Eightcap Broker Review 2024

Eightcap is one of the oldest Forex brokers, launched in 2009 in Melbourne, Australia. This brokerage has licenses from reputable financial authorities such as ASIC and FCA, which can attract the attention of many users in this way. Another tempting aspect of Eightcap is its high score of 4.3 out of 5 based on over 2300 reviews on the Trustpilot website. To learn more about the positive and negative attributes of the discussed broker, stay with us in the rest of this article.

Eightcap; Company Information & Regulation

Eightcap was founded in 2009 in Melbourne, Australia. This company claims this as its sole clear objective: "to provide exceptional financial services to clients worldwide". Over the years, this commitment has paid off handsomely, with Eightcap winning numerous awards for their services, platforms, tools, and educational resources. Perhaps most notably, they were crowned Global Broker of the Year 2023 at the prestigious Global Forex Awards - a testament to their dedication to excellence.

One of the key factors that contribute to Eightcap's stellar reputation is its robust regulatory framework. The broker is regulated in multiple jurisdictions, including:

• Australian Securities and Investments Commission (ASIC)
• UK Financial Conduct Authority (FCA)
• Cyprus Securities and Exchange Commission (CySEC)
• Securities Commission of The Bahamas (SCB)

Summary of Specifications

To give you a comprehensive overview of what Eightcap offers, let's break down their key specifications:

Account Types

Eightcap offers 3 main account types to meet different trading styles and preference. You can choose one of these according to your own way of trading:

• Standard
• Raw
• TradingView account
• Demo

At the table below, we will discuss each live account's specifications and compare them together:

For all these accounts, the minimum deposit is $100, the margin call level is 80% and the stop out level is 50%. The minimum and maximum order sizes are 0.01 and 100 pips, respectively. Additionally, scalping is allowed on all accounts. Also, you can use Eightcap demo account for practicing your skills and testing your strategies.

Benefits and Drawbacks

Being aware of pros and cons while choosing a good broker is important. As with any broker, Eightcap has its strengths and weaknesses. At the table below, we will have an overview on the advantages and disadvantages:

Opening an Account and Verification

This section of the Eightcap review is about registration. Getting started with this broker is not a complicated process, and you can easily grasp the details of it. Here's a step-by-step guide to opening an account:

1. Visit the official website home page, then click on "Create account";
2. Choose your country of residence, enter your real name and a valid email address, and create a strong password. Also, enter your phone number. Then, click on "Create account";
3. Enter the link that was sent to the provided email address to verify your email;
4. Fill in your personal details to complete your profile.

 For verification, you will need to prepare required documents, then upload clear photo(s) of them for the broker. Eightcap's compliance team will review your application and documents. This process usually takes up to 24 hours.

Platforms and Applications

Eightcap offers a range of popular trading platforms to suit different trader preferences:

MetaTrader 4 (MT4)

• Industry-standard platform
• Advanced charting capabilities
• Automated trading with Expert Advisors (EAs)
• Custom indicator support
• Available for desktop, browsers (WebTrader), and smart phones

MetaTrader 5 (MT5)

• Next-generation platform with enhanced features
• More timeframes and graphical objects than MT4
• Economic calendar integration
• Advanced Market Depth feature
• Available for desktop, web (webTrader), and mobile

TradingView

• Access to more than 15 customizable chart types
• Over 100,000 community-built indicators
• Extensive library of custom indicators
• accessible from different devices

Commissions and Spreads

Eightcap prides itself on offering competitive trading costs. You should consider that the spreads vary based on the traded asset or market conditions. Here's a breakdown of their commission and spread structure:

Deposit and Withdrawal Options

Eightcap offers a variety of deposit and withdrawal methods to provide suitable options for traders from different regions. Here are the methods available on the broker:

• Credit/Debit Cards (Visa, Mastercard)
• Bank Wire Transfer
• E-wallets (Skrill, Neteller)
• Online Payment Systems (PayPal)
• Cryptocurrencies (Bitcoin, Ethereum, Tether)

Copy Trade and Investment Options

Eightcap does not offer any kinds of tools and platforms for earning passive income such as copy trading, PAMM accounts, etc. Therefore, if you are looking to copy from professional traders, you need to look elsewhere.

What Markets and Symbols are Available on Eightcap?

At this section of the Eightcap broker review, we discuss the tradable markets. This broker is focused mostly on CFDs, and covers various markets and instruments through these contracts. Instruments and markets available on Eightcap:

• Forex Currency Pairs
• Commodities
• Precious Metals
• Cryptocurrencies
• Indices
• Shares

Broker Bonus and Promotions

Eightcap offers several attractive bonuses and promotions to both new and existing clients. Here's a breakdown of their current offerings:

• Sign up bonus: a personal client-specific bonus that depends on the user and can be discussed with the personal account manager
• Referral Program: Rewards both the referrer and the referred client, with varying specifics, check the website for current details
• Trading Challenges: regular competitions with attractive prizes

It's important to note that bonuses and promotions in the Forex industry are subject to strict regulations and may not be available in all jurisdictions. Always read the terms and conditions carefully before participating in any promotional offers.

Customer Services and Support

Eightcap prides itself on providing excellent customer service, which has contributed to their numerous industry awards. Here's how you can contact the support team:

• Email
• Phone
• Live chat

You can expect the support team to answer your questions 24/5. Unfortunately, despite some other brokers, this one does not offer customer services on weekends.

Banned Countries: Can You Trade on Eightcap?

Eightcap is a global broker that serves clients from many countries around the world. However, due to regulatory restrictions and company policies, there are some jurisdictions where Eightcap cannot offer its services. While the broker doesn't publicly list all banned countries, some of the countries restricted from this brokers' services are as follows:

• Iran
• North Korea
• Congo

It's important to note that the list of countries where Eightcap can or cannot operate may change over time due to evolving regulations and company policies. If you're unsure about your eligibility to open an account with Eightcap, the best course of action is to contact their customer support directly or check the terms and conditions on their website.

Tools for Trading

Eightcap provides a suite of powerful trading tools to enhance the trading experience for its clients:

• Capitalise.ai: Code-free automation tool, create, test, and automate trading strategies using natural language
• FlashTrader: Quick order placement tool for targeting multiple profits, calculating position size, and placing stops/limits with one click
• AI-powered Economic Calendar: Historical market impact data and sentiment analysis to help generate trade ideas from over 1000 macro-economic events

Trust Scores

Eightcap has established itself as a trusted broker in the industry, with several factors contributing to its reliability. At this section of Eightcap broker review, we will have an overview on the brokerage's score on reputable websites:

• Trustpilot score: 4.3 out of 5, based on more than 2,300 reviews

Education Materials and Resources

Eightcap provides a range of educational materials to help traders improve their skills and knowledge. This broker offers these resources in form of a separated section called "Eightcap Labs":

• Platform walkthrough tutorials and guides
• Trading Fundamentals guide
• educational materials on Trading Strategies:
• E-books and lectures from professionals in financial markets
• Events and Webinars
• Video Tutorials and analysis

While Eightcap's educational offerings are comprehensive, they lack some advanced features like content filtering by experience level or progress tracking. However, the broker's commitment to education is evident, and these resources can be valuable for traders at various stages of their journey.

Trading Finder Conclusion and Final Words

Eightcap is one of the world's most reliable brokers, under the regulation of reputable authorities such as ASIC and FCA. In addition, it provides 3 types of trading accounts and up to 1:500 leverage for traders. These factors can be prominent in persuading a user to use a broker. However, we must mention its $100 minimum deposit as a downside. If you have no problem with this number and some other disadvantages, start trading in Eightcap and enjoy its benefits.