Eightcap Broker Review

Is Eightcap Regulated in the UK?

Yes, Eightcap is regulated by the Financial Conduct Authority (FCA) in the UK.  Entities in the Eightcap group also maintain regulation from other top-tier authorities, including the Australian Securities and Investments Commission (ASIC), the Cyprus Securities and Exchange Commission (CySEC), and the Securities Commission of Bahamas (SCB). 

FCA regulation: UK residents will be trading under the subsidiary, Eightcap Group Limited, regulated by the FCA. Details of Eightcap Group Ltd’s regulation can be seen below:

Eightcap complies with all the regulatory requirements set out by the FCA. It segregates client funds in top-tier banks, provides negative balance protection to all clients and does not offer bonuses or promotions.  Additionally, maximum leverage is set to 30:1.  

Overall, because of its local and international regulation, segregated bank accounts, and negative balance protection, we consider Eightcap a well-regulated broker which treats its clients fairly.  

Company Details

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Eightcap’s Trading Instruments

Eightcap offers a range of 600+ financial instruments, including Forex pairs, commodities, indices and share CFDs. This is an average amount compared to other brokers. 

Full List of Instruments and Leverage:

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Forex: Eightcap has 40+ currency pairs available for trading, a smaller range than other brokers.  These include majors (EUR/USD, GBP/USD, and USD/JPY) and minors (NZD/JPY, GBP/JPY, and USD/ZAR). 

Share CFDs: Eightcap offers 500+ share CFDs, a broad range compared to other large international brokers.

Indices: There are 17 indices available for trading at Eightcap, around the average available at other similar brokers. 

Commodities: Eightcap offers trading on 14 commodities, which is limited compared to other similar brokers.  Commodities include energies such as Brent Crude Oil and two metals – silver and gold.

Accounts and Trading Fees

Eightcap offers a single live account with a 100 GBP minimum deposit. Most other brokers offer traders the choice of two or three accounts.  

While Eightcap is a market maker, it runs a no-intervention execution model. Eightcap’s trading servers are hosted in Equinix data centres, providing lightning-fast execution and pricing is derived from several top-tier liquidity providers.

Account Trading Costs:

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TradingView Account: This account is a commission-free trading account with variable spreads and a 100 GBP minimum deposit. No commissions are charged for Forex trading; spreads start at 1 pip (EUR/USD), and as the name suggests, this account is only available on TradingView.

No Demo Account: Unfortunately, Eightcap does not offer a demo account, though beginners can still open a Paper Trading account through the TradingView platform.

Deposits and Withdrawals

Eightcap supports deposits and withdrawals via debit/credit cards and bank transfers.  

Eightcap operates a “return to source” policy, meaning that withdrawals must be made via the same method and the same account as the original deposit.

Trading Account Currencies: At Eightcap, traders can choose from three base currencies: USD, EUR, and GBP. As most British traders will have their bank accounts denominated in GBP, you will not have to pay currency conversion fees on deposits and withdrawals.

Deposit and Withdrawal Fees: Eightcap does not charge additional internal fees for deposits or withdrawals. However, traders should note that payments to and from overseas banking institutions may attract intermediary transfer fees from either party which are independent of Eightcap.

See below for a complete list of payment options and withdrawal times:

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Eightcap’s Trading Platforms

Eightcap only supports the TradingView trading platform, which is available as a desktop app, in a browser and on mobile devices. Most brokers offer two or more platforms to choose from, so Eightcap’s trading platform support is poor in comparison. 

TradingView

TradingView is one of the most advanced charting platforms available. It has over 12 customisable chart types, including candlesticks, Renko and Kagi. It also has hundreds of built-in and community-built indicators, more than 50 drawing tools, volume profile indicators, and in-depth market analysis tools. Another unique feature is its customisable timeframes that can be set to any time interval, and its trading alerts, available on any device, with 12 different alert conditions. 

Trading Platforms Comparison:

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Broker

Platform Choice

Copy Trading

Platforms

Eightcap

4.5/ 5

Yes

TradingView

Pepperstone

5/ 5

Yes

MT4

MT5

cTrader

TradingView

Fusion Markets

4.5/ 5

Yes

MT4

MT5

cTrader

Opening an Account at Eightcap

The account-opening and verification process at Eightcap is seamless, and accounts are ready within 24 hours, which is about the industry average. 

All UK residents are eligible to open an account at Eightcap, as long as they meet the minimum deposit requirements of 100 GBP (or currency equivalent) and prove that they have the required knowledge and experience to trade CFDs, as per FCA regulations. 

