Eightcap Review (2024) – Essential Trading Insights

When it comes to Forex brokers, Eightcap is right up there with the best of them – having clinched the 2023 broker of the year award. This is why we endorse this platform for forex traders and would-be forex traders. 

Safety is paramount in the fast-paced world of crypto. We understand the importance of choosing reliable platforms. We’ve conducted a thorough review of Eightcap, and based on our findings, we confidently recommend them as a centralized CFD exchange.

The platform has an interesting mix of the good and the not so great when it comes to its features. For instance, it offers TradingView, Capitalise.ai (algo trading), and more for strategy-focused traders, but its overall market coverage and educational resources lag behind top forex brokers. 

While the crypto selection remains a highlight, consider these limitations if extensive learning materials or broader markets are a priority. Keep reading as we highlight the platform’s best features.

Eightcap Overview 

To provide you with a clear and insightful evaluation of Eightcap, our team has conducted a rigorous testing process over several weeks.

We’ve meticulously explored every aspect of the platform, from account creation and security features to the functionality of this exchange. 

This in-depth analysis allows us to confidently present a breakdown of Eightcap’s features, rated on a scale of 1-10 (with 10 being the highest).

We believe this comprehensive assessment will empower you to make informed decisions about your trading journey with Eightcap.

	Rating
Security And Safety	8
Necessary Requirements	6
Pricing And Fees	8
Deposit and Withdrawal Methods	8
Customer Support	7

Who Eightcap Is Best For?

Institutional and high net worth investors

Eightcap understands the critical need for robust security, particularly for institutional traders. That’s why they prioritize user safety with top-tier regulatory oversight. 

Eightcap boasts an impressive Trust Score of 85 out of 99, demonstrating their commitment to responsible practices.

Crucially, Eightcap is not publicly traded and doesn’t operate a bank, further mitigating potential conflicts of interest.

More importantly, they hold authorization from three Tier-1 regulators – the Australian Securities & Investment Commission (ASIC), the Financial Conduct Authority (FCA), and are regulated within the European Union via the MiFID passporting system.

These rigorous regulatory bodies hold Eightcap to the highest standards, ensuring transparency, fair dealing, and the protection of client funds.

For institutional traders navigating the complex world of crypto, Eightcap’s strong regulatory framework provides a secure and reliable foundation for their investment activities.

Retail investors

Eightcap cuts through the complexity often found in trading platforms. It offers the industry-standard MT4 and MT5, known for their user-friendly interfaces.

These platforms are packed with customization options and powerful charting tools, empowering users to analyze markets with ease. 

It also goes beyond simply offering market access. It provides innovative tools designed to streamline your trading experience and potentially boost your returns, even as a retail investor. Automate your strategies with confidence using Expert Advisors (EAs) and custom signals.

Adventurous retail investors can explore code-free automation with Capitalise.ai. This platform lets you build and test trading strategies without any programming knowledge, making it perfect for retail investors who want to explore algorithmic trading.

Users can also gain valuable market insights and navigate the ever-changing landscape with confidence. Eightcap’s “Trade Zone” webinars, hosted by experienced traders, provide actionable ideas and analysis through weekly sessions.

These insights can be invaluable for retail investors seeking to make informed decisions in the fast-paced world of trading.

Experienced traders

Eightcap caters particularly well to experienced traders. The Raw Account, for instance, unlocks ultra-tight spreads, minimizing the cost of entering and exiting trades. This focus on competitive fees is further complemented by the advanced functionalities of the MT5 platform. 

Seasoned traders will appreciate the ability to automate their strategies using MT5’s algorithms, while a vast library of technical indicators empowers in-depth market analysis. Additionally, versatile order types provide granular control over trade execution.

Beginners

Eightcap prioritizes simplicity and transparency, making it an attractive platform for beginner traders. 

The user-friendly website facilitates easy navigation, ensuring all the essential information for new traders is presented in a clear and concise manner.

While the education section might be compact, its well-written and valuable content is updated frequently with fresh material. 

This section is well-organized and accessible, presenting three main categories to users: MetaTrader Guides, Fundamental Analysis, and Trading Strategies. Notably, all the educational material is crafted as high-quality blog posts, proving particularly useful for beginners  embarking on their trading journey.

Crypto traders

Eightcap made a splash in 2021 with the launch of over 250 cryptocurrency derivatives. This extensive offering, accessible through both MT4 and MT5 platforms, allows clients to diversify their crypto portfolios.

The move not only positions Eightcap as a leader in the CFD sector for crypto derivatives, but also makes them the go-to destination for this asset class.

