Eightcap is a regulated broker offering online trading on over 200 CFD instruments including forex, stocks, cryptos and commodities. The broker provides the ever popular, powerful and user-friendly MetaTrader (MT4/MT5) trading platforms. They offer low trading fees and tight spreads along with excellent customer support, managed accounts and market analysis to assist traders. There are a variety of quick and convenient funding options available with flexible account leverage of up to 1:500 to choose from.
Eightcap Review, Pros & Cons
- Regulated broker
- Low commission fees
- Commission free accounts
- Tight spreads
- Over 200+ trading instruments
- Top-tier liquidity providers for rapid trade execution speeds
- Minimum $100 deposit
- Various quick & easy account deposit & withdrawal options
- Popular, powerful & flexible MetaTrader 4 & MetaTrader 5 platforms
- MAMM accounts
- Market news & analysis
- Educational resources to help traders
- Multilingual & top-class customer support team
- No fixed spread accounts
- Do not allow clients from over 35 countries including USA
- Demo account expires after 30 days
In this detailed Eightcap review, our online broker research team have covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.
Established in Melbourne, Australia in 2009, Eightcap was launched with a mission to provide exceptional financial services to a global clientele. The broker provides access for online trading of forex and CFDs in a modern and secure trading environment. Eightcap’s website is available in multiple languages, showing the brokers support for an international clientele.
Eightcap offers forex currency pairs, indices, commodities and cryptocurrencies for trading on the MetaTrader platforms via web, desktop and mobile apps. All trading styles are allowed including scalping, hedging and the use of expert advisors (EAs) which automates forex/CFD trading.
Eightcap has its trading servers located at Equinix data centres which are very popular because most leading financial institutions host their servers in these facilities. Pricing is aggregated from top-tier liquidity providers. This is why the broker is able to offer raw spreads starting from 0.0 pips and there is no dealing desk. This helps to ensure rapid trade execution speeds at the best available prices.
Eightcap is the trading brand of Eightcap Pty Ltd which is registered in Australia with the number: ABN 73 139 495 944. Eightcap is regulated by the Australian Securities and Investments Commission (ASIC) and holds an Australian Financial Services License number 391441. Eightcap Global Ltd (Vanuatu) regulated by the Vanuatu Financial Services Commission (VFSC) with company registration no. 40377.
Clients’ funds are held in the top-rated banks and carefully segregated from the broker’s own funds. These funds are kept in the ‘National Australia Bank’ which is an AA rated bank with more than 30 years of operations, over 1,590 branches and a client base of about 12.7 million. To ensure compliance, all records are audited by external auditors.
Eightcap has also purchased an insurance cover in order to further protect itself and its clients from the risks associated with the brokerage business.
The broker’s websites and servers are protected by a 128-bit Secured Socket Layer (SSL). This technology encrypts all user information before it is transmitted over the internet. This gives further protection to the clients as it provides extra security and reliability to the network.
Currently, Eightcap does not process applications from clients resident in the following countries: Afghanistan, Azerbaijan, Belgium, Bosnia and Herzegovina, Burundi, Canada (British Columbia, Quebec and Ontario), Congo, Côte d’Ivoire, Ethiopia, Eritrea, Egypt, Gaza Strip, Haiti, Iran, Iraq, Israel, Japan, Lebanon, Libya, Myanmar, North Korea, Pakistan, Puerto Rico, Sierra Leone, Somalia, South Sudan, Sudan, Syria, Trinidad and Tobago, the Central African Republic, Tunisia, Ukraine, Vanuatu, Venezuela, the United States of America, West Bank, Yemen and Zimbabwe.
Some Eightcap broker features and products mentioned within this Eightcap review may not be available to traders from specific countries due to legal restrictions.
