Eightcap Review & Rating 2024 » Is Eightcap Reliable or Scam?

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Eightcap is an Australian online brokerage firm which provides trading solutions for global customers. The main products offered by the company are Currencies (Forex) as well as Commodities, Indices, Cryptocurrencies and Shares via CDFs. It is operated as Eightcap Pty regulated by the Australian Securities and Investment Commission (AFSL 391441) and Eightcap Global Limited regulated by The Securities Commission of The Bahamas (SCB), (SIA-F220).

Eightcap increases its status as a MetaTrader-only broker by providing the ability to support a variety of third-party plugins as well as access to Capitalise.ai's trading platform that allows you to do automated trading without having coding knowledge. It's a advantage from many other forex brokers.

The company was established in 2009 in Melbourne, Australia. Now it has 5 offices in different parts of the world. It provides customer support in 10 languages: English, Chinese, Thai, Korean, French, Spanish, Italian, German and Vietnamese. In this Eightcap review article, we are going to give you a clear picture of the broker so that your broker choosing task becomes easier. AtoZ Markets is in no way responsible for any opinions of the writer.

How to Open an Live Trading Account with Eightcap

Let's see their account opening process. Open an account, click on 'Create Account' from the top menu of Eightcap website. Select your country of residence, put your first name and last name along with email and password. Then put your mobile number and click on Create Account Button. You will get a confirmation email in your inbox. Once you confirm your email, you will redirect to the next page where you have to fill in your date of birth, residence address and TIN (Tax Identification Number). Then click next.

In the next page, you need to choose a trading platform (MetaTrader 4 or 5), Account Type (Standard or Raw), Account Currency and Leverage. Then click next.

In the next page, tick on risk disclosure, Client Agreement and risk of Trading. Then click on 'Complete Application'.

In the next page, you have to provide your proof of identity and proof of address.

For identity proof, a form of ID like Passport/ National ID/ Driving license, national ID, and for address proof, provide a Bank statement /Utility Bill. You can use a Passport for ID and an National ID/ Driving License for Address it is meets all of security standards

Account Types Available at Eightcap

Eightcap broker has only two types of trading accounts. Standard and Raw.

• Standard Account

Spreads: 0.5 to 1.8 pips (EUR/USD)

Commission: $0

Lot Size: 0.01 to 100

Margin Call Level: 80%

Stop Out Level: 50%

Account Currencies: AUD, USD, EUR, GBP, NZD, CAD and SGD

Scalping & EAs: Allowed

Hedging: Allowed for the customers under The Securities Commission of The Bahamas.

• Raw Account

Spreads: 0.0 to 1.0 pips (EUR/USD)

Commission: 3.5 AUD, USD, NZD, SGD, CAD. 2.25 GBP, 2.75 EUR (For per standard lot size)

Lot Size: 0.01 to 100

Margin Call Level: 80%

Stop Out Level: 50%

Account Currencies: AUD, USD, EUR, GBP, NZD, CAD and SGD

Scalping & EAs: Allowed

Hedging: Allowed for the customers under The Securities Commission of The Bahamas.

They also have a demo account for practice. You can use their demo account before opening a live trading account.

Leverage of Eightcap

Leverage permits you to make a move of a greater value than the money that is deposited into your account. It is typically expressed as the form of a ratio.

If, for instance, you have 100 dollars in your account and 1:30 leverage ratio, you'll be able to use as much as $3,000. Eightcap provides two kinds of leverages, based on the regulations. The ASIC-regulated business has the maximal retail leverage ratio of 30:1 and its Bahamas-regulated business provides the maximum ratio of leverage 500:1.

Let's have a look at the table below which outlines the maximum leverage that is offered by Eightcap on different assets.

Eightcap Review: Available Markets to Trade

Eightcap offers Forex trading, Commodities, Indices, Shares and Cryptocurrencies on MT4 and MT5 trading platforms.

• Forex

Eightcap offers over 40+ major and minor currency pairs starting from zero spreads in their Raw account. You can trade forex on MT4 and MT5 platforms.

• Indices

With Eightcap, you can trade the world's biggest indices of stock around the clock, with immediate execution using the MT4 as well as the MT5 platform. Their trade execution servers are located at Equinix where most financial institutions are hosted. That's why you can get quick execution. They have 12 indices including US30, GER30, UK100, FRA40, AUS200, JPN225 and EUSTX50.

