Reviewed by: and verified by Steve Miley (The Market Chartist) and Eightcap.
This information has been verified in August 2022 by Eightcap

General

Broker:
Eightcap
Company Name:
Eightcap Global Limited
Founded:
2009
Regulator:
ASIC, SCB, FCA and CySEC
Platform:
MetaTrader 4, MetaTrader 5
Payment Methods:
BTC, Tether, PayPal, Credit/Debit Card, POLi Payment, Bank Wire Transfer, Fasapay, BPAY, China UnionPay, Skrill and Neteller.
HQ:
Australia
Phone Support:
+61383759700
Publicly Listed:
No
Trust Score:
 
4.3/5
85/100

Features

Min. Deposit:
$100
EURUSD Spread:
Raw average EURUSD: 0.6 pips, Standard average EURUSD: 1.06 pips
US Clients:
No
Dealing Desk:
No
Web Trading:
Yes
Managed Accounts:
No
Withdrawal Process Time:
Withdrawals are swift and with some payment providers are instant.
CFDs Offered:
Forex, Indices, Commodities, Shares, Cryptocurrency
Fees:
No Fees Charged

Pros

- Fast Execution
- Well Regulated
- MT4 & MT5 Platforms
- No Fees

Cons

- Missing some educational options


Eightcap Review

  • Eightcap is an NDD (no dealing desk) broker using the MT4 and MT5 platforms.
  • The broker offers some of the most attractive trading conditions coupled with a great selection of tradable assets.
  • Eightcap offers more than 250 cryptocurrency CFDs.

Founded in 2009 in Melbourne, Australia, Eightcap is one of the older actors of the Forex/CFD trading scene. It did not escape our attention that Eightcap does not engage in any of the practices that shady online CFD providers love to exploit.

Eightcap Website Screenshot
  • Eightcap is a non-dealing desk broker. It does not trade against its clients, and it does not have a conflict of interest in its business model.
  • It doesn’t offer bonuses. Thus, it fulfills the regulator requirement to refrain from encouraging its clients to trade and invest more.
  • Eightcap does not offer managed accounts. Shady brokers may use managed accounts to fleece their clients. By using a dealing desk and managed accounts, such brokers find themselves trading against their clients while having control of their accounts.

The proclaimed purpose of the broker is to build a home for MT4 players. By making sure that the playing field is level, Eightcap have proven that they are serious about this goal.

Transparency is also a plus for Eightcap. The official website of the broker offers detailed information on the people behind the operation, unlike most other online CFD providers.

As far as prestige goes, Eightcap picked up an industry award in 2020. The Global Forex Awards named it the Best Global MT4 Broker in the retail category.

Regulation-wise, Eightcaps’s footings are solid. There are two corporate entities behind the brokerage to create as large a global regulatory umbrella as possible.

  • Eightcap Pty. Ltd. covers the Australian side of the operation. The Australian Securities and Investment Commission (ASIC) licenses and oversees the activity of this branch of the brokerage. Eightcap’s ASIC license number is AFSL391441.
  • Eightcap Global Ltd. is a corporate entity based in the Bahamas. The regulator behind this branch of the brokerage is the Securities Commission of the Bahamas. Eightcap’s SCB license number is SIA-F220.

The billing address of Eightcap Global Ltd. is 201 Sea Sky Lane, PO Box SP 64407, Sandyport Marina, Nassau, Bahamas.

In addition to Australian and Bahamas licenses, the brokerage has also secured licenses from the UK’s FCA and Cyprus’ CySEC. The CySEC license means that it can legally peddle its CFDs throughout the European Economic Area, except for countries that have forbidden CFD trading for their residents.

What do users say about Eightcap’s services? In line with what one might expect from an NDD, ECN broker, Eightcap’s feedback is overwhelmingly positive. Trustpilot users have granted the broker an outstanding score of 4.3 out of 5. Over 72% of reviewers have found the service to be excellent.

On other review portals, the broker may have garnered a less impressive score. But interestingly, the user feedback is just as positive there.

What do Eightcap’s users like most about its services?

  • Some users like the support Eightcap offers. Proper support makes opening an account easy and quick. Responsive support can also clarify misunderstandings more efficiently.
  • The trading platforms the broker offers, MT4 and MT5, are great, and most of their clients love them.
  • Traders like the attractive spreads and the lack of a dealing desk.
  • Many like Eightcap’s tradable asset selection. The broker features a huge number of cryptocurrency CFDs.
  • Many users appreciate the safety that stems from Eightcap’s regulatory standing.
  • The MetaQuotes charting and analysis features are second to none.

Although the majority of Eightcap’s user reviews are positive, there are some complaints mixed in as well.

