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Is Eightcap good for beginners?

Your expert
Bence András R.
Fact checked by
Gyula L.
Updated
Jan 2024
Personally tested Personally tested
Data-driven Data-driven
Independent Independent

Things to consider

There are many aspects to assessing a broker’s services in general, maybe even too many to list. Below, we’ll focus on the most important criteria that should be taken into account when determining whether a broker is good for beginners.

A beginner-friendly broker should have:

  • an excellent web and mobile trading platform
  • low fees
  • great educational tools
  • good customer service
  • an easy account opening process
  • low minimum deposit

Legitimacy is also very important, but since we recommend only legit brokers regulated by top-tier financial authorities, this is one thing you don’t have to worry about.

More and more people are looking to become a player on financial markets either as traders or investors. However, when researching the basics, it can be easy to feel overwhelmed by the sheer amount of information available online.

This is where BrokerChooser offers a helping hand. The reason is simple: choosing the right service, especially when you are taking your first steps in trading, is highly important.

In this article we’ll check whether Eightcap is the right choice for a starting trader.

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74-89% of retail CFD accounts lose money

Disclaimer: 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you can afford to take the high risk of losing your money.

BrokerChooser score
4.2 4.2 /5
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74-89% of retail CFD accounts lose money

Is Eightcap good for beginners?

Based on our scoring methodology, Eightcap is not considered good for beginners. If you'd like to see alternatives, check out our picks for the best brokers for beginners.

Let's take a look at its services one by one, following the criteria we set above, to get the whole picture.

  • 💻 Eightcap's web platform has some good things to offer: Clear fee report. Good customizability (for charts, workspace). Good variety of order types. However, some things may not be suitable for beginners. Areas of improvement: No two-step (safer) login. No price alerts.
  • 📱 Sadly, Eightcap's mobile platform is not its strongest side, but there are a few positive aspects to it: User-friendly. Good search function. Price alerts. On the other hand, there are some things that could be improved: No two-step (safer) login. No Touch/Face ID login.
  • 🕖 An account opening process is great when it is seamless from the get-go. Eightcap does an excellent job in this area: Fast. Fully digital. Low minimum deposit.
  • 📚 Demo account. Great market analyses and articles. However, Eightcap's education materials could be improved.Areas of improvement: No trading platform tutorial videos. No educational videos.
  • 📞 Live chat. Fast response time. However, there is some room for improvement in Eightcap's customer service: No 24/7 support. Couldn't reach phone support.
  • 💰 Low minimum deposits and low-cost transactions are attractive for new traders. Eightcap's deposit and withdrawal processes have some good things to offer: Credit/Debit card available. Free withdrawal. No deposit fee. Electronic wallets available.

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74-89% of retail CFD accounts lose money

Overview of Eightcap's services

Let’s take an overall look at how Eightcap compares to its peers when it comes to platforms, fees, account opening and education tools. Our scores are on a scale of 1.0 to 5.0, from worst to best.

Eightcap services vs. similar brokers
Web platform score
3.1 stars 2.8 stars 2.8 stars
Mobile platform score
3.3 stars 3.3 stars 3.3 stars
Fees
Low Low Low
Account opening score
5.0 stars 5.0 stars 5.0 stars
Education score
3.3 stars 2.0 stars 5.0 stars
Customer service score
2.8 stars 5.0 stars 4.5 stars
Deposit and withdrawal score
4.4 stars 4.2 stars 4.8 stars

If you wish to read more about Eightcap, click 'Visit Broker' to go to the broker's website. We also have a detailed review of the broker that you can read by clicking on the 'More' button.

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74-89% of retail CFD accounts lose money

More

Is Eightcap legit?

We hear more and more stories each day about clients who lost their money to scammers from Telegram or through unregulated services. BrokerChooser only features brokers that have top-tier financial regulators. As such, Eightcap is a legit and trusted broker.

If you’d like to know more, check out our deeper dive into Eightcap's legitimacy.

Where can I find more information?

If Eightcap is not the right broker for you, go ahead and check out our picks for Best Brokers for Beginners in 2024 for some alternatives.

Also, if you feel that some things weren’t clear when it comes to the brokerage world, no worries. We have lots of content to cover your questions. You can find our articles in the Education section of our site.

For example, if you want to know how to buy shares online and how the whole process works, there’s an article about that. If you’d like to learn more about investing in stocks or what short selling is, we have articles about these topics too.

We have also written a few materials that focus on recent events in the news, like what a short squeeze is.

We hope you found all of the information above useful. If you have any questions, we’d love to hear from you, just write to us at [email protected]. See you there!

Check out this short video for a behind-the-scenes peek into how our experts personally test and evaluate brokers.

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Author of this article

Bence András Rózsa
Bence András Rózsa

Bence is a former broker analyst for BrokerChooser. Having an MSc in international economy and finance, he focused on equities, cryptos and newcomer financial services. He also gained 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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