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Eightcap Review 2022 - The Good and the Bad

By Stefano Treviso , Updated on: Sep 23 2022.

Eightcap in a Nutshell

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Your capital is at risk.

🏛 Regulators ASIC, SCB.
💳 Minimum Deposit ($) 100
💰 Payment Methods Credit Card, Debit Card, Bank Transfer, Neteller, Skrill, PayPal, Fasapay, POli, China Union Pay, Bpay.
💵 Base Currencies 7 - AUD, CAD, EUR, GBP, NZD, SGD, USD.
📚 Assets Offered

CFDs on stocks, commodities, indices, currencies and cryptocurrencies.

📙 Stocks 600+
📘 Currency Pairs 45
💸 Cryptos 250+
💪 Retail Leverage Up to 1:30
💪 Pro Leverage Up to 1:500
✍ Custom Leverage Yes
🎲 Deleveraged Trading No
🎓 Demo Account Yes
💰 Commissions

Depending on account type:

  • Standard account has no commissions but spreads start from 1 Pip
  • Raw account has a $3.5 commission per lot round turn but spreads start from 0 Pips

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Eightcap in 60 seconds

  • Over 1,200 assets with more than 250 cryptocurrency CFDs
  • MetaTrader 4, 5, Capitalise.ai and TradingView platforms
  • RAW account with spreads from 0 pips and commission of $3.5 per lot

Eightcap is an Australian MT4 & 5 CFD broker founded in 2009 that specialises in currency, commodities, indices, stocks and cryptocurrency trading.

Eightcap Full Review

Here’s what we’ll talk about during our review: 

Is Eightcap Safe?

Eightcap is a safe and regulated broker that holds a top-tier license from one of the world’s most respected regulators. Below you’ll find a list of Eightcap’s regulators:

  • ASIC (Australian Securities and Investments commission)
  • SCB (Securities Commission of the Bahamas)

ttb-auto-broker-licence-panel-eightcap

While Eightcap does not count on many financial licences when compared to other industry leading brokers, they do have a solid background by being an ASIC regulated broker.

Eightcap Minimum Deposit and Withdrawal

Eightcap’s minimum deposit is $100. Here are their deposit and withdrawal methods:

  • Visa
  • Mastercard
  • Skrill
  • Neteller
  • Paypal
  • Bank Transfer
  • Fasapay
  • POLi Payment
  • CUP (China Union Pay)
  • BPAY
  • Cryptocurrencies 

Bear in mind that each payment method is not always available on all locations as they depend on what each financial regulator allows.

Base currencies

Eightcap allows its customers to open their account with the following base currencies:

  • Australian Dollar
  • Canadian Dollar
  • Euro
  • Great British Pound
  • New Zealand Dollar
  • Singapore dollar
  • United States Dollar

Bear in mind that base currencies availability depends on your location. At the moment of opening your account you’ll see each available option on a very simple dropdown menu.

Eightcap Account Types

Eightcap offers two different account types:

Raw Account Standard Account
  • Spreads from 0 Pips
  • $3.5 commission per lot
  • Minimum trade size of 0.01 Lots
  • Expert Advisors use allowed
  • Spreads from 1 Pip
  • No commissions
  • Minimum trade size of 0.01 Lots
  • Expert Advisors use allowed

Eightcap’s account offering is nothing out of the ordinary. Their RAW account is quite similar to its competitors making them also a great choice for traders looking for a commission-driven approach. On the other hand their Standard account which caters more to beginners has a higher than usual starting point for their spreads.

Eightcap Trading Fees

Eightcap is quite competitive when it comes to its fees. They only charge commissions on their RAW account and overnight fees on leveraged positions.

