Eightcap Review and Tutorial 2020

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Eightcap Facts & Figures

Eightcap is a multi-regulated FX & CFD broker offering the MT4 & MT5 platforms.

InstrumentsForex, CFDs, indices, shares, commodities, cryptocurrencies
Demo AccountYes
Min. DepositA$100
Min. Trade0.01 lots
Regulated ByASIC, VFSC
MT4 IntegrationYes
MT5 IntegrationYes
Mobile AppsYes
Auto TradingYes
Trade SignalsNo
Islamic AccountNo
CFD
Trade CFDs on popular indices, shares, forex, & commodities
FTSE Spread1.2
GBPUSD Spread1.0
Oil Spread1.0
Stocks Spread1.0
Forex

Trade on dozens of major, minor & exotic pairs

GBPUSD Spread1.0
EURUSD Spread1.0
EURGBP Spread1.0
Assets30
Cryptocurrency

Trade on leading cryptocurrency coins

SpreadFrom 0.0 pips
CoinsBTC, LTC, ETH, XRP
Risk Warning – Your capital is at risk

Eightcap is a global CFD and forex broker. Offering both the MT4 and MT5 trading platforms, as well as two competitive accounts, users can trade over 200 financial instruments with ease. This review can help you decide whether to open an account, covering spreads, leverage plus the mobile app and demo account.

Eightcap Company Overview

Eightcap was founded in 2009 and is based in Melbourne, Australia. The company is regulated by the Australian Securities and Investment Commission (ASIC) and the Vanuatu Financial Services Commission (VFSC).

Eightcap’s global success is represented by its partnership with the Scuderia Ferrari F1 team. The CEO has also ensured there are multilingual client support teams based in the UK, Germany, China, and Thailand, among others.

Trading Platforms

MetaTrader 4

The award-winning?MT4?platform facilitates online trading in forex, indices, and commodities. With its advanced interface, automated trading capabilities, and comprehensive charting package, it’s an excellent all-round platform.

Features include:

Eightcap MT4 platform

MT4 is available to download on Windows, macOS, and Linux PCs.

MetaTrader 5

MT5 is an advanced platform offering trading in forex, indices, shares, commodities, and cryptocurrencies. Users benefit from:

Eightcap MT5 platform

MT5 is available to download on Windows, macOS, and Linux PCs.

WebTrader

Eightcap also offers the Web Trader version of MT5. The web-accessible platform can be opened easily from the broker’s website and offers the same range of features as the desktop download. It’s a quick and hassle-free way to get connected to the markets.

Assets

Eightcap clients can trade on:

See Eightcap’s Product Disclosure Statement (PDS) for more details.

Spreads & Commissions

Spreads are variable, starting at 1.0 pip for major forex pairs and 0.5 on major indices, such as the SPX500. Spreads for gold and silver start at 0 pips and 0.5 pips, respectively, whilst oil spreads are around 1.0 pip. Zero spreads are available on cryptocurrencies, such as Ripple, although spreads on Bitcoin can reach 30 pips. Average spreads for Australian company shares are around 1.0 pip.

Commissions are charged at $3.50 per standard lot on the Raw account and swap rates will apply for overnight forex trades.

Leverage

Leverage at Eightcap starts at 1:100 and goes up to a maximum of 1:500. Whilst generous rates, leveraged trading should be used with caution as it can seriously increase risk exposure, as well as potential profits.

Details of the margin call process can be found on the broker’s website.

Mobile App

Eightcap offers a mobile app for both the MT4 and MT5 platforms, which are available for iOS and Android devices. The app offers all the same features as the desktop platform, with the added benefit of 24/7 access from anywhere. Once you have your MT4 or MT5 login credentials, simply head to your App Store or Play Store to download the app.

Eightcap mobile trading

Payment Methods

Deposits

Eightcap offers several fast payment options in 7 base currencies, all transacted through the Client Portal:

Withdrawals

After completing a request form through the Client Portal, users can withdraw profits for free, using all of the methods above. The broker aims to process withdrawals within 24 business hours. Clearing times typically take 2 – 5 business days.

