Our Eightcap Review 2025 - 4.5/5

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Eightcap in brief

Our opinion of Eightcap

We particularly liked Eightcap’s tight spreads and low trading fees, especially on its Raw account, where spreads start at 0.0 pips with a commission of $3.50 per lot. The inclusion of both MetaTrader 4 and MetaTrader 5 platforms ensures that traders have access to robust tools for analysis, automation, and order execution. The broker’s diverse asset offering, including 250+ cryptocurrencies, caters to modern trading trends and expands opportunities for portfolio diversification.

We would have liked to see built-in copy trading or social trading features, which are popular among beginner traders looking to learn from experienced professionals. Additionally, while Eightcap is regulated by ASIC and FCA, its absence of local Canadian regulatory registration may raise concerns for traders seeking domestically governed brokers. A more comprehensive educational section would also enhance the broker’s appeal to newer traders.

Who is Eightcap designed for?

Eightcap is best suited to experienced traders and active investors who prioritize low costs, advanced trading platforms, and access to a wide range of assets, particularly cryptocurrencies. 

Before you zero in on Eightcap, explore other options in the market:

Let's find out more about our test results on Eightcap.

Security and reliability 4.5/5

Eightcap is a globally recognized broker that has been in business since 2009, establishing itself as a trusted provider of trading services over the past decade. With headquarters in Melbourne, Australia, Eightcap serves clients worldwide and is regulated by top-tier authorities, including the Australian Securities and Investments Commission (ASIC) and the Financial Conduct Authority (FCA) in the UK. These regulatory affiliations ensure adherence to stringent financial standards and client protection measures.

The broker has received industry accolades, including the award for "Best Global Forex MT4 Broker" in 2020, highlighting its commitment to providing high-quality trading services. Eightcap's user base has grown significantly, serving thousands of traders globally, although the exact number of active clients is not publicly disclosed.

Reliability for Canadian Traders

While Eightcap is not registered with Canadian regulatory bodies such as the Ontario Securities Commission (OSC), British Columbia Securities Commission (BCSC), or Alberta Securities Commission (ASC), its regulation by ASIC and FCA ensures it operates under robust international standards. However, the lack of local regulatory oversight may concern Canadian traders, as it limits their access to domestic investor protection schemes.

Features to Control Risk

Eightcap provides several tools to help traders manage their risk effectively:

• Negative Balance Protection: Ensures clients cannot lose more than their account balance, a critical safeguard during high-volatility periods.
• Customizable Leverage: Traders can adjust leverage up to 1:500, allowing them to tailor their exposure to match their risk tolerance.
• Stop-Loss and Take-Profit Orders: These features are available across both MT4 and MT5 platforms, enabling traders to automate risk management strategies.

Market and asset diversity 4.2/5

Eightcap is well-positioned in the trading industry as a broker offering a diverse range of assets across multiple markets. With access to forex, commodities, indices, shares, and cryptocurrencies, the broker caters to both traditional and modern traders.

While its selection of over 250 cryptocurrencies stands out as one of the most extensive in the industry, its number of shares and forex pairs is slightly below what some competitors offer.

Eightcap specializes in CFD trading, allowing traders to speculate on price movements without owning the underlying assets. The broker’s asset diversity makes it a solid choice for traders looking for variety, though it could improve by expanding its shares and indices offerings.

Our opinion on the offerings from Eightcap

Eightcap’s exceptional cryptocurrency offering, combined with its broad range of tradable markets, makes it competitive in terms of asset diversity. However, the broker could enhance its market position by increasing its selection of forex pairs, commodities, and shares to better match or exceed the market average. For traders with an interest in crypto CFDs, Eightcap remains a standout option in the industry.

Platforms and tools 4.5/5

Eightcap offers robust and widely recognized trading platforms, MetaTrader 4 (MT4) and MetaTrader 5 (MT5), catering to traders of all experience levels. These platforms are known for their reliability, advanced charting tools, and versatility, making them industry standards. Additionally, Eightcap supports various tools for analysis and decision-making, which enhance the overall trading experience.

