EightCap

EightCap Broker Review: UK 2024

EightCap, is a well-known, award-winning Australian-based broker that I recently had the pleasure of testing in TradingView. It’s known for providing access to Forex and CFDs across a variety of financial markets and is regulated by top-tier authorities like the Australian Securities and Investments Commission (ASIC) and the Financial Conduct Authority (FCA),

EightCap is a solid choice for both beginner and experienced traders. I tested EightCap’s platform to see how it holds up in terms of fees, platform usability, execution speed, and customer support.

Overall Rating – 4 / 5 stars

In Summary: EightCap is a well-rounded broker that delivers an impressive trading experience, particularly for those focusing on Forex and CFDs. While it excels in its fee structure, platform usability, and customer support, it may lack the depth of instruments compared to larger brokers like IG or Pepperstone. However, EightCap holds its ground as a reliable broker with robust features.

Pros

Cons

1. Trading Markets– 4 / 5 Stars

EightCap offers access to 600+ instruments, including Forex, indices, commodities, and shares CFDs. For those focused on Forex and CFD trading, however, EightCap provides solid options, including 40+ Forex pairs and popular indices like the S&P 500 and FTSE 100.

• Forex: Over 40+ currency pairs, including majors, minors, and exotics.
• Indices: Popular indices like the S&P 500, FTSE 100, and DAX 30.
• Commodities: Including gold, silver, oil, and soft commodities like wheat.
• Cryptocurrencies: Major cryptocurrencies like Bitcoin, Ethereum, and Litecoin are available but only for professional clients.

Here is the leverage cap across those assets:

• Major FX Pairs and certain government bonds: 30:1 (minimum margin 3.33%)
• Major stock market indices, minor FX pairs and Gold: 20:1 (minimum margin 5%)
• Minor indices and commodities (ex. Gold): 10:1 (minimum margin 10%)
• Single stock equities and all other assets: 5:1 (minimum margin 20%)

If you’re looking for more diverse asset classes, you might find the offerings somewhat limited compared to brokers like Pepperstone or IG, which provide access to thousands of instruments.

Verdict: Whilst not the largest selection of CFD assets (XTB offers a larger range), it is still plenty for forex traders looking to get their feet wet in the world of TradingView CFD trading.

2. Fees – 4.5 / 5 stars

One of EightCap’s key strengths is its low-cost trading model, with spreads starting from 1.0 pips for major currency pairs like EUR/USD, making it highly competitive for scalpers and high-frequency traders. It’s not the cheapest out there but definitely in line with other brokers.

The minimum tradable lot size is 0.01 lots and the maximum is 100 lots for retail clients.

Verdict: Overall, EightCap’s fees are transparent and competitive, especially for those who prioritise tight spreads and low commissions.

3. Trading Platforms – 3 / 5 Stars

EightCap integrates seamlessly with  TradingView but that’s it in the UK. So whilst it provides traders with extensive charting tools, indicators, and support for algorithmic trading it falls way short of other brokers who offer multiple methods for trading. However, during my testing, I found the TradingView integration to be reliable and fast.

One area where EightCap falls short is the lack of a proprietary platform, MT4 / MT5 or any cTrader options. While TradingView is powerful, some traders may prefer brokers with more diverse platform offerings like Pepperstone or IG.

Verdict: EightCap’s being only tradable on TradingView in the UK is a blessing and a curse. They have aligned themselves with a fantastic brand, one of the most widely-used charting software providers in the world and this means it is quick and easy to get started. However, a wider variety of platform offerings in the UK might appeal to more traders, although the direction seems to be heading towards TradingView integration for most brokers, so this might turn out to be the smartest play of all.

4. Deposit & Withdrawal – 3 / 5 stars

EightCap offers fairly simple deposit and withdrawal methods for Uk clients, including bank transfers & credit/debit cards but e-wallets like PayPal, Skrill, and Neteller are not allowed. During my testing, deposits were processed instantly, and withdrawals took 1–3 business days, which is in line with industry standards.

• Bank transfers
• Credit/debit cards

There are no deposit fees but deposits from non-UK banks may incur a cost which is fairly standard… and most deposits are processed instantly. Withdrawals are free, although bank transfers can take up to 3–5 business days to process.

Verdict: Whilst having the conventional options of credit & debit card deposits and withdrawals, no e-wallet options for faster payments in the UK is a bit of a disadvantage compared to some other brokers.

5. Regulation and Security – 4.5 / 5 stars

EightCap is regulated by both ASIC (Australia) and FCA (UK), two of the most respected regulatory authorities in the financial world. This ensures that EightCap adheres to strict guidelines on client fund segregation and operational transparency.

Additionally, EightCap offers negative balance protection, ensuring that traders cannot lose more than the funds in their accounts. This is crucial for those using leverage, as it helps safeguard traders against significant losses during market volatility.