Eightcap provides the industry standard MetaTrader platforms for all its clients. All the versions of the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms are available. Both platforms were developed by ‘MetaQuotes Software Corporation’ which is a Russian software company based in Cyprus. MT4 was released in 2005 while MT5 was released in 2010. Today, MetaTrader has remained amongst the most popular trading platforms used all over the world by many online brokers and traders. The platform is user-friendly enough for beginner traders whilst having enough advanced functionality to satisfy the needs of the most demanding traders.
Eightcap provides the following MetaTrader platform versions:
- MT4 Desktop application for Windows
- MT4 for MAC OS
- MT4 Mobile Android app
- MT4 Mobile iOS app
- MT5 WebTrader
- MT5 Desktop Application for Windows
- MT5 for MAC OS
- MT5 Mobile Android app
- MT5 Mobile iOS app
The WebTrader runs directly in web browsers and can be accessed from Eightcap’s website. It can be used in most modern web browsers across multiple devices and operating systems, without needing to download or install any additional software.
The mobile versions of both MT4 and MT5 look very similar with intuitive interfaces making them user-friendly. Both can be used to monitor the markets, place and modify trades and to conduct indepth technical analysis across all markets. They are freely downloadable from the relevant app stores for iOS and Android devices. The mobile trading apps are useful for those who need to access their account and trade the markets whilst on the go.
The desktop versions of MT4 and MT5 also look very much alike. The major difference is that the MT5 platform was designed to improve on the existing features of MT4. Both platforms show the live instruments’ quotes, support ultra-swift trade executions, detailed charting and analysis. Both support the use of expert advisors (EAs) to automate trading and also give access to the MetaTrader markets. Here are some of the key differences between the platforms:
- MT4 has 4 pending order types while the MT5 has 6.
- MT4 comes preloaded with 30 technical indicators but the MT5 comes with 38.
- The analytical tools built into MT4 are 24 whilst MT5 has 44.
- In MT4, charts can be displayed in 9 timeframes whilst MT5 has 21 timeframes.
- MT5 has an embedded economic calendar which is absent in MT4.
Eightcap Trading Tools
Eightcap provides a multi account management (MAM) software that is robust and scalable to meet the needs of all clients. The software works with the MT4 or MT5 trading platforms. It is fully customizable to meet the need of all types of managers. The MAM software solution is fast and runs on the server. The account managers can trade multiple accounts at the same time with just one click. They can also use several trading strategies including the deployment of expert advisors (EAs). Each individual client account can be customised according to commission, leverage, performance fees, account currency, etc.
Market News & Analysis
This section of the Eightcap website looks at economic events, market news and updates as well as analysts’ comments and predictions. This is prepared by Eightcap’s analysts in three subsections which include market updates, forex news and CFD news.
This is an important tool used for fundamental analysis. The calendar shows the dates and times of global economic events and their predicted impacts on currencies. The economic calendar is part of the tools that are implemented within the MT5 trading platform.
When you open a live trading account with Eightcap, you receive free access to Capitalise. This offers a way to automated your trading strategies without needing to do any complex coding.
Use plain English to give instructions on how you want Capitalise.ai to handle your daily trades using multiplex automated systems. You can get the best of both worlds with human-planned and machine-traded strategies.
Some of the key Capitalise features include:
- Your plan – executed: Capitalise.ai scans the markets and executes trades based on data, tech indicators, and macroeconomics in real-time, all the time (24/7).
- More efficient buying power: Open all the strategies you can imagine – only the triggered ones will use your buying power.
- Back test: Use historical data to find out how good or bad your strategy might be.
- Simulate: Test your strategy risk free by employing real-time data.
- Performance Stats: Get to know what happens each time you trade as each trade is documented thoroughly.
- Rapid Responses: Edit your strategies based on performance and market conditions.
- Notifications: Get real-time notifications via email or the mobile app. Anytime, anywhere, you remain in control.
- Explore: Limitless examples of automated strategies, just for you. View their performance live, pick your favourite ones with a click.
