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Whit this EightCap Review we want to find out if Eightcap is really one of the best Australian Forex Brokers.
We conducted an in-depth review in October 2019 to find out the answer and bring it to you!


EightCap (Pty Ltd) is an ASIC regulated broker with head office in Melbourne, Australia, further utilizing a subsidiary in Shanghai, China. The company was originally founded in the year 2009 by industry specialists and experienced traders.

With this broker, clients can choose to trade over 200 financial instruments including Forex, indices, metals, commodities and cryptocurrencies.

With this STP and ECN broker, EightCap clients experience a purely no-dealing desk intervention environment with tight spreads and low commissions.


💻 Trading PlatformMetaTrader, AvaTrader
🏢 Head OfficeDublin, Ireland
📅 Founded2006
⭐ Reviews8.4 - 164 Reviews Trust Pilot
↔ Maximum Leverage400:1
🖥 Execution Servers LD5
📡 Broker TypeMarket Maker
💰 Negative ProtectionYes
📊 Trading OptionsForex, CFDs, Crypto, Options

OUR RATING: 8.2
The overall raiting is based on review by our experts
👌 Reliability: 8 / 10 📈 Spread: 9 / 10
🞧 Offers: 7 / 10🚅 Speed of Execution: 9 / 10
📧 Customer Service: 8 / 10👍 Uptime: 8 / 10
Trading Conditions
Max Leverage:500:1
Platform:
Min Deposit:$100
Spread:From 0.0 Pips
Cuts out Dealing Desk:Yes
Methods of deposit and offers
Deposit / Withdraw:
Welcome offer:n/a
Rebates Engine Forex:Coming soon!

SECURITY, MARGINS AND TECHNOLOGY

SECURITY

In Summary


  • ASIC regulated
  • True ECN & STP broker
  • No dealing-desk intervention
  • Segregates clients funds

EightCap Pty Ltd is licensed and regulated by the Australian Securities and Investments Commission (ASIC). The CFD broker holds an Australian Financial Services License (AFSL) with number 391441.

All clients’ funds are kept separate from the company’s and are securely stored in segregated trust accounts. The company guarantees that client funds are never used for operational or investment purposes.

 

Audits are carried out periodically and independently by external accounting firms to ensure compliance with regulatory obligations.

Spreads Comparison

EightCap
90
PEPPERSTONE
100
THINK MARKETS
80
Axitrader
80
IC MARKETS
100
PLUS 500
30

CHARGES AND MARGINS AT EightCap

In Summary

  • Spread mark-up or
  • Commissions of $3.50 per standard lot
  • Up to 500:1 leverage
  •  True ECN & STP broker

In addition to the trading offer, the costs incurred during trading are of great importance for every trader. Depending on how the trading activity turns out, customers have different requirements. And of course, traders looking for a good Forex broker will appreciate if all costs and conditions are easy to find and unambiguously presented.

In addition to the actual costs of trading, some brokers also charge fees for:

  • Management of trading account
  • Deposits and/or withdrawals
  • Periods of inactivity

The STP/ECN broker makes his profit only through the spreads on the standard account, while on the raw account commissions are calculated. For active traders with a high trading volume, this is definitely cheaper. In addition, all spreads on Eightcap's website are presented in tables, broken down by account type. This really leaves no questions unanswered.

Eightcap does not charge for account maintenance, and the minimum deposit is very low at 100 US dollars. Also, costs for deposits and payments do not arise with this broker - pleasing, because particularly payment costs are not rare and can reduce the yield clearly. There are also no inactivity fees.

EightCap clients have the choice between two different trading account options that have different advantages and features. Clients can select between a Standard (STP) that does not incur any commissions and EightCap’s Raw (ECN) trading account where commissions of $7 per lot round-turn apply. Both accounts are available with the popular MetaTrader4 platform.

The minimum deposit requirement is set to $100 for both the Standard and the Raw account option. Traders have the choice to set their trading account in seven different account base currencies (AUD, USD, GBP, EUR, NZD, SGD and CAD).

Clients can select from over 200 financial instruments including over 46 currency pairs, 12 indices, commodities, metals, oil and 6 cryptocurrency CFDs.

Leverage can be set as high as 500:1 on both EightCap account types.

EightCap guarantees that they do not charge any spread mark-up on their Raw (ECN) account – the spreads a client sees are final. Instead a commission of $7 (per standard lot round-turn) is applied. The Standard (STP) account option runs without commission but a spread mark-up is applied on each trade.

Spreads start from 0.0 Pips with the Raw ECN account and 1.0 Pips on the Standard account type.

TECHNOLOGY

In Summary

  • Reliable trade execution
  • True ECN & STP broker
  • MT4 & MT5
  • MAM platform

EightCap focuses on offering its clients the world’s most popular trading platform: MetaTrader 4. Similar to other brokers that offer trading via MT4, EightCap has established a very solid, fast and secure trading environment via MT4.

