Eightcap Broker Review

Is Eightcap Safe?

Yes, Eightcap is a safe broker for Filipino traders to trade with.  It maintains regulation from top-tier authorities, including the Australian Securities and Investments Commission (ASIC), the Financial Conduct Authority (FCA) of the UK, the Cyprus Securities and Exchange Commission (CySEC), and the Securities Commission of Bahamas (SCB). 

SCB regulation: Filipinos will be trading under the subsidiary, Eightcap Global Limited, regulated by the Securities Commission of the Bahamas (SCB).

Safety Features: In February 2021, the SCB tightened its restrictions on CFD trading to better protect traders.  As a result, brokers regulated by the SCB will need to ensure that all client money is segregated from its operating capital, that a retail client account’s net equity does not fall below 50 percent, and mandates that all traders are afforded automatic negative balance protection. Additionally, under SCB regulations, brokers are not allowed to offer traders bonuses or promotions.  

Overall, because of its strong international regulation, segregation of client money, and provision of negative balance protection, we consider Eightcap a safe broker to trade with.  

Company Details

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Eightcap’s Trading Instruments

Eightcap offers a large range of financial instruments compared to similar brokers and stands out for its crypto range, with over 100 digital assets available. 

Full List of Instruments and Leverage:

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Forex: Eightcap has over 55 currency pairs available for trading, an average range compared to most other brokers.  These include majors (EUR/USD, GBP/USD, and USD/JPY) and minors (NZD/JPY, GBP/JPY, and USD/ZAR). 

Share CFDs: Eightcap offers 600 share CFDs, which is a broad range compared to other large international brokers. The selection available includes those on all of the major exchanges.

Indices: There are 17 indices available for trading at Eightcap, which is around the average available at other similar brokers. The most popular indices are those that combine the shares of some of the largest and globally acknowledged companies.   

Commodities: Eightcap offers trading on 14 commodities, which is limited compared to other similar brokers. Most brokers offer between 5 and 10 commodities.  Commodities include energies such as Brent Crude Oil, and two metals – silver and gold.

Cryptocurrencies: Eightcap offers trading on over 100 cryptocurrencies, a much larger range than other similar brokers.

Accounts and Trading Fees

Eightcap offers three live accounts, which is average compared to other brokers, both with a reasonable minimum deposit requirement.  

While Eightcap is a market maker, it runs a no-intervention execution model. Eightcap’s trading servers are hosted in Equinix data centres, providing lightning-fast execution and pricing is derived from several top-tier liquidity providers.

Aside from a demo account, Eightcap offers three simple trading accounts with variable spreads on the MT4, MT5, and TradingView platforms. All of Eightcap’s accounts have a reasonable minimum deposit requirement of 100 USD (or currency equivalent), making them accessible to beginner traders.

Account Trading Costs:

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Standard Account: The Standard Account is a commission-free trading account with variable spreads and a 100 USD minimum deposit. The average spread on major pairs is 1.0 pips, which is slightly wider than other similar brokers but can fall to 0.5 pips at times.

Raw Account: The Raw Account is a commission-based account with tight spreads but otherwise similar to the Standard Account. The minimum deposit is 100 USD and spreads can be as low as 0.00 pips on major currency pairs.  Traders are charged a commission of 7 USD per lot traded.  

TradingView Account: This account is similar to the Standard Account. No commissions are charged for Forex trading; the minimum deposit is 100 USD, spreads start at 1 pip (EUR/USD), and as the name suggests, this account is only available on TradingView.

Demo Account – All accounts are available as demo accounts. Without intervention, the demo account will expire after 30 days but can be converted to an unlimited demo account by contacting Eightcap customer service.

Deposits and Withdrawals

Eightcap offers a decent range of payment methods, and withdrawals and deposits are free.  

Eightcap operates a “return to source” policy, meaning that withdrawals must be made via the same method and the same account as the original deposit.

Trading Account Currencies: At Eightcap, traders can choose from seven base currencies: AUD, USD, EUR, GBP, NZD, CAD, and SGD. This is a disadvantage for Filipino traders who will likely have bank accounts denominated in PHP, and who will have to pay currency conversion fees on both deposits and withdrawals.

Deposit and Withdrawal Fees: Eightcap does not charge any additional internal fees for deposits or withdrawals. However, traders should note that payments to and from overseas banking institutions may attract intermediary transfer fees from either party which are independent of Eightcap.

See below for a complete list of payment options and withdrawal times:

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Mobile Trading Apps

With MT4, MT5, and the TradingView mobile apps available, Eightcap’s mobile trading platform support is excellent compared to other brokers. 

