Eightcap Review

Review

Eightcap is a retail Forex broker accepting clients since 2009 and creating what they believe is a home for both MT4 and MT5 traders. Since its inception in Melbourne, Australia, Eightcap has expanded to five offices globally. This broker is regulated in two jurisdictions and offers clients access to over 250 assets across five sectors, from two trading platforms and two account types.With high-frequency traders and access to a competitive cost structure, and Eightcap have a seasoned management team in place. In a testament to its financial success, Eightcap was a sponsor of the Formula One Scuderia Ferrari team for the 2019 and 2020 seasons.

Eightcap Review landing page

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Regulation and Security

Eightcap Pty Ltd is the Australian entity, regulated by the Australian Securities and Investments Commission (ASIC). The Act of Grace mechanism under section 65 of the Public Governance Performance and Accountability Act 2013 adds another layer of security. Traders are shielded from potential damages via the Scheme for Compensation for Detriment caused by Defective Administration (CDDA Scheme). Eightcap Global Ltd is the Vanuatu entity with regularity oversight by the Vanuatu Financial Services Commission (FSC). Client deposits remain segregated, and the client agreement of the FSC division specifically notes negative balance protection, which we didn't find easily for the ASIC division during our Eightcap review. Overall, Eightcap maintains a safe and trustworthy trading environment.

ASIC and FSC provide the regulatory environment for Eightcap.

Eightcap Review regulatory environment

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Fees

The commission-free standard account commences with spreads from 1.0 pips, while the commission-based alternative features 0.0 pips plus a $3.50 fee per 1.0 lot traded.  Swap rates on overnight commissions apply. Equity and index CFDs face corporate events like dividends, splits, and mergers, which this broker passes on to applicable portfolios. Third-party deposit and withdrawal fees depend on the payment processor. Eightcap keeps the cost structure to a minimum, so that traders can keep as much of their profits as possible.

Eightcap maintains a competitive pricing environment.

Eightcap Review fee structure

MT4/MT5 traders can easily access swap rates from their platform by following these steps:

1. Right-click on the desired symbol in the Market Watch window and select Symbols.

2. Select the desired currency and then click on Properties located on the right side.

3. Scroll down until you see Swap Long and Swap Short.

Eightcap is one of a few brokers that informs clients how to obtain swap rates from the trading terminal.

Eightcap Review swap rate info

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What Can I Trade

While Eightcap notes over 40 currency pairs, the website indicates swap rates for just 29. With only four commodities and eight index CFDs, the asset selection remains thin. Over 200 Australian and U.S. equity CFDs comprise the bulk of all assets. Eightcap also offers a range of U.S. CFDs, including Netflix, Tesla and more.  New retail traders have acceptable trading choices, but more advanced ones will determine the selection limited. Until Eightcap expands the list, it represents a distinct weakness in its overall offering.

Pure Forex traders may need more assets, but new traders will find an ample selection.

Eightcap Review forex asset list

Eight index CFDs offer a basic introduction to this sector.

Eightcap Review Index CFD list

Eightcap seems to provide only Australian equity CFDs.

Trade Share CFDs

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Account Types

Traders may select between the commission-free Standard account or the commission-based Raw alternative. The former carries minimum spreads of 1.0 pips, better suited for long-term and low-frequency traders. Short-term and high-frequency traders will find the Raw account more suitable, where spreads, as the name suggests, can be as low as 0.0 pips for a competitive commission of $3.50 per lot. The minimum deposit for both is $100 or a currency equivalent, The maximum leverage for VFSC traders is1:500, whereas ASIC allows a maximum leverage of 1:30s. Eightcap promises fast execution speeds without providing independently verified statistics.

Eightcap maintains two account types.

Eightcap Review account types

Besides the cost structure, trading conditions are equal.

Eightcap Review trading conditions info

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Trading Platforms

Eightcap states to build a home for MT4 traders, and while it maintains the MT4 and MT5 trading platforms, it does so only for the out-of-the-box versions. MT4 remains the most versatile trading platform, but without necessary third-party add-ons to unlock its full potential, either version represents a sub-standard choice. Traders who wish to trade equity CFDs must use the MT5 version, often referred to as the failed successor platform, due to its lack of backward compatibility to MT4 and over 20,000 custom indicators and expert advisors. Traders have the right to expect more from an MT-focused broker, and presently need to invest in the platforms as offered by Eightcap to gain a competitive edge.

Eightcap users can also automate their trades, code-free with Capitalise.ai. Users will be able to access analytic tools, including backtesting, loop strategies, smart notifications and much more. They can also access Capitalise.ai's mobile app for Android and iOS, so they can stay in control of their trades. 

