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Eightcap Review 2023: A Guide to the Forex and CFD Broker

12 mins
Updated by Artem Gladkov
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Cryptocurrencies and contracts for difference (CFDs) tend to share users — both offer speculative trading opportunities. Find out how Eightcap bridges the gap between web3 and TradFi in this comprehensive Eightcap review. We’ve assessed the quality and diversity of the platform’s tools and features, pitted it against competitors, and tested its customer support to form a comprehensive guide — and perspective — on this industry-heavyweight.

Eightcap at a glance: Our overall assessment

We found that Eightcap excels across multiple key parameters, scoring high marks in almost every category:

CriteriaFeesAssetsUser experienceCompared to competitorsSafetyBeInCrypto Score

What is Eightcap?

Eightcap is an online trading platform or broker, not an exchange. It provides access to over 800 instruments in various financial markets, including forex (foreign exchange), indices, commodities, and cryptocurrencies.

Moreover, the platform allows traders to speculate on the price movements of these assets using contracts for difference (CFDs) and offers trading tools and resources to assist traders in their decision-making.

Here is a brief overview of CFDs and how they work:

A contract for difference (CFD) is a financial derivative that allows traders to speculate on the price movements of various underlying assets without owning them.

eightcap review cfd
Contract for differences: Phillip CFD

Instead, CFDs involve a contract between the trader and a broker, where the trader can profit or incur losses based on the difference between the asset’s opening and closing prices.

CFDs are popular for their flexibility and ability to trade on rising and falling markets, but they come with inherent risks, including leverage. One of the standout features of Eightcap is that it not only offers CFDs but it also offers crypto CFDs.

Joel Murphy, Eightcap founder
Joel Murphy: LinkedIn

Eightcap history

Joel Murphy, the Founder and Director of Eightcap, established the company in Melbourne, Australia, in 2009. In a noteworthy achievement, Eightcap was globally honored as the Broker of the Year for 2023 at the Global Forex Awards.

Their services have also garnered numerous other awards, including the Most Innovative Affiliate Program recognition from Global Business Review, the title of Best Crypto Broker as awarded by AtoZ Markets, and the Annual Review Award presented by International Business Magazine.

What can you trade on Eightcap?

Eightcap is primarily known as a forex and CFD broker. Depending on the account type and region, it’s possible to trade in these categories:

  • Forex: A wide range of currency pairs, including major and minor pairs
  • Indices: Contracts for differences in major global stock indices
  • Commodities: This could include metals like gold and silver, energy commodities like oil, and possibly agricultural products
  • Cryptocurrencies: CFDs on popular cryptocurrencies such as bitcoin, ethereum, and more
  • Shares: CFDs on individual stocks from major global stock exchanges
  • Other assets: Depending on the region and the time, they might offer other trading instruments

Where is Eightcap available?

Eightcap offers its trading services in multiple jurisdictions, including Australia, the United Kingdom, the Bahamas, and Cyprus.

This global presence allows clients in these regions to access and utilize Eightcap’s trading platforms and services while operating within the regulatory frameworks of their respective countries.

How to sign up for Eightcap in October 2023?

1. Firstly, go to the Eightcap official website and select “Create Account.”

eighcap review setup step 1

2. Secondly, fill out the form with your personal information.

eightcap review setup 2

3. Lastly, you will be redirected to the following screen to complete KYC verification. Simply follow the steps to begin.

eightcap review setup step 3

Features and tools from Eightcap

Eightcap is a platform laden with features. Firstly, the platform provides a wide array of order types. These order types include market orders, limit orders, and stop-loss orders, allowing traders to execute their strategies with precision.

When it comes to account management, Eightcap allows a maximum of five trading accounts per entity type. Entity types are categorized as individual traders, joint account traders, company traders, or trust traders, ensuring flexibility for various trading setups.

For traders seeking to streamline their strategies without the need for coding, Eightcap integrates, a code-free automation tool. This feature empowers traders to effortlessly create, test, and automate trading strategies using everyday English.

Eightcap offers a choice of trading platforms to suit individual preferences. Traders can enjoy the power of Tradingview, WebTrader, MT4, and MT5 platforms.

MetaTrader platforms MetaTrader 5 MetaTrader 4
MetaTrader platforms: FP Markets

Account types at Eightcap cater to different trading styles and levels of experience. The Raw Account is tailored for experienced forex CFD traders, offering specialized benefits.

The Standard Account provides competitive spreads, making it suitable for a wide range of traders. Additionally, the Tradingview Account offers advanced charting tools and indicators for traders seeking comprehensive technical analysis capabilities.

For those looking to practice and refine their trading strategies, Eightcap offers a Demo account, with demos expiring either 30 days from creation or once they have executed 5,000 orders.