• Commodities

Eightcap offers Gold, Silver, Crude Oil (WTI) and Brent Oil on MT4 and MT5 platforms.

• Shares via CDFs

You can trade shares with Eightcap via CDFs. For that you have to open an MT5 account to trade short or long on the biggest US, Australian, LSE as well as XETRA stocks. Trade 250 CFDs from some of the most important US, European and Australian firms, including Apple, Amazon, AstraZeneca, British American Tobacco, Commonwealth Bank, Facebook, Netflix, Rio Tinto, SAP, Volkswagen, and many more.

• Cryptocurrencies

You can trade 250+ cryptocurrencies including crypto-crosses and crypto indices. You don't need to create any wallet to trade cryptos with Eightcap. You can just fund your MT4 or MT5 account with PayPal, Debit/Credit cards, Neteller and many more ways and start trading.

Spreads, Commissions and Swap

• Spreads

Spreads vary based on the instruments used, beginning at 0 pip on major foreign exchange pairings (Raw account) as well as 0.5 on the most important indices for instance, the SPX500.

Spreads for silver and gold begin at 1.0 pip and 0.5 per cent while spreads for oil are approximately 1.0 pip.

Be aware that cryptocurrencies can be extremely unstable instruments. Often, there is a spread of BTC of 12 pips or maybe smaller. But it can go up. Recently, it was 30 pips. If trading hours are high volatility, spreads tend to be higher or in less liquid day times.

For full details of spreads for each pair, visit Eightcap website.

• Commissions

Commissions are assessed at 3.5 AUD, USD, NZD, SGD, CAD. 2.25 GBP, 2.75 EUR (For per standard lot size) on the Raw account.

• Swap Rates

• The swap rate is only applicable in the event that positions remain open throughout the night while trading forex or any other assets.

• The swap rate is applied at the close of the market day. They are applied at the 00:00 time.

• The rates for swaps are measured in points , and could be negative or positive according to the interest rates of the two currencies.

• The rates for swaps can be calculated, and then applied each trading night. However on Wednesdays, nightly the rates for swaps are set at a triple the normal rate in order to accommodate weekends.

• Every currency pair has an individual swap fee and is measured using an average size of 1 normal lot (100,000 bases units).

To see Eightcap current swap rates, go towards the Market Watch panel in MetaTrader 4 or 5 trading platform.

Right-click on any instrument that is listed in the Market Watch panel, then select the option 'Specification' in the contextual menu. An additional window should appear which will display various specifications for the instrument including the short and long swap rates for the symbol you have selected.

Trading Platforms offered by Eightcap

Eightcap has MT4 across desktop and mobile and MT5 across WebTrader, desktop and mobile.

• MT4 of Eightcap

image credit: Eightcap

It has a user-friendly interface, robotic trading capabilities, and sophisticated charting tools all built upon our foundation of technology.

Key features of MT4:

You can trade FX, Cryptos, Indices and Commodities

Have both Mobile & Desktop version

Award-winning platform

It has 9 time-frames

Their MT4 has 30 pre-installed indicators.

It also has 24 graphics objects.

• MT5 of Eightcap

image credit: Eightcap

If you want to trade shares on Eightcap, you need MT5. Along with Shares, you can also trade Forex, Indices, Commodities and Cryptos. Their MT5 is accessible via a desktop or mobile App and also via a Web Trader version.

Key features of MT5:

MT5 of Eightcap supports Robots. You can buy a trading robot or make your own EAs to automate your analysis and trading execution.

To make your EAs, you can use the MQL5 Wizard easy - to - use ready - made blocks, or by using the MQL5 IDE development environment if you have more experience.

One of the major differences that distinguishes Eightcap MT4 and MT5 is the web browser version of the MT5 platform. There is no need to  download and it is accessible from all Windows, MacOS and Linux powered devices.

With MT5, you can get fundamental data like Financial News and Economic Calendar features.  It may help traders to respond fast to news - driven movement.

Eightcap MT5 has powerful charting with 21 Time Frames. It also has 80 built-in indicators.

Both MT4 and MT5 are available for Android app iOS devices.

Trading Tools

Eightcap has Capitalise.ai and FX Blue Labs tools for their traders free of charge.

