Eightcap Review

Eightcap enhances its status as a MetaTrader-only broker with support for a suite of third-party plugins and access to Capitalise.ai’s algorithmic trading platform.

Despite Eightcap’s impressive crypto offering, its narrow range of markets, lack of standout educational content, and meager research material leave it struggling to keep up with the best forex brokers.

• Minimum Deposit: $100
• Trust Score: 79
• Tradeable Symbols (Total) : 326

Eightcap pros & cons

Pros:

• Eightcap (also known as “8cap”) was founded in 2009 and is regulated in two tier-1 jurisdictions and one tier-2 jurisdiction.
• Eightcap has a good variety of written articles.
• Offers a vast selection of over 200 cryptocurrency CFDs.

Cons:

• Narrow range of CFD symbols, and only 45 forex pairs available.
• Eightcap’s research content lacks depth, variety, and consistency.
• Educational resources lack the ability to filter content by experience level, and would benefit from the inclusion of a progress-tracking feature.
• Educational videos are sparse compared to what the best forex brokers for beginners offer.
• The range of markets, accounts, and execution methods available at Eightcap simply can’t compete with the best MetaTrader brokers.

Overall Summary

Is Eightcap safe?

Eightcap is considered average-risk, with an overall Trust Score of 79 out of 99. Eightcap is not publicly traded, does not operate a bank, and is authorised by two tier-1 regulators (high trust), one tier-2 regulator (average trust), and zero tier-3 regulators (low trust). Eightcap is authorised by the following tier-1 regulators: Australian Securities & Investment Commission (ASIC) and the Financial Conduct Authority (FCA). Learn more about Trust Score.

Regulations Comparison

Offering of investments

Eightcap’s 45 forex pairs and roughly a dozen CFDs put its offering of investments below the industry average. The following table summarizes the different investment products available to Eightcap clients.

Cryptocurrency: Cryptocurrency trading is available at Eightcap 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 U.K. entity, nor to U.K. residents.

Eightcap offering of investments:

Eightcap offers two account types across its global entities, including those in Australia and Vanuatu. The commissions and fees you pay will depend on whether you choose the commission-based Raw account or the spread-only Standard account.

Eightcap lists an average spread of 0.06 pips for its commission-based Raw account. However, after factoring in the per-side commission of $3.50 per trade, the all-in cost amounts to roughly 0.76 pips – coming in just under the industry average of 0.8 pips. It’s worth noting that Eightcap did not provide a date range for its published average spread data.

Overall, Eightcap is slightly more expensive than the lowest-cost forex brokers.

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Eightcap pricing summary:

Mobile trading apps

With no proprietary mobile app available, Eightcap simply can’t compete with industry leaders like IG and Saxo Bank. For our top picks among trading apps, read our guide to best forex trading apps.

Apps overview: As Eightcap is a MetaTrader-only broker, iOS and Android versions of the MT5 app come standard and are both available for download from the Apple App Store and Google Play store, respectively.

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Eightcap mobile trading:

Final thoughts

By offering various platform plugins and granting access to third-party tools like Capitalise.ai, Eightcap has taken strides to improve on the standard MetaTrader platform suite. Eightcap also offers more cryptocurrency pairs than nearly every other broker we reviewed – a feature it launched in 2021.

Significant hurdles remain for Eightcap to become a top MetaTrader Broker, such as its narrow range of available markets and lack of a proprietary mobile app.

About Eightcap

Eightcap was established in 2009 in Melbourne, Australia, and holds an Australian Financial Service License (AFSL) with the Australian Securities & Investment Commission (ASIC). Eightcap's U.K. entity, Eightcap Group Ltd, is authorised and regulated by the Financial Conduct Authority (FCA), and its EU entity is authorised by the Cyprus Securities and Exchange Commission (CySEC). Lastly, in the offshore island nation of Vanuatu, Eightcap Global Pty Ltd holds regulatory status with the Vanuatu Financial Services Commission (VFSC) since December 2019.

2022 Review Methodology

For our 2022 Forex Broker Review we assessed, rated, and ranked 39 international forex brokers over a three-month time period resulting in over 50,000 words of published research.

Each broker was graded on 113 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.