In summary:

  • Trading platforms: Enjoy the power of TradingView, WebTrader, MT4 & MT5 trading platforms.
  • Advanced charting: Access advanced charting tools, expert advisors, and custom signals.
  • Crypto Crusher dashboard: Exclusive access to the Crypto Crusher dashboard for trade ideas, clear entry/exit levels, and market sentiment.
  • Create, test, and automate trading strategies using everyday English with (code-free automation).
  • FlashTrader: Easily target multiple profits, calculate position size, and place stops and limits with just one click using the trade ticket.
  • TradeZone: Receive weekly trade ideas from experts, along with weekly market forecasts and mid-week commentary webinars.
  • Margin trading: Benefit from margin trading to amplify your trading potential.
  • Diverse asset selection: Trade over 800 assets, including cryptocurrencies, indices, forex, commodities, and stocks.
  • ForexVPS: Access ForexVPS services to optimize your trading experience.
  • Demo account: Practice and refine your trading strategies with a demo account.
  • Multiple account types: Choose from various account types, including Raw Account for experienced forex CFD traders, Standard Account with low spreads, and Tradingview Account with advanced charting and indicators.

Deposit and withdrawals

eightcap review payment methods
Deposit methods and withdrawals: Eightcap

Eightcap offers a variety of convenient deposit and withdrawal methods to accommodate the needs of its traders across the globe.

These methods include Visa and Mastercard, which are widely accepted credit and debit cards, as well as online payment systems such as PayPal, Skrill, and Neteller. This provides flexibility for those who prefer digital payment options.

Traders can also use traditional banking channels like wire transfers for their transactions, ensuring accessibility for a broader range of users. BPay, UnionPay, and Interac are additional payment options that cater to specific regions and preferences.

Cryptocurrency enthusiasts will find that Eightcap accepts USDT and BTC for deposits and withdrawals, allowing for transactions with digital assets. Note that you will have to whitelist any wallet that you use.

For traders in Brazil, Pix from the Central Bank of Brazil is available as a deposit method. DragonPay is another payment option that adds flexibility for users in select regions.

Security and payment processing

It’s important to note that Eightcap does not charge any internal fees for deposits or withdrawals. However, traders should be aware that the provider they use may impose transaction fees or international processing fees.

It’s advisable to check with the chosen payment provider for any additional charges. When it comes to withdrawal processing, Eightcap’s finance team conducts a review of each withdrawal request, which typically takes between one and two business days.

Eightcap does not provide details on any internal processes, methods, or practices regarding security. This includes security for accounts, data collection/ privacy, or user funds insurance.

eightcap pricing
Eightcap pricing: Eightcap

Eightcap offers a wide range of assets with various pricing. In general, Eightcap offers spreads that are competitive and, in many cases, low.

Note that whether a spread is considered high, low, or medium can also depend on market conditions, volatility, and individual trader preferences.

Eightcap accounts: Eightcap

Moreover, Eightcap also separates fees by accounts. Traders should consider these factors when evaluating the suitability of spreads for their trading strategies.

Pros and cons

eightcap account
Eightcap accounts: Eightcap

Most things in life have tradeoffs. This is also true for brokers like Eightcap. Here is a snapshot of the platform’s strengths and weaknesses.


  • Convenient deposit and withdrawal options: Eightcap offers a variety of deposit and withdrawal methods, including credit/debit cards, e-wallets, wire transfers, and cryptocurrency options.
  • Strong customer service: Customers frequently praise Eightcap’s customer service, with fast and helpful responses from support agents and dedicated account managers.
  • Code-free automation: Integration with enables traders to create, test, and automate trading strategies using plain English, simplifying the trading process for those without coding expertise.
  • Multiple trading platforms: Eightcap offers a range of trading platforms, including TradingView, WebTrader, MT4, and MT5, providing flexibility for traders to use the platform they are most comfortable with.
  • Diverse account types: The availability of various account types, including Raw, Standard, and TradingView accounts, allows traders to choose an option that aligns with their specific needs and preferences.
  • User-friendly platform: Users give Eightcap’s website and trading platform praise for its user-friendly and easy-to-navigate interface, making it suitable for traders of all experience levels.


  • Limited availability depending on country of residence: Eightcap’s services may have limited availability depending on the trader’s country of residence.
  • Limited services by region: Eightcap may offer different services and features depending on the region or jurisdiction in which a trader is located.
  • Lack of transparency on security practices: Eightcap’s limited disclosure of internal security processes and practices can be a concern for traders.

How does Eightcap compare to others?

