Based out of Australia, Eightcap is a prominent forex broker offering services through popular platforms like MT4, MT5, and TradingView. With the flexibility of choosing between two account options, traders can access over 800 asset classes. This detailed Eightcap review sheds light on key aspects such as pricing, leverage, and functionality of their mobile app, demo account and more. Its competitive trading rates and extensive range of tradable assets, including currencies and stocks makes the broker special. Moreover, their exceptional customer support ensures assistance whenever needed. Regardless of your experience, Eightcap equips you with the tools to thrive in the forex market. Let’s dive in to know more.

Eigthcap Review

Eightcap open account

Eightcap Regulations

Eightcap takes its job seriously when it comes to following rules in different places. They have made sure to meet the standards set by four important organizations in different countries: ASIC in Australia, FCA in the UK, CySEC in Cyprus, and SCB in The Bahamas. In Australia, they work under ASIC’s watchful eye and have a special number and license to prove it. They are also open about their office location in Melbourne. In the UK, they follow FCA rules and have a registration number, with their main office in London. In Cyprus and The Bahamas, they also have their own rules to follow, and Eightcap makes sure to do just that, with offices and proper licenses to show they are legit. This shows that Eightcap is committed to being honest and responsible, no matter where they operate.

Eightcap Review Account Types

Eightcap open account

Eightcap Review: Account Types

Eightcap offers a variety of account types to suit different trading needs. Let’s explore each one:

Raw Account

The Raw account is perfect for traders who focus on forex CFDs or have more experience in trading. With this account, you can trade with tiny price differences, starting from 0.0 pips. To get started, you will need at least $100, and you can make trades even if they are very small, like 0.01. This account also works well with EAs, which are tools that can help you trade automatically.

Standard Account

With the Standard account, you can trade without paying any extra fees. You will also benefit from small price differences, starting from 1.0 pips. Just like the Raw account, you can begin trading with a minimum of $100 and make small trades of 0.01. This account is also compatible with EAs.

Both the Raw and Standard accounts require a minimum deposit of $100, which is quite reasonable. Compared to other options, like IC Markets, which asks for $200, this is lower. Additionally, both accounts allow you to start with a small trade size of 0.01. Australian clients can enjoy a maximum leverage of 1:30, while non-Australian clients can leverage up to 1:500.

The primary distinction between the two accounts is in their fee structure. The Standard account does not impose any additional charges, whereas the Raw account applies a fee of A$3.50 for every standard lot traded.

However, in exchange, you get smaller price differences with the Raw account.

Both accounts are available in seven different currencies, including AUD, USD, EUR, GBP, NZD, CAD, and SGD. This is beneficial for traders from various countries, as it allows them to handle their accounts and trades in their own currency.

TradingView Account

With a TradingView account, you will become part of the largest trading community globally. You will have access to an advanced tool for creating charts, along with a special Pine-Script language. Additionally, you will receive trading ideas daily, access webinars to enhance your knowledge, and even create your own indicators. Starting trading with as little as $100, you will benefit from extremely low spreads with this account.

Eightcap Trading Platform and App

Eightcap open account

Eightcap Trading Platform and App

EIghtcap users can use platforms like MT4, MT5, and TradingView. These platforms are fantastic for individuals seeking advanced charts and tools to enhance their trading performance. Even though we think the design of the MetaTrader apps is a bit old-fashioned, they still have tons of helpful tools like different ways to look at charts and easy ways to add things on top of them. In addition to that, you can get messages straight to your phone and connect with other traders on TradingView, which is really cool if you are just starting out and want to learn from others.

Eightcap WebTrader

Eightcap has another excellent version of platform which is called MT5’s WebTrader. You don’t have to download anything to use the platform. You can just check onto their website and start using it right away. It has all the same features as the one you’d install on your computer. It is very quick and easy, making it a great way to jump into trading and get connected with the financial markets.

Eightcap Trading Instruments

You have a broad range of options for trading with Eightcap. Let’s dive into each one:

Forex Trading

Eightcap has you covered with over 50 major, minor, and exotic pairs. You will enjoy a tight spreads starting from 0.0 pips and low commissions, giving you a competitive edge. Additionally, they offer top-notch research tools, so you can make informed decisions for every trade.

Stock Trading

With Eightcap, you have the ability to trade over 500 shares from the US, Australia, and Europe. While their stock market research in the Labs section is pretty good, they don’t offer fractional shares, which is a bummer compared to some other brokers.

CFD Trading

Eightcap provides over 800 CFDs covering popular indices, stocks, forex, cryptocurrencies, and commodities. Moreover, they offer a variety of platform options, such as MT4, MT5, and TradingView. However, availability might vary depending on where you are trading from.

Crypto Trading

For crypto enthusiasts, Eightcap offers nearly 100 crypto CFDs, which is more than what many other brokers offer. Their Bitcoin spreads are also lower than most, making it a great option for crypto trading. Plus, they have a tool called Crypto Crusher for real-time trade ideas, perfect for staying on top of the market.

