Recommended for
- forex trading 4.0/5
Trusted broker
Regulated by top-tier financial authorities
Popularity
780
people
chose this broker in the last 6 months
BrokerChooser Score
4.2/5
Eightcap review summary
If fees are more or less your only concern when choosing a forex broker, Eightcap is definitely worth a try. Its forex fees are the lowest among Australia-based forex brokers, withdrawals are free, and there is no inactivity fee. Account opening is super fast, and the $100 minimum deposit is reasonable for a forex/CFD-only broker. As a plus, Eightcap offers a great lineup of crypto products, making up for a poor CFD selection and generally basic services when it comes to research, education or customer support. Like many of its peers, Eightcap uses the Metatrader platforms, including the improved MT5 for web trading and MT4 for mobile and desktop.
Is Eightcap a legit broker?
See how Eightcap is regulated and whether you should have any concerns using it.
74-89% of retail CFD accounts lose money
Pros
Cons
- Low forex fees
- Free deposit and withdrawal
- Great research tools
- Slim product selection
- Limited research and educational tools
- No investor protection
Eightcap main highlights
🗺️ Country of regulation
Australia, Vanuatu
💰 Trading fees class
Low
💰 Inactivity fee charged
No
💰 Withdrawal fee amount
$0
💰 Minimum deposit
$100
🕖 Time to open an account
1 day
💳 Deposit with bank card
Available
👛 Depositing with electronic wallet
Available
💱 Number of base currencies supported
7
🎮 Demo account provided
Yes
🛍️ Products offered
Forex, CFD, Crypto
Fees
Eightcap has low forex and CFD fees, especially if you choose the Raw account. There are also no inactivity or withdrawal fees.
Account opening
Opening an account at Eightcap is seamless and fast. The whole process is fully digital and your account should be approved within one day.
Deposit and withdrawal
At Eightcap deposits are free, as are most withdrawals, with e-wallet options also available. The selection of account base currencies is limited to major currencies.
Web trading platform
Eightcap gives access to MetaTrader 5 web trading platform, but not for MetaTrader 4. The MT5 platform is similar to MT4 – it is customizable, but has more order types. However, price alerts are still not available, and there’s no two-factor authentication.
Mobile trading platform
Eightcap’s mobile platform is provided by MetaTrader 4. It is well-designed and user-friendly, but lacks a more secure, two-step login.
Desktop trading platform
Eightcap’s MetaTrader 4 desktop platform is easily customizable, but has a poor, outdated design. You can set price alerts, but there is no safer, two-step login option.
Markets and products
Eightcap’s product selection covers only forex and CFDs for MT4 users. MT5 users can also access CFD cryptos but popular asset types like real stocks and ETFs are not available.
Research
Eightcap’s research tools are fairly limited. There are no trading ideas or fundamental data provided. As a plus, there are good tools for technical analysis, like a strategy tester or Capitalise.ai’s automating tools.
Customer service
Eightcap’s customer service is great via email and live chat in multiple languages. However, we couldn’t connect to their phone support.
Education
Eightcap doesn’t have a wide range of educational tools, such as videos. On the other hand, there is a demo account as well as some quality articles to read, and it provides webinars on third-party websites.
Safety
Eightcap is regulated by two financial authorities, including the top-tier ASIC, which however does not provide any investor protection, only negative balance protection. There is also no public information on the broker’s financials available.