Are forex spreads low at Eightcap as of September 2024?
When trading forex, the spread – the difference between the bid and ask price – directly affects your profits. A lower spread means lower trading costs. But are the spreads at Eightcap truly competitive?
Overall, yes, forex spreads at Eightcap are low. For example, the EURUSD spread is 0.1, which is considered low.
Together with my brokerage analyst colleagues, I thoroughly tested the services of Eightcap by opening a real-money account and executing actual trades on its platforms. Here’s what you need to know about forex spreads at Eightcap.
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The spreads may differ by currency pair, check them to control your trading costs.
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Keep an eye out for any extra forex commissions.
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Look for lowest spread forex broker available in our top list.
74-89% of retail CFD accounts lose money
Manage your trading budget effectively
Understanding and keeping a close eye on major currency spreads is crucial for managing your trading budget effectively.
Imagine you're trading EUR/USD and you totally get how spreads work – the lower, the better. By choosing a broker with the lowest spread, you save on every trade, boost your profits, and stay ahead of other traders. This means more money in your pocket and better decisions on your next move.
Here are the forex spreads at Eightcap for major currency pairs:
| Currency pair | Spread | Low / Average / High |
|---|---|---|
| EURUSD | 0.1 | Low |
| GBPUSD | 0.2 | Low |
| AUDUSD | 0.3 | Low |
| EURCHF | 0.9 | Low |
| EURGBP | 0.3 | Low |
Spreads were collected on Oct 5, 2023.
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74-89% of retail CFD accounts lose money
Keep an eye out for any extra forex commission at Eightcap
Unfortunately, Eightcap charges additional forex fees as per the table below. You should consider both types of fees: even if the spread is low, it may be offset by an additional fixed commission. Make sure to look at the whole picture and total costs (spreads and commissions) when deciding which broker is the best for you.
| FX commission description | FX commission per 1 lot ($100k) | Low / Average / High |
|---|---|---|
| $3.50 commission per lot per trade | $3.50 | Low |
How does that extra costs affect you? Imagine you find a great deal on a flight, but when you go to book, there are extra charges for baggage, seat selection, and booking fees. The total cost ends up being much higher than the advertised fare.
For this use case, let's imagine that the FX commission is $3.50 per 1 lot (that’s $100,000 in forex speak). So, here’s how it works if you trade 1 lot of EUR/USD:
When you buy, you get hit with a $3.50 commission. When you sell, there’s another $3.50 commission. That’s $7 in total. Add in the spread, which, in this case, is 1 pip or $10.
Drumroll, your total cost for opening and closing 1 lot would be $17.00. That’s $7.00 in commission and $10 for the spread.
See the brokers with the lowest spreads
Check our top list of the lowest-spread brokers. The BrokerChooser team conducts extensive evaluations of more than 100 brokers globally, focusing on critical factors such as regulation, financial stability, customer service quality and transparency of operations.
For more details on Eightcap, read our comprehensive Eightcap review for 2024.
Check out this short video for a behind-the-scenes peek into how our experts personally test and evaluate brokers.
Further reading
- Bid-ask spread - Learn what it is and why it is important
- Are margin interest rates low at Eightcap?
- Eightcap EUR/USD spread explained
- Eightcap GBP/USD spread explained
- Forex trading at Eightcap: Discover the key features and highlights
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.