Available Platforms

MetaTrader 4 (MT4) is renowned for its user-friendly interface and powerful trading capabilities. It includes advanced charting tools with multiple timeframes, allowing traders to analyze market trends effectively. With over 30 built-in technical indicators and the ability to develop automated trading strategies through Expert Advisors (EAs), MT4 remains a favorite among forex and CFD traders.

MetaTrader 5 (MT5) builds on the success of MT4, offering enhanced features for a more comprehensive trading experience. It supports 21 timeframes, compared to MT4's 9, providing traders with more flexibility in their analysis. Additionally, MT5 includes Depth of Market (DOM) functionality, giving better insights into market liquidity and order flow. This platform also expands asset class support to include shares and commodities, making it a versatile choice for traders seeking broader market access.

In addition to MT4 and MT5, Eightcap integrates with third-party add-ons, such as TradingView, to provide advanced charting and social trading functionalities. These integrations allow traders to customize their tools further, ensuring a more tailored and efficient trading experience.  environment.

Analysis Tools and Decision Aids

• Technical Indicators: MT4 and MT5 come preloaded with dozens of indicators, including Moving Averages, Bollinger Bands, and RSI.
• Automated Trading: Both platforms allow traders to develop, test, and deploy automated strategies via Expert Advisors.
• Economic Calendar: Provides real-time updates on economic events that could impact markets.
• Risk Management Tools: Features such as stop-loss, take-profit, and trailing stop orders help traders manage their risk effectively.
• Customizable Charting: Both platforms offer high levels of customization, allowing traders to tailor their technical analysis.

Order Types Supported

• Market orders.
• Limit orders.
• Stop-loss and take-profit orders.
• Trailing stops.
• Pending orders.

Fees, spreads and commissions 4.6/5

Eightcap positions itself as a competitive broker in terms of fees and spreads, particularly with its Raw Account, where spreads start from 0.0 pips and commissions are fixed at $3.50 per lot per side. This pricing structure makes it attractive to active traders and scalpers. While the broker’s trading fees are competitive, additional fees such as withdrawal charges may affect its overall cost-effectiveness compared to some competitors.

Eightcap Fees and Spread Comparison

Other Fees

• Deposit/Withdrawal Fees: Eightcap does not charge fees for deposits. However, withdrawals made via international bank transfers may incur fees of $20-$30 USD, depending on the bank and currency.
• Overnight Fees (Swaps): Swaps are applied to positions held overnight, and rates vary by asset class. These fees are standard and align with industry practices.
• Inactivity Fees: Eightcap does not charge inactivity fees, making it a favourable choice for traders who may not trade regularly.

How is Eightcap's price positioning?

Eightcap delivers competitive trading costs, especially for forex and cryptocurrency traders using its Raw Account. The tight spreads and low commissions make it appealing to active traders, while the absence of inactivity fees is another positive. However, international withdrawal fees slightly diminish its overall value. Compared to competitors, Eightcap offers strong pricing and is well-suited for cost-conscious traders prioritizing low spreads and commissions.

Customer reviews 4.2/5

Eightcap holds a Trustpilot rating of 4.2 out of 5, based on 2,806 reviews. This rating reflects overall positive customer satisfaction, with many traders appreciating the broker’s low fees and platform options, though individual experiences highlight areas for improvement.

Here are some recent testimonials from Canadian users:

• John M (January 15, 2025): "I’ve been trading with Eightcap for six months, and the low spreads on the Raw Account are fantastic for scalping forex. Setting up MetaTrader 5 was straightforward, and the platform works smoothly. However, I wish they provided more detailed tutorials for beginners like me. Customer support was responsive when I had a question about deposits, which was reassuring."
• Emily R (December 5, 2024): "The integration with TradingView has been a game-changer for me! The advanced charting tools and seamless connection to my Eightcap account make executing trades so much easier. My only complaint is the withdrawal fee for international transfers, which could be lower. Still, I’ve had no issues with execution speed or platform reliability."
• Alex T (February 2, 2025): "I chose Eightcap because of its cryptocurrency offerings, and I’ve been impressed with the variety of coins available. The spreads are reasonable, and the MetaTrader 4 platform performs well even during high market volatility. The live chat support helped me resolve a technical issue quickly, but I would appreciate more webinars or market analysis updates for crypto trading."

