EightCapMost retail investors end a year of CFD trading with a loss.
The first metric that matters for MT5 users is the Raw spread: at EightCap, that starts from 0.0 pips on the Raw account, with a commission of USD 3.50 per lot per side. That figure tells you more about the dealing desk than any marketing copy. We assess whether this offshore execution model holds up for traders in Kenya, where the broker operates without a CMA licence but offers leverage that local rules cap.
EightCap routes Kenyan retail clients through its Bahamas entity, Eightcap Global Limited (SCB licence SIA-F220). This means the platform access is real, but the regulatory perimeter is offshore. The MT5 terminal itself is the same reliable software used globally, but the counterparty and the legal recourse are not identical to what a CMA-licensed firm provides.
The Execution Data
The cost structure is a straight split. The Standard account offers commission-free trading with spreads floating from 1.0 pip. The Raw account buys a tighter spread, from 0.0 pips, but charges the USD 3.50 per lot per side. The trade-off between spread and commission depends on your holding period and order size.
| Account Type | Spread | Commission | Min Deposit |
|---|---|---|---|
| Standard | from 1.0 pip | None | USD 100 |
| Raw | from 0.0 pips | USD 3.50 per lot per side | USD 100 |
For a 1-lot trade on GBP/USD, the Raw account cost is roughly USD 7 round-turn plus the spread. On the Standard account, the cost is the full spread at 1.0 pip, which is USD 10 on the same pair. The crossover point shifts with volatility. EightCap offers two transparent pricing paths, a measurable difference from brokers that hide a markup in a wide floating spread.
Platform and Instrument Range
MT5 at EightCap gives access to over 800 CFDs, a wider shelf than most regional competitors. The headline numbers: roughly 56 forex pairs, about 580 share and ETF CFDs, and a crypto CFD range exceeding 100 coins. For traders who want a single terminal for forex, metals, and digital assets, the depth here cuts down the need for multiple accounts.
| Asset Class | Approximate Count |
|---|---|
| Forex pairs | 56 |
| Share / ETF CFDs | 580 |
| Crypto CFDs | 100+ |
| Indices, metals, energies | Included in total |
The platform list includes MT4, the native TradingView integration, WebTrader, and TradeLocker. The MT5 version offers the usual toolkit: advanced charting, market depth, and algorithmic trading via MQL5. The native TradingView integration lets you run charts in TradingView and execute directly in the EightCap ecosystem.
Costs, Fees, and the Bank Account
Funding the account is a friction point for Kenyan residents. EightCap lists cards, bank wire, Skrill, and Neteller, but no verified M-Pesa or KES-specific rail at review. The base currencies are AUD, USD, EUR, GBP, NZD, CAD, and SGD, depending on region, with no KES account verified. This forces a conversion cost on deposits and withdrawals.
The minimum deposit is USD 100, and the broker charges no deposit or withdrawal fees on its side. The variable is your payment provider, bank conversion spread, or card issuer fee. For a trader used to instant M-Pesa deposits at near-zero cost with other brokers, this is a measurable operational gap.
Regulatory gap: no CMA cover
The regulatory status is the data point you cannot ignore. EightCap is not licensed by the Capital Markets Authority (CMA) of Kenya. Kenyan clients are onboarded under the Bahamas SCB licence SIA-F220. This means no local license, no local compensation cover, and no recourse through the CMA or the Capital Markets Fraud Investigation Unit.
Kenyan law is clear: any entity offering online forex to residents must hold a valid CMA licence. Offshore brokers operating without it are outside that legal framework, and the CMA has issued cautionary statements against unlicensed entities. Trading itself is not illegal, but the protection net is absent. If a dispute arises, you are dealing with a Bahamas-regulated firm, not a local one.
The leverage cap is another difference. CMA-licensed brokers are capped at roughly 1:400 for major FX pairs on retail accounts. EightCap offers up to 1:500 on forex via its offshore entity. That extra headroom increases the risk of a margin call on a small adverse move. At 1:500, a 0.2% move against you erases the margin on that position. The higher leverage is a dangerous tool for undercapitalised accounts.
There are no verified Kenya-specific promotions, and the swap-free/Islamic account is not consistently offered; reports are conflicting. The broker also does not offer the KES-denominated accounts that some local competitors do.
What We Think
EightCap delivers a solid MT5 experience with transparent pricing and a broad asset range, but it is not a one-size-fits-all choice for Kenya. The absence of a CMA licence is a structural issue, not a marketing flaw. The broker suits traders who understand offshore execution and can manage the USD conversion flow.
Good match for:A trader with a USD or EUR income stream who wants raw spreads and access to a deep crypto CFD range. If you are comfortable with the Bahamas regulatory framework and your strategy is built for the MT5 terminal, the cost structure is competitive. The no-commission Raw account is attractive for high-frequency scalping where spreads matter more than fees.
Bad match for:A new retail trader looking for local KES funding, M-Pesa deposits, and the safety of a CMA-licensed broker with local recourse. If you prefer to fund in KES and want the guarantee of checking a broker on the official CMA register, you are better off with a locally licensed entity. The absence of a local licence and a verified KES rail is a practical hurdle that outweighs the low spreads for many Kenyan traders.
The Fine Print That Brochures Skip
The brochure will not tell you that the leverage is not set by your local regulator, or that your account is not protected by Kenyan compensation rules. These are the terms you live with after the opening bonus noise fades.
The practical issue surfaces at the funding stage. Every deposit via card or wire carries a conversion cost, and the same applies on withdrawal. A trader netting USD 500 a month in profit will see a meaningful percentage consumed by bank conversion spreads. This is not a hidden fee; it is the cost of operating in a USD-denominated account from Kenya.
There is also no confirmed negative balance protection as a blanket mandate under Kenyan law, so on an offshore account the broker's internal policy governs. Check the client agreement for the exact wording on negative balance, swap rates, and margin close-out levels.
Does EightCap MT5 offer M-Pesa deposits in Kenya?
No. At review, EightCap listed cards, bank wire, Skrill, and Neteller as funding methods. There is no verified M-Pesa or KES-specific rail, so you will need to fund in USD or another supported base currency from a different source.
What leverage does EightCap offer on MT5 for forex?
Up to 1:500 on forex via the offshore Eightcap Global Limited entity. This is not capped by a local regulator, so the risk lies with the trader. CMA-licensed brokers in Kenya are capped at roughly 1:400 for major FX pairs.
Is EightCap regulated in Kenya?
EightCap is not licensed by the Capital Markets Authority (CMA) of Kenya. It operates under the Bahamas SCB licence SIA-F220, which does not provide local recourse or compensation cover for Kenyan residents.
What is the difference between the Standard and Raw account on MT5?
The Standard account charges no commission but spreads float from 1.0 pip. The Raw account offers spreads from 0.0 pips but charges USD 3.50 per lot per side. The right choice depends on your trading frequency and position size.