Broker Review Contents
Eightcap is a forex and CFD trading broker. They give traders access to a wide variety of instruments in several markets like currencies, indices and commodities.
- Segregated client funds
- Established in 2009
- Regulated by ASIC and Eightcap Global Ltd is regulated by VFSC
- Min. deposit from $100
- Doesn’t offer VPS (See Alternatives)
- Limited range of instruments
A minimum deposit of $100 is required to establish a live account. Alternatively, Eightcap provides a demo account that you may use to experiment and become acquainted with their platform.
ASIC regulated (AFSL #391441), Eightcap keeps all customer funds in a separate bank account and works with tier-1 institutions to do so. Eightcap has been in operation since 2009, with its headquarters in Australia.
Before we get into the specifics of Eightcap’s spreads, fees, platforms, and trading tools, you may want to open their website in a new tab by clicking the button below to get the most up-to-date information straight from Eightcap.
Full disclosure: We may receive a commission if you sign up with a broker using one of our links.
What are Eightcap’s spreads & fees?
Like most brokers, Eightcap takes a fee from the spread, which is the difference between the buy and sell price of an instrument.
The commissions and spreads shown below are based on the minimal spreads available on Eightcap’s website.
|EUR/USD(Average: 0.7 pips)||0.0 pips+ 3.5||0.7 pips||0.1 pips|
|GBP/USD(Average: 1.1 pips)||0.0 pips+ 3.5||1.7 pips||0.1 pips|
|USD/JPY(Average: 1.1 pips)||0.0 pips+ 3.5||0.6 pips||0.1 pips|
|AUD/USD(Average: 0.8 pips)||0.0 pips+ 3.5||0.6 pips||0.2 pips|
|USD/CHF(Average: 2.3 pips)||0.0 pips+ 3.5||2.3 pips||0.2 pips|
|USD/CAD(Average: 2.9 pips)||0.0 pips+ 3.5||0.5 pips||0.3 pips|
|NZD/USD(Average: 3.6 pips)||0.0 pips+ 3.5||2.8 pips||0.3 pips|
|EUR/GBP(Average: 2.4 pips)||0.0 pips+ 3.5||0.5 pips||0.1 pips|
Spreads are dynamic and are for informational purposes only.
As you can see, the minimum spread for trading EUR/USD at Eightcap is 0.0 pips, which is relatively low when compared to the average EUR/USD spread of 0.70 pips. The table below compares how much it would cost to trade one lot of EUR/USD with Eightcap vs. similar brokers.
How much does Eightcap charge to trade 1 lot of EUR/USD?
If you bought one standard lot of EUR/USD (100,000 units) with Eightcap at an exchange rate of 1.1719 and sold it the next day at the same price, you would most likely pay $3.5. Here is a general breakdown of the fees and how they compare to IG and XTB.
|Spread from:||$ 0.00||$ 6.00||$ 2.00|
|Total cost of a 100k trade:||$ 3.50||$ 6.00||$ 2.00|
|$2.5 more||$1.5 less|
|VISIT EIGHTCAP||VISIT IG||VISIT XTB|
All fees/prices are for informational purposes and are subject to change.
What can you trade with Eightcap?
Eightcap provides over 200 different trading products, including over 42 currency pairings. We’ve summarised all of the numerous types of instruments supplied by Eightcap below, along with IG and XTB instruments for comparison.
|FX / Currencies||Eightcap||IG||XTB|
|# of forex pairs offered||42||90||48|
|Major forex pairs||Yes||Yes||Yes|
|Minor forex pairs||Yes||Yes||Yes|
|Exotic forex pairs||Yes||Yes||Yes|
|# of commodities offered||4||34||21|
|Index & Stock CFDs||Eightcap||IG||XTB|
|# of stocks offered||250||8000||1606|
|SEE EIGHTCAP’S INSTRUMENTS||SEE IG’S INSTRUMENTS||SEE XTB’S INSTRUMENTS|
What’s the Eightcap trading experience like?
1) Platforms and apps
Eightcap is one of the few brokers that provides both the MetaTrader 4 and MetaTrader 5 platforms. To discover how the two systems differ, check out our MT4 to MT5 comparison.
They provide mobile apps for Android and iOS, making it simpler to monitor and execute transactions while on the go.
Capitalise.ai and Eightcap have just established a strategic collaboration. Clients of Eightcap will be able to have a smooth trading experience by fully automating their trading strategies with free-style text. They may also access the most recent information offered by Capitalise.ai’s analytics services
Still not sure?
Open a practice account & learn to trade
2) Executing Trades
Eightcap allows you to trade with a minimum of 0.01 Lot. This may differ based on the type of account you establish. The maximum trading requirements differ according to the trader and the instrument.
They may have fewer entrance criteria as a market maker than an ECN broker, which benefits from a higher volume of transactions and usually has higher capital and minimum trading requirements. Market makers generally have a lower minimum deposit, lower minimum trade requirements, and no trading commission.
As with most brokers, margin requirements do vary depending on the trader, accounts and instruments. You can see the latest margin requirements on their website.
Finally, we’ve listed some of the popular funding methods that Eightcap offers its traders below.
- Allows scalping
- Allows hedging
- Low min deposit
- Demo account
- Standard account
- Credit cards
- Bank Transfer
3) Client support
English, Chinese, Thai, Korean, French, Spanish, Italian, and German are just a few of the languages supported by Eightcap.
4) What you’ll need to open an account with Eightcap
Since Eightcap is regulated by ASIC and Eightcap Global Ltd is regulated by VFSC, every new customer must pass a few simple compliance tests to verify that you understand the risks of trading and that you are permitted to trade. When you establish an account, you will most likely be asked for the following information, so have it handy:
- A scanned colour copy of your passport, driving license or national ID
- A utility bill or bank statement from the past three months showing your address
You’ll also need to answer a few basic compliance questions to confirm how much trading experience you have, so it’s best to put aside at least 10 minutes or so to complete the account opening process.
While you may be able to browse their platform immediately, it is essential to note that you will not be allowed to execute any transactions until you pass compliance, which might take several days depending on your scenario.
To begin the process of creating an account with Eightcap, go to their website.
Eightcap offers a variety of instructional materials. Regular market updates, a weekly trading week ahead, strategy guides, and fundamental and technical advice will be available to all users. All materials may be accessed on their website under the ‘Learn’ tab.
79% of retail investor accounts lose money when trading CFDs with this provider.