities and Investment Commission (ASIC) and the Vanuatu Financial Services Commission (VFSC).
The Australian Securities and Investment Commission (ASIC) is a top tier financial authority that is reputed for offering strict regulations. ASIC regulates the broker’s trading services in Australia only, while services to other countries across the globe are executed by Eightcap Global Limited and regulated by the Vanuatu Financial Services Commission (VFSC).
Eightcap Global Limited is also regulated by The Securities Commission of the Bahamas (SCB).
However, the absence of a CFTC regulation is an indication that the broker cannot provide its services to US citizens or residents.
Eightcap Regulation Summary
|SFC (Hong Kong)||x|
|Other (VFSC, SCB)||✓|
Eightcap’s regulation from ASIC provides traders with the security that comes from trading with a regulated online trading broker. This is because the broker is expected to comply with the strict regulatory policies of this tier-one financial authority. Their compliance with the policies of ASIC and other regulatory authorities offers an assurance of optimal transparency and secure trading.
Clients’ funds are held in the top-rated banks and carefully segregated from the broker’s funds. These funds are kept in the ‘National Australia Bank’, an AA-rated bank with more than 30 years of operations, over 1,590 branches, and a client base of about 12.7 million. This helps to reduce the risk of financial fraud. To ensure compliance, all records are audited by external auditors.
The broker’s websites and servers are protected by a 128-bit Secure Socket Layer (SSL). This technology encrypts all user information before it is transmitted over the internet. This gives further protection to the clients as it provides extra security and reliability to the network.
The broker provides traders with a knowledgeable client support team who are always available to respond to clients’ general, technical, and account-related inquiries. The broker’s multilingual client support team currently provide support services in English, Chinese, Thai, Korean, French, Spanish, Italian, German and Vietnamese. The support team can be reached via any of the following contact channels: telephone, email, and online chat.
Eightcap is a regulated online trading broker that is worth a try. They have strict regulations from ASIC and other financial authorities. The broker allows their global clientele to buy and sell multiple financial instruments across different asset classes. The broker offers various useful trading tools, educational resources, and advanced trading platforms that are available in desktop, web, and mobile versions. Their clients also benefit from competitive trading conditions, such as tight spreads, zero commissions, various live account options, demo account, multiple payment methods, and more. The minimum deposit required to start trading is $100.