Several training articles are available on the Eightcap website. The articles were prepared by Eightcap’s team of analysts. They incorporate diagrams, pictures and multiple examples to help traders increase their knowledge and skills.
The ‘Fundamentals’ section contains articles on the basics of forex trading. It introduces forex trading, stocks, spread, pips, swap rates, charts, etc.
The MetaTrader Guides contains articles on the MetaTrader platforms including ‘how to install EAs’, open and close trades, enable one-click trading, etc.
The ‘Trading Strategy’ section contains articles on how to use various indicators. Some of the indicators are Elliot waves, MACD indicator, Bollinger Bands, etc. It also looks at risk management, trading strategies and trading psychology.
Eightcap offers 40 major and minor Forex pairs, Commodities (Gold, Silver and Oil), some of the world’s largest Stocks and Indices along with Cryptocurrencies. There are over 200 CFDs available for trading on the MT4 and MT5 platforms respectively.
Eightcap Accounts & Fees
For all trading accounts, the minimum opening balance is $100. Accounts are free to set up with no ongoing maintenance costs. Spreads start from just 0 pips whilst there is a commission free account. Both accounts allow automated trading with expert advisors (EAs), hedging and scalping strategies.
The following are the available account types with Eightcap:
This account features spreads from 0.0 pips but clients are charged a small commission of $3.5 for every lot traded. The typical spread for the EURUSD is 0.00-1.0 pips. The account is created for professional and high volume traders. The account features raw interbank pricing with no spread mark-ups. The maximum leverage is 1:500.
This account is designed for new and experienced traders. It features standard spreads which range from 0.5-1.8 pips for the EURUSD currency pair. The maximum leverage is 1:400. No commissions are charged as the trading fees are incorporated into the spread charges.
Demo accounts are provided for all platforms. It is preloaded with virtual money, allowing traders to test the different trading platforms and practice their trading strategies risk free before opening a real live trading account.
The Eightcap excellent customer support team is available 24/5. They are prompt, polite and efficient in their responses. The support desk can be reached through email, phone and web chat. They are happy to answer all of your technical, general and account related questions. The support team speaks Thai, English and Chinese. Eightcap is on social media via the following platforms; Facebook, Twitter, LinkedIn and YouTube.
Eightcap Deposit & Withdrawal
- Bank Wire Tansfers: This method is universally available. It takes 3-5 days to completely process a bank transfer. For withdrawals, Eightcap processes the request within 24 hours. There are no withdrawal fees for Australian banks but international withdrawals are charged a fee by the banks. This fee is approximately $20 and it is passed to the client.
- Credit/Debit Cards: Only Visa and MasterCard are accepted. The deposit limit is $10,000. Card verification is required before it can be used for deposits. For withdrawals, only the amount deposited from a card can be returned to the same card. Card deposits are free and instant while withdrawals take up to 3-20 days depending on the type of card and location of the client.
- Online Payments: The online payments accepted are POLi, BPAY, Skrill, Neteller, PayPal and China UnionPay. The transactions are processed instantly except for Skrill and BPAY which takes 1-2 working days to process. There are no transaction charges. For withdrawals, funds deposited via Skrill can be withdrawn to the same Skrill account. There may be fees from third party payment processors.
Some payment systems may have transaction limits, restrictions, and requirements which are indicated on their respective websites. You may need to verify your account to remove limits on particular methods in some countries. Eightcap strictly does not accept third-party payments. All funds deposited into your trading account must be under the same name as your Eightcap trading account.
Accounts can be opened AUD, USD, GBP, NZD, SGD, CAD, EUR. The different currency options are beneficial as currency conversion fees do not apply when using an account in your own currency.
As broker fees can vary and change, there may be additional fees that are not listed in this Eightcap review. It is imperative to ensure that you check and understand all of the latest information before you open an Eightcap broker account for online trading.
Eightcap Account Opening
It is quick and easy to open a trading account with Eightcap. To register a new trading account with Eightcap, visit the website and click on ‘Create Account’ found on the top side on every page. The form below displays.