How is Eightcap positioned in relation to its competitors?

Conclusion of our review on Eightcap

During our evaluation, the broker demonstrated strong performance in areas such as trading costs, platform reliability, and asset diversity. With MetaTrader 4 and MetaTrader 5 platforms and competitive spreads starting from 0.0 pips, it caters well to active traders and those focused on forex and cryptocurrency markets. The inclusion of 250+ cryptocurrencies positions the broker as a leader in this segment compared to competitors.

However, the absence of built-in copy trading functionality may be a disadvantage for traders seeking automated strategies or social trading. Additionally, while the broker is regulated by top-tier authorities like ASIC and FCA, it does not offer local Canadian regulatory registration, which could be a concern for Canadian traders.

This broker is best suited to experienced traders looking for low-cost trading and robust platforms, particularly in forex and crypto markets. 

Before opening an account with Eightcap, compare the best brokers in Canada.

What types of accounts are available with Eightcap in Canada?

Eightcap offers two primary account types: Standard Account and Raw Account. These account types cater to traders with varying preferences for spreads and commissions. Below is a summary table highlighting the key features of each account type, along with the demo and Islamic accounts available for specific needs.

Standard Account

The Standard Account is designed for traders who prefer a commission-free trading experience. Spreads start from 1.0 pips, and there are no additional trading commissions. This account type is best suited to beginner and intermediate traders who value simplicity and low entry costs. Traders can access all available markets, including forex, cryptocurrencies, indices, shares, and commodities, using the MetaTrader 4 and MetaTrader 5 platforms.

Raw Account

The Raw Account is tailored for professional and high-frequency traders who prioritize tighter spreads. Spreads start from 0.0 pips, making it ideal for scalping and day trading strategies. However, a commission of $3.50 per lot per side applies, which remains competitive compared to other brokers. Like the Standard Account, it provides access to all available markets and platforms.

Demo Account

The Demo Account allows traders to test their strategies and become familiar with the MetaTrader platforms without financial risk. It includes $50,000 in virtual funds and offers unlimited duration, ensuring ample time for practice and refinement. Traders can simulate trades across all available markets, including forex, cryptocurrencies, indices, and shares, with realistic market conditions and spreads.

Islamic Account

The Islamic Account is available for traders adhering to Sharia law, offering a swap-free trading experience. This account can be set up under either the Standard or Raw account structure, with spreads and commissions remaining the same as the chosen account type. Instead of overnight swap fees, a fixed administrative fee may apply, depending on the instrument traded. This ensures compliance with Islamic finance principles while maintaining access to all markets and platforms.

Deposits and withdrawals at Eightcap: How does it work?

Eightcap offers a diverse range of deposit and withdrawal methods, including traditional bank transfers, credit/debit cards, e-wallets, and cryptocurrencies. The absence of deposit fees across all methods is a competitive advantage, making it more accessible for traders who value cost-efficiency.

However, the withdrawal fees for bank transfers and e-wallets are slightly higher compared to some brokers offering free or flat-fee withdrawals. The broker's inclusion of cryptocurrency payment options is a modern feature that appeals to crypto traders, setting it apart from brokers limited to fiat currencies.

In comparison to competitors, Eightcap performs well in terms of flexibility and speed for deposits, with most methods processed instantly. However, the withdrawal fees and processing times for international transfers are not as favourable, making it less attractive for traders who prioritize cost-effective and rapid withdrawals. Overall, the broker provides solid payment options that cater to a wide range of trader preferences.

Does Eightcap offer copy trading?

Eightcap does not currently offer copy trading or social trading features directly within its proprietary services or platforms. While the broker provides access to MetaTrader 4 (MT4) and MetaTrader 5 (MT5), which support third-party integrations, Eightcap itself does not include built-in tools for copying trades or engaging in social trading communities.

