Eightcap Review – How Good Is The FX & CFD Broker?

Eightcap Company OverviewTrading PlatformsAssetsSpreads & CommissionsLeverageMobile AppPayment MethodsDemo AccountBonuses & PromotionsRegulationAdditional FeaturesAccount TypesBenefitsDrawbacksTrading HoursCustomer SupportTrader SecurityEightcap VerdictAccepted CountriesAlternatives to EightcapFAQ

Eightcap is a global CFD and forex broker. Offering both the MT4 and MT5 trading platforms, as well as two competitive accounts, users can trade over 250 financial instruments with ease. This review can help you decide whether to open an account, covering spreads, leverage plus the mobile app and demo account.

Eightcap Company Overview

Eightcap was founded in 2009 and is based in Melbourne, Australia. The company is regulated by the Australian Securities and Investment Commission (ASIC) and the Vanuatu Financial Services Commission (VFSC).

Eightcap has rapidly grown and has offices worldwide with a large multilingual client support team based in the UK, Bulgaria, China and Thailand, amongst others.

Trading Platforms

MetaTrader 4

The award-winning MT4 platform facilitates online trading in forex, indices, and commodities. With its advanced interface, automated trading capabilities, and comprehensive charting package, it’s an excellent all-round platform.

Features include:

9 time-frames, 30 built-in indicators, 24 graphical objects
Free-of-charge trading robot and access to Expert Advisors
4 types of pending orders, 3 order execution types
Real-time quotes in Market Watch
One-click trading
Historical data

Eightcap MT4 platform

MT4 is available to download on Windows, macOS, and Linux PCs.

MetaTrader 5

MT5 is an advanced platform offering trading in forex, indices, shares, commodities, and cryptocurrencies. Users benefit from:

21 time-frames, 38 technical indicators, 44 graphical objects
Free-of-charge trading robot and access to Expert Advisors
6 types of pending orders, 4 order execution types
One-click trading and Advanced Market Depth
Financial news and economic calendar
Real-time quotes in Market Watch
Netting and hedging
Community chat
Historical data

Eightcap MT5 platform

MT5 is available to download on Windows, macOS, and Linux PCs.

WebTrader

Eightcap also offers the Web Trader version of MT5. The web-accessible platform can be opened easily from the broker’s website and offers the same range of features as the desktop download. It’s a quick and hassle-free way to get connected to the markets.

Capitalise.ai

Eightcap has launched an exciting automated trading tool that lets clients programme instructions using plain English, for example, buy $1,000 GBP/USD on Tuesday at 15:30 EST. With a slick dashboard and assisted instructions, it’s never been easier to build automated trading strategies for beginners. With no coding skills required, traders can develop simple and complex algorithms free of charge.

Capitalise.ai also offers an extensive list of pre-programmed strategies which clients can test risk-free or tweak to their preferences before pushing live. Check out the video below for more details.

Assets

Eightcap clients can trade on:

Currencies – Trade 40 major, minor, and exotic forex pairs
Share CFDs – Trade on 500+ of U.S. (NASDAQ and NYSE) and Australia’s most popular companies, including Westpac Banking Corp & Woolworths.
Index CFDs – Trade 10 of the most popular indices, including the US30, UK100, and SPX500
Cryptocurrency CFDs – 250 + crypto pairs, cross pairs and indices
Commodities – Trade gold, silver and oil CFDs

See Eightcap’s Product Disclosure Statement (PDS) for more details.

Spreads & Commissions

Spreads are variable, starting at 0 pip for major forex pairs (Raw Account) and 0.5 on major indices, such as the SPX500.

Spreads for gold and silver start at 1.0 pips and 0.5 pips, respectively, whilst oil spreads are around 1.0 pip.

Please bear in mind that cryptocurrencies are very volatile instruments, sometimes the spread on BTC is 20 pips, or even less. Recently it reached 30 pips.

During trade hours with extremely high volatility the spreads tend to get higher or during less liquid day periods (as the roll over to the new day).

Commissions are charged at $3.50 per standard lot on the Raw account and swap rates will apply for overnight forex trades.

Leverage

Maximum leverage at Eightcap Pty Ltd is 1:30. Maximum leverage for clients trading with Eightcap Global Ltd is 1:500.

Details of the margin call process can be found on the broker’s website.

Mobile App

Eightcap offers a mobile app for both the MT4 and MT5 platforms, which are available for iOS and Android devices. The app offers all the same features as the desktop platform, with the added benefit of 24/7 access from anywhere. Once you have your MT4 or MT5 login credentials, simply head to your App Store or Play Store to download the app.

Eightcap mobile trading

Payment Methods

Deposits

Eightcap offers several fast payment options in 7 base currencies, all transacted through the Client Portal:

Bank Wire – 1 – 3 business days. Check fees with bank
Credit/debit card – Instant deposit. No fee
China UnionPay – Instant deposit. No fee
Skrill – 1 – 2 business days. No fee
Neteller – Instant deposit. No fee
BPAY – 1- 2 business days. No fee
Poli – Instant deposit. No fee

Withdrawals

After completing a request form through the Client Portal, users can withdraw profits for free, using all of the methods above. The broker aims to process withdrawals within 24 business hours. Clearing times typically take 2 – 5 business days.

Demo Account

Eightcap offers a decent demo account which can be opened from the broker’s website. Users have access to unlimited virtual funds and the same trading conditions as a real-money account, including the same price feed.

Note that demo accounts last for 30 days by default, however, this can be extended upon request.

Bonuses & Promotions

Eightcap does not currently offer any deposit bonuses or promotions. However, keep an eye on the broker’s website in case new deals are made available. Make sure you check bonus terms and conditions before you start trading.