EightCap clients have also the option to connect to the younger brother of MT4, the MetaTrader 5 (MT5) trading platform.

Metatrader 5 is an all-in-one trading platform for utilizing multiple asset classes including Forex, CFDs as well as stocks. It includes all popular functionalities of MetaTrader 4, with added and advanced features.

MetaTrader 5 offers advanced charting functionality, multiple order execution modes and order management tools. Traders can use powerful algorithms to analyse markets, build trading strategies and back-test trading systems.

Both platforms are available for download on Windows and Mac computers or as a Webtrader browser version. Mobile trading is offered via the MT4 and MT5 mobile apps for all common Android and iOS devices.

Money Managers have further access to EightCap’s MAM (Multi Account Management) software, where multiple trading accounts can be managed from one single screen and that works seamlessly with the MT4 platform.

With this MAM solution, all investment and asset managers have the ability to personalize all of the individual trading conditions for their clients. This includes choosing from various allocation methods and customizing the commission and spread mark-ups, leverage, performance fees, account currency and margin call/stop out levels.

Execution of Speed Comparison

EightCap
90
PEPPERSTONE
100
THINK MARKETS
90
AxiTrader
90
IC MARKETS
100
PLUS 500
70

CUSTOMER SERVICE, TRADING OPTIONS AND SPECIAL FEATURES

CUSTOMER SERVICE AND CLIENTS SUPPORT

In Summary

  • 24/5 customer support
  • Contact via LiveChat, phone & email
  • 2 account types to choose from
  • MT4, MT5 and MAM platform

Customers have access to rock-solid 24/5 support via telephone, live chat and email.

All customers can choose between two different account types that only vary in terms of starting minimum and a potential application of commissions. The minimum deposit requirement is set to $100 for both the Standard (STP) account as well as the Raw (ECN) account. The Raw account has the benefit of ultra-low spreads starting from 0.0 Pips but comes with $3.50 commission per lot traded, whereas the Standard account’s spreads start from 1.0 Pips but no commission is charged.

The Standard (STP) account is designed to be enjoyed for any type of trader, but especially those that are new to the markets or that wish to trade smaller volumes.

EightCap’s Raw account is designed for experienced traders or those that are interested in trading larger volumes.

No matter which account one chooses, both account types allow access to news and educational materials, grant access to EightCap’s exclusive client portal and the same types of funding and withdrawal methods.  

Type of accounts Eightcap Review

There are five tradable asset classes available including 46 currency pairs (Forex), 12 major global market indices (indexes), 200+ CFDs including commodities such as precious metals and energies (crude oil) as well as 6 digital assets (Bitcoin, Ethereum, Ripple's XRP, Litecoin, Bitcoin Cash and Bitcoin Gold).

There are a number of funding methods available including: debit cards and credit cards (Visa/MasterCard), Skrill, POLi, Bank Wire Transfer, China UnionPay, XPAY Internet Banking, XPAY QR Code

Payment methods include credit and debit cards, Skril and Bank transfers.

Overall, we find that the EightCap customer support is engaging, straight-forward and easy-to-deal-with.

The EightCap website eightcap.com further offers a decent FAQ section where most common questions are answered swiftly.

Demo account: Temporary, multiple demos possible
If you want to test forex trading at Eightcap, the MetaTrader versions and the broker services first, you can do so with a free demo account. The Eightcap demo account can be filled with virtual capital of up to 1 million US dollars according to reports from users. This allows first Forex experiences in a real trading environment without risking your own money. The demo is limited to 30 days, but nothing stands in the way of using multiple demo accounts.

For the setup of the test account, it is sufficient to provide names and contact details. Traders can also choose between the versions of the MetaTrader platforms, both of which can be tested separately in the demo. In spite of the time limitation, the Eightcap demo gives users many opportunities to get to know Eightcap's services and to have a test environment available for their new strategies even after setting up a real money account.

FOREX AND OTHER TRADING OPTIONS AT EightCap

In Summary

  • 200+ financial instruments
  • 46 Forex pairs
  • 12 stock market indexes
  • Commodities & 6 digital assets

EightCap offers more than 200 financial instruments of five different asset classes, including 46 currency pairs (foreign exchange), 12 major global market indices (indexes), 200+ CFDs including commodities such as precious metals and energies (crude oil) as well as 6 digital assets. 

Eightcap is first and foremost a forex broker, offering its traders a few CFDs in addition. The STP/ECN broker has a not too large but satisfactory trading offer. These include the Majors, as well as the most important Minors, among the exotics at present only the USD/SGD currency pair.

The broker obtains Forex rates from a global liquidity pool of leading financial service providers (liquidity providers). Spreads are almost always tight, at least during the main trading hours. It is pleasing that the broker breaks down the available forex pairs and spreads very precisely on his website.

