Eightcap broker review: Unbiased Analysis & Expert Insights
This comprehensive Eightcap broker review provides an unbiased analysis of its trading services, fees, platforms, and more. When considering a broker, it’s crucial to understand all aspects of their offering, and our Eightcap broker review aims to deliver just that.
Eightcap Trading Assets
Eightcap offers a selection of trading instruments, though its range of 45 Eightcap forex pairs and approximately a dozen CFDs is below the industry average. This section details the various investment products available to Eightcap clients.
- Forex Trading (Spot or CFDs): Yes
- Tradeable Symbols (Total): 326
- Forex Pairs (Total): 45
- U.S. Stock Trading (Non CFD): No
- Int’l Stock Trading (Non CFD): No
- Social Trading / Copy Trading: Yes
- Cryptocurrency (Physical): No
Eightcap cryptocurrency trading is available through CFDs. It’s important to note that trading the underlying cryptocurrency asset (e.g., directly buying Bitcoin) is not supported. Additionally, crypto CFDs are not available to retail traders from any broker’s U.K. entity or to U.K. residents.
Eightcap Fees and Commissions
Eightcap provides two primary Eightcap account types across its global entities, including those in Australia and Vanuatu. The Eightcap fees and commissions you incur will depend on your choice between the commission-based Raw account and the spread-only Standard account.
The Raw account boasts an average spread of 0.06 pips. However, after incorporating the $3.50 per-side commission per trade, the all-in cost rises to roughly 0.76 pips. This figure places it just under the industry average of 0.8 pips. It’s worth noting that Eightcap did not specify a date range for its published average spread data.
Overall, our Eightcap broker review finds that Eightcap is slightly more expensive compared to some of the lowest-cost forex brokers in the market.
- Minimum Initial Deposit: $100
- All-in Cost EUR/USD – Active: 0.76
- Active Trader or VIP Discounts: No
- Execution: Agency Broker / Market Maker
Eightcap Account Types and Mobile Trading
Eightcap offers two main Eightcap account types: the Raw account (commission-based) and the Standard account (spread-only). This flexibility allows traders to choose an account structure that best suits their trading style and preferences.
Eightcap does not offer a proprietary mobile trading application. Instead, it relies on the widely used MetaTrader platforms. As a MetaTrader-only broker, clients can access iOS and Android versions of the MT4 and MT5 apps. These are readily available for download from the Apple App Store and Google Play Store, respectively.
- Android App: Yes
- Apple iOS App: Yes
- Mobile Alerts – Basic Fields: Yes
- Charting – Indicators / Studies (Total): 30
- Charting – Drawing Tools (Total): 15
Eightcap Trading Platforms and Tools
Eightcap is a MetaTrader-only broker, offering the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platform suites. This provides a robust and familiar environment for many forex and CFD traders. Recently, Eightcap also enabled clients to connect their accounts to TradingView, a widely used third-party charting platform.
To enhance the standard MetaTrader experience, Eightcap provides a suite of plug-ins from FX Blue. Furthermore, it supports integration with Capitalise.ai, which allows for algorithmic trading within your MetaTrader 4 account. Capitalise.ai enables users to create automated trading strategies in plain English, eliminating the need for coding.
- 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
Market Research
Eightcap produces a modest range of research content, including daily updates in both written and video formats. However, its research offering does not quite match the extensive resources provided by industry-leading brokers. The research primarily consists of daily written updates from its in-house staff, such as the “Trading Week Ahead” series, complemented by occasional videos on the firm’s YouTube channel, which hosts its “Market Update” video series.
Conclusion
In conclusion, our Eightcap broker review highlights that Eightcap is a MetaTrader-focused broker offering competitive pricing, especially with its Raw account, and a decent range of Eightcap trading assets. While its Eightcap fees and commissions are generally favorable, the limited number of Eightcap forex pairs and CFDs might not appeal to all traders.
The availability of multiple Eightcap account types and integration with platforms like TradingView and Capitalise.ai are strong points. However, the absence of a proprietary mobile app and a less extensive research offering are areas where Eightcap could improve. This Eightcap broker review aims to provide a clear picture for potential traders.