Regulation

To protect client interests, the company is independently regulated across two entities: Eightcap Pty Ltd is regulated by the Australian Securities and Investment Commission (ASIC) while Eightcap Global Ltd (Vanuatu) is regulated by the Vanuatu Financial Services Commission (VFSC). Furthermore, Eightcap is an Australian Financial Services Licensee (AFSL). Client funds are also segregated and held at Tier 1 banks, as per the Corporations Act.

Our opinion is that the broker isn’t a scam and their online services are legitimate.

Additional Features

Eightcap’s mission is to build a home for MT4 and MT5 traders. The broker offers an exceptional education suite to help both new and experienced traders.

Included in this are regular market updates, a trading week ahead, CFD and Forex insights, MetaTrader guides and trading strategy guidance.

Trading Tools

Eightcap users have the ability to automate their trades without the any coding knowledge. With the use of capitalise.ai, traders have access to automation and analytic tools, including backtesting, loop strategies, smart notifications, and much more.

The online broker has also partnered with TradingView to offer powerful charts and tools. TradingView is a top-rated charting solution with 100 built-in indicators, 100,000 investor-created indicators, plus 50 drawing tools. Clients can enter and exit positions directly from TradingView’s charts with their Eightcap account.

As well as powerful analysis features, TradingView is one of the world’s biggest social investing networks. With more than 30 million monthly users and active social media forums, traders can swap ideas and discuss strategies and markets.

Account Types

Eightcap offers two account types:

Standard – recommended for beginners
Raw – recommended for experienced traders

Both account types require a minimum deposit of A$100, come with a minimum trade size of 0.01, and offer a maximum leverage of 1:30 for Australian clients and 1:500 for non-Australian clients.

The main difference between the two accounts is that the Standard account comes with zero commissions, where the Raw account charge is A$3.50 per standard lot. Also, the Standard account offers 5 base currencies vs the Raw’s 4.

Benefits

There are several good reasons to trade with Eightcap:

Capitalise.AI automated trading solution
ASIC and VFSC regulated
MT4 and MT5 available
Good customer reviews
Fast customer support
TradingView charts
Free withdrawals

Drawbacks

Disadvantages of trading with Eightcap include:

Limited time demo account (Though this can be extended upon request)
No bonuses or promotions
No binary options

Trading Hours

Users can trade forex 24 hours a day, 7 days a week. However, global foreign exchange trading hours vary by time zone. Based on AEST, Sydney opens at 7 am and closes at 4 pm, Tokyo opens at 9 am and closes at 6 pm, London opens at 5 pm and closes at 2 am, and New York opens at 10 pm and closes at 7 am.

Opening hours also vary across other markets with details available on the broker’s website.

Customer Support

Eightcap’s 24/5 multilingual support team can be contacted via:

Telephone number – +61 3 8373 4800
E-mail – customerservice@eightcap.com
Live chat – the chat logo is located in the bottom right-hand corner of the website

Keep up to date with the latest news on Eightcap’s social media pages:

Facebook
Instagram
YouTube
LinkedIn

The broker’s headquarters office address is Level 6, 360 Collins Street, Melbourne, VIC 3000 Australia.

Trader Security

Data exchanges are encrypted between the platform and the client servers, using industry-standard 128-bit Secure Sockets Layer (SSL) encryption. Server authentication is also required upon accessing the MetaTrader platforms.

To ensure client data protection, Eightcap is fully compliant with the Privacy Act 1988, the Australian Privacy Principles (APPs), and the General Data Protection Regulation (GDPR).

Eightcap Verdict

Operating for over a decade and offering both the award-winning MT4 and MT5 platforms, Eightcap is a respected CFD and forex broker. With their competitive spreads, fast customer support and demo account offering, beginners and experts can begin trading with ease.

Accepted Countries

EightCap cannot accept traders from certain jurisdictions including the US, New Zealand and Japan.

Alternatives to Eightcap

If you are looking for alternatives to Eightcap we have compiled a list of the top 5 brokers that are similar to Eightcap below. This list of brokers like Eightcap is in order of similarity and only includes companies that accept traders from your location.

RoboForex – RoboForex is a multi-asset online broker offering powerful trading aides.

Avatrade – Leading forex and CFD broker regulated in Ireland, Australia, Canada and South Africa. Avatrade are particularly strong in integration, including MT4

FP Markets – FP Markets is a multi-asset broker offering a choice of trading platforms.

Pepperstone – Pepperstone offers CFD trading to both retail and professional traders. Clients can trade FX, indices, commodities and shares on MT4, MT5 and cTrader platforms.

Admiral Markets – Admiral Markets is leading Forex and CFD broker offering the MT4 & MT5 platforms

FAQ

How much capital do I need to trade with Eightcap?

The minimum deposit amount is 100 AUD or currency equivalent. The minimum position size available is 0.01 lots.

What is the maximum leverage in Eightcap?

Eightcap offers maximum leverage of 1:500 across both accounts. (1:30 in regulated markets). Leveraged trading can increase possible returns, but also potential losses.

Does Eightcap offer a demo account?

Yes, a demo account can be set up from the main page on the website. Users will have access to unlimited virtual funds for 30 days and will enjoy identical trading conditions to a Live account.

How do I open a Live account with Eightcap?

Select ‘Create Account’ from the top right-hand corner of the broker’s website to register. You will be required to fill out a short form before going through 5 additional steps to personalise your account and verify your identity.

What can I trade on Eightcap?

Users can trade forex, indices, and commodities on the MT4 platform, and forex, indices, commodities, shares, and cryptos on the MT5 platform.

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