Eightcap UK Review

Regulation -5/5

Is Eightcap Available in the UK?

Yes, Eightcap is a forex broker that operates legally in the UK & are regulated by the Financial Conduct Authority (FCA) UK. Eightcap is available to both retail & professional traders in the UK

Eightcap clients in the UK also qualify for investor protection because EIghtcap is a member of the Financial Services Compensation Scheme (FSCS) which offers them limited compensation up to 85,000 GBP.

Funding & WIthdrawals - 3.5/5

How Much is Eightcap Minimum Deposit for Account Opening?

The Eightcap minimum deposit in the UK is 100 GBP so this is the lowest deposit you can make into your Eightcap trading account. If you attempt to input an amount lower than 100 GBP into the deposit box, the system will disable the submit button.

Eightcap Accepted Deposit Methods

1. Bank Cards

Eighcap UK accepts deposits via Visa/Master cards and the processing time is between 2 and 5 days. There are no deposit fees applicable.

2. Domestic UK Banks

Eightcap accepts deposits transferred from UK banks and the processing time is instant. There are no deposit fees applicable.

3. International Bank Wire

Eightcap accepts deposits from International banks outside the UK & processing time can reach 5 working days. Deposit fees may be charged by your bank.

What is EIghtcap Minimum Withdrawal?

Eightcap UK does not enforce a minimum withdrawal, so you can withdraw your profits as they come.

How Long Does EIghtcap Withdrawal Take?

• Visa/MasterCard withdrawal : 2 to 5 days
• PayPal withdrawal : 1 to 5 days
• International Wire transfer : 1 to 5 days
• BitPay withdrawal: 1 to 3 days
• UnionPay withdrawal: 1 day
• Skrill withdrawal: 1 day
• Neteller withdrawal: 1 day
• Crypto withdrawal: instant

Does Eightcap Charge Withdrawal Fees?

No, Eightcap does not charge you fees for withdrawals.

Range of Accounts - 2.5/5

The only trading account offered at EIghtcap is the TradingView Account which has a 100 GBP minimum deposit requirement.

The Eightcap TradingView Account is designed to be a spread-only account so the only time you pay commissions s when you are trading share CFDs.

So remember, Eightcap does not have MetaTrader Accounts, if you plan on using Eightcap you should be ready to trade on the TradingView platform.

Account Management - 4.5/5

Does Eightcap Have GBP Account Currency?

Yes, Eightcap UK allows you select GBP as your account display currency. Other account currencies available to Eightcap traders in the UK include EUR & USD.

How Do I Open an EIghtcap Account?

Step 1

Visit the Eightcap website & click on create account. Sign in using your google account or email.

Enter your name & phone number then click on create account.

Step 2

Select if you want to open an individual, joint or corporate account then proceed to enter information such as :

• Name & Date of Birth
• UK Address (residential) & how long you have lived at the address
• Tax Residency
• National Insurance Number (NINO)

Step 3

Answer a few questions about you source of income and trading experience, then go ahead to login to your client area and upload your identification documents such as passport etc.

After this step, you will be notified that your account is live & the you can proceed to make the Eightcap minimum deposit of 100 GBP.

How Many Trading Accounts Can I Open?

Eightcap UK allows you open up to 5 Trading Accounts at a time.

To be clear, you can open up to 5 Individual Accounts, 5 Joint Accounts or 5 Corporate Accounts.

Range of Markets - 3/5

Eightcap in the UK allows you trade using CFDs only. This means that Spread Bets are not on the menu.

1. Forex CFDs

Eightcap UK lets you trade over 40 currency pairs including EUR/USD, GBP/USD & AUD/USD.

2. Index CFDs

Eightcap offers spot cash contracts on the NASDAQ CFD as well as other popular Indices. Futures indices contracts are not available.

3. Commodity CFDs

Eightcap UK offers CFDs on Gold, Silver & Crude Oil.

4. Commodity CFDs

You can trade hundreds of Share CFDs on Eightcap using Direct Market Access Pricing.

Eightcap Trading Fees - 4/5

1. Spread

Eightcap offers variable spread pricing & spreads start from 1.0 pips.

• EUR/USD spread from 1.0 pip
• GBP/USD spread from 1.0 pip
• UK 100 spread from 1.2 GBP
• US30 spread from 1.6 USD
• NASDAQ spread from 1.4 USD

2. Commission

At EIghtcap you don't pay commissions on forex traders but you pay commissions of 4 USD per roundtrip when you trade share CFDs.

3. Overnight Rollover Fees

Eightcap will charge you an overnight rollover (swap) fee if you leave your CFD positions open overnight. Eightcap does not offer swap free trading so the rollover fee applies to all instruments.

Does Eightcap Charge Inactivity Fees?

No, Eightcap does not charge you for leaving your account unused or inactive over a period of time.

Tools - 2/5

Economic Calendar (from TradingView)

Eightcap does not offer much in terms of tools but there is an economic calendar which is from the TradingView platform.

With the economic calendar you can keep track of important data releases before they happen. This helps you strategize beforehand so you make informed decisions on trades.

Trading Platforms - 2.5/5

TradingView

Eightcap offers the TradingView web platform as MetaTrader is not available to UK traders.

Eightcap is also highly rated by TradingView with a 4.7/5 stars rating.EIghtcap traders in the UK will get access to advanced charting & back testing on TradingView.

Customer Support - 4/5

1. Telephone Support

You can reach Eightcap in the UK 24/5 through telephone support but their lines are not toll-free & you cannot request call back..

2. Live Chat

Eightcap Live Chat is available 24/5 & their response time is instant during weekdays; but during weekends there is no bot to respond to you.

3. Email Support

Dedicated email addresses are available for complaint resolution during week days. Emails are responded to on the same day.

4. Personal Account Managers

Eightcap assigns Personal Account Managers to every account so you can reach out to them any time you have questions.

Final Verdict - 7.5/10

Eightcap takes a simple approach to trading & keeping their offerings streamlined and not too complex.

They focus on doing one thing, & doing it well. They offer just the TradingView platform in the UK & offer just a few asset classes.

This kind of simplistic approach makes Eightcap the best forex broker for beginners.

However, the drawback is that expert traders who want more complex features may be disappointed.