You are required to fill the account type, personal details, state the funding source and your trading experience. Next is to accept the terms and conditions and finally upload verification documents.
It is imperative to ensure that when you are going through a broker application, you clearly read all of the broker’s terms, conditions, and policies. Only proceed if you fully understand and agree to them.
What is the Eightcap minimum deposit?
The minimum account deposit is $100 (or account currency equivalent) when you fund for the first time. It means that you can open an account and start trading with a relatively small amount compared to some brokers who require a minimum deposit of $500 or more.
How do I deposit money into Eightcap?
At Eightcap, you can make a deposit payment with ease at anytime and anywhere online. Log in to the Client Portal area, click ‘Deposit’ from the menu and select your preferred payment option. There you will receive further instructions on how to access the deposit details unique to you.
The broker offers several payment methods to fund your trading account, including instant funding through credit/debit card, Skrill, Neteller, PayPal, Poli, and China Union Pay (for clients residing in China), as well as international/local bank transfers.
Clients can open accounts and deposit funds in the following base currencies: AUD, USD, GBP, EUR, NZD, CAD, and SGD.
What are the Eightcap deposit fees?
The broker does not charge any internal fees on deposits. Please note deposits from non-Australian banking institutions may attract intermediary transfer and conversion fees. Any such fees will be passed onto you.
How do I withdraw money from Eightcap?
Withdrawing funds from your trading account is an effortless process: Log into the Client Portal area and click “Withdrawals” from the menu options; select the trading account you wish to withdraw funds from and enter the desired amount; choose the funds destination or where you would like your funds to be withdrawn to; and confirm the details and click “Request Withdrawal” to complete your withdrawal request.
All the payment methods — bank transfers, credit/debit card, Skrill, Neteller, Poli, PayPal and China Union Pay — available for deposits can also be used be withdrawals.
All withdrawal requests submitted before 01:00 PM AEST/AEDT Monday to Friday will be processed on the same business day. Any requests received after this time may not be processed until the next business day.
What are the Eightcap withdrawal fees?
Eightcap does not charge any internal fees for withdrawals. Please note withdrawals to non-Australian banking institutions may attract intermediary transfer and conversion fees. Any such fees will be passed onto you.
What is the Eightcap commission fee?
The Standard account comes with zero commissions, while the Raw account charges a commission fee of $3.50 per standard lot.
Are there any Eightcap inactivity fees?
Eightcap does not charge an inactivity fee. As a result, you can be assured that you won’t get any nasty surprises if you do not access your Eightcap account for a long time. Some brokers are known to help themselves to any funds in your account if you don’t use them for a prolonged period.
What are the Eightcap account types?
Eightcap offers two types of accounts: Standard Account and Raw Account.
Both of them provide the same trading conditions, extras, and features. However, clients will get to enjoy tighter spreads on the Raw Account, and there is a commission for every trade you place on the Raw account.
Is there an Eightcap demo account?
Yes, there is a demo account option at Eightcap. The demo and live accounts have the same trading conditions, including the same price feed. The demo account is loaded with virtual funds for practice purposes and has a 30-day expiry period.
However, please keep in mind that it is not possible to replicate a real trading environment on a Demo account due to technical limitations. Trades placed on demo accounts are not passed into the real market, and therefore their execution will not be directly comparable to trades placed on a Live account. Demo trading accounts are specifically designed to allow traders to become familiar with the trading platform itself. They will never be able to provide a similar trading experience to a Live account.
What are the Eightcap spreads?
Eightcap offers tight spreads starting from 0.0 pips.
What is the Eightcap leverage?
Eightcap offers leverage of up to 1:500.
Leverage in trading generally means borrowing a certain amount of money needed to gain exposure to a particular market with a relatively small deposit. Leverage allows you to take a position of much higher value than the monies deposited in your account and is commonly expressed as a ratio.
What are the Eightcap margin & stop-out levels?
