With a small range of markets and no standout features across its research, education, platforms, and account offerings, Eightcap struggles to compete with the best forex brokers.
Top Takeaways for 2021
Here are our top findings on Eightcap:
- Eightcap (also known as “8cap”) was founded in 2009 and is regulated in one tier-1 jurisdiction and zero tier-2 jurisdictions, making it a safe broker (average-risk) for forex and CFDs trading.
- Eightcap lacks depth in categories such as research, compared to research leader IG. Likewise, for education, there are a few dozen articles for forex and CFD education, alongside platform tutorials. I was left wanting more from Eightcap, compared to the content offered by the best forex brokers for beginners.
- The range of markets, accounts, and execution methods available at Eightcap do not compete with the best MetaTrader brokers.
|Offering of Investments|
|Commissions & Fees|
|Platforms & Tools|
Is Eightcap Safe?
Eightcap is considered average-risk, with an overall Trust Score of 73 out of 99. Eightcap is not publicly traded and does not operate a bank. Eightcap is authorised by two tier-1 regulators (high trust), zero tier-2 regulators (average trust), and zero tier-3 regulators (low trust). Eightcap is authorised by the following tier-1 regulators: Financial Conduct Authority (FCA) and the Australian Securities & Investment Commission (ASIC). Learn more about Trust Score.
|Publicly Traded (Listed)||No|
|ASIC Authorised (Australia)||Yes|
|IIROC Authorised (Canada)||No|
|SFC Authorised (Hong Kong)||No|
|FSA Authorised (Japan)||No|
|MAS Authorised (Singapore)||No|
|FINMA Authorised (Switzerland)||No|
|FCA Authorised (UK)||Yes|
|CFTC Registered (USA)||No|
Offering of Investments
The following table summarizes the different investment products available to Eightcap clients.
Cryptocurrency: Cryptocurrency trading is available through CFDs, but not available through trading the underlying asset (e.g. buying Bitcoin). Note: Crypto CFDs are not available to retail traders from any broker's UK entity, nor to UK residents.
Eightcap offering of investments:
|Tradeable Symbols (Total)||76|
|Forex Pairs (Total)||45|
|US Stock Trading (Non CFD)||No|
|Int'l Stock Trading (Non CFD)||No|
|Social Trading / Copy-Trading||Yes|
Commissions and Fees
Eightcap offers two account types across its global entities. The commissions and fees you pay will depend on whether you choose the Raw or Standard account.
Overall, since Eightcap does not publish its average spread data, we were unable to make a precise assessment. Given the data we could see, our best guess is that Eightcap is far more expensive than the lowest cost forex brokers.
Raw vs Standard: The Raw account at Eightcap charges a commission of $3.5 per standard lot traded and has lower spreads compared to the Standard account.
Eightcap pricing summary:
|Average Spread EUR/USD - Standard||N/A|
|All-in Cost EUR/USD - Active||0.76|
|Active Trader or VIP Discounts||No|
|Execution: Agency Broker||Yes|
|Execution: Market Maker||Yes|
Platforms and Tools
Eightcap is a MetaTrader-only broker offering the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platform suite from MetaQuotes Software Corporation. As part of this offering, Eightcap provides the web-based version of MT5, but the web-version of MT4 is not available.
Eightcap also provides access to Capitalise, a third-party platform for coding automated trading strategies in plain English, without the need to program any code.
Overall, besides the default MetaTrader platforms, and Capitalise, there are no platform add-ons or additional tools available to complement the broker’s platform offering. Eightcap is not a standout broker for its platform and tools and trails the best MetaTrader brokers.
Eightcap trading platform:
|Virtual Trading (Demo)||Yes|
|Desktop Platform (Windows)||Yes|
|Social Trading / Copy-Trading||Yes|
|MetaTrader 4 (MT4)||Yes|
|MetaTrader 5 (MT5)||Yes|
|Charting - Indicators / Studies (Total)||MetaTrader (Default)|
|Charting - Drawing Tools (Total)||MetaTrader (Default)|
|Charting - Trade From Chart||Yes|
|Watchlists - Total Fields||MetaTrader (Default)|
|Order Type - Trailing Stop||No|
Eightcap provides research primarily in the form of written updates from its in-house staff along with corresponding videos posted to the firm’s YouTube channel. There is a Market Update, and Market Focus, which select specific assets for further analysis, and then the Trading Week Ahead series with an outlook on markets and events.
