Eightcap

Eightcap is an Australian FX and CFD broker, established in 2009, holding an ASIC licence (Australia), a Bahamas licence, a Seychelles licence, a Cyprus licence, and a UK licence. This means that traders from the UK are not able to trade under “high leverage” conditions with Eightcap but do benefit from FCA protection.

Eightcap offers a fairly broad selection of FX and CFD products, including a wide range of FX pairs, a standard list of stock indices, some cryptocurrencies, and commodities. They also provide a limited selection of US shares and ETFs.

They have a low minimum deposit requirement of just $100, which makes them attractive to traders with smaller budgets. Our testing was conducted using their MT5 platform with a live trading account.

Eightcap holds an ASIC (Australian) licence and have a good reputation. They offer the MT4 and MT5 platforms, as well as the TradingView platform. Our review focused on the MT5 platform.

Eightcap has multiple licences, including some Tier 1 licences (highly reputable) and some Tier 3-4 licences (where you wonder what the regulation is for).

Eightcap scored reasonably well on our list of global brokers but did not stand out in any particular area. There are significantly cheaper brokers available, as well as those that are more expensive.

Like most brokers, Eightcap’s Bid-Ask spreads fluctuate widely. It is our role to report objectively on their spreads, but this is challenging when a broker such as Eightcap can have a DAX index spread that ranges from 2.5 to as wide as 4.20.

Their EUR/USD Bid-Ask spread is reported at 1.20 but occasionally drops to 0.90. Even this is expensive compared to some brokers who offer EUR/USD spreads as low as 0.30.

In our estimation, Eightcap is an adequate broker but nothing exceptional. Their good reputation is a positive feature.

Eightcap offers the same platforms as most other brokers and does not have their own Home-Grown platform.

They rank well among all brokers on TraderGuide’s ranking list. If you open an account with Eightcap, you will be trading with a company that has genuine regulatory oversight. This can be important for traders who value the safety of their funds over tight spreads.

Overall, Eightcap is a reasonable choice for new traders who want to trade small lot sizes and benefit from a good selection of products. However, for more experienced or discerning traders, the higher spreads mean you may end up paying over the odds.