The margin at Eightcap is 80%, while the stop-out level is 50%.
Margin is the amount of money required to open or maintain a position. This is not a fee or a transaction cost; it is simply a portion of your account equity set aside and allocated as a margin deposit. Margin requirements can vary depending on the market you are trading, where you hold your account and your trade size. If you do not have sufficient free equity available, you cannot open a trading platform position. The free margin amount shown in the trading platform is the amount you can use should you wish to open additional positions.
Margin is normally expressed as a position size percentage (e.g., 2% or 5%). Margin can be calculated using the following formula:
Margin Requirement = (current market price x volume) / account leverage
Do Eightcap allow hedging, scalping & expert advisors?
Yes, Eightcap supports all trading strategies, including hedging, scalping, and expert advisors.
Is there an Eightcap Islamic account?
Yes, an Islamic account is available at Eightcap and can be requested by email. The Islamic account is swap-free, and it complies with sharia law.
What are the Eightcap trading instruments?
The following financial markets are available at Eightcap: forex, commodities, indices, shares, and cryptocurrencies.
How do I open an Eightcap live account?
To open an Eightcap live account, click on the ‘Create Account’ icon located at the top right corner of the Eightcap website and ensure to fill out the form appropriately.
How do I verify my Eightcap account?
To verify your account, you can upload your ID documents and proof of address during your live account application process online via mobile or desktop or email.
What is the Eightcap trading platform?
Eightcap provides traders with the MT4 and MT5 trading platforms. These are popular platforms that ensure seamless trading of multiple financial markets. They are available in desktop, web, and mobile versions.
Where can I download the Eightcap platform?
All platforms are available to download and use from the Downloads tab of your secure client area.
Where is Eightcap located?
Eightcap is an Australian broker with offices in Melbourne and Vanuatu.
Is Eightcap regulated?
Eightcap is regulated by the Australian Securities and Investments Commission (ASIC) and holds an Australian Financial Services License number 391441. Eightcap Global Ltd (Vanuatu) regulated by the Vanuatu Financial Services Commission (VFSC) with company registration no. 40377.
What countries does Eightcap accept?
The broker accepts traders from different parts of the globe, provided that their countries of origin permit online trading with international brokers.
Is Eightcap a scam?
No, Eightcap is not a scam. They are strictly regulated and have been offering secure online services since 2009.
How can I contact Eightcap support?
You can contact the Eightcap support team 24/5 through the following contact channels: email, phone, social media, and webchat.
Eightcap is an established online broker that has been providing online trading services for over a decade. It is a regulated brand that desires the best for its customers. In addition to complying with the directives of the regulators, the broker has purchased an additional insurance policy in case of any eventuality.
They offer the tried and tested MetaTrader platforms. The MT4 and MT5 platforms are robust, scalable and loaded with multiple trading tools that can benefit all types and experience levels of traders. The broker also allows all trading strategies which will maximize the capabilities of the platforms.
There are over 200 CFD instruments to trade across various asset classes including forex, stocks, indices, commodities and cryptos. Spreads start from just 0 pips whereas the minimum deposit required is $100. Commission fees are low and pricing aggregated from top-tier liquidity providers enables rapid trade execution speeds at the best possible prices. Leverage of up to 1:500 is available.
Eightcap has a top-class customer support team who are on hand to answer all of your questions in a friendly manner. There are managed accounts for money managers and investors. In addition to this, the broker has a vast array of educational materials and trading tools to support traders and encourage informed trading.
Margin trading involves a high level of risk, and may not be suitable for all investors. You should carefully consider your objectives, financial situation, needs and level of experience before entering into any margined transactions with Eightcap, and seek independent advice if necessary. Forex and CFDs are highly leveraged products which mean both gains and losses are magnified. You should only trade in these products if you fully understand the risks involved and can afford losses without adversely affecting your lifestyle (including the risk of losing substantially more than your initial investment).