• Capitalise.ai

With Capitalise.ai, you can automate any trading strategy by using everyday English. Let's have a look at what you can do with Capitalise.ai. Few features are:

•  Trade At A Certain Timing

Your trade entry and exit times can be set to ensure that when a specific event occurs at a specific time, your order will be initiated.

image source: Capitalise.ai

•  Cut Your Losses, Maximize Your Profits

Automatically close your position with a predetermined profit or loss , the first time it happens.

image source: Capitalise.ai

•  Dynamic Price of Entry

Limit orders can be set at an amount that is equivalent to a different term. As an example, you can Set the price of the limit order to be the same as that of the lowest Bollinger Band.

image source: Capitalise.ai

•  Smart Notifications

Let Capitalise.ai monitor the market for you and send you an email or mobile message after your criteria are fulfilled.

• Fx Blue Labs

In Eightcap, you can also use the FX Blue Labs tool. It has built an array of multi-platform and multi-lingual apps that aid brokers in promoting and differentiating their brands. Furthermore in the same way the app helps traders improve their trading strategies so that they can be more profitable. These applications provide traders with institutional high-quality tools that go beyond those offered by the trading platform.

Fx Blue Labs has the following apps:

Alarm Manager

Correlation Matrix

Correlation Trader

Excel RTD

Market Manager

Mini Terminal

Sentiment Trader

Session Map

Stealth Orders

Tick Chart Trader

Trade Terminal

Deposit and Withdrawal

• Deposit

Eightcap offers a variety of payment options, all done securely and instantly via their secure Client Portal payment gateway. Clients can establish accounts and make deposits in the following currencies of base that include USD, AUD GBP, EUR NZD, CAD, and SGD. They accept funding through Visa/MasterCard Debit/Credit Cards, POLi Payment only for AUD, Bank Wire, China UnionPay (uPOP) only for RMB, Bpay only for AUD, Skrill and Neteller Only for USD, EUR.

Deposit Fee:

Except Bank Wire, all other deposit methods are free. For Bank Wire fee, you have to check with your bank.

• Withdrawal

EightCap withdrawal options include debit/credit cards, bank transfers, Skrill and Neteller. The company does not charge a cost for withdrawals meaning it is easy to withdraw your funds, but be sure you deposit funds in your account's base currency to keep from any conversion rate charges. Withdrawal takes 2 to 5 days depending on the withdrawal methods.

Is Eightcap a Regulated Broker?

Yes, Eightcap is regulated, controlled and overseen by reliable financial regulatory organizations. Eightcap has two entities. One is Eightcap Pty Ltd which is Regulated by the Australian Securities & Investments Commission (ASIC). Another entity is Eightcap Global Limited for global customers. It is Regulated by The Securities Commission of The Bahamas (SCB).

Is Eightcap a Fraud broker?

EightCap is not a fraud broker. It's an extremely low-risk broker for trading because of an extremely strict regulation or compliance culture implemented by a trusted license and adherence to the regulations that is set in the Australian Securities and Investments Commission ('ASIC') ,recognized worldwide authority that regulates Forex and the trading industry. It's global entity is regulated by the Securities Commission of The Bahamas (SCB).

As a controlled entity, EightCap is in compliance with the highest standards for corporate management, financial reporting and disclosure. The funds of retail clients are separated from corporate funds and are kept in separate accounts in banks that are AA-rated by the institution.

Pros and Cons of Eightcap

• Pros

√ Low forex fees

√ Free deposit and withdrawal

√ Low minimum deposit requirement. ($100)

√ Seamless, quick account opening

√ Low commissions on Raw Account.

√ Starting from 0 spreads.

√ Have tools like Capitalise.ai and Fx Blue Labs for free.

√ 24/5 Live Human Chat

• Cons

× Doesn't have a lot of forex pairs like others.

× No investor protection by insurance

× They don't provide negative balance protection.

× Doesn't have 2 step Authentication

× Doesn't accept customers from the USA.

Customer Support

Eightcap offers good customer support in several ways. They have  phone-call and email support, and online chat. Their online chat is available 24/5 from Monday - Friday. And Saturday and Sunday live chat is available between 9 am - 8 pm.

Conclusion

To end up the Eightcap review, it can be said that Eightcap is a reputable and licensed trading service with sound business practices that is based on straightforward transactions without making it complicated. It provides competitive pricing that is offered by the top institutions and access to the mighty features of the popular platform MT4 as well as accounts that are suited for a variety of strategies. The only snag is they do not have a wide range of forex pairs and proprietary app.