Third-Party Solutions

Although Eightcap lacks native copy trading, traders using MT4 or MT5 may independently connect to external copy trading services or signal providers, such as:

• Myfxbook AutoTrade: Allows integration with MT4 accounts for copying strategies from other traders.
• Signal Services on MetaTrader: MT4/MT5 platforms allow traders to subscribe to signal providers for automated trade copying.

These options, however, are external services and require traders to set up accounts separately and potentially pay subscription fees or performance-based charges.

Copy Trading Features (Via Third-Party Tools)

• Number of Traders to Copy: Dependent on the external service, but Myfxbook and MetaTrader Signal Services typically offer thousands of signal providers.
• Additional Fees: Copy trading services may include monthly subscription costs, performance-based fees, or platform-specific charges.
• Automation: Once a signal or trader is selected, trades are executed automatically, allowing for hands-off portfolio management.
• Customizable Risk Management: Many third-party tools allow users to adjust trade sizes, risk levels, and the amount of capital allocated to each copied trade.

What is the tax treatment of income generated by Eightcap?

Income earned through trading with Eightcap is subject to taxation under Canadian tax laws, as administered by the Canada Revenue Agency (CRA). The way trading income is taxed depends on whether the CRA classifies your activity as generating capital gains or business income.

Capital Gains

If your trading activity is considered an investment (e.g., occasional trades and holding assets for longer periods), any profits are categorized as capital gains.

• Taxable Amount: Only 50% of the capital gains are taxable at your marginal tax rate. For example, if you make $10,000 in capital gains, only $5,000 is added to your taxable income.
• Offsetting Losses: Capital losses can be deducted from capital gains in the same year. Unused losses can be carried forward or backward to offset gains in other years.

Business Income

If your trading activity is frequent, speculative, or considered your primary source of income, it is classified as business income.

• Taxable Amount: 100% of trading profits are taxable at your marginal tax rate.
• Deductible Expenses: You can deduct trading-related expenses, such as withdrawal fees, platform costs, commissions, data subscriptions, and other relevant costs, to reduce your taxable income.
• CRA Guidelines: Factors such as trading frequency, holding periods, and reliance on trading income influence whether the CRA classifies income as business income.

How to declare trading income

Capital Gains Declaration:

• Report your capital gains on Schedule 3 – Capital Gains (or Losses) of the T1 General Income Tax Return.
• Record all relevant details, such as purchase price, sale price, and transaction costs like commissions.

Business Income Declaration:

• Report business income on Form T2125 – Statement of Business or Professional Activities.
• Include all trading profits as gross income and deduct eligible expenses to determine your net income.

Foreign Income Reporting:

• Since Eightcap is regulated outside Canada, income in foreign currencies (e.g., USD) must be converted into Canadian dollars (CAD) using the Bank of Canada exchange rate at the time of the transaction.
• If your total foreign holdings exceed $100,000 CAD at any point in the year, you must file Form T1135 – Foreign Income Verification Statement.

Points to remember while filing your taxes

• Tax-Free Savings Accounts (TFSAs) and RRSPs: Trading with Eightcap does not qualify for tax-advantaged accounts like TFSAs or RRSPs, so all trading income is subject to taxation.
• Record-Keeping: Maintain accurate records of all trades, expenses, and foreign exchange conversions, as the CRA may request documentation during audits.
• Consult a Professional: Due to the complexity of tax regulations for trading income, consulting a tax professional with expertise in trading income is recommended.

Contact: How do I contact Eightcap customer service?

FAQs

Nishadh Mohammed

Nishadh Mohammed is a seasoned news editor and financial writer, working with HelloSafe since May 2023. Nishadh has developed expertise in financial markets, insurance, and investment products, with a deep understanding of the Canadian financial landscape. He has honed his SEO skills and content marketing strategies while writing for Canadian publishing houses. Armed with a master's in Business Analytics and extensive journalistic experience, Nishadh uniquely combines data proficiency and thorough research to deliver comprehensive and accessible information.