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Eightcap Review 2023 - The Good and the Bad

By Stefano Treviso , Updated on: Dec 21 2022.

Eightcap in a Nutshell

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💡 Score 2.8 out of 5.
🏛 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

🔹 Stock CFDs 🔹 Currency CFDs 🔹 Commodities CFDs 🔹 Indices CFDs 🔹 Crypto CFDs

💪 Retail Leverage 1:30
💪 Pro Leverage 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 Ratings

Regulation3.0

Asset Offering1.0

Platform Offering2.0

Mobile Trading3.0

Web Trading3.0

Trading Fees3.5

Research Tools1.0

Educational Content2.5

Account Types4.0

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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)

Financial
Licenses

Regulation

Regulated

Top-tier Licenses

1

Other Licenses

1

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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.

Regulation Score

3.0 out of 5

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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.

Account Types Score

4.0 out of 5

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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 SpreadDynamic - From 0 to 1 PipDynamic - From 0 to 0.77 PipsDynamic - From 0.8 Pips
SP500 SpreadDynamic - From 40 PipsDynamic - From 0.4 to 1.5 PipsDynamic - From 30 Pips
Gold SpreadDynamic - From 21 PipsDynamic - Average 13.81 PipsDynamic - From 26 Pips
TSLA SpreadUnavailableDynamic - Market SpreadUnavailable
XLK SpreadUnavailableDynamic - Market SpreadUnavailable
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
None

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

Trading Fees Score

3.5 out of 5

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Eightcap Available Assets

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

Asset Eightcap Pepperstone Oanda
Stocks000
Stock CFDs60013000
Currency Pairs000
Currency Pair CFDs456068
Commodities000
Commodities CFDs53113
Indices000
Indices CFDs132516
ETFs000
ETF CFDs01004
Cryptocurrencies000
Cryptocurrency CFDs250200
Bonds000
Bond CFDs006
Options000
Option CFDs000
Futures000
Future CFDs000

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.

Asset Offering Score

1.0 out of 5

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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.

Platform Offering Score

2.0 out of 5

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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.

Research Tools Score

1.0 out of 5

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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.

Educational Content Score

2.5 out of 5

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Verdict

Eightcap overall rating is 2.8 out of 5.

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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