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Eightcap was originally established in 2009 as an Australian regulated MT4 broker. It underwent significant changes during 2014/2015 with a management change and additional capital investment. additional offices were opened in London and Shanghai to complement their head office which is located in Melbourne. Eightcap is an ECN and STP broker and is regulated in Australia by Australian Securities and Investments Commission (ASIC).
Eightcap offers traders several different trading accounts. The only difference between the ECN account and the STP Standard account is the spread amount with the spread in the ECN account being 0.1 pip and in the STP account 1.0 pip. The minimum lot size is 0.01(Micro) for any Forex or Metal trade.
Eightcap Account Types
The minimum amount needed for opening either account is $100 and $200 is necessary for maintaining the account. There are 40 products to choose from including Forex, CFDs, Gold, Silver and Crude Oil and leverage is up to 400:1 in both accounts. Hedging and scalping are allowed as are EA’s and trading can be done in USD, AUD, EUR, or GBP.
In addition, a MAMM/PAMM account allows traders to maintain several accounts at the same time and place trades simultaneously in all of them.
I was pleased to see that a demo account is also available. Both Demo and live accounts have the same price feed. However according to a disclaimer on the Eightcap site, 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.
Eightcap offers traders a choice of 40 products: 30 currency pairs, 6 CFDs in indices and commodities. A chart of swap rates is shown on the website as well as by clicking the tab leading to the Market Watch link.
Spreads on the MetaTrader 4 platform are variable with a price feed coming through from a number of leading institutions. Spreads on the majors can go as low as zero during liquid times, and typical spreads are listed on an accompanying chart as per the Direct Account.
Trade execution is at market and is done via Equinix Data centers.
Eightcap is eager to extend its services through a partner arrangement. The Partner Portal at Eightcap provides the perfect tools for IB’s and affiliates to attract and manage their client base. Integrated with the platform is a dynamic and robust content delivery network which automatically generates affiliate tracking links and embeds them within the ad codes ready for affiliates to use with minimal effort and with maximium speed.
The partner portal allows IB’s to link advertising material quickly and easily on their website or referral point, tracking leads as they are directed to the Eightcap website. Detailed conversion and acquisition stats are provided in their multi layered reporting software.
Eightcap offers a host of different educational material. Basic introduction to Forex trading is offered in textual form. Topics like ‘What is Forex,’ ‘Why Trade Forex, ’ ‘ Margin Trading’ and more are offered to all viewers. No seminars or webinars were offered.
Unfortunately, when doing this review, there were no news reports or analysis provided. Also missing was an economic calendar or calculators of any sort. One would have thought that when doing a major overhaul of their site these features would certainly have been included.
Clients can use a number of methods to fund their trading accounts including Wire, Credit/Debit Card Skrill, Poli, Wire transfer, Bpay and Moneybookers.
Withdrawals are made using the same methods as the deposits. A withdrawal form can be found online.
Both deposits and withdrawals are made instantaneously.
Traders can access Eightcap via telephone to any of their three offices—in Melbourne, Shanghai and London. Chat is available during trading hours 24/5. Email contact is also available. The Eightcap website is available in English, Chinese and .I tried chatting with a representative in Melbourne and despite the wide time difference, we were able to hold a meaningful conversation.
The fact that there is also an office in London makes the differences in time zones less acute.
Eightcap is one of a handful of Forex brokers domiciled in Australia and between its offices in Melbourne and Shanghai they seem to have Southeast Asia pretty well covered. Customer support is responsive and knowledgeable and I liked the graphics used on the website. The Eightcap website has recently been updated and although it seems to be missing some features that would have provided additional benefits to the site, the team at Eightcap seems to be quite proud of their new look and revised website.
Review info: Eightcap
Review Date: 2015-08-06
Rating : 2
Reviewed By : Sara Patterson (Google+)