Table of Contents
- EightCap REVIEW
Is EightCap one of the best Australian Forex Brokers? We conducted an in-depth review in May 2019 to find out the answer and bring it to you!
Another complete and unbiased Review from Engine Forex
EightCap (Pty Ltd) is an ASIC regulated broker operating from 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.
EightCap - Overview
SpreadFrom 0.0 Pips
Cuts out Dealing DeskYes
Methods of deposit and offers
Deposit / Withdraw
Rebates Engine ForexComing soon!
SECURITY, MARGINS AND TECHNOLOGY
SECURITY AT EightCap
- 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 Investment Commission (ASIC).
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.
CHARGES AND MARGINS AT EightCap
- Spread mark-up or
- Commissions of $3.50 per standard lot
- Up to 500:1 leverage
- True ECN & STP broker
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.
- Reliable trade execution
- True ECN & STP broker
- MT4 & MT5
- MAM platform
EightCap focuses on offering its clients the world’s most popular trading platform: MT4. 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.
MT5 can be installed as an application on PCs, notebooks and mobile devices, and can further be accessed via a web browser (WebTrader).
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
CUSTOMER SERVICE, TRADING OPTIONS AND SPECIAL FEATURES
AN OVERVIEW OF EightCap's CUSTOMER SERVICE AND CLIENTS
- 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.
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 payment options available including: debit cards and credit cards (Visa/MasterCard), Skrill, POLi, Bank Wire Transfer, China UnionPay, XPAY Internet Banking, XPAY QR Code
Overall, we find that the EightCap customer support is engaging, straight-forward and easy-to-deal-with.
The EightCap website further offers a decent FAQ section where most common questions are answered swiftly.
FOREX AND OTHER TRADING OPTIONS AT EightCap
- 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 (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.
Traders can choose to trade on the above mentioned options including 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 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 OF EightCap
- 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: 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 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 very good range of instruments from 5 asset classes.