Eightcap is an Australian broker registered in Melbourne in 2009. The first registration was under the name Roco International Pty Ltd, now renamed Eightcap Pty Ltd. The brokerage license is issued by the local regulator ASIC. The same company has an English registration under the name Eightcap Group Ltd, and is controlled by the FCA. Since 2019 the company is registered in Vanuatu/
The company does not position itself as a broker of a wide range, and the functions are rather small. Therefore, the company can compete more in the forex market.
Here are our main conclusions about Eightcap:
Eightcap (sometimes referred to as 8cap) has been around for more than a 10 years, has three registrations and a regulator, this defines the broker as safe for forex and CFD markets. But it is worth noting that in many respects, such as. Educational materials, some research. The company lags somewhat behind the market leaders. Nevertheless, educational materials are represented by articles and tutorials on working in the financial markets and on the use of the platform.
Eightcap is a non-public company without bank management, regulated by British. Australian regulators and the regulator of Vanuatu. This imposes a lot of obligations on the company, which makes it more reliable in the face of customers.
Available investment products for traders:
Cryptocurrency: digital currency can only be traded via CFD, you cannot buy a coin and transfer it to your wallet or to a cryptocurrency exchange for example. Please note, despite UK registration, citizens of this country cannot trade in crypto through CFDs.
Forex Trading – 45pairs
Cryptocurrency (cold storage) No
Cryptocurrency (contracts on price rise or fall) yes
Copy trades yes
Information about the company’s commissions
Eightcap offers two accounts to choose from, these are Raw or Standard. Each account has its own fee schedule.
We have not found in the public domain specific information on the average spread, so we have not specified it in this review either.
Which account to choose, Raw or Standard: on Raw account there is a standard commission, for one full lot $3.5, but it is compensated by tight spreads. If you want to save on commission, and it does not matter to you on the size of the spread, then your choice is the standard account.
Platforms and Tools
Eightcap uses MetaTrader platform for the brokerage business.
The broker can give access to Capitalize, this program with a convenient interface, it is used to prepare and write strategies in plain English and does not require programming skills.
Thus, these are the two main and only platforms offered by the broker, no add-ons or other tools are offered by the company.
The company’s employees do the research and periodically upload the materials to the website. There is also a broker’s channel at YouTube, where you can watch interesting and useful materials in video format. Sections Market Update and Market Focus, where the sorting and selection of assets for analysis, and Trading Week Ahead, where the main events in the financial industry are monitored.
The content is very diverse and is divided into series, each logically continuing the previous one. This helps to get useful information consistently. But the number of episodes is limited to three per day, which is a small disadvantage.
If third-party research tools could be added, it would help get more user appreciation.
There are seven videos uploaded to the site on margin trading contracts, and about ten on the currency pairs market. Articles are also available in small quantities, clients may need to look for information on third-party resources.
Increasing the amount of material at this broker will help to attract newcomers to the site and increase the base of traders. This is worth working on.
As told before, the broker suggests world-known MT4 and MT5, available at APPstore and PlayMarket without any additional fees.
Despite the fact that Eightcap is not new in the industry, there is a significant lag from competitors Firstly, the company has only two licenses. By locating and registering one office in Vanuatu, this does not increase the degree of protection due to weak state regulation. If you add licenses in more regulated Tier-1 jurisdictions, it will increase the flow of clients to the company. You should also add more training materials and tools for market analysis