Advertiser disclaimer
Pros & Cons
Table of content

Eightcap Review for Cryptocurrency 2024

Eightcap
4.5

Eightcap has become a trusted name for advanced trading in a little over a decade since it first launched. It claims to provide aggregated pricing from multiple top-tier liquidity providers, with spreads starting as low as 0.0 pips. They credit their servers, located in Equinix data centres, for “optimal performance at all times.” I opened an account and reviewed this award-winning trading platform to determine the truth behind those claims. Does Eightcap deliver on its promises?

Show more

Pros & Cons

  • Pros
  • Smooth account opening and onboarding
  • Superfast trade execution
  • Good trader support with a dedicated account manager
  • Competitive pricing with tight spreads
  • Cons
  • Experience level filters can be added to ease discovery of relevant educational content

Eightcap Overview

Eightcap offers exposure to the cryptocurrency markets with a choice of 250+ cryptocurrencies, including crypto-crosses and crypto indices.

Traders can choose from two account types, Raw and Standard, with the only difference being the commission and minimum spread.

Traders receive daily trade reports and regular emails with market research, analysis and economic calendar events.

  • Overall
    4.5
  • Fees
    4.5
  • Deposit and withdrawal
    4.5
  • Asset selection
    5.0
  • Ease of account opening
    4.5
  • Regulation and security
    4.0
General info
Headquarters Australia
Website https://www.eightcap.com/
Website Languages English, Spanish, Chinese, 6+
Regulated check
Country of Regulation Australia, Bahamas
Regulation Type ASIC
Account Base Currencies EUR / USD / CAD / AUD / GBP / NZD
Staking and Rewards uncheck
Minimum Deposit $100
Deposit Fee $0
Deposit Types Bank wire / Credit Card / PayPal / Skrill / Neteller / POLi Payments / Cryptocurrencies
Minimum Withdrawal
Withdrawal Fees
Crypto-to-Crypto Trading Pairs check
Cryptocurrencies as CFDs check
Islamic Account uncheck
Demo Account check
Research & Education Tools check
Customer Support Email / Live chat / Phone
Customer Support Languages English / Spanish / German Chinese, Thai, Korean, French, Italian and Vietnamese info
Support Days & Hours 24/5
Automated Trading check
Social Trading uncheck
Copy Trading check

Company Background

Established in 2009 in Melbourne, Australia, Eightcap has established a niche for itself with its excellent customer service and diverse trading solutions to cater to the needs of global traders. The broker offers multilingual support in 10 languages, including English, Chinese, Bulgarian, Thai, French, German, Portuguese, Spanish and Vietnamese.

Unique Features

Eightcap offers copy trading and social trading with both demo and live accounts. What is also great is their personal customer service, which offers prompt and responsive support.

I am a bit coding-averse, so the free trade automation plug-in from Capitalise.ai was impressive for me. It eases the creation, testing of automated trading totally code-free. I could even copy existing automation from other traders or use plain English to create my own automation rules.

Eightcap also offers a white-label platform, armed with advanced technology, to cater to the needs of regulated institutions. The platform offers access to a large range of markets and comes with dedicated support.

Eightcap Crypto Fees

FeesAmount
Deposit Fee $0
Credit/Debit card Deposit Fees $0
E-wallets Deposit Fees $0
Bank transfer Deposit Fees $0
Withdrawal Fee $0
Credit/Debit card Withdrawl Fees $0
E-wallets Withdrawl Fees $0
Bank transfer Withdrawl Fees $0
Inactivity Fees uncheck
Swap Fees(Instead of Overnight Fees) check
Spread / Commission Fees check
Currency conversion Fee check
Max Leverage 1:20
Minimum Spread 12.0

Eightcap’s CFD fees are lower than the industry average. There is no fee for account maintenance, deposits or withdrawals. However, bank transaction charges and currency exchange charges will need to be paid by the customer for international bank transfers. This is fairly standard across brokers.

Trading Fees

Does not charge any commission or CFD fees for the Standard account, while the commission for the Raw account is $3.5 per standard lot traded. The spread starts at 0.0 pips for the Standard account and 0.1 pips for the Raw account.

Overnight/Swap Fees

Eightcap applies the swap rate at the end of the trading day or at 00:00 platform time. The applicable fee can be calculated with this formula:

Swap Rate x Lots (Volume) x Number of Nights = Swap (in base currency)

Withdrawal Fees and Options

Eightcap doesn’t charge any withdrawal fees, although the customer will need to bear any third-party charges, such as the bank’s conversion fees.