Verdict: Having both ASIC & FCA regulation ensures EightCap has to abide by the highest standards. This is reassuring for UK & Australian clients who the broker targets. For the UK traders out there, this is good news.

6. Onboarding – 4.5 / 5 stars

The onboarding process with EightCap is smooth and straightforward. Opening an account takes around 10 minutes, with traders required to submit basic identification documents and proof of address. Most accounts are verified within 24 hours, which I found to be quick and convenient.

For beginners, EightCap offers a demo account, which is a valuable tool for practicing trades and getting acquainted with the platform without risking real capital.

Minimum Deposit

The minimum deposit is £100, making the platform accessible for both beginners and traders with smaller capital. This deposit requirement aligns with the industry average, providing a good entry point for new traders.

Verdict: Solid process for opening an account, quick and easy to get up-and-running. No complaints here. The minimum deposit is a bit of a barrier for some traders, but £100 isn’t a bad minimum.

7. Education – 4 / 5 stars

EightCap offers a range of educational resources designed to help traders improve their knowledge and skills. They do this through their EightCap Labs including video tutorials, webinars, and market analysis. The actual wealth of knowledge available is pretty good; despite being potentially more difficult to find.

While the educational content is solid, it may not be as extensive as other brokers like XTB, which offer more in-depth courses and webinars.

Verdict: EightCap Labs, while still currently in ‘Beta’ offers a wide range of articles that are pretty substantive, but there are currently no e-books and it seems like a work-in-progress. That’s not to knock what they currently have and I’m sure it will be great once completed. Overall, not a bad selection of articles.

8. Customer Service – 4 / 5 stars

Customer service is one of EightCap’s standout features. The broker offers 24/5 support via live chat, phone, and email, ensuring that you can get help whenever you need it. The support team is multilingual, catering to traders from various regions.

When tested, the live chat service looked like more of an email style request where it looked like I had to fill out my details like an email and then wait for a response, rather than an actual live chat feature which was odd – I even submitted a message and didn’t see my message come up (see image below) I then had to resubmit my request to the agent that joined, which wasn’t great, but once an agent actually joined they were a real human being (thankfully!) and they were helpful and responsive.

Verdict: EightCap has a good live chat feature overall, but accessing it with all my details first like an email I felt was odd and not being able to see the message and then having to reiterate this to the agent who joined was frustrating. However, they were actually super helpful despite my inane questions!

FAQ’s

1. Can You Spread Bet with EightCap?

No, EightCap does not offer spread betting as a trading option. While it provides access to a wide range of financial instruments, including Forex, CFDs, commodities, and indices, spread betting is not available on the platform.

For traders looking to engage in spread betting, other brokers like Pepperstone offer this feature, allowing UK and Ireland-based clients to spread bet with competitive spreads and advanced trading platforms.

2. What platforms does EightCap use?

EightCap supports TradingView in the UK which allows for algorithmic trading through PineScript.

3. Does EightCap offer Islamic accounts?

Yes, EightCap offers Islamic accounts for traders who require interest-free trading options, in compliance with Sharia law.

4. What account types are available at EightCap?

EightCap offers a standard account in the UK with pips starting at 1.0 pips.

7. Does EightCap support automated trading?

Yes, EightCap fully supports automated trading through TradingView. Traders can use PineScript to implement automated strategies.

8. How fast is EightCap’s execution speed?

EightCap operates a no-dealing-desk (NDD) model, providing low-latency execution. It also offers VPS access for qualifying traders to further enhance execution speeds for automated trading strategies.

9. What educational resources are available at EightCap?

EightCap offers educational resources through EightCap Labs, including webinars, video tutorials, and market analysis. While comprehensive, it may not be as extensive as other brokers like XTB or IG.

10. What is EightCap’s customer support like?

EightCap offers 24/5 customer support via live chat, phone, and email. The support is multilingual and responsive, making it a strong feature for traders globally.

Is EightCap a Good Broker?

Whilst you can’t spread bet with EightCap, it is a solid, reliable broker with a strong focus on forex and CFD trading. With it’s focus on TradingView it provides a fast and easy way to get started trading, along with competitive fees and excellent customer support (if / when you get in touch with them…), it’s a solid choice for traders looking for a well-rounded broker.

However, if you’re seeking more diverse options in platforms or looking to spread bet in the UK, EightCap might not be the best fit for you. For those focused on forex and CFD trading, though, it delivers a robust and user-friendly experience.

Author Profile

James Warwick

Director of SpreadBet & Experienced Trader at Spread Bet | Website

James is a former FTSE100 AI Director and trader with 10+ years trading his own capital. He is the Managing Director of SpreadBet.AI and currently trades his own capital through both CFD trading & spread betting as well as working with one of the leading prop firms in the world.