For the purposes of this review, we will outline the process for opening an individual account:

1. From the Eightcap homepage, you will have to click on the ‘Create Account’ tab where you will be directed to register an account with a name, email address, telephone number and password.     
2. Eightcap’s registration form requires traders to fill in their physical address, date of birth, and tax number.
3. Traders will also be required to meet the Eightcap target market criteria (including being assessed as having the required knowledge and experience to trade in CFDs to trade with this broker)
4. Traders will then have to agree to the Risk Disclosure Policy and Client Agreement
5. Verification usually takes less than 24 hours, and Eightcap will need:

• • Proof of Identification – Eightcap accepts all government-issued identification documents such as Passport, national ID card, driver’s license, or other government-issued ID. 
  • Proof of Address – Proof of residence/address document must be issued in the name of the account holder within the last 6 months and must contain a trader’s full name, current residential address, issue date, and issuing authority. 

Overall, Eightcap’s account-opening process is hassle-free, and accounts are ready for trading within 24 hours.

Research and Trading Tools

Eightcap’s research is via an advanced economic calendar provided by Acuity.

Economic Calendar

Eightcap’s Economic Calendar provides a good selection of fundamental data. Upcoming news and events can be filtered by country and impact and trading opportunities are highlighted. News is provided by the FX Street Newswire. Please note that the economic calendar is only available for registered traders.

Market Research Comparison:

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Broker

Autochartist

Trading Central

Trading View

Eightcap

No

No

Yes

Pepperstone

Yes

No

Yes

Fusion Markets

No

Yes

No

Education

Eightcap’s education section, known as Eightcap Labs, is varied and well-written, although far from the best in the Forex trading space. Beginners should note that Eightcap does not provide a demo account. 

Articles: Eightcap’s Trading Education section is well-presented and accessible. Two main categories are presented to the reader:  Fundamentals and Trading Strategies. The Trading Strategies section will particularly be helpful for new traders. Unfortunately, no new video material or webinars are available at this time, and the addition of a structured course for beginners would be welcome.

Education Comparison:

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Broker

Beginner Course

Advanced Course

Eightcap

Yes

Yes

Pepperstone

Yes

Yes

Fusion Markets

No

No

Customer Support

Customer support is available 24/5 from Eightcap’s five global offices via email, live chat, and telephone. Support is available in English, Chinese, Thai, Korean, French, Spanish, Italian, German and Vietnamese.

For this review, we found Customer Support at Eightcap to be responsive, polite, and resourceful.

Regulation and Trust

Regulation: Founded in Melbourne in 2009, Eightcap is the brand name of Eightcap Global Limited and is regulated by the UK Financial Conduct Authority. See below for details of registered companies:

• Eightcap Group Ltd is authorised and regulated by the Financial Conduct Authority, FRN 921296. 
• Eightcap Pty Ltd (ABN 73 139 495 944) is regulated by the Australian Securities and Investment Commission (ASIC) with the AFSL reg no. 391441.
• Eightcap EU Ltd is regulated by the Cyprus Securities and Exchange Commission (CySEC) with license number 246/14.
• Eightcap Global Limited, regulated by The Securities Commission of The Bahamas (SCB), (SIA-F220). 

Overall, because of its strong international regulation, segregation of client money, and provision of negative balance protection, we consider Eightcap one of the better-regulated brokers available.  

Overview

Eightcap is a well-regulated broker with a single TradingView account. The minimum deposit is reasonable, and deposits and withdrawals are generally free. We were pleased to find that Eightcap has a broad range of tradable instruments, including over 500 share CFDs. 

Education is not as strong or as well-structured as Eightcap’s larger competitors, but beginners will find the material available helpful and informative. Overall, Eightcap’s simple account structure and transparent approach are welcome though a wider range of account and platform options and a demo account for beginners would be good additions.

Editorial Team

 

Chris Cammack
Head of Content

Chris joined the company in 2019 after ten years experience in research, editorial and design for political and financial publications. His background has given him a deep knowledge of international financial markets and the geopolitics that affects them. Chris has a keen eye for editing and a voracious appetite for financial and political current affairs. He ensures that our content across all sites meets the standards of quality and transparency that our readers expect.

 

Alison Heyerdahl
Senior Financial Writer

Alison joined the team as a writer in 2021. She has a medical degree with a focus on physiotherapy and a bachelor’s in psychology. However, her interest in forex trading and her love for writing led her to switch careers, and she now has over eight years experience in research and content development. She has tested and reviewed 100+ brokers and has a great understanding of the Forex trading world.

 

Ida Hermansen
Financial Writer

Ida joined our team as a financial writer in 2023. She has a degree in Digital Marketing and a background in content writing and SEO. In addition to her marketing and writing skills, Ida also has an interest in cryptocurrencies and blockchain networks. Her interest in crypto trading led to a wider fascination with Forex technical analysis and price movement. She continues to develop her skills and knowledge in Forex trading and keeps a close eye on which Forex brokers offer the best trading environments for new traders.