Eightcap Review

Established in 2009, Eightcap is also known as "8cap". It operates under regulation in three Tier-1 jurisdictions and two Tier-4 jurisdictions. The company behind the platform is Eightcap Pty Ltd. The platform solidifies its position as a MetaTrader-exclusive broker with access to third-party trading resources and Capitalise.ai's algorithmic trading platform. The platform provides a diverse range of written research articles and third-party content, including BK Crypto Crusher.

Eightcap Tradable Assets

Please be aware that the list of assets provided here is accurate at the time of writing. The platform may expand the list of supported assets over time. Eightcap provides access to a diverse range of trading assets, including:

• Stocks

  Eightcap provides users with the opportunity to trade stock of famous companies. The list includes such well-known brands as Amazon, Netflix, and Google.

• Commodities

  In addition to financial assets, the platform offers various real-world commodities, such as gold, silver, oil, and more.

• Forex

  Currency pairs make up a major part of Eightcap's offering, allowing users to trade in the foreign exchange market. The available 47 pairs include such currencies as AUD, USD, EUR, GBP, NZD, CAD, and SGD.

• CFDs

  Eightcap.com offers cryptocurrency contracts for difference (CFDs), enabling traders to speculate on the price movements of cryptocurrencies like Bitcoin and Ethereum. The platform offers an extensive choice of over 200 cryptocurrency CFDs.

• Indices

  The service delivers access to global stock market indices, including major ones like the S&P 500, NASDAQ, and more.

Please note that the above securities were correct as at the time of publication.
Since then it is likely the above list has evolved.

How Much Leverage does Eightcap provide?

The leverage options depend on the specific Eightcap entity a client’s account falls under whether a user is classified as a Retail or Professional Client.
Eightcap allows you to choose your preferred leverage, with options ranging from 100:1 to 500:1. However, for cryptocurrency trading, the maximum leverage is set at 1:20. Explore the list of derivatives to use the feature.

Does Eightcap accept US clients?

Is Eightcap regulated and are my funds protected?

Eightcap is a multi-regulated broker. It holds an Australian Financial Service License (AFSL) issued by the Australian Securities & Investments Commission (ASIC). In the United Kingdom, its entity, Eightcap Group Ltd, is authorized and regulated by the Financial Conduct Authority (FCA). The European Union entity is authorized by the Cyprus Securities and Exchange Commission (CySEC). Additionally, in the offshore jurisdictions of Vanuatu and the Bahamas, Eightcap Global Pty Ltd is regulated by the Vanuatu Financial Services Commission (VFSC) and the Securities Commission of the Bahamas (SCB), respectively.

Account Opening

Setting up a demo account is quite a quick process which takes less than a minute. The live account application, in turn, may require around 5-10 minutes to complete.

1. To initiate the registration process, visit the platform’s official website and click on the "Create account" button.
2. Fill out the registration form with your personal details such as your full name, date of birth, country of residence, email address, and password to secure your account.
3. Submit all necessary documents, including ID and proof of address. Usually, this involves providing a copy of your national ID or passport. For proof of address, submit an official document that clearly states your name and home address, matching the details provided during your application. Typically, this can be a recent utility bill or a bank statement.
4. Once you've submitted the required documents, your live account can be established within 24 hours. Please, note that this timeframe corresponds with normal business hours.

Keep in mind that you can open up to five trading accounts later, using any of the platforms that we will discuss in the next section. Additionally, it's worth noting that you can open demo accounts after your primary account is confirmed.

Account types

Eightcap offers two account types:

• The Raw account with commissions 
• The Standard account with spreads

Costs vary concerning a user’s choice. The Raw account advertises an average spread of 0.06 pips. However, when considering the $3.50 per trade commission, the total cost is approximately 0.76 pips, which is slightly lower than the industry average of 0.8 pips.

How to place a trade

First, you will have to choose a preferred trading platform among the available options: MetaTrader 4, MetaTrader 5, or TradingView. The scheme depends on the assets you trade.

To place a forex trade, log into your account, select a Forex pair, review the market details, and place your buy order. Finally, decide when you want to close the trade.

Account Closing Process

Users can close the account by contacting the company via phone. Also, it is possible to submit a request on the 'Talk with us' page.

Features

• A complete suite of MetaTrader platforms. The broker provides a complete suite of MetaTrader platforms, including MetaTrader 4 (MT4) and MetaTrader 5 (MT5).
• Various tools from third-party providers. There is a plethora of trading tools on Eightcap. For example, it offers BK Crypto Crusher, which is accessible to clients who deposit a minimum of 500 USD. 
• Expert Advisors (EA). These automated tools continually monitor indicators, timeframes, support, and resistance levels, executing trades on behalf of customers.
• AI-powered Economic Calendar. A custom AI big data engine provides insights into historical market impact and sentiment. Thus, it assists you in generating daily trade ideas based on over 1,000 macro-economic events.
• Integration with Capitalise.ai. The service enables algorithmic trading directly within your MT4 account. This is a third-party platform that enables the creation of automated trading strategies using plain English, eliminating the requirement for coding. 
• Full scalping and hedging. It is worth mentioning, though, that only wholesale traders can apply hedging within the ASIC jurisdiction.

These features enhance the standard MetaTrader experience, bringing Eightcap closer to the offerings of top MetaTrader brokers.