Spreads

Eightcap offers quite competitive spreads, especially on their RAW account. Here’s how they compare to similar brokers:

Asset Eightcap Pepperstone Oanda
EUR/USD SpreadFrom 0 to 1 PipDynamic - From 0 to 0.77 PipsDynamic - From 0.8 Pips
SP500 SpreadFrom 40 PipsDynamic - From 0.4 to 1.5 PipsDynamic - From 30 Pips
Gold SpreadFrom 21 PipsDynamic - Average 13.81 PipsDynamic - From 26 Pips
TSLA SpreadN/ADynamic - Market SpreadN/A
XLK SpreadN/ADynamic - Market SpreadN/A
BTC SpreadDynamic - From $16Dynamic - From $30Dynamic - From $100

Commissions & Fees

Eightcap only charges commissions on their RAW accounts, here’s how their offer compares to similar brokers:

EightcapPepperstoneOanda
Commissions

Depending on account type:

  • Standard account has no commissions but spreads start from 1 Pip
  • Raw account has a $3.5 commission per lot round turn but spreads start from 0 Pips
  • For Standard account : All fees included in the spread
  • For Razor account: From $7 per Lot round turn

No, but they do charge currency conversion fees. If your account base currency is GBP and you trade the EUR/USD pair, you'll be paying a conversion fee.

Aside from their trading fees, Eightcap does not charge inactivity fees, deposit fees, withdrawal fees or any other type of fee.

Eightcap Available Assets

Eightcap offers over 1,200 tradable instruments. Here’s how their offer compares to similar brokers:

AssetEightcapPepperstoneOanda
Stocks600+1,300 +N/A
Currency Pairs456068
Commodities53113
Indices152516
ETFsN/A100N/A
Cryptocurrencies250+204
BondsN/AN/A6
OptionsN/AN/AN/A
FuturesN/AN/AN/A

While their asset offering seems to be quite limited when compared to other brokers, there is an area where they do excel which is cryptocurrencies. They boast over 250 different cryptocurrency pairs and indices which can be a great positive point for some traders.

Eightcap Trading Platforms

Eightcap offers the following trading platforms:

  • MetaTrader 5 (Web, Mobile, Desktop)
  • MetaTrader 4 (Web, Mobile, Desktop)
  • TradingView
  • Capitalise.ai (Web)

Here’s how Eightcap’s web MetaTrader version looks like:

Eightcap web trader

Moving on, while Capitalise.ai it’s not a product developed by them but rather a partnership with an external provider, it’s definitely worth mentioning a few points from it:

Eightcap web Capitalise AI

Capitalise.ai is a simplified algorithmic trading platform. This means that you can create conditional statements using basic programming language (IF AND ELSE) statements to automate trades. Here’s an example:

“If APPL stocks go below 0 BUY some OIL when PRICE reaches 55”.

This technology is quite new and limited yet we do observe the power it can have for new traders looking to explore correlations and automation.

Eightcap Research and Analysis Tools

Eightcap offers the following tools:

Eightcap web tools

  • Live webinars
  • Market updates (via Youtube)

The most eye-catching of their value propositions is definitely their Youtube channel which provides daily updates. On the negative side, they do not provide any type of scanner or discovery section for traders to quickly find new assets to trade.

Eightcap Educational Tools

Eightcap provides access to a very interesting education tool from their partner howtotrade.com

Eightcap Educational Tools

The value proposal consists of access to live-lessons, pre-recorded tutorials and a live trading room for traders from all over the world to connect.

Verdict

Eightcap’s offer is a great one for traders looking to gain access to an ASIC regulated broker that provides over 250 cryptocurrencies along with a competitive commission-based account.

On the negative side, Eightcap’s average spreads on their Standard account are not that competitive when compared to similar brokers and their asset count is not that high.

We consider Eightcap a great choice for the following traders:

  • Cryptocurrency traders looking to get market exposure via CFDs with an ASIC regulated broker
  • Experienced forex traders that look for a commission-based account with RAW spreads from 0 pips
  • International experienced traders that look for high-leverage (Up to 1:500)

If you’re any of the above, Eightcap will serve you well. On the other hand, if you’re looking for currency pairs or stocks diversity, you’ll find there are other competitive brokers for your taste.

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