In this guide

  • Review
  • Details
    • Forex details
    • CFD details
  • Fees
  • How do I open an account
  • Frequently asked questions
  • Your reviews
  • Ask a question
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Eightcap broker review

Eightcap Forex
Minimum Spreads for Major Currencies
0.0 pips - 1.0 pips
Available markets
40 global currency pairs, commodities, indices, share CFDs, crypto derivatives
Platforms
MetaTrader 4
MetaTrader 5
General information only. All forms of investments (and in particular, trading CFDs, commodities and forex) carry significant risk, including the risk of losing more than the invested amounts, market volatility and liquidity risks. Past performance is no guarantee of future results. Such activities are not suitable for most investors.

Summary

Trade forex, CFDs, indices and cryptocurrencies with no additional or withdrawal fees.

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Finder Awards 2023 winner

Eightcap is an Australian online forex broker that offers access to global indices and CFDs with fast executions and low spreads starting from 0.0 pips. It offers 40+ currency pairs and is a major MetaTrader broker, with apps for iOS and Android as well as a web-based version.

Pros

  • Beginner-friendly features include copy trading, stop-losses and demo accounts
  • Low commission rates and spreads starting at 0.0 pips
  • Supports 40+ currency pairings
  • Easy sign-up

Cons

  • Few educational resources that lack the ability to filter based on expertise
  • Limited number of products available
  • Demo account has a 30-day limit

In this guide

  • Review
  • Details
    • Forex details
    • CFD details
  • Fees
  • How do I open an account
  • Frequently asked questions
  • Your reviews
  • Ask a question

Details

Forex details

Type of broker Online
Available markets 40 global currency pairs, commodities, indices, share CFDs, crypto derivatives
Minimum Spreads for Major Currencies 0.0 pips - 1.0 pips
Commission $0
Minimum opening balance $100
Minimum Trade Size 0.01 lots
Leverage 1:1 - 30:1
Platforms MetaTrader 4
MetaTrader 5
Support Phone, email and live chat
More Info

CFD details

Type of broker Online
Minimum Opening Deposit $100
Minimum trade size 0.01 lots
Platforms MetaTrader 4
MetaTrader 5
Support Phone, email, and livechat

Eightcap background

Eightcap is a global forex and contracts for difference (CFD) broker based in Australia that has been operating since 2009. It is independently regulated by the Australian Securities and Investments Commission (ASIC) and the Vanuatu Financial Services Commission (VFSC). Eightcap was awarded Finder's Best for Beginners trading award in 2023.

Eightcap provides 2 account options: Standard and Raw. The main difference between these accounts is the fees. At the time of writing, you can only trade in AUD, USD, EUR, GBP, NZD, CAD or SGD on Eightcap.

Signing up for either account gives you access to the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) apps, fast trade executions and the option to hedge. Eightcap is a multi-platform trading service with apps for iOS, Android and Windows devices. It can also be accessed via the web.

What are the key features of an Eightcap CFD trading account?

CFDs let you trade based on market volatility. You don't ever own any of the underlying assets that you trade. There are both positive and negative aspects to this type of trading but keep in mind that it can be very volatile.

The features of Eightcap's CFD trading platform include the following:

  • No inactivity or withdrawal fees: Many trading platforms charge you a fee when withdrawing funds or when you're inactive for long periods. Eightcap doesn't have these fees.
  • Copy-trading features: Eightcap offers copy or social trading. This means you can copy more successful traders, helping you learn to trade.
  • Access to MetaTrader: You get access to the popular MetaTrader 4 and MetaTrader 5 platform suites. However, Eightcap doesn't have any additional features above the basic versions of these. You can also only trade MT4 on its app and not in your browser.
  • Access to Capitalise: Capitalise is a third-party platform that allows you to easily program automated trading strategies without prior coding knowledge.
  • Cryptocurrency CFDs: Along with regular CFDs in metals and energies, Eightcap also offers cryptocurrency CFDs.

What markets can I trade with Eightcap

Eightcap gives you access to forex trading, CFD trading, cryptocurrency CFDs and stock market indices across the globe. The company is mainly a forex broker but expands its CFD offering with Australian, US, UK and German shares. You can also trade indices in Germany, the UK, the US, France, the EU market, Japan and Australia.

Is Eightcap safe for beginners?

Eightcap might not be the easiest platform to get started on, but it offers a bunch of beginner-friendly features.

In fact, it won Finder's forex best for beginners award in 2023.

These features include stop-loss features, demo accounts, educational resources and copy trading, all of which can help investors get started.

It covers the MetaTrader suite (especially MT4), which is popular because of its simplicity and user-friendly design. It's easy to sign up on the platform and Eightcap provides simple funding options such as credit card transfer, bank transfer and Skrill.

While Eightcap has beginner trading features, it's important to highlight that forex and CFDs should be used by sophisticated investors.

Who should use Eightcap?

Given the simplicity of the MetaTrader suite, easy account sign-up and limited CFD offering, Eightcap is more suited to beginners. Its lack of good research and educational resources hampers Eightcap's otherwise solid offering for beginner traders.

More experienced traders might find that the relatively limited market offering and small range of execution methods don't fulfill their needs.

Customer support

You can reach Eightcap's customer support through the following:

  • 24/5 via live chat
  • Email
  • Phone call

Its live chat is responsive and emails generally get a quick response. However, we've seen some people complain about not being able to get through via its call line.

Fees

Eightcap doesn't make its average spread data information publicly available, so it's hard to get a solid idea of what to expect. It only provides information about its 2 account types and the fees related to these and then only for the "typical EUR/USD spread". You get to choose between a Standard and a Raw account.

A Standard account has a pip spread of between 0.5 and 1.8 pips and takes $0 in commission fees. The Raw account has a smaller pip spread of between 0.0 and 1.0 pips but takes a $3.5 fee per standard lot traded. You get a minimum/maximum trade size of 0.01 lots/100 lots and a margin call level of 80% for either account.

Eightcap does have a minimum deposit amount of $100 but no fees for inactivity or withdrawals.

How do I open an account

Signing up for an account on Eightcap is easy. Just head to the website and click on "Create Account" in the top right-hand corner to get started.

While the demo account doesn't require any documentation, you will need to provide as ID and proof of address to open a Live account. The account should be ready within 24 hours (on business days).

Frequently asked questions

This information is general in nature and is no substitute for professional advice. It does not take into account your personal situation. This information should not be interpreted as an endorsement of futures, stocks, ETFs, CFDs, options or any specific provider, service or offering. It should not be relied upon as investment advice or construed as providing recommendations of any kind. Futures, stocks, ETFs and options trading involves substantial risk of loss and therefore are not appropriate for most investors. You do not own or have any interest in the underlying asset. Capital is at risk, including the risk of losing more than the amount originally put in, market volatility and liquidity risks. Past performance is no guarantee of future results. Tax on profits may apply. Consider the Product Disclosure Statement and Target Market Determination for the product on the provider's website. Consider your own circumstances, including whether you can afford to take the high risk of losing your money and possess the relevant experience and knowledge. We recommend that you obtain independent advice from a suitably licensed financial advisor before making any trades.

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