- Choose between paying for spreads or commission
- Low commission rates and spreads starting at 0.0 pips
- Supports 40+ currency pairings
- Easy sign-up
Not so great for
- Few educational resources
- Limited number of products available
- Demo account has a 30-day time limit
Eightcap is a global forex and 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 Best Global Forex MT4 Broker 2020.
Eightcap provides two 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. So you will have to convert your ZAR into one of these currencies before depositing the funds into your account.
Signing up for either account gives you access to their MetaTrader 4 and MetaTrader 5 apps, fast trade executions, and the option to hedge. Eightcap is a multiplatform trading service with apps for iOS, Android, and Windows devices. It can also be accessed via web browser.
What are the key features of an Eightcap CFD trading account?
Contracts for difference 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:
- 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.
- Access to MetaTrader: You get access to the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platform suite. However, Eightcap doesn’t have any additional features above the basic versions of these. You can also only trade MT4 on their app and not in your browser.
- Access to Capitalise: Capitalise is a 3rd-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 indexes across the globe. The company is mainly a forex broker, but continues to expand its CFD offering, with Australian, US, UK and German shares. You can also trade Indices in Germany, the UK, US, France, the EU market, Japan, and Australia.
Is Eightcap safe for beginners?
While Eightcap can work well for both experts and beginners, it’s not the easiest platform to get started on. Compared to other platforms, Eightcap offers little in the way of research and education. As a beginner, you also want access to fantastic support from your broker, however, reviews say Eightcap’s customer service is merely okay.
The MetaTrader suite (especially MetaTrader 4) is popular because of its simplicity and user-friendly design. It’s also very easy to sign up on the platform and Eightcap provides easy funding options, including credit card transfer, bank transfer, and Skrill. These qualities make it more beginner-friendly.
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. It’s 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.
You can reach Eightcap customer support 24/5 via live chat, email, and phone call. Their live chat is very responsive and emails generally get a quick response too. However, we’ve seen some people complain about not being able to get through via their call line.
Eightcap doesn’t make its average spread data information publicly available, so it’s hard to get a solid idea of what to expect. They only provide information about their two 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 – 1.8 pips and takes $0 in commission fees. The Raw account has a smaller pip spread of between 0.0 – 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 identification such as ID and proof of address to open a Live account. The account should be ready within 24 hours (on business days).
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Frequently asked questions
Disclaimer: 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 all investors. Trading CFDs and forex on leverage comes with a higher risk of losing money rapidly. Past performance is not an indication of future results. Consider your own circumstances, and obtain your own advice, before making any trades.