Demo Account

Eightcap offers a decent demo account which can be opened from the broker’s website. Users have access to unlimited virtual funds and the same trading conditions as a real-money account, including the same price feed.

Note that demo accounts last for 30 days by default, however, this can be extended upon request.

Bonuses & Promotions

Eightcap does not currently offer any deposit bonuses or promotions. However, keep an eye on the broker’s website in case new deals are made available. Make sure you check bonus terms and conditions before you start trading.

Regulation

To protect client interests, the company is independently regulated across two entities: Eightcap Pty Ltd is regulated by the Australian Securities and Investment Commission (ASIC) while Eightcap Global Ltd (Vanuatu) is regulated by the Vanuatu Financial Services Commission (VFSC). Furthermore, Eightcap is an Australian Financial Services Licensee (AFSL). Client funds are also segregated and held at Tier 1 banks, as per the Corporations Act.

Our opinion is that the broker isn’t a scam and their online services are legitimate.

Additional Features

Eightcap has a vast offering within their learning suite, helping new traders get an early head start or providing additional support to experienced traders. Useful features include CFD & forex news, market updates, MetaTrader setup guides, and guidance on strategies.

Account Types

Eightcap offers two account types:

Both account types require a minimum deposit of A$100, come with a minimum trade size of 0.01, and offer a maximum leverage of 1:500. Scalping and hedging are also allowed with both accounts.

The main difference between the two accounts is that the Standard account comes with zero commissions, where the Raw account charge is A$3.50 per standard lot. Also, the Standard account offers 5 base currencies vs the Raw’s 4.

Benefits

There are several good reasons to trade with Eightcap:

Drawbacks

Disadvantages of trading with Eightcap include:

Trading Hours

Users can trade forex 24 hours a day, 7 days a week. However, global foreign exchange trading hours vary by time zone. Based on AEST, Sydney opens at 7 am and closes at 4 pm, Tokyo opens at 9 am and closes at 6 pm, London opens at 5 pm and closes at 2 am, and New York opens at 10 pm and closes at 7 am.

Opening hours also vary across other markets with details available on the broker’s website.

Customer Support

Eightcap’s 24/5 multilingual support team can be contacted via:

Keep up to date with the latest news on Eightcap’s social media pages:

The broker’s headquarters office address is Level 6, 360 Collins Street, Melbourne, VIC 3000 Australia.

Trader Security

Data exchanges are encrypted between the platform and the client servers, using industry-standard 128-bit Secure Sockets Layer (SSL) encryption. Server authentication is also required upon accessing the MetaTrader platforms.

To ensure client data protection, Eightcap is fully compliant with the Privacy Act 1988, the Australian Privacy Principles (APPs), and the General Data Protection Regulation (GDPR).

Eightcap Verdict

Operating for over a decade and offering both the award-winning MT4 and MT5 platforms, Eightcap is a respected CFD and forex broker. With their competitive spreads, fast customer support and demo account offering, beginners and experts can begin trading with ease.

Accepted Countries

Eightcap accepts traders from Australia, Thailand, Canada, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.

Traders can not use Eightcap from United States, Syria.

FAQ

How much capital do I need to trade with Eightcap?

The minimum deposit amount is 100 AUD or currency equivalent. The minimum position size available is 0.01 lots.

What is the maximum leverage in Eightcap?

Eightcap offers maximum leverage of 1:500 across both accounts. Leveraged trading can increase possible returns, but also potential losses.

Does Eightcap offer a demo account?

Yes, a demo account can be set up from the main page on the website. Users will have access to unlimited virtual funds for 30 days and will enjoy identical trading conditions to a Live account.

How do I open a Live account with Eightcap?

Select ‘Create Account’ from the top right-hand corner of the broker’s website to register. You will be required to fill out a short form before going through 5 additional steps to personalise your account and verify your identity.

What can I trade on Eightcap?

Users can trade forex, indices, and commodities on the MT4 platform, and forex, indices, commodities, shares, and cryptos on the MT5 platform.

Eightcap is a multi-regulated FX & CFD broker offering the MT4 & MT5 platforms.
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