Eightcap Broker (and my personal rating)
I have been trading for over a decade now. During this time, I have seen many brokers come and go, and some remain and are good, but others are insanely expensive, simply shady, or not very trustworthy. I decided to write this Eightcap broker review because I personally have used their service for over a year.
But when you finally decide to deposit your hard-earned money in one of these Forex brokers, you must consider different aspects of their service, especially to better understand if they adapt to your trading style. A broker, ideal for a position trader, might be slow for a day trader or expensive for a scalper.
Remember that they will be your main partner throughout your trading journey. Without them, you don’t have access to the markets, and they make a living charging you spreads and commissions.
Brokers have the ill fame of betting against their client’s positions. However, reputable and honest brokers are happy with their clients growing their accounts because you will pay them for years to use their services if you stay profitable in your trading.
Remember that there is no one-fits-all solution. For starters, not all brokers will take clients from all countries. So at least, that’s your first consideration.
In this article, I will give you my honest review of Eightcap as a broker, what you can expect, and what you should be aware of if you decide to start working with them.
As always, if you decide to open an account using my referral link, I will get a commission which will be greatly appreciated. However, I only speak about products and brokers that I use myself.
Is Eightcap Regulated
Eigthcap regulation takes place in two countries.
When writing this article, Eightcap broker is regulated in Australia by the ASIC and in the Bahamas by the SCB. Founded in 2009, it has ample experience and can service clients from most of the world.
Please be aware that they won’t accept US Based clients.
Client accounts are segregated from regular company expenses, meaning they cannot use client funds to pay for the company payroll, marketing, or other costs.
What products can you trade with Eightcap?
- Forex – over 40 pairs, including majors, minors, and exotics
- Commodities – Gold, Silver, and Oil
- Shares – go long or short on the largest US, Australian LSE, and XERTRA stocks. Trade CFDs of some of the largest US, European, and Australian companies, including Apple, Amazon, AstraZeneca, British American Tobacco, Commonwealth Bank, Facebook, Netflix, Rio Tinto, SAP, Volkswagen, and more
- Indices – US30, UK100, GER30, FRA40, EUSTX50, JPN225, AUS200
- Cryptocurrencies – a comprehensive offering with over 100 cryptos: Bitcoin, Litecoin, Ripple, Cardano, Uniswap, and many others.
Eightcap Broker Spreads and Fees
Eightcap has a competitive spread scheme, and the offer will differ depending on their products. But, since we are Forex traders, let’s focus on our beloved currency pairs.
Depending on market conditions, you can get 0.0 if you have a Raw account, but use this chart as a reference for more normal spreads that are competitive for the industry.
I took them on March 20, 2023, at the beginning of the Asian session.
As you can see, it’s only 1 PIP on the EUR/USD, 1.3 PIPS on the GBP/USD, and 2.5 PIPS on the GBP/JPY that used to be one of the “expensive” pairs to trade.
They don’t charge fees for opening and closing Forex trades, which is suitable for Daytraders and Scalpers.
As always, when it comes to leverage, it’s essential to use it wisely or not at all, depending on your strategy. I always recommend that my students start without any leverage at all. If you can make money that way, you can add leverage later.
However, they have a very generous leverage scheme that you can setup up to 500:1, so if you know what you are doing and need this type of leverage, you can find it here.
This Eightcap broker review won’t be complete if we don’t touch over the platforms this broker offers. I think here, the choice is especially good. They have the classic MT4 and MT5 that can be used with Mac, PC, and iOS.
But what excites me the most is the possibility of trading directly on the TradingView Charts. This is one of the brokers this platform supports, making it the most convenient.
Remember that if you want access to the most number of pairs and instruments, MT5 is always the king.
Eightcap Withdrawal & Funding Review
Withdrawal and Funding are critical when opening an account with a new broker. Depending on your needs and from which country you are trading, you will find different solutions to suit you better. In this regard, I believe Eightcap has an edge since they accept many forms of payment for deposit and withdrawal, including the classic ones like bank transfers, debit and credit cards, but also Bitcoin and PayPal.
As happens with many brokers, you can only withdraw with the same method you deposit.
Deposits are processed instantly, and withdrawals can take up to a couple of business days, depending on the type of withdrawal you choose.
Eightcap Forex Peace Army and Trustpilot reviews
They have a very high 4.3 points on TrustPilot, with many positive five-star reviews by traders and over 1,200 reviews. Which in general speaks very well about them.
On Forex Peace Army, they have a bad rep, with measly 2-star overall points. However, they have a few reviews there, and many bad reviews come from anonym accounts from VietNam, which makes me suspicious.
From what I can read on the bad reviews, this is not a broker if you are planning to hedge trade. Also, it’s not the best when doing EA trading, and as with any online broker, I wouldn’t use it as a bank to place my rent money or life savings.
My take on Eightcap Broker
I have been trading with Eightcap broker for over a year. I learned about them from a friend who runs a prop firm on their platform. They have been professional, and never had a bad experience with them. I don’t hedge, do crazy quick scalping, nor do I use EA Robots. However, I trade relatively large positions, have made consistent money, and never had a problem cashing out.
As always, do your research, and if you want to open a demo account to try them out, feel free to click any of the banners on the article. Start demo, and then when ready, move to a small real account, try the execution and platform, and see if you are comfortable with the deposit and withdrawal process.
If you need a strategy to test this broker, you can start with my simple Swing Trading Engulfing Candle Strategy.
I will give this broker a 4.5 stars rating because I don’t know it for that long, and brokers prove their worth only with the years and being exposed to challenging market conditions. But, as a client, I am pleased with their service and will keep trading with them.
If you have ever had any experience with this broker, please leave your experience in the comments below. It will help other traders make better decisions.