MT4/MT5 Mobile Trading

Eightcap’s MT4 and MT5 mobile trading apps offer similar functionality to the platforms’ desktop and web trader versions. Traders can access all instruments available at Eightcap and access all the same charts. Additionally, all the trading order types are available. The only difference is that the number of indicators is reduced for both the MT4 and MT5 mobile applications.

TradingView

TradingView is one of the most advanced charting platforms available. It has over 12 customisable chart types, including candlesticks, Renko and Kagi. It also has hundreds of built-in and community-built indicators, more than 50 drawing tools, volume profile indicators, and in-depth market analysis tools. Another unique feature is its customisable timeframes that can be set to any time interval, and its trading alerts, available on any device, with 12 different alert conditions. 

Other Trading Platforms

The MT4, MT5, and TradingView trading platforms are available as a download for your computer and as a Webtrader in your browser.

Eightcap offers traders MetaTrader 4 (MT4), MetaTrader 5 (MT5), and TradingView, each of which offers Expert Advisors, automated trading support, strategy backtesting, customisable charting, indicators, and copy trading functionality.

All platform choices are free to use, all can be downloaded to your PC or Mac, and all have web versions of the platform. Traders who want more EAs to use, and don’t mind the dated interface, should consider using one of the MetaTrader products. TradingView is often a favourite for beginner traders as it requires less setup, has a more modern interface, and offers more advanced features. 

Trading Platforms Comparison:

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Broker

Platform Choice

Copy Trading

Platforms

Eightcap

4.5/ 5

Yes

MT4

MT5

TradingView

NAGA

4.5/ 5

Yes

MT4

MT5

NAGA Web App

Fibo Group

5/ 5

Yes

MT4

MT5

cTrader

Opening an Account at Eigthcap

The account-opening and verification process at Eightcap is seamless, and accounts are ready within 24 hours, which is about the industry average. 

All Filipino residents are eligible to open an account at Eightcap, as long as they meet the minimum deposit requirements of 100 USD (or currency equivalent). 

Eightcap offers corporate, joint, trust, and individual accounts. For the purposes of this review, we will outline the process for opening an individual account:

1. From the Eightcap homepage, you will have to click on the ‘Create Account’ tab where you will be directed to register an account with a name, email address, telephone number and password.     
2. Eightcap’s registration form requires traders to fill in their physical address, date of birth, and tax number.
3. Next, traders are required to choose their trading platform (MT4, MT5, or TradingView), account type, preferred base currency, and level of leverage.  
4. Traders will then have to agree to the Risk Disclosure Policy and Client Agreement
5. Verification usually takes less than 24 hours, and Eightcap will need:

• Proof of Identification – Eightcap accepts all government-issued identification documents such as Passport, national ID card, driver’s license, or other government-issued ID. 
• Proof of Address – Proof of residence/address document must be issued in the name of the account holder within the last 6 months and must contain a trader’s full name, current residential address, issue date, and issuing authority. 

Overall, Eightcap’s account-opening process is hassle-free, and accounts are ready for trading within 24 hours.

Research and Trading Tools

Eightcap’s research material and trading tools are comprehensive and in-depth compared to other brokers.

Research

The in-house Eightcap research team performs frequent research covering both fundamental and technical analyses. The research provides information on market-moving events outside of conventional news sources.  The research team also provides ‘Trade Ideas,’ which provide insights on trading opportunities, ‘Trading Outlook,’ a day-to-day analysis of events affecting the markets, and videos on daily market forecasts.

Trading tools

Capitalise.ai

Capitalise.ai is essentially a means of creating automated trading strategies without having to understand coding. Capitalise.ai allows traders to choose the time frames and conditions to build and maintain a trading model, with automated enter and exit positions. It also provides an array of easy-to-understand tech indicators. Although not available on the website, Autochartist it is accessible for users when opening a demo account.

FlashTrader

FlashTrader is a tool that allows traders to execute trades much faster by enabling them to calculate their position sizes and place stops and limits instantly. It also has integrated risk management tools, which add stops and targets to your trades automatically. 

ForexVPS

Traders who deposit at least 1000 USD and trade a minimum of 5 lots per month get free access to ForexVPS services. 

VPS hosting allows traders to run automated algorithmic strategies, including expert advisors, 24 hours a day, 7 days a week on a virtual machine. 

ForexVPS has a dedicated 24/5 customer support team to help new users set up and install EAs and indicators directly to the virtual machines. VPS services have the advantage of never suffering connectivity issues and have extremely low latency due to their proximity to major international exchanges.

Trading Calculator

Like many brokers, Eightcap offers trading calculators to help traders calculate the potential profits, losses, and costs of trading.  The calculation outcome will help traders decide if or when to open a position, what margin is required, and what the cost of trading will be.