  • One user has complained about the cost of wire-transfer deposits. The same user later noted, however, that Eightcap provided a refund in response to the complaint.
  • Some users have found it impossible to deposit with Eightcap through a couple of UK banks.
  • Others have complained about having their accounts disabled for various reasons.

Why would you want to trade with Eightcap instead of one of its many competitors?

  • The broker offers commission-free trading on Standard accounts, unlike its competitors.
  • No other online CFD provider offers such a wealth of cryptocurrency-based CFDs as Eightcap.
  • Eightcap’s trading conditions are some of the best in the industry. The broker uses a selection of top-tier liquidity providers.
  • Traders can use Expert Advisors to automate their trades, as well as Capitalise.ai’s services.
  • Eightcap allows traders to use the strategies they prefer by supporting stop orders, trailing stops, etc.

Eightcap Platforms and Tools

Feature Eightcap
Virtual Trading(Demo)
Desktop Platform (Windows)
Desktop Platform (Mac)
Web Platform
Social Trading / Copy Trading
Proprietary
MetaTrader 4 (MT4)
MetaTrader 5 (MT5)
cTrader
Currenex
ZuluTrade
MirrorTrader
Charting - Drawing Tools(Total)
Charting - Indicators / Studies (Total)
Watchlists
Order Type - Trailing Stop

MT4 is the workhorse of the online trading industry. And there are several good reasons why it’s so popular with traders.

Its technical analysis features, including indicators and drawing tools, are the best.

It allows a lot of flexibility trading-wise through the order types it supports.

It lets traders use robots to automate their trading. Those interested can pick up many such robots for free or can buy them on the MetaQuotes market.

In addition to letting them trade as they see fit while giving them the tools to make informed decisions, MT4 gives traders access to a vibrant online community.

MT4 encrypts all data exchanges occurring through its operation. It is, therefore, the safest way to trade online.

The MT4 version that Eightcap uses is available in a desktop version and mobile versions for iOS and Android devices.

Eightcap’s MT4 supports nine time frames and 30 technical indicators.

MT5 is a welcome addition to MT4 as it rounds out the former’s features.

Eightcap’s MT5 offers 21 time frames and 38 technical indicators, taking analysis to a higher level.

MT5’s fundamental analysis features lend online trading a new dimension.

Like MT4, MT5 also allows the use of trading robots.

In addition to MT4 and MT5, Eightcap also offers a Webtrader. Through the Webtrader, Eightcap’s clients can access MT4 or MT5, connecting to the platform of their choice through their usual login/password combination. The Webtrader supports many of the features the full platforms do. It is a good alternative for those who cannot download and install software.

Eightcap MT4 Screenshot

The Demo account the broker offers lets traders access the MT4 platform.

With an Eightcap account, traders gain access to Capitalise.ai, a trading automation solution requiring no technical skills.

Through Capitalise.ai, traders can create relevant technical indicators. They can manage risk, generate trading signals, back-test strategies, etc.

The broker offers a series of webinars to teach traders how to use Capitalise.ai.

Through FX Blue Labs, clients can spice up their trading through custom widgets, charts, and trading apps.

Commissions and Fees

Setting up an account with Eightcap is free and involves no maintenance costs. The trading conditions vary slightly depending on the account type you choose.

  • The Raw account features spreads from 0.0 pips and commissions of $3.5.
  • The Standard account is commission-free. It does, however, feature higher spreads, starting from 1 pip.

On the Raw account, trading the EUR/USD pair, you can get spreads as low as 0.5 pips.

Research and Education

Feature Eightcap
Daily Market Commentary
Forex News
AutoChartist
Trading Central (Recognia)
Delkos Research
Acuity Trading
Social Sentiment - Currency Pairs
Client Webinars
Client Webinars (Archived)
Videos - Beginner Trading Videos
Economic Calendar
Calendar Includes Forexcasts
Economic News Sentiment
Trade Ideas - Backtesting

Education-wise, Eightcap does not stand out. It offers a section on analysis, a few MT4 and MT5 guides, and various trading strategies. The article selection in all the sub-categories is good, but education is not the main focus of the broker.

Customer Service

Eightcap support is available in several different languages. The support channels are the usual ones:

You can contact support by phone at +61 3 8375 9700 and +61 3 8375 4800.

The support email address is customerservice@eightcap.com.

The broker offers a live chat support feature through its site as well.

Mobile

The MT4 and MT5 platforms the broker offers are available in mobile versions. Both of these live up to their pedigree. They successfully transfer most of the features of the full platforms into mobile packages.

Conclusion

Eightcap is a transparent trading destination that won’t trade against you. It won’t abuse you through impossible bonus deals.

It offers solid trading platforms and attractive trading conditions that make it a clear winner in our book.

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