This exceptional selection of crypto offerings extends even further. Eightcap Partners can now propose these instruments to their own business partners, ultimately reaching a wider audience of retail investors.

This grants clients the ability to not only buy or sell a vast array of cryptocurrency CFDs, including crypto-crosses and indices, but also leverage multiple funding options for swift withdrawals.

This exciting opportunity is available not just to Eightcap Partners themselves, but also to their network of influencers, and affiliates.

Who Eightcap Is Not For

MetaTrader UK traders

Eightcap doesn’t currently offer the MetaTrader suite (MT4 and MT5) to its British investors. This means U.K. clients won’t have access to the platform’s features like automated trading and a vast library of technical indicators.

However, Eightcap steps up by providing the award-winning TradingView platform as the sole platform option for U.K. users.

TradingView boasts its own set of advantages, including advanced charting capabilities, a user-friendly interface, and a large community of traders for potential collaboration. 

While it might not be a direct replacement for MT4/MT5, TradingView offers a powerful alternative for U.K. clients to analyze markets, execute trades, and potentially develop their trading strategies.

No-KYC traders

To ensure compliance with Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations set by financial authorities, Eightcap requires all users to complete account verification.

This process is essential for maintaining a secure trading environment and preventing financial crime.

Accounts can only be registered once users submit a clear copy of a government-issued photo ID, such as a passport or driver’s license, along with proof of residency documentation like a utility bill or bank statement.

Once these documents are uploaded and verified by Eightcap, the account will be fully functional and ready for trading.

For users who prioritize complete anonymity, Eightcap’s mandatory KYC verification might be a drawback.

Traders seeking alternative platforms with a focus on anonymity can explore options like Changelly, Probit, and KuCoin, which offer non-KYC functionalities.

Eightcap Features Explained

Security and Safety

The ever-present threat of exchange hacks and lost funds underscores the paramount importance of security in the trading and crypto space.

Headlines about these incidents serve as stark reminders of the vulnerability investors can face. Eightcap, however, provides peace of mind through its robust security measures and strong regulatory oversight.  

The platform boasts top-tier regulation from both the Financial Conduct Authority (FCA) in the UK and the Australian Securities and Investments Commission (ASIC).

These regulatory bodies hold Eightcap to stringent standards, ensuring investor protection and promoting fair and transparent practices. This combined focus on security and regulatory compliance allows you to trade with confidence, knowing your funds are safeguarded.

Tier 1 regulation

Eightcap is subject to rigorous oversight by multiple top-tier financial regulators around the globe.

These regulatory bodies, including the Australian Securities & Investments Commission (ASIC), the Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC), and the Securities Commission of The Bahamas (SCB),  act as watchdogs, ensuring Eightcap adheres to stringent financial regulations. 

This close supervision helps protect your interests and fosters a transparent trading environment. By combining robust security practices with comprehensive regulatory oversight, Eightcap empowers you to trade with confidence, knowing your funds and information are well-protected.

State-of-the-art security protocols

Eightcap takes the security of your funds and information extremely seriously. They have implemented a multi-layered security approach to create a fortress around your assets.This starts with industry-standard encryption protocols, which scramble your data to render it unreadable in the event of a breach. 

Eightcap goes even further by employing secure storage solutions to safeguard your client data.These measures ensure that only authorized personnel have access to your information.

Eightcap investor compensation fund

Clients under CySEC regulations benefit from the Investor Compensation Fund (ICF), a safety net that protects investments up to €20,000 in the unlikely event of Eightcap’s insolvency. This financial backstop ensures your trading journey is focused on opportunity, not worry.

But the security goes beyond regional safeguards. Eightcap operates under the watchful eye of ASIC and FCA, two of the most respected regulatory bodies in the Forex world. These regulations translate into concrete benefits for the trader.

CER ranking

Eightcap boasts a strong reputation among its user base. This positive sentiment is reflected in user reviews, and has earned it a favorable TrustPilot rating. 

Opening An Account With Eightcap 

Getting started with Eightcap is a breeze! Simply fill out a quick and easy registration form to apply for your account. Once submitted, Eightcap’s team will verify your application, which typically takes about 1 business day. After that, your account will be ready for you to fund and start exploring the exciting world of trading.

1. Head over to Eightcap’s website and launch the straightforward account opening process.
2. Fill in the form with your credentials and verify your email
3. A part of their verification process would-be users will need to provide credentials to satisfy KYC/AML requirements. 

Pricing & Fees

Eightcap keeps your trading costs down.They boast competitive forex and CFD fees, especially if you opt for the Raw account.There are also no hidden charges to worry about – Eightcap doesn’t hit you with inactivity or withdrawal fees, so you can focus on maximizing your returns.