Tables give an overview of the available majors and minors and spreads for both the standard and raw accounts. Typical EUR/USD and GBP/USD spreads are 0.8 - 1.2 pips for the standard account and 0.0 - 0.3 pips for the raw account, EUR/CHF spreads are 1.0 - 2.5 pips and 0.0 - 1.5 pips respectively. USD/SGD can be traded with spreads of 1.1 - 5.0 pips or 0.1 - 4.0 pips.

Some CFDs complete the trading offering
In addition to the currency pairs, some difference contracts can be traded - including CFDs on the most important cryptocurrencies, on Brent and WTI crude oil, but also on gold and silver. The most important international indices round off Eightcap's offering. CFDs on stocks or bonds are not available from this broker, nor does Eightcap offer products such as options or futures.

Traders can choose to trade on 12 of the world’s top financial markets (indexes) such as the Australian S&P 200 Index, UK FTSE 100 Index, Dow Jones 30, Germany’s DAX 30, Japans Nikkei 225 or Euro Stoxx 50.

A selection of 6 digital assets are available for trading: Bitcoin, Ethereum, Ripple's XRP, Litecoin, Bitcoin Cash and Bitcoin Gold

EightCap offers maximum leverage up to 500:1, seven different funding currencies (AUD, USD, EUR, GBP, NZD, SGD, CAD), micro-lot trading starting from 0.01 lots and ultra-low spreads from 0.0 Pips (with a Raw (ECN) account). The minimum deposit requirement is set to $100 on both their Standard and Raw accounts.

Commissions of $7 (per lot round-turn) are applied on the Raw (ECN) account. The Standard account runs free of commissions but comes with calculated spread mark-ups.

 

SPECIAL FEATURES

In Summary

  • True ECN & STP broker model
  • MT4 & MT5 trading platforms
  • Tight spreads & leverage up to 500:1
  • Most trading styles allowed

EightCap offers ultra-low spreads starting from 0.0 Pips and high leverage of up to 500:1.

Top-notch technology, fast order execution and a stable trading environment are given.

Most trading styles, such as Expert Advisors (EAs), scalping and hedging are allowed.

Two powerful trading platforms for desktop, web- and mobile trading: MT4 and MT5.

Multi Account Manager (MAM) option available and suitable especially for money managers or professional traders.

When using EightCap’s Raw account users can enjoy a ‘true ECN’ environment with lower spreads and faster execution speeds.

Max Leverage Comparison

EightCap
500:1
PEPPERSTONE
500:1
THINK MARKETS
400:1
Axitrader
400:1
IC MARKETS
500:1
PLUS 500
300:1

IN CONCLUSION

EightCap is one of Australia's leading online Forex providers offering a stable and secure trading environment and excellent trading conditions. With more than 200 financial instruments to choose from, EightCap, one of Australia's top online brokers, offers a good range of instruments from five asset classes. Experienced traders will enjoy the ECN-type RAW account with low spreads and competitive commission pricing. Novice traders will find a solid solution with the Standard account option that comes with wider spreads but does not incur any additional charges. A demo account is provided to test EightCap's trading conditions, available instruments and trading tools in real time.  

IN CONCLUSION


where is EightCap located?

EightCap (Pty Ltd) is an ASIC regulated broker with head office in Melbourne, Australia, further utilizing a subsidiary in Shanghai, China. The company was originally founded in the year 2009 by industry specialists and experienced traders.

who owns EightCap?

Eightcap is owned and operated by “EightCap Pty Ltd which is registered in Australia with the registration number ABN 73 139 495 944. It is regulated by the Australian Securities and Investments Commission (ASIC) with the AFSL number 391441.

how to fund a trading account?

EightCap clients have the following funding options available:

  • Debit cards and credit cards (Visa/MasterCard)
  • Skrill
  • POLi
  • Bank Wire Transfer
  • China UnionPay
  • XPAY Internet Banking, XPAY QR Code

is EightCap regulated?

Yes, EightCap Pty Ltd is licensed and regulated by the Australian Securities and Investments Commission (ASIC).

what timezone do they operate in?

Offices around the globe guarantee 24/5 support. The broker’s head office is located in Melbourne, Australia.

EightCap withdrawal methods?

Payment options include:

  • Debit cards
  • Credit cards
  • Skrill
  • Bank transfer

is there a withdrawal limit?

There are no minimum or maximum withdrawal limits.

does EightCap accept clients from Canada?

No, they do not accept applications from residents of Canada.

do they offer a Forex VPS service?

Yes, the broker offers VPS services. Please get in touch with their customer support to get all facts and figures.

is EightCap a True ECN broker?

Yes, their RAW account is an ECN-type trading account with low spreads.

is EightCap FCA regulated?

No, they are not.

is EightCap affected by ESMA regulation?

No, since EightCap is an Australian Forex broker, ESMA regulation does not apply.