Commission and charges

Usability

Eightcap has received the "Broker of the Year 2023" award at the Global Forex Awards. This recognition is a result of the company's provision of high-quality services, advanced trading platforms, effective tools, educational materials, and a wide array of financial instruments to its traders. The company has also maintained positive client feedback on platforms like TrustPilot (4.3 stars on average) for its highly intuitive and user-friendly interface.

Does Eightcap Offer Demo Accounts?

The company aims to provide beginners with the opportunity to become acquainted with trading solutions in a risk-free demo environment. With a demo account, users can test the software to acquire trading experience before applying for a live account. The standard duration of a demo account is 30 days.  

What Are Eightcap's Opening Hours?

With Eightcap, trading hours depend on the assets you trade. The forex trading day is structured into several interbank sessions. These sessions open in the following sequence and feature the following working hours:

1. Sydney: Opens at 7 am and closes at 4 pm.
2. Tokyo: Opens at 9 am and closes at 6 pm.
3. London: Opens at 5 pm and closes at 2 am.
4. New York: Opens at 10 pm and closes at 7 am.

On the platform, the stock market is always available. Yet, it is worth remembering that the global financial markets span over 24 time zones. Therefore, they may be active at various times. When the Australian and Asian markets conclude their sessions, a new trading period begins in anticipation of the opening of the United States and European markets. While most markets follow regular trading hours on weekdays, some also provide pre-market and after-hours trading options.

At Eightcap, the platforms operate in the GMT+2 time zone. Thus, clients cannot modify the platform time to match their local time zones.

Customer Services

The quality of customer service is exceptionally high on Eightcap. The support team responds promptly to user inquiries via live chat, phone, and email. It's important to note that the service is not available 24/7, though. Therefore, users should keep this in mind when seeking immediate assistance.

According to users’ feedback, live chat is the fastest option, while phone support may involve more extended waiting times. Email is best suited for non-urgent inquiries, although responses are typically received within a day. Regardless of the contact method, the support team consistently provides clear and detailed answers, ensuring users receive relevant assistance.

Does Eightcap Provide Mobile Trading?

When it comes to mobile apps, Eightcap offers standard iOS and Android versions of the MT5 app, available for download from the Apple App Store and Google Play store. Additionally, the service provides access to the TradingView mobile app, renowned for its robust charting features. Thus, users have access to mobile trading, though the service doesn’t offer a proprietary mobile app. 

Does Eightcap Provide Trading Education?

Eightcap Labs is a valuable resource designed to help traders enhance their trading skills by bridging the gap between theory and practice. It offers various learning opportunities, such as:

• Webinars with experts. Participate in live webinars led by guest analysts, providing insights into the fundamentals of trading within a community of like-minded traders.
• Study trading fundamentals. Access all the essential resources needed to begin your journey in the world of trading.
• Trading strategies. Learn proven trading strategies from experienced professionals to refine your trading skills.
• E-books and guides. Explore a wide range of knowledge through lectures, advice, and talks delivered by top-notch trading experts.

Though Eightcap provides content and market updates to its users, it doesn’t offer consistent trading education as it mainly includes daily updates in written and video formats. In comparison with top brokers, its research offerings are not comprehensive either. Also, there are some more materials from Eightcap Labs on the website but this is not enough.

Frequently Asked Questions (FAQs)

Is Eightcap a market maker?

Yes, the company operates as a market maker, employing a non-intervention execution model. To ensure rapid execution, Eightcap's trading servers are located in Equinix data centers. Additionally, its pricing is sourced from multiple high-quality liquidity providers.

Is Eightcap considered a budget-friendly option?

Yes, Eightcap's services are reasonably priced. Its pricing can be somewhat higher compared to the most budget-friendly forex brokers, but the difference is not considerable.

Do they offer derivatives at Eightcap?

Yes, they do. You can trade a range of derivatives as investment instruments with Eightcap, such as forex, commodities, indices, stocks, and cryptocurrency CFDs. It's important to note that trading CFDs carries a higher risk of potential losses, so traders should conduct thorough research before trading.

Is there a minimum deposit required to begin trading with Eightcap?

Yes, there is. To initiate trading with this broker, a minimum deposit of $100 is necessary and can be made using a credit or debit card or bank transfer. 

Is the minimum deposit the same for all types of account?

Yes, it is.

Can I use PayPal to fund my brokerage account?

Yes, you can. PayPal is one of the payment systems supported by the broker.

Does Eightcap support Skrill?

Yes, Eightcap supports Skrill along with debit cards, wire transfers, and cryptocurrencies.

Conclusion

Summing up, Eightcap is a trustworthy platform with a plethora of excellent features fitting both seasoned and beginning traders. The facility has a clean track record since it hasn’t faced any major regulatory incidents or fines. In particular, the service is appreciated by traders experienced with MetaTrader.

At Eightcap, you'll find a fee structure that's quite friendly to your wallet. Deposits come at no cost, and in most cases, withdrawals won't incur any fees either. 

In addition, Eightcap excels across multiple categories, including account types, deposit and withdrawal, and customer support. This showcases its ability to cater to a diverse range of traders. The broker stands out with top-tier regulation, competitive trading fees, and support for industry-leading trading platforms.

There are a few minor disadvantages as well. Although EightCap provides an extensive range of CFD instruments across various asset classes, it doesn’t refer to options and ETFs. Additionally, there is room for enhancement in its educational strategy, despite the presence of an extensive library of educational articles.