Eightcap Review: Key Findings for 2022

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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.









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


FeatureEightcap
Overall 4 Stars
Trust Score79
Offering of Investments 3.5 Stars
Commissions & Fees 4 Stars
Platforms & Tools 4 Stars
Research 3 Stars
Mobile Trading Apps 4 Stars
Education 3.5 Stars




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

FeatureEightcap
Year Founded2009
Publicly Traded (Listed) No
Bank No
Tier-1 Licenses2
Tier-2 Licenses1
Tier-3 Licenses0
Trust Score79




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:

FeatureEightcap
Forex Trading Yes
CFD Trading Yes
Tradeable Symbols (Total)326
Forex Pairs (Total)45
US Stock Trading (Non CFD) No
Int’l Stock Trading (Non CFD) No
Cryptocurrency (Physical) No
Cryptocurrency (CFD) Yes
Social Trading / Copy-Trading Yes




Commissions and fees





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.


Gallery




Eightcap pricing summary:

FeatureEightcap
Minimum Deposit$100
Average Spread EUR/USD – StandardN/A
All-in Cost EUR/USD – Active0.76
Active Trader or VIP Discounts No
Execution: Agency Broker Yes
Execution: Market Maker Yes



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.

Gallery



Eightcap mobile trading:

FeatureEightcap
Android App Yes
Apple iOS App Yes
Alerts – Basic Fields Yes
Watch List Yes
Watch List Syncing No
Charting – Indicators / Studies30
Charting – Draw Trendlines Yes
Charting – Trendlines Moveable No
Charting – Multiple Time Frames Yes
Charting – Drawings Autosave No
Forex Calendar Yes




Other trading platforms


Eightcap offers a suite of plugins from FX Blue that enhance the standard MetaTrader platform suite. It also supports integration with Capitalise.ai, allowing algorithmic trading within your MetaTrader 4 (MT4) account. With a variety of extra features that enhance the standard MetaTrader experience, Eightcap has inched closer towards offering what the best MetaTrader brokers provide, but did not finish best in class in 2022.


Platforms overview: Eightcap is a MetaTrader-only broker offering the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platform suite from MetaQuotes Software Corporation.


Trading tools: In addition to plugins from FX Blue, Eightcap provides access to Capitalise.ai, a third-party platform for coding automated trading strategies in plain English – without the need to program any code.


Gallery



Eightcap trading platform:

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
DupliTrade No
ZuluTrade No
Charting – Indicators / Studies (Total)30
Charting – Drawing Tools (Total)15
Charting – Trade From Chart Yes
Watchlists – Total Fields7
Order Type – Market No




Market research


Eightcap produces a modest variety of research content that includes daily updates in both written and video format – however, its research offering doesn’t stack up against what the best brokers offer.


Research overview: Eightcap’s research primarily takes the form of daily written updates from its in-house staff – such as its Trading Week Ahead series – accompanied by the occasional video posted to the firm’s YouTube channel, which hosts its Market Update video series.


Market news and analysis: Expanding the range of research by integrating third-party research tools and content (such as Autochartist and Trading Central) would help lift Eightcap’s ranking in this category.


Eightcap research:

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




Education


Eightcap’s educational offering delivers a wide variety of written articles, but only a limited selection of videos. Some of the best brokers in this category offer lesson programs, complete with quizzes and progress tracking – features that are absent at Eightcap.


Learning center: Eightcap offers just a dozen educational videos, and a handful of archived webinars, such as its TraderFest series which covers CFDs and forex. These videos are archived on its YouTube channel and organized by playlist. The selection of written educational content articles has improved, and includes at least 74 articles covering fundamentals and trading strategies.


Room for improvement: Expanding the selection of educational videos and organizing articles by experience level would help balance Eightcap’s overall educational offering.


Gallery



Eightcap education:

FeatureEightcap
Has Education – Forex or CFDs Yes
Client Webinars No
Client Webinars (Archived) Yes
Videos – Beginner Trading Videos Yes
Videos – Advanced Trading Videos No
Investor Dictionary (Glossary) Yes




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.


About the Author

Steven Hatzakis



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.





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