EightCap is an Australian financial services company providing trading solutions to global clients. The company's core products are currencies (forex), commodities, indices, cryptocurrencies and stocks. It operates as EightCap Pty and EightCap Global Limited. The company was founded in 2009 and is headquartered in Melbourne, Australia. It offers customer support in ten languages: English, Chinese, Bulgarian, Thai, French, German, Portuguese, Spanish, and Vietnamese. EightCap is regulated by the Australian Securities and Investments Commission (ASIC), the Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CYSEC) and the Bahamas Securities Commission (SCB).
| Headquarters | Australia |
|---|---|
| Regulators | ASIC, CySEC, FCA, SCB |
| Founded year | 2009 |
| Execution type | ECN/STP, Market Maker |
| Minimum deposit | 100$ |
| Negative balance protection | Yes |
| Trading platforms | MetaTrader 4, MetaTrader 5, Trading View |
| Minimum commission fees | 7.00$ per lot |
Regulations and Security
Trading with a regulated broker limits the potential for fraud and mistakes. I always recommend traders to check the regulation and verify it with the regulator by checking the license provided with their database. EightCap presents clients with four regulated entities and maintains a secure trading environment.
Is EightCap legit and safe?
EightCap is compliant with four regulatory agencies and has maintained a clean operating record for over a decade. UK and CYSEC subsidiaries offer clients an investor compensation fund. Most international customers will deal with the Bahamas subsidiary or the company from St. Vincent and the Grenadines. The FSA does not regulate brokers but doubles as a company registrar, where EightCap remains duly registered under company number 24750.
Negative balance protection and segregation of customer deposits from corporate funds exist at all five operating subsidiaries. EightCap established one of the most trusted and secure multi-asset brokerage industry wide.
Trading fees
| Average transaction costs EUR/USD | 1.0 pip |
|---|---|
| Average transaction costs GBP/USD | 1.2 pip |
| Minimum commission fees | 7.00$ per lot |
| Withdrawal fees | None |
| Inactivity fees | None |
EightCap offers two account types that are subject to different fees and charges. The RAW account type charges a commission starting at $7 per trip (entry plus exit). Its minimum spread starts at 0 pips. On the other hand, the standard account does not charge commission but its minimum spread starts from 1 pip.
Like most brokers, currency majors such as EUR/USD and GBP/USD typically have tighter spreads than the minors and exotic pairs. The lowest advertised spread for Forex in the standard account type is 1 pip. However, in most cases, viral brokers' advertising is usually not something they offer in the live market. Sometimes, the spread depends on market volatility. On the other hand, if a raw account is opened, then under normal market conditions it can be 0.
Trading assets
- Forex currency pairs – 42
- Cryptocurrency pairs – more than 100
- Stock – 660+
- Indices – 11
- Goods – 4
Leverage
EightCap offers a maximum leverage of 1:500 to forex traders through its Bahamas subsidiary, which can be great for active traders as it represents more overall trading flexibility. , directly affecting profits. The Bahamas subsidiary also provides portfolio risk services, which are not available through the Australian subsidiary.
Account types
Demo account
EightCap offers three account types. The 30-day EightCap demo account (expires after 30 days by default) gives you risk-free access to the company's products as it only uses fiat money. EightCap offers extensions once requested through customer support, making this account ideal for beginners or experienced traders to create and test strategies transaction.
Live account
EightCap offers a raw account and a standard account. The main difference between these two is the pricing structure. RAW accounts charge a commission per trade, while standard ones charge spreads. A spread is a difference between the ask price and the bid price. The commission on the RAW account is $3.50 per trade per side or $7.00 per trade.
Trading platforms
EightCap offers MT4, MT5 and TradingView, trading platforms for desktop, web-based and mobile devices. The desktop client includes more features than other alternatives.
In 2022, EightCap entered into a partnership with TradingView, one of the leading charting platforms and social trading networks, allowing its clients to trade directly from TradingView's price charts. Traders using TradingView's charts will be able to access 12 chart types and over 100 pre-built indicators.