Withdrawal Methods Supported: Account transfer, Credit Card, Debit card, Electronic Wallets.

Eightcap Deposit & Withdrawal

Funding methodSupportedMinimum DepositMinimum Withdrawal
Bank wire check $0 $0
Credit Card check $100 $100
PayPal check $100 $100
Skrill check $100 $100
Neteller check $100 $100
FastPay uncheck
UnionPay uncheck
PayRedeem uncheck
PerfectMoney uncheck
POLi Payments check $100 $100
Przelewy 24 uncheck
Payoneer uncheck
Rapid Transfer uncheck
Scroll for more details >>

Eightcap supports multiple payment methods for trading Cryptocurrency CFDs. Traders do not need a crypto wallet. The platform supports funding the account with fiat in any of the following base currencies: AUD, USD, GBP, EUR, NZD, CAD, and SGD.

Supported Cryptocurrency

Eightcap offers 250+ cryptocurrencies, including crypto-crosses and crypto-indices. The  broker also offers 100+ crypto derivatives, which can be traded immediately after opening an account on the trading platform, since trading via derivatives, such as CFDs, does not require a crypto wallet. Crypto CFDs also allow you to go long and short, capitalising on both rising and falling markets.

Coin nameCoin SymbolCoin icon
BitcoinBTCBitcoin
TetherUSDTTether
EthereumETHEthereum
AvalancheAVAXAvalanche
BinanceBNBBinance
CardanoADACardano
ChainlinkLINKChainlink
CosmosATOMCosmos
DaiDAIDai
DogecoinDOGEDogecoin
EOSEOSEOS
LitecoinLTCLitecoin
MoneroXMRMonero
PolkadotDOTPolkadot
PolygonMATICPolygon
RippleXRPRipple
Shiba InuSHIBShiba Inu
SolanaSOLSolana
StellarXLMStellar
ToncoinTONToncoin
TRONTRXTRON
UniswapUNIUniswap
UNUS SED LEOLEOUNUS SED LEO
USD CoinUSDCUSD Coin

Eightcap Trading Platforms

Eightcap does not have a proprietary mobile app, but it does offer a direct link to download MetaTrader 4 (MT4) and MetaTrader 5 (MT5) for the macOS, Windows and Android. There are useful step-by-step guides on how to download and start trading with the applications. While their MT4 application can be used on desktops and mobiles, the MT5 one can also be used on WebTrader.

PlatformSupported
Proprietary Platform check
MetaTrader 4 (MT4) check
MetaTrader 5 (MT5) check
cTrader uncheck
DupliTrade uncheck
ZuluTrade uncheck

Demo Account

You can start with a demo account and get to know the trading platform and the assets you plan to trade. Trading on a demo account helps you experience live market conditions without needing to use any real funds. This is a great way to develop your strategy and understand how different financial instruments work.

The demo account also supports copy and social trading features for beginners to learn as they practise and develop their trading strategies. This account is available for a 30-day period.

Accepted Countries

Eightcap serves global customers across Europe, Asia, Africa and Oceania. Residents of the United States cannot open an account with the broker, although residents of Canada and Mexico can.

How Do You Trade Cryptocurrency on Eightcap?

In our Daily-Crypto.com review, we explored Eightcap’s cryptocurrency trading offer via Contracts for Difference (CFDs). This is a derivative instrument, where the trader agrees with a counterparty to exchange the difference in price of the underlying asset between the opening and closing date of the contract.

A clear advantage with CFDs is that you don’t take ownership of the underlying asset to be able to trade it. Also, CFD trading is a leveraged product, which means that you can enter into much larger positions than the funds in your trading account alone would permit. In addition, with CFDs, you get to speculate on both rising and falling prices, which means more trading opportunities.

However, remember that leverage is often called a “double-edged sword” because borrowing funds from the broker to open a large position might multiple your profit potential but it would also magnify potential losses.

A unique offering by Eightcap to help with crypto trading is the Crypto Crusher tool, which offers excellent resources. You can access daily crypto trade ideas with entry, target and stop levels, scan the crypto markets by price, trend, % change or major highs and lows. With Crypto Crusher, you can also check market sentiment to determine the strength of price direction or trend. Plus, it offers exclusive indicators to identify trading opportunities, along with live educational resources. Traders can also get all their questions answered with the 24-hour chat room.

