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Is EightCap one of the best Australian Forex Brokers? We conducted an in-depth review in November 2018 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 60 financial instruments including Forex, indices, metals, commodities and Oil.

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


EightCap

Our Rating

The overall rating is based on review by our experts

8.2 4.1 1
  • Reliability 8 / 10
  • Spread 9 / 10
  • Customer Service 8 / 10
  • Offers 7 / 10
  • Speed of Execution 9 / 10
  • Uptime 8 / 10

This post is also available in: deDeutsch

EightCap - Overview

Trading Conditions

  • Max Leverage
    500:1
  • Platform
    MetaTrader4 Myfxbook
  • Min Deposit
    $100
  • Spread
    From 0.0 Pips
  • Cuts out Dealing Desk
    Yes

Methods of deposit and offers

  • Deposit / Withdraw
    VISA Mastercard Skrill Poli China Union Pay Wire Transfer
  • Welcome offer
    n/a
  • Rebates Engine Forex
    Coming soon!

Extras

  • Crypto
    n/a
  • Headquarter
    Melbourne

SECURITY, MARGINS AND TECHNOLOGY

SECURITY AT EightCap

In Summary


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

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.

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 $7 per standard lot round-turn
  • 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 standard 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 six different account base currencies (AUD, USD, GBP, EUR, NZD and SGD).

Clients can select financial instruments from over 46 currency pairs, 12 indices, two metals and oil.

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

Vantage FX 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
  • Myfxbook connectivity

EightCap focusses solely on offering its clients the world’s most popular trading platform: MT4. No other trading platform is available for traders at the time of writing, but similar to other brokers that only 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 popular Myfxbook AutoTrade platform, an online automated analytical tool that allows to connect to a large social and copy trading community first of its kind.

The AutoTrade platform enables users to track, compare, analyze and share their trading activities and most importantly, copy the trades and strategy of any top successful trader or trading system that can be selected on Myfxbook directly into a trader’s account at any time with simplicity and ease.

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

AN OVERVIEW OF EightCap's CUSTOMER SERVICE AND CLIENTS

In Summary

  • 24/5 customer support
  • Contact via LiveChat, phone & email
  • 2 account types to choose from

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 four tradable assets available including 46 currency pairs, 12 stock index CFDs, two precious metals and two energies (crude oil).

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

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

FOREX AND OTHER TRADING OPTIONS AT EightCap

In Summary

  • 46 currency pairs
  • 12 indices
  • 2 oils
  • 2 metals

EightCap offers 46 currency pairs, 12 stock index CFDs, two precious metals and two energies (crude oil) for trading. 

Traders can choose to trade on the above mentioned options including some of the world’s top markets 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.

At this stage, no cryptocurrencies can be traded with EightCap.

EightCap offers leverage up to 500:1, six different funding currencies, micro-lot trading starting from 0.01 lots and ultra-low spreads of 0.0 Pips (with a Raw (ECN) account). The minimum deposit requirement I 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

In Summary

  • True ECN & STP broker model
  • MT4 & Myfxbook compatibility
  • Tight spreads & leverage up to 500:1
  • Copy Trading option

EightCap offers ultra-tight 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.

Metatrader4 is the designated trading platform of choice.

Myfxbook AutoTrade is further available for traders that are looking to connect to a social trading network and use copy-trading strategies directly from their EightCap MT4 account.

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. At this stage there's no cryptocurrency trading available which is really the only minus worth pointing out.