Economic calendar

Eightcap’s Economic Calendar provides a good selection of fundamental data. Upcoming news and events can be filtered by country and impact. Please note that the economic calendar is only available for registered traders.

Market Research Comparison:

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Broker

Economic Calendar

Autochartist

Trading Central

Trading View

Free VPS

Eightcap

No

No

No

Yes

Yes

NAGA

Yes

No

Yes

No

No

Fibo Group

Yes

No

No

No

No

Education

Eightcap’s education section is varied and well-written, although far from the best in the Forex trading space. They also offer a demo account that usually expires after 30 days but can be converted to an unlimited account. 

Articles: Eightcap’s Trading Education section is well-presented and accessible. Two main categories are presented to the reader:  Fundamentals and Trading Strategies. The MetaTrader Guides and Trading Strategies section will particularly be helpful for new traders. Unfortunately, no new video material or webinars are available at this time, and the addition of a structured course for beginners would be welcome.

Demo account: All accounts are available as demo accounts. Without intervention, the demo account will expire after 30 days but can be converted to an unlimited demo account by contacting Eightcap customer service.

Education Comparison:

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Broker

Beginner Course

Advanced Course

Well Structured Education

Education Quality

Webinars

Eightcap

Yes

Yes

Yes

Medium

Yes

NAGA

Yes

Yes

Yes

Medium

Yes

Fibo Group

No

No

No

Medium

Yes

Customer Support

Customer support is available 24/5 from Eightcap’s five global offices via email, live chat, and telephone. Support is available in English, Chinese, Thai, Korean, French, Spanish, Italian, German and Vietnamese.

For the purposes of this review, we found Customer Support at Eightcap to be responsive, polite, and resourceful.

Regulation and Trust

Regulation: Founded in Melbourne in 2009, Eightcap is the brand name of Eightcap Global Limited and is regulated by The Securities Commission of The Bahamas. See below for details of registered companies:

• Eightcap Pty Ltd (ABN 73 139 495 944) is regulated by the Australian Securities and Investment Commission (ASIC) with the AFSL reg no. 391441.
• Eightcap EU Ltd is regulated by the Cyprus Securities and Exchange Commission (CySEC) with license number 246/14.
• Eightcap Group Ltd is authorised and regulated by the Financial Conduct Authority, FRN 921296. 
• Eightcap EU Ltd is authorised by Finansinspektionen, under licence number 36109.
• Eightcap Global Limited, regulated by The Securities Commission of The Bahamas (SCB), (SIA-F220). 

Overall, because of its strong international regulation, segregation of client money, and provision of negative balance protection, we consider Eightcap a safe broker to trade with.  

Overview

Eightcap is a well-regulated broker with tight spreads and three simple accounts. Minimum deposits are reasonable, and deposits and withdrawals are generally free. We were pleased to find that traders can choose between MT4, MT5, and TradingView and that it offers a broad range of tradable instruments, including over 100 cryptocurrencies. 

Education is not as strong or as well-structured as Eightcap’s larger competitors, but beginners will find the material available helpful and informative. We did, however, find that it has an excellent range of research materials and great trading tools. Overall, Eightcap’s simple account structure and transparent approach are welcome in an industry where many brokers confuse their clients in a storm of options and small print.

Editorial Team

 

Chris Cammack
Head of Content

Chris joined the company in 2019 after ten years experience in research, editorial and design for political and financial publications. His background has given him a deep knowledge of international financial markets and the geopolitics that affects them. Chris has a keen eye for editing and a voracious appetite for financial and political current affairs. He ensures that our content across all sites meets the standards of quality and transparency that our readers expect.

 

Alison Heyerdahl
Senior Financial Writer

Alison joined the team as a writer in 2021. She is the Senior Editor for FXScouts.  She has a medical degree with a focus on physiotherapy and a bachelor’s in psychology. However, her interest in forex trading and her love for writing led her to switch careers. She has a passion for Forex trading and over a decade of editorial experience researching Forex and the financial services industry, producing high-quality content. She hosts a weekly podcast, “Let’s Talk Forex,” alongside her colleague, Chris, and has produced over 100 Forex educational videos for the FXScouts YouTube channel. She also writes weekly technical analyses and has tested and reviewed over 100 Forex brokers.

 

Ida Hermansen
Financial Writer

Ida joined our team as a financial writer in 2023. She has a degree in Digital Marketing and a background in content writing and SEO. In addition to her marketing and writing skills, Ida also has an interest in cryptocurrencies and blockchain networks. Her interest in crypto trading led to a wider fascination with Forex technical analysis and price movement. She continues to develop her skills and knowledge in Forex trading and keeps a close eye on which Forex brokers offer the best trading environments for new traders.