 

Opening an Eightcap Account

Eightcap accounts can be opened directly from the website. Here are the steps I followed:

  • Open a live account by entering basic details, such as your name, email address, country of residence and phone number.
  • Verify your email address.
  • Enter your account details, such as joint, individual or enterprise.
  • Input the required personal details (I opened a personal account).
  • Select the account type to open from Raw and Standard, the preferred trading platform and the currency in which you intend to deposit funds.

Once you complete these steps, Eightcap will request proof of residence and verify your details. The account will be active for trading within 24 hours. Throughout the process, live chat is available for any assistance you might need and to answer all your questions.

Regulation and Security

The award-winning brokerage is licensed in multiple jurisdictions.

Country of the RegulatorName of the RegulatorLicence Number
AustraliaAUSTRAC – Australian Transaction Reports and Analysis Centre391441
BahamasSCB – Securities Commission of the Bahamas40377
AustraliaASIC – Australian Securities & Investment Commission391441

Customer Service

Eightcap’s customer service is lauded for its 24-hour support through dedicated account managers. It is one of the best I have experienced. The customer support team is extremely informed regarding the trading platforms and their functionalities. They are quick to resolve issues too. One area that could focus more on is preventing delays in reimbursement in the event of a duplicate money transfer.

Customer Support
Days Monday to Friday
Hours 24/5
Live Chat check
Email check
Phone check
Supported Languages English / Spanish Chinese, 8+ info
How fast was customer support when we tried? Fast

Why Should I Use Eightcap

Eightcap offers comprehensive trading services to trade 1,000+ financial instruments, including 250+ cryptocurrencies. Some of the key benefits of trading with this broker are:

  • No account maintenance fee
  • Multiple methods to deposit and withdraw funds
  • Narrow spreads for both Raw and Standard account types
  • Access to trading on world-class platforms, such as MT4, MT5 and TradingView
  • Maximum leverage of 30:1 for crypto trading services provided under the ASIC and 500:1 for crypto trading services provided under the SCB.
  • Feature-rich charting package
  • Completely transparent operations, without any intervention or price manipulation from the dealing desk.

Conclusion

Trading with Eightcap is simple and fast. You receive regular updates in the form of reports, calendar events and educational content. Their customer service team is among the best in the industry. They offer a huge variety of financial instruments. Crypto Copy trading and crypto social trading are a great experience with their network 0f 30 million users, who can help beginners learn and develop their trading strategies. Eightcap also conducts regular live webinars and shares how indicators can be interpreted. Comprehensive financial analysis and trading ideas are useful for discovering market opportunities.

FAQ

  • Is Eightcap regulated?
    The brokerage has licenses from the regulatory bodies in Australia and the Bahamas, which permits it to offer services across Australia, Europe, Africa, Oceania and Asia.
  • Can you trade crypto with Eightcap?
    Yes, Eightcap offers 250+ cryptocurrencies and 100+ crypto derivatives. The broker offers crypto trading through Contracts for Difference (CFDs).
  • Is Eightcap good for beginners?
    Eightcap is extremely beginner-friendly, with support for copy and social trading and a huge database of educational content in the form of blogs, videos, and even live sessions.
  • Does Eightcap offer a demo account?
    Eightcap offers a demo account for beginners and experienced traders to learn about the platform and practise their trading strategies for a period of 30 days.
  • What is the minimum deposit for Eightcap?
    The minimum deposit to open an account on Eightcap is $100. This can be done via any mode suitable to the trader.
  • What is the maximum leverage at Eightcap?
    Maximum leverage of 30:1 for crypto trading services provided under the ASIC and 500:1 for crypto trading services provided under the SCB. However, traders are advised to check the leverage ratio before initiating any trade, since it is market dependent.
  • How do I open a live account with Eightcap?
    Opening a live account on Eightcap is a quick and seamless process. Just download the app or go to their website and click on the Open Account link. In case you have any problems, contact customer support over live chat and they will help you with the process.
  • Does Eightcap have an app?
    Eightcap does not have a proprietary application but supports MT4, MT5, and TradingView, which are compatible across multiple operating systems.
author
About Marcel Deer
With a background in journalism and digital marketing, Marcel is a keen crypto enthusiast and investor. A regular contributor to several crypto publications, he believes that META-based projects will soar in the coming years and is super-bullish on MeritCircle and the increase in P2E gaming platforms. Marcel is also excited about AVAX and FTM as ETH-chain alternatives, and any projects with strong utility, transparency, experience, and community marketing.