Variety of content: For video content, each article replicates in video format, which helps provide consistency to the content experience, but at the same time means there is less variety with just three series each day across media formats.
Overall, expanding the range of research by adding third-party research tools and content (e.g., Autochartist, Trading Central) would help lift Eightcap’s ranking in this category.
|Daily Market Commentary||Yes|
|Forex News (Top-Tier Sources)||No|
|Trading Central (Recognia)||No|
|Social Sentiment - Currency Pairs||No|
Eightcap offers just seven educational videos for CFDs and less than ten for forex (excluding platform tutorials). The selection of educational articles is also lackluster.
Expanding the selection and quality of educational content would help improve Eightcap’s ranking in this category. In the meantime, Eightcap is not a standout broker for education compared to the best forex brokers.
|Has Education - Forex or CFDs||Yes|
|Client Webinars (Archived)||Yes|
|Videos - Beginner Trading Videos||Yes|
|Videos - Advanced Trading Videos||No|
|Investor Dictionary (Glossary)||Yes|
|Tutorials/Guide (PDF or Interactive)||No|
As a MetaTrader-only broker, Eightcap offers the MT4 and MT5 mobile app available for Android and Apple iOS devices.
Overall, there are no standout features at Eightcap when it comes to its MetaTrader offering and especially when compared to the best MetaTrader brokers.
Eightcap mobile trading:
|Apple iOS App||Yes|
|Alerts - Basic Fields||Yes|
|Watch List Syncing||No|
|Charting - Indicators / Studies||MetaTrader (Default)|
|Charting - Draw Trendlines||Yes|
|Charting - Trendlines Moveable||No|
|Charting - Multiple Time Frames||Yes|
|Charting - Drawings Autosave||No|
While Eightcap has been established for over a decade, it trails industry leaders when it comes to its Trust Score as Eightcap only holds two Tier-1 licenses. At the same time, Eightcap’s Vanuatu offering doesn’t convey much protection for clients, given the island nation’s relatively new entry into forex broker regulation.
Acquiring additional licenses in other Tier-1 jurisdictions and enhancing its range of products and services would help Eightcap improve its offering. Until then, Eightcap will continue to trail industry leading brokers.
Eightcap was established in 2009 in Melbourne, Australia, initially under the name Roco International Pty Ltd. Eightcap Pty Ltd holds an Australian Financial Service License (AFSL) with the Australian Securities & Investment Commission (ASIC). Eightcap's UK entity, Eightcap Group Ltd, is authorised and regulated by the Financial Conduct Authority (FCA). In Vanuatu, Eightcap Global Pty Ltd holds regulatory status with the Vanuatu Financial Services Commission (VFSC) since December 2019.
2021 Review Methodology
For our 2021 Forex Broker Review we assessed, rated, and ranked 27 international forex brokers over a three-month time period resulting in over 50,000 words of published research.
Each broker was graded on 108 different variables, including our proprietary Trust Score algorithm. This innovative scoring system ranks the level of trustworthiness for each broker based on factors such as licenses, regulation and corporate structure (read about Trust Score here).
As part of our annual review process, all brokers had the opportunity to provide updates and key milestones and complete an in-depth data profile, which we hand-checked for accuracy.
Ultimately, our rigorous data validation process yields an error rate of less than .1% each year, providing site visitors with quality data they can trust. Learn more about how we test.
Forex Risk Disclaimer
"There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses." Learn more.
About the author: Steven Hatzakis Steven Hatzakis is the Global Director of Research for ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. Steven is an active fintech and crypto industry researcher and advises blockchain companies at the board level. Over the past 20 years, Steven has held numerous positions within the international forex markets, from writing to consulting to serving as a registered commodity futures representative.