Traders with EightCap now have the ability to trade TradingView charts directly into their eightcap trading account with the broker's latest integration. TradingView boasts over 30 million users and is the world's most popular chart and social trading platform. This can benefit newbies and more experienced traders. For example, experienced traders can automate and test their trading strategies using TradingView's common scripting language. EightCap clients can also utilize a range of trading tools to make better informed trading decisions. This includes access to 12 chart types such as Renko, point and figure, rewinding markets to see price action unfold and creating custom formulas and timeframes. The TradingView platform itself has 100+ pre-built indicators, 100,000+ community-built indicators, 50 drawing tools, and more.
Special features
The most unique feature offered by eightcap that I can note is Capitalise.AI, a platform that helps customers create bots in a visual code-free language. You use the platform by simply connecting it to your MT4 and then adding orders to be executed. You can create a strategy from scratch or use one of several pre-built templates.
Research and education
Many brokers offer a comprehensive suite of educational and research content. EightCap has an educational site with a variety of quality content on topics including swing trading and technical analysis. However, this content is not structured as a course and I recommend beginners start with the existing content before seeking deeper coverage from alternative sources, available freely online. The educational page is only available in the English version of the site and has three categories: Metatrader tutorials, fundamentals and trading strategies.
EightCap also has a market analysis page that provides insights into the trading day. The site is still divided into Crypto News, CFD News, Forex news and market updates. These analyzes are in both video and text formats. The content is of good quality and provides beginners with trading ideas, while seasoned traders get a quality and well-presented read.
Customer support
EightCap offers customer support in many ways, including a phone call, email and online chat. I tried each of these three options and response times were relatively fast for all. There was no long line when I called. Likewise, my email messages were replied within seconds. I found the customer service representatives to be knowledgeable about the questions I asked.
Opening an account
User-friendly online application form on new traders dashboard. Opening an account takes minutes and follows well-established industry standards. Required account verification, as required by regulators following global AML/KYC rules, typically takes several hours and less than 24 hours. Most traders will be verified after uploading a copy of their government-issued ID and a proof of residence document.
A responsive customer service team provides support, which is helpful for traders from countries with verification issues or less established systems for sourcing the necessary documents.
Deposits and Withdrawals
EightCap offers many ways for customers to deposit and withdraw their funds. Available deposit methods are bank wire, credit/debit card, BPAY, China Unionpay, Skrill, Neteller, e-money, PayPal, WorldPay, Fasapay, PSP Virtual Account and payment retailers maths. Debit and credit card deposit options accept payments in AUD, USD, GBP, EUR, NZD, CAD and SGD. Traders can also fund their accounts with Bitcoin and Tether. Overall, EightCap supports 13 deposit methods and 17 deposit types. Deposit options are free and available 24/7. A bank transfer takes 1-5 business days to complete.
BPAY only accepts AUD, while China Union only pays RMB. PSP Virtual Account caters to Southeast Asian customers and paying retailers to merchants from Brazil. There are no fees for deposits and withdrawals, although some options have some external costs, including potential currency conversion fees.
The withdrawal process is also quick. You just need to go to your client area, select payment options, select the trading account you want to withdraw from and confirm the details. The company usually asks a few questions and searches for documents for customers who are complying with KYC and AML laws for the first time. This is a common practice among Forex/CFD brokers.
EightCap processes withdrawals within 1-2 business days. The speed at which funds reach the customer once approved depends on the payment method used by the customer.
Conclusion
Since 2009, the year EightCap opened its doors, it has earned a reputation as an innovative and reliable multi-asset broker. EightCap continues to innovate and remains at the forefront of industrial innovation. It has stood the test of time and adds an exceptional regulatory track record, but how does that translate into EightCap's user experience?
EightCap ranks exceptionally well among traders, as confirmed by five leading broker and review sites. Traders should always be cautious when reading user reviews, especially to overly positive or negative comments. Our internal research confirms the excellent EightCap user experience.
