In 2024, Eightcap stands out in the UK's competitive forex and CFD brokerage landscape. This review delves into various aspects of Eightcap, highlighting its strengths and areas where it lags behind its competitors, to assess if it indeed could be considered the best broker in the UK.
Regulatory Compliance and Trust
Eightcap is regulated by the Financial Conduct Authority (FCA) in the UK, ensuring a high standard of operational integrity. Additional regulation from the Australian Securities and Investments Commission (ASIC), the Cyprus Securities and Exchange Commission (CySEC), and the Securities Commission of Bahamas (SCB) further bolsters its credibility. This multi-jurisdictional regulation, along with the practice of segregating client funds in top-tier banks and providing negative balance protection, positions Eightcap as a trustworthy and well-regulated broker.
Trading Instruments and Platforms
Offering over 600 financial instruments, Eightcap provides a diverse trading environment. This includes 40+ Forex pairs, indices, commodities, and share CFDs. The broker is especially noted for its extensive range of share CFDs, featuring major companies from the US, UK, Australia, and Europe. Additionally, Eightcap's partnership with TradingView makes it the only dedicated, specialist TradingView broker in the UK. However, it's important to note that direct buying and selling of stocks are not available; only CFDs on shares are offered.
The broker supports popular trading platforms like MetaTrader 4 and MetaTrader 5, alongside innovative tools like Capitalise.ai, which allows automated strategy development without coding skills. These platforms cater to a variety of trading styles and strategies, including scalping.
Fees and Account Opening
Eightcap is applauded for its low forex fees, making it an attractive option for traders focused on costs. The broker offers two types of accounts with different cost structures: the standard and the Raw account. The latter is popular for its low spreads, which can be as low as 0 pip, and a competitive commission of $3.50 per lot. Non-trading fees are also minimal, with no inactivity, deposit, or account fees, although international wire transfers may incur additional charges.
The account opening process is seamless and quick, typically completed within a day. A minimum deposit of ￡100 is required, which is reasonable for forex/CFD traders.
Customer Support and Educational Resources
Eightcap offers customer support in 10 languages, which is responsive and knowledgeable. However, the broker falls short in providing comprehensive Forex education and analysis compared to some of its larger competitors.
Conclusion
In conclusion, Eightcap presents a strong case for being one of the best brokers in the UK in 2024, especially for traders prioritizing low fees and diverse trading instruments. Its regulatory compliance and commitment to client fund safety add to its appeal. However, the limited direct stock trading options and less extensive educational resources might be drawbacks for some traders. Overall, Eightcap is well-suited for experienced traders familiar with platforms like MetaTrader and TradingView, seeking a cost-effective and diverse trading environment.