PlatformsAssetsTrading PlatformsAccount TypesAssetsLicenses
EightcapForex, crypto CFDs, commodities, indices, stocksTradingView, WebTrader, MT4, MT5Raw, Standard, Tradingview, Demo800+ASIC, FCA, CySEC, SCB
Global PrimeForex, crypto CFDs, commodities, indices, bond CFDsMT4Raw, Standard, Demo150+ASIC, VFSC
OANDAStocks, stocks CFDs, indices CFDs, commodities CFDs, crypto, ETF funds CFDsOANDA Web, MT4, MT5Standard, Premium (Elite Trader loyalty program), Demo68CFTC, NFA, FSA, ASIC
FP MarketsForex, stocks, precious metals, commodities, indices, bonds, ETFsMT4, MT5, IRESSStandard, Raw, Demo10,000+ASIC, CySEC

Customer support

eightcap customer support
Eightcap customer support: Eightcap

If you are looking for information on Eightcap’s user experience and customer support, here’s what you need to know. The company has three primary ways of communication, including phone, email, and a convenient chatbot. When we contacted Eightcap, we found the service to be highly responsive and the support staff both helpful and knowledgeable. The option for phone support is a notable bonus.

As far as customer reviews go, the broker receives excellent marks on user satisfaction, according to Trustpilot. The overall user experience at Eightcap seems highly positive, with a user-friendly website and platform that is particularly welcoming to newcomers.

eightcap reviews
Eightcap customer review: Trustpilot

Users appreciate the ease of navigation and the platform’s simplicity, making it suitable for beginners and more advanced traders. Customer service is a strong point for Eightcap, with fast and helpful responses noted.

There are also multiple specific mentions of account managers providing exceptional service, which suggests a commitment to personalized support. In summary, Eightcap offers a user-friendly platform and efficient customer service, creating a positive trading experience for its customers.

How we have tested Eightcap

We analyzed the platform by testing several key elements. These included:

  • Cryptocurrency trading functionalities
  • Measures for security and protection
  • Process and ease of sign-up

Additionally, we scrutinize Eightcap’s standout tools and use a comparative lens to measure its services against other top-tier trading platforms. Additionally, we utilized the customer support channels and evaluated them based on their responsiveness and relevancy regarding the inquiries.

Regulatory compliance and safety

eightcap review regulation
Eightcap regulatory status: Eightcap

Eightcap operates under various regulatory authorities in different regions. In Australia, the Australian Securities and Investments Commission (ASIC) regulates the company under the name Eightcap Pty Ltd.

In the United Kingdom, it is authorized and regulated by the Financial Conduct Authority (FCA). Eightcap is also authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) in Cyprus.

Additionally, Eightcap Global Limited is regulated by The Securities Commission of The Bahamas (SCB).

Invest responsibly

Trading in financial markets carries inherent risks, and it’s essential to approach trading and investment decisions with caution. Past performance is not indicative of future results, and you should never invest more than you can afford to lose.

Additionally, it’s advisable to thoroughly research and understand the products and services offered by brokers and consider seeking advice from financial professionals if necessary. Remember that trading involves both the potential for profit and the risk of loss, and you should only trade with funds that you can comfortably risk.

Navigating the ins and outs of Eightcap

Eightcap is a well-regarded broker offering competitive spreads, regulatory compliance, and multiple trading platforms. Its diverse asset selection and code-free automation options make it appealing to a wide range of traders.

If you are looking for alternatives with better tradeoffs, you will find it hard to find a better option. Of course, the platform isn’t perfect. Eightcap could benefit from further global expansion as well as offering greater transparency around security and user data.

Frequently asked questions

Does Eightcap offer any special offers or bonuses?

What is safer than Eightcap?

What is the disadvantage of Eightcap?

How do I withdraw money from Eightcap?

Does Eightcap have any fees?

Can Eightcap be trusted?

Is Eightcap a safe app?

What countries is Eightcap available in?

What is Eightcap used for?

Is Eightcap regulated?

What is the minimum deposit on Eightcap?

Does Eightcap have a mobile app?

Does Eightcap offer a demo account?

Can I transfer money from Eightcap to my bank account?

Does Eightcap require KYC?

Is Eightcap a legitimate site?

Does Eightcap have good customer support?

Top crypto platforms in the US | December 2023


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Ryan Glenn
Ryan Glenn is a journalist, writer, and author. Ryan is motivated to educate as many people as possible on the benefits of web3 and cryptocurrency. He has authored “The Best Book for Learning Cryptocurrency,” and runs an educational platform,, dedicated to demystifying the crypto space. Ryan built the platform to transition tech-savvy and non-tech individuals into crypto and give everyone a baseline understanding of the different fields in the cryptosphere. Ryan is also an...