 

 

Eightcap Review MT4 platform

Traders have access to the out-of-the-box MT4 trading platform.

Eightcap Review out of the box MT4

Equity traders need to manage portfolios from the MT5 version.

Eightcap Review MT5 info

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Unique Features

Eightcap focuses on the basics necessary to operate as a broker. It does support asset managers via the Multi-Account Manager (MAM) module, provided by MetaQuotes, the developer of the MT4/MT5 trading platforms. This broker, per its account, invested in its MT4 infrastructure to ensure MAM accounts operate as fast and reliably as possible. Eligibility criteria apply to obtain this module.

Eightcap Review MAM info

An offering which the broker prides itself on is daily and weekly emails to its traders to inform them of important items (including news releases) that might move the markets. Eightcap is also pleased to have an exclusive partnership with BKForex, run by Boris Schlossberg and Kathy Lien, industry veterans whose insights have been used by tens of thousands of traders to trade more profitably.

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Research and Education

The Market News & Analysis section features primarily market commentary, and the CFDs and Forex News sub-categories list trading ideas. Most of the content is brief, but on point and of good quality. Trading ideas usually include a chart, and some market updates use videos, which was very nice to see during our Eightcap review, and can be additionally advantageous for those who don't speak English as their native tongue. The overall approach to research and remains well-done, and traders will find numerous trading ideas to consider, which Eightcap explains well.

The primary research portal is Market News & Analysis.

Eightcap Review market news and analysis

CFD News covers all non-Forex related material, including trading ideas.

Eightcap Review CFD nws

Forex content populates a dedicated section under Forex News.

Eightcap Review Forex news

Some Market Updates include videos.

Eightcap Review Market updates

New traders have access to an educational section consisting of four segments. The Trading Education is the primary segment, from where traders may navigate to the other three. It follows the same structure as the research division. The educational content features quality content with well-explained examples but is somewhat short. Eightcap covers a comprehensive set of essential topics under the Trading 101 segment, a recommended first-read for trades new to financial markets.

Eightcap provides fourteen posts dedicated to MT4 and how to use core functions, which are very detailed and grant an excellent explanation. The Fundamentals section covers various topics concerning financial markets and trading. Adding a deeper layer of educational value are the articles published under Trading Strategies, which details various simple ones for new traders to explore. The overall educational content remains well-structured and a valuable introduction to first-time traders.

All educational content is accessible through Trading Education.

Eightcap Review educational content

The MT4 guides are a useful tool for new traders.

Eightcap Review MT4 guides

Fundamentals cover various aspects of the financial market and trading topics.

Eightcap Review fundamentals

New traders can explore new approaches to trading via Trading Strategies.

Eightcap Review trading strategies

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Customer Support

Eightcap offers customer support via phone, e-mail, and live chat, but fails to list support hours. Therefore, regular operating hours should apply. The support team speaks English, Chinese, Thai, Korean, French, Spanish, Italian, German, and Vietnamese. An FAQ section answers the most common questions, and all aspects offered by Eightcap are straight-forward and well-explained on the website. Most traders are unlikely to require additional assistance.

Eightcap Review customer support

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Bonuses and Promotions

Currently, Eightcap has a running refer-a-friend promotion, for non-Australian clients only. The referrer earns $100 deposited into the trading account when the referred trader opens and funds their Eightcap trading account.

 

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Opening an Account

Per established industry standards, an online application handles new account requests.The Eightcap form consists of the country of residence, name, email, preferred password and valid phone number. Account verification is a mandatory second step to satisfy regulator stipulated AML/KYC requirements. A copy of the trader’s ID and one proof of residency usually complete the account opening process.

Eightcap Opening Account

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Deposits and Withdrawals

Eightcap supports bank wires, credit/debit cards, POLi Payment, BPAY, China UnionPay (uPOP), Skrill, and Neteller. This broker waives all deposit fees, but withdrawal costs apply, varying on the payment processor. A list of applicable charges is available on the website. Transaction times range between instant and three business days. In compliance with AML regulations, the name on the Eightcap trading account and payment processor must be identical. The overall choice, although somewhat limited, is acceptable for most traders.

Eightcap lists all withdrawals as free of charge, which refers to costs by this broker only. A dedicated section listing details about all options indicates applicable fees.

