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Eightcap Review

Steven Hatzakis

Steven Hatzakis | September 25th, 2020

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. This content is intended for information and educational purposes only and should not be considered investment advice or investment recommendation.

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 2020

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.

Special Offer:

Overall Summary

FeatureEightcap
Overall 3 Stars
Trust Score70
Offering of Investments 3 Stars
Commissions & Fees 3.5 Stars
Platform & Tools 3 Stars
Research 3 Stars
Mobile Trading 3 Stars
Customer Service 0 Stars
Education 3 Stars

Is Eightcap Safe?

help 70
Trust Score

Eightcap is considered average-risk, with an overall Trust Score of 70 out of 99. Eightcap is not publicly traded and does not operate a bank. Eightcap is authorised by one tier-1 regulator (high trust), zero tier-2 regulators (average trust), and zero tier-3 regulators (low trust). Eightcap is authorised by the following tier-1 regulator: Financial Conduct Authority (FCA). Learn more about Trust Score.

Regulations Comparison

FeatureEightcap
Year Founded2009
Publicly Traded (Listed) No
Bank No
Tier-1 Licenses1
Tier-2 Licenses0
Tier-3 Licenses0
Trust Score70

Offering of Investments

The following table summarizes the different investment products available to Eightcap clients.

FeatureEightcap
Forex: Spot Trading Yes
Currency Pairs (Total Forex pairs)45
CFDs - Total Offered211
Social Trading / Copy-Trading Yes
Cryptocurrency traded as actual No
Cryptocurrency traded as CFD Yes

Commissions & 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.

FeatureEightcap
Minimum Initial Deposit$100
Average Spread EUR/USD - StandardN/A
All-in Cost EUR/USD - ActiveN/A
Active Trader or VIP Discounts No

Platforms & 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.

Overall, 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 & tools and trails the best MetaTrader brokers.

Gallery

FeatureEightcap
Virtual Trading (Demo) Yes
Proprietary Platform No
Desktop Platform (Windows) Yes
Web Platform Yes
Social Trading / Copy-Trading Yes
MetaTrader 4 (MT4) Yes
MetaTrader 5 (MT5) Yes
cTrader No
Charting - Indicators / Studies (Total)(Default MT4/MT5)
Charting - Drawing Tools (Total)(Default MT4/MT5)
Charting - Trade From Chart Yes
Watchlists - Total Fields(Default MT4/MT5)
Order Type - Trailing Stop No

Research

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.

Gallery

FeatureEightcap
Daily Market Commentary Yes
Forex News (Top-Tier Sources) No
Weekly Webinars No
AutoChartist No
Trading Central (Recognia) No
Delkos Research No
Social Sentiment - Currency Pairs No
Economic Calendar No

Education

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.

Gallery

Mobile Trading

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.

Gallery

FeatureEightcap
Android App Yes
Apple iOS App Yes
Trading - Forex Yes
Trading - CFDs Yes
Alerts - Basic Fields No
Watch List Yes
Watch List Syncing No
Charting - Indicators / Studies(Default MT4/MT5)
Charting - Draw Trend Lines No
Charting - Trend Lines Moveable No
Charting - Multiple Time Frames No
Charting - Drawings Autosave No
Forex Calendar No

Final Thoughts

While Eightcap has been established for over a decade, it trails industry leaders when it comes to its Trust Score as Eightcap only holds one Tier-1 license. 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.

About Eightcap

Eightcap began in 2009 as Roco International Pty Ltd, before rebranding to its current name. Eightcap Pty Ltd holds an Australian Financial Service License (AFSL) with the Australian Securities & Investment Commission (ASIC). In Vanuatu, Eightcap Global Pty Ltd holds regulatory status with the Vanuatu Financial Services Commission (VFSC) since December 2019.

Eightcap also has Blueberry Markets Group listed as a trading name under its ASIC-regulated entity. While similar, Blueberry Markets is a separate offering with a different management team, despite sharing the same regulatory license.

Eightcap Trading Features

FeatureEightcap
Virtual Trading (Demo) Yes
Proprietary Platform No
Desktop Platform (Windows) Yes
Web Platform Yes
Social Trading / Copy-Trading Yes
MetaTrader 4 (MT4) Yes
MetaTrader 5 (MT5) Yes
cTrader No
Charting - Indicators / Studies (Total)(Default MT4/MT5)
Charting - Drawing Tools (Total)(Default MT4/MT5)
Charting - Trade From Chart Yes
Watchlists - Total Fields(Default MT4/MT5)
Order Type - Trailing Stop No

Eightcap Research Features

FeatureEightcap
Daily Market Commentary Yes
Forex News (Top-Tier Sources) No
Weekly Webinars No
AutoChartist No
Trading Central (Recognia) No
Delkos Research No
Social Sentiment - Currency Pairs No
Economic Calendar No

Eightcap Mobile App Features

FeatureEightcap
Android App Yes
Apple iOS App Yes
Trading - Forex Yes
Trading - CFDs Yes
Alerts - Basic Fields No
Watch List Yes
Watch List Syncing No
Charting - Indicators / Studies(Default MT4/MT5)
Charting - Draw Trend Lines No
Charting - Trend Lines Moveable No
Charting - Multiple Time Frames No
Charting - Drawings Autosave No
Forex Calendar No

2020 Review Methodology

For our 2020 Forex Broker Review we assessed, rated, and ranked 30 international forex brokers over a five month time period. Each broker was graded on 105 different variables and, in total, over 50,000 words of research were produced.

While encouraged, broker participation was optional. Each broker had the opportunity to complete an in-depth data profile and provide executive time (live in person or over the web) for an annual update meeting.

All data submitted by brokers is hand-checked for accuracy. Ultimately, our rigorous data validation process yields an error rate of less than 1% each year, providing site visitors 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.


Steven Hatzakis

About the author: 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.

Trading CFDs, FX, and cryptocurrencies involve a high degree of risk. All providers have a percentage of retail investor accounts that lose money when trading CFDs with their company. You should consider whether you can afford to take the high risk of losing your money and whether you understand how CFDs, FX, and cryptocurrencies work. All data was obtained from a published web site as of 01/20/2020 and is believed to be accurate, but is not guaranteed. The ForexBrokers.com staff is constantly working with its online broker representatives to obtain the latest data. If you believe any data listed above is inaccurate, please contact us using the link at the bottom of this page.

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