Deposit Methods

Eightcap offers a variety of deposit and withdrawal methods to suit your needs, all without fees from them. For international bank transfers, intermediary banks may charge additional fees that Eightcap will simply pass on to you. Here’s a quick breakdown:

Bank Transfer:Ideal for larger transfers, but processing times vary (deposits: 1-3 business days, withdrawals: 2-5 business days, potentially longer internationally).

Visa/Mastercard:Perfect for speedy transactions (deposits: instant, withdrawals: 1 business day for Australian cards, 2-5 days internationally).

Skrill/Neteller (USD/EUR only):Enjoy instant deposits but be mindful of potential withdrawal fees (1% for Skrill, small fee for Neteller) and processing times (2-3 business days for Skrill withdrawals).

POLi/BPAY (AUD only):These Australian options offer free and instant deposits (24/7).

China Union Pay (RMB only):Chinese customers can make free and instant deposits (24/7).

Withdrawal Methods

The withdrawal methods are just as numerous as the deposit methods. Here’s a table breaking it all down with fees, available countries and supported currencies. 

Switching Between Currencies and Blockchains

Eightcap empowers you with a variety of convenient methods to fund your trading account and withdraw your earnings. 

Whether you prefer the instant access of credit/debit cards, the flexibility of e-wallets like Skrill and Neteller, or the reliability of bank transfers (international and local options available), Eightcap has you covered.

This ease of deposit and withdrawal makes it simple to convert your traditional currency (fiat) to crypto and vice versa, whenever your trading strategy demands it.

History Of Downtime

There hasn’t been any major historical news of Eightcap downtime, but there has been a reported incident according to this Saashub page, where the issue was resolved fairly quickly.

Customer Support

Eightcap offers a variety of deposit and withdrawal methods, including credit/debit cards, popular e-wallets like Skrill and Neteller, and bank transfers (both international and local). This flexibility allows you to easily convert your fiat currency to crypto and vice versa, depending on your trading strategy.

For customer support, Eightcap boasts a Zendesk-powered Live Chat feature with short wait times and real human representatives, not automated chatbots. This feature is even available during the signup process!

They also offer phone support with global and Australia-specific options, with their client services team reachable 24/7 on weekdays. If you prefer written communication, you can reach out via dedicated customer service email. 

Alternatives

While Eightcap boasts competitive fees, particularly for their Raw Account with tight spreads, it’s crucial to compare them against other forex brokers like Fibogroup and GoMarkets.These competitors may offer different fee structures, including spreads, commissions, and any potential hidden charges.  

Here’s how Eightcap competes with its competitors: Eightcap offers a combination of tight spreads, potentially lower commissions on certain accounts, and a user-friendly platform, making it a sound choice for forex traders seeking a cost-effective broker.

	EIGHTCAP	FIBO GROUP	GO MARKETS
Base Currencies	AUD, CAD, EUR, GBP, NZD, SGD, USD	EUR, USD, RUR, CHF, GBP	AUD, USD, GBP, EUR, NZD, SGD, CAD, CHF, HKD, PLN
EURUSD (Standard)	6 million	80 million	3 million
Trading Cost (Standard)	100+	250+	100+
EURUSD (Best)	free ATM up to $250, free FX	free ATM to $200, 3% FX	no use fees U.S., $2.50 ATM, 3% FTX
GBPUSD (Best)	yes	yes	yes
USDJPY (Best)	yes	yes	yes
Commission	130	90	nearly global
Trading Conditions	⭐⭐⭐⭐	⭐⭐⭐	⭐⭐⭐⭐
Broker	Eightcap	Fibo Group	Go Markets

Conclusion

Eightcap positions itself as a secure and user-friendly platform for forex and CFD trading. Their top-tier regulation offers peace of mind, while a variety of deposit and withdrawal methods ensure your convenience. Competitive fees, particularly with the Raw Account, make them an attractive option for cost-conscious traders.

Beyond regulations and investor protection, a broker’s track record is another key safety indicator. Eightcap stands out as a reliable industry player with a clean record, free of major scandals. Established in 2009, their longevity further reinforces their legitimacy.

However, it’s important to understand your individual trading needs. While Eightcap offers a solid selection of tradable assets, their primary platform is the award-winning TradingView. If you’re accustomed to MT4 or MT5, it might not be your ideal fit.

Overall, Eightcap presents a compelling option for traders seeking a secure and user-friendly experience with competitive fees. By carefully evaluating their offerings and aligning them with your trading goals and preferences, you can confidently embark on your trading journey.

Frequently Asked Questions