Eightcap Review deposits and withdrawal info

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General Information

Company Information

  • Broker's Name : Eightcap
  • Headquarters : Australia
  • Regulation :

Account Information

  • Type of Broker : None
  • U.S. Clients Allowed :
  • Minimum Deposit : $100
  • Maximum Leverage : Maximum Leverage 1:30 (or 1:500 for non-Australia clients)
  • Commissions / Spreads : Both
  • Account 1 : Standard
  • Account 2 : RAW
  • Demo Account :
  • Islamic Account :
  • Segregated Account :
  • Managed Accounts :
  • Deposit Options :
  • Withdrawal Options :

Instruments Traded

  • ETFs :
  • CFDs :
  • Commodities :
  • Metals :
  • Stocks :
  • Oil :
  • Gold :
  • Binary Options :
  • Indices :

Trading Platforms

  • Type of Platform : MetaTrader 4, MetaTrader 5
    • Platform Languages :
      • English
    • OS Compatibility :
      • Mobile
      • Web
      • iPhone
      • iPad
  • Trading Signals :
  • Charting Package :
  • Market Analysis :
  • Chart Trading :
  • Automated Trading :
  • Scalping :
  • Hedging :
  • Mobile Alerts :
  • E-mail Alerts :
  • Trailing Stops :
  • Guaranteed Stop Loss :
  • Guaranteed Limit Orders :
  • Guaranteed Execution :
  • One-click Execution :
  • OCO Orders :
  • Interest on Margin :
  • Web-based Trading :
  • Mobile Trading :

Customer Support

    • Website Languages :
      • English
      • Bahasa
      • Thai
      • Portuguese
      • Chinese
      • German
      • French
      • Italian
      • Spanish
      • Other
  • Support Hours : 24/5
  • E-mail Support :
  • SMS Support :
  • Chat :

Pros and Cons

Advantages

  • Low minimum deposit and high leverage of up to 1:500

  • Competitive ECN cost structure

  • Excellent technology infrastructure and seasoned management team

  • Daily research and quality educational content

Disadvantages

  • Limited asset selection

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FAQs

How much capital do I need to trade with Eightcap?

The minimum deposit is $100 or a currency equivalent, but the total required capital depends on the trader and desired assets. Forex trading carries significantly lower entry requirements than equity trading.

What is the maximum leverage at Eightcap?

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

Does Eightcap offer a demo account?

Yes, traders may request a demo account from Eightcap. While it expires after 30 days, traders may request an unlimited one by contacting customer support.

How do I open a live account with Eightcap?

An online form processes new account openings. The application button, located in the top-right corner of the website, opens a brief registration form. Account verification is mandatory to comply with AML stipulations. The process follows well-established industry standards.

What can I trade on Eightcap?

Eightcap offers more than 200 assets across Forex, commodities, equity, and index CFDs.

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Summary

Eightcap is an Australian-based Forex and CFD broker. It serves traders since 2009 and has expanded to five offices globally. The trading environment is secure and trustworthy, with oversight by the ASIC in Australia and the FSC in Vanuatu, and financially secure, as evident in this brokers partnership with Formula One team Scuderia Ferrari for the 2019 and 2020 seasons. Over 200 assets are available from two account types and two trading platforms. High-frequency traders will enjoy a very competitive commission-based cost structure with raw spreads, also ideal for scalpers and other short-term traders.

In-house research is regularly published, and new traders have access to an adequate educational section filled with quality content. While Eightcap claims to build a home for MT4 traders, its offering is lacking the added plugins that other brokers offer. It maintains only the out-of-the-box MT4/MT5 trading platforms, which require third-party plugins to reach their potential and the advertised cutting-edge trading environment. Forex traders have access to the most-traded currency pairs, but the selection requires an upgrade to accomplish more comprehensive market coverage. Equity traders remain confined to the home market of Eightcap, Australia, and Australian traders may give Eightcap a genuine consideration. This broker focuses on the basics and executes them well with untapped potential.

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Broker Comparison

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Capital.com vs Eightcap

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User Reviews

Did you have a good experience with this broker? A bad one? Tell our team and traders worldwide about your experience in our User Reviews tab. Your email address will not be posted.

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3 User Reviews
Joey Liau

I am more than happy to refer this broker. Not only was the representative helpful but the overall company and what they have to offer you is great. I would also recommend their raw account as it comes with 0.0pips on spreads.

Tam Nguyen

Really like this broker for their user-friendly interface and platform - came with a guide and instructions so it was very easy to get to grips with different functions. I had never traded until now but was very quick to open trade through them.

Alan Johnson

I was looked after so well when I wanted to switch trading accounts. A member of the team talked me through the process and answered all the questions I had. Also really like their weekly newsletter as it contains great market updates and forecasts.

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