Eightcap open account

Eightcap Broker Review: Spreads & Commissions

Based on our experience with Eightcap broker, we discovered that the spreads were quite narrow and could fluctuate. For major currency pairs like those in the Raw Account, spreads could start as low as 0 pips. When it comes to big stock market numbers like SPX500, spreads might begin at 0.4 points. Trading gold could have spreads starting at 0.12 USD, while for oil, it could be as little as 0.03 USD.

The costs of trading cryptocurrencies can vary too. For example, the spread could drop to as little as 0 USD for Bitcoin Cash, yet for Bitcoin, it might rise to 31.2 USD. When trading shares, the spread is around 0.02 USD for each share you buy or sell. For a complete trade (both buying and selling), it sums up to about 4 USD per share.

It is important to understand that sometimes, especially during volatile market conditions or when trading activity is low, spreads might widen. This is a normal occurrence.

On the Raw account, Eightcap charges a fee of 3.50 USD for each complete trade, which is considered competitive compared to other brokers.

Additionally, if you decide to keep a forex trade open overnight, there might be extra costs called swap rates to consider. The rates may fluctuate depending on the currency pair and market conditions.

Eightcap open account

8Cap Reviews: Capitalise.ai

Eightcap has an awesome feature called Capitalise.ai for trading automatically. You can say it as a robot helper that follows your commands. You can just type in what you want it to do, like “buy $1,000 of GBP/USD on Tuesday at 3:30 PM EST,” and it’ll do it for you.

The dashboard looks really nice and makes it easy to create automated trading plans, even if you are new to trading. The greatest aspect is that you don’t require any advanced coding knowledge – you can create straightforward or complex plans without any additional fees. One thing we really liked about Capitalise.ai is that it comes with a bunch of pre-made strategies. You can try them out without risking any money, or you can tweak them to fit your needs before using them for real trading.

Deposit and Withdrawal in 8Cap

The broker gives you lots of options to choose from, like using your credit or debit card, cryptocurrencies, China UnionPay, and more. Simply choose your preferred method, specify the amount you wish to add, and await confirmation of the deposit.

However, unlike other brokers Eightcap doesn’t charge you any extra fees for adding money or withdrawing it. However, the method you choose may incur charges for the transaction or currency conversion, particularly if conducted across different countries.

When you are ready to withdraw from your account, Eightcap’s Finance team will double-check everything, which might take 1-2 business days. Once their part is complete, you will receive your money according to the specified timeframe. If they label a transaction as “instant,” it means it occurs rapidly, often within seconds, and is automated without any special intervention from their financial team.

Remember, Eightcap won’t charge you any extra fees for adding money. However, if you are transferring funds from a non-Australian bank or card, you may encounter additional fees or conversion charges imposed by those institutions, which you will be responsible for.

Ensuring that the name on your bank account or card matches the name on your Eightcap trading account is of utmost importance. If it is a joint account, that is okay as long as one of the names matches their records. They cannot accept cash payments directly, so keep that in mind.

You can add money to your account anytime, day or night. If a deposit doesn’t go through right away, Eightcap tries to sort it out within one business day. However, if there are delays due to issues with the payment systems taking longer than anticipated, they are not liable for those delays.

If you are transferring money between accounts with the same name, it happens instantly. They might tell you about some rules on using certain payment systems depending on the country you are in.

Eightcap open account

Crypto Crusher

It is a special tool from 8Cap that makes trading a whole lot simpler. What it does is quite impressive – it automatically includes stop-loss and profit-target levels for each trade you execute. This means you can focus more on your trading plan without worrying too much about setting these levels yourself.

Here’s the awesome thing: with FlashTrader, you can lock in profits on half of your trade, reset the stop-loss to its original position, and strive for even greater profits on the remaining portion of your trade.

Not only that, FlashTrader also helps you manage your risk, keep your trade sizes consistent, and go after multiple profit levels. And the best part? You can do all of this with just one click using FlashTrader.

Eightcap Review: Customer Service

Their customer service team is always there for you, and they respond really quickly. When we tested their live chat, we were swiftly linked with an agent in under a minute – a speedier response time than typical in forex and CFD brokers.

You can reach them anytime during the week, 24 hours a day, except on weekends. There are three alternatives to reach out: dial their number, send them an email, or connect through a live chat. No matter your preferred method of communication, they are here to assist you

Final Words

So, our Eightcap review found that, they have established themselves as a trusted name in forex trading, with over a decade of experience under their belt. Offering both the highly acclaimed MT4 and MT5 platforms, they are on their way to established themselves as leaders in CFDs and forex trading. What sets them apart is their competitive prices, round-the-clock trading hours, and top-notch customer support. Further, the availability of a free demo account on MT5 makes it easy for both beginners and seasoned traders to dive into the world of trading without any hassle. Further, you will get all the necessary tools to make your forex trading life eases.

Eightcap open account

5.0 rating

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