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Written by: Bence András R. Updated: Dec 2022
Expert verified
Recommended for
  • forex trading 4.0/5
Trusted broker
Regulated by top-tier financial authorities
Popularity
860 people chose this broker in the last 6 months
BrokerChooser Score
4.2/5

Eightcap review summary

If fees are more or less your only concern when choosing a forex broker, Eightcap is definitely worth a try. Its forex fees are the lowest among Australia-based forex brokers, withdrawals are free, and there is no inactivity fee. Account opening is super fast, and the $100 minimum deposit is reasonable for a forex/CFD-only broker. As a plus, Eightcap offers a great lineup of crypto products, making up for a poor CFD selection and generally basic services when it comes to research, education or customer support. Like many of its peers, Eightcap uses the Metatrader platforms, including the improved MT5 for web trading and MT4 for mobile and desktop.

Eightcap is a legit broker regulated by the Australian Securities and Investments Commission. It offers negative balance protection, meaning that you can’t lose more than you deposited even in the case of heavy losses on leveraged trading.

You can't open an account at Eightcap if you live in United States. See the best alternative available in your country.

Eightcap pros and cons

Pros Cons
Low forex fees Slim product selection
Seamless, quick account opening Limited research and educational tools
Free deposit and withdrawal No investor protection

Eightcap main highlights

🗺️ Country of regulation Australia, Vanuatu
💰 Trading fees class Low
💰 Inactivity fee charged No
💰 Withdrawal fee amount $0
💰 Minimum deposit $100
🕖 Time to open an account 1 day
💳 Deposit with bank card Available
👛 Depositing with electronic wallet Available
💱 Number of base currencies supported 7
🎮 Demo account provided Yes
🛍️ Products offered Forex, CFD, Crypto
To read much more details about the broker's services and features, expand on the sections below.

Eightcap review
Fees

4.3
Eightcap has low forex and CFD fees, especially if you choose the Raw account. There are also no inactivity or withdrawal fees.
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Eightcap review
Account opening

5.0
Opening an account at Eightcap is seamless and fast. The whole process is fully digital and your account should be approved within one day.
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Eightcap review
Deposit and withdrawal

4.5
At Eightcap deposits are free, as are most withdrawals, with e-wallet options also available. The selection of account base currencies is limited to major currencies.
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Eightcap review
Web trading platform

3.1
Eightcap gives access to MetaTrader 5 web trading platform, but not for MetaTrader 4. The MT5 platform is similar to MT4 - it is customizable, but has more order types. However, price alerts are still not available, and there's no two-factor authentication.
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Eightcap review
Mobile trading platform

3.8
Eightcap's mobile platform is provided by MetaTrader 4. It is well-designed and user-friendly, but lacks a more secure, two-step login.
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Eightcap review
Desktop trading platform

3.4
Eightcap's MetaTrader 4 desktop platform is easily customizable, but has a poor, outdated design. You can set price alerts, but there is no safer, two-step login option.
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Eightcap review
Markets and products

1.7
Eightcap's product selection covers only forex and CFDs for MT4 users. MT5 users can also access CFD cryptos but popular asset types like real stocks and ETFs are not available.
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Eightcap review
Research

1.8
Eightcap's research tools are fairly limited. There are no trading ideas or fundamental data provided. As a plus, there are good tools for technical analysis, like a strategy tester or Capitalise.ai's automating tools.
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Eightcap review
Customer service

5.0
Eightcap's customer service is great via email and live chat in multiple languages. However, we couldn't connect to their phone support.
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Eightcap review
Education

3.3
Eightcap doesn't have a wide range of educational tools, such as videos. On the other hand, there is a demo account as well as some quality articles to read, and it provides webinars on third-party websites.
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Eightcap review
Safety

Eightcap is regulated by two financial authorities, including the top-tier ASIC, which however does not provide any investor protection, only negative balance protection. There is also no public information on the broker's financials available.
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Eightcap review
Bottom line

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Eightcap review
FAQ

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Author of this review

Bence András Rózsa

Author of this review

Bence is an experienced broker analyst. Having an MSc in international economy and finance, he focuses on equities, cryptos and newcomer financial services. He also has 2+ years of experience within the brokerage industry, specializing in stock and CFD/forex brokers, crypto providers and robo-advisors.

Bence András Rózsa

Broker Analyst

Bence is an experienced broker analyst. Having an MSc in international economy and finance, he focuses on equities, cryptos and newcomer financial services. He also has 2+ years of experience within the brokerage industry, specializing in stock and CFD/forex brokers, crypto providers and robo-advisors.

Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology

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