Eightcap

Rating: 96%

Min Deposit

$ 100

Open a DEMO Account Open a REAL Account

Last Updated:Feb 23, 2024

Eightcap Broker Review - A Wide Range of CFD Instruments

Eightcap is a registered company of Eightcap Pty Limited, founded in 2009 in Melbourne, Australia to offer exceptional financial services to retail and institutional clients. The founders include market professionals with expertise in finance and information technology.

Eightcap forex broker provides clients the opportunity to trade on a wide range of CFD instruments across forex, commodities, cryptocurrencies, shares, and stock indices from the MT4 and MT5 platforms.

Eightcap puts a lot of effort into keeping its reputation as a trustworthy forex broker. When it comes to licenses, Eightcap broker is under the regulation of the tier-I Australian Securities and Investments Commission (ASIC). Likewise, when it comes to data security, and client privacy, Eightcap has adequate measures in place to ensure that all their clients are covered.

Eightcap broker currently operates from 5 global locations besides Australia, provides multi-lingual client support in 9 languages, and are the official suppliers for Scuderia Ferrari.

Regulated in two tier-1 jurisdictions and one tier-2 jurisdiction
200+ CFD products across 5 asset classes
Educational content
Min deposit of $100
1:500 leverage
Professional indemnity insurance policy

The Topics Covered in our Broad Review of Eightcap Forex

Our extensive evaluation of Eightcap broker includes all the key parameters that clients generally consider in a CFD broker. We begin the Eightcap broker review with the regulators and licenses covering the CFD broker, besides the regulatory framework and the insurance policies covering the broker’s clients. We then go on to examine the various account types, analyze the account registration process, the product categories, and the web, desktop, and mobile trading platforms.

We have maintained a balanced approach in our extensive review to provide readers and potential clients with all the critical info they need to know about the CFD broker. In our wide-ranging Eightcap review, we not only state the features and the positives under the various groups but also highlight the negatives, one of the vital ingredients of our Eightcap review.

Overview of Eightcap forex

Eightcap broker is a MetaTrader broker with a variety of trading products across all the major asset classes. Incorporated in 2009, the CFD broker intends to deliver an unrivaled trading experience with the best trading environment for traders across markets.

Licenses

Eightcap broker comes under the regulation of the Australian Securities and Investments Commission (ASIC); all client funds in segregated bank accounts.

Platforms

We offer in-depth study of the computer-based trading terminals includes the user interface, order types, speed of order execution, custom analytical tools, and spread.

Privacy and Protection

Upholding client privacy and data security is a main function of a forex broker. In addition, the safety of investor deposits is something about which every client is very particular.

Spreads/Fees

The lowest spread on the MT4 demo account is between 1.2 and 1.6 pips on the EUR/USD pair. Likewise, the lowest spread on the EUR/USD pair in the Live Raw account was around 0.2 pips.

Mobile

Our review of the mobile app offered by Eightcap broker covers the procedure for downloading and installing the app, supported operating systems, appearance, ease of running the app on the handheld device, and performance.

Customer Care

We also conduct a quality check of the live support by interacting with the members to gauge the wait time and promptness in resolving our queries. Eightcap broker has a robust customer-support system.

Investor Protection, Licenses, and Regulators Governing Eightcap Forex

Eightcap broker comes under the regulation of the Australian Securities and Investments Commission (ASIC) with an Australian Financial Services License (AFSL) 391441. The AFSL license comes with a stringent framework, such as minimum capital requirements and compliance with monitoring rules, such as risk management, staff training, and annual auditing by independent auditors.

Under the rules of the Australian Client Money and ASIC Regulatory Guide 212, Eightcap forex maintains all client funds in segregated bank accounts. The deposits are in the tier-1 National Australia Bank, held separately from the business and operational funds of the CFD broker.

To conclude, the forex broker comes under rigid regulatory guidelines like maintaining a minimum operating capital of A$1 million, overseeing the CFD broker’s activities, conflict of interest, and financial dealings. Still, when it comes to managing counterparty risk, the Australian regulator is a little behind its European counterparts. The watchdog does not actively participate in broker–client conflicts or refunds of deposits if the broker files for administration.

Pros

Eightcap broker comes under the improved tier-I regulations of ASIC.

Cons

The ASIC regulations, although improved, are still not as stringent as those in Europe. The framework does not include an investor protection fund.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77.78% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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Tradable Assets/Products at Eightcap Broker

Clients trading with Eightcap broker can access 200+ CFD products across 5 asset classes: Forex, Commodities, Cryptocurrencies, Shares, and Indices. Not all products, however, are accessible across the MetaTrader terminals, at least on the demo terminals. In our review of the product range on the Eightcap MT4 platform demo platform, we could only access FX pairs, commodities comprising precious metals and oil, and ten global indices.

The product range on the demo MT5 desktop terminal was even worse. We could only view the 4 major FX pairs, while, on the web version of the MT5, we could monitor 64 financial instruments comprising FX and precious metals. In the live MetaTrader 5 web trading Raw account, however, we could access 46 forex instruments, eleven indices (including the US dollar index), 4 commodities, and 5 cryptocurrencies.

Asset class	Number of products: Demo MT4	Number of products: Live Web MT5
Forex: major, minor, exotic	46	46
Commodities	04	04
Cryptocurrencies	No	05
Shares	No	No
Indices	10	11

Pros

The broker covers all the major asset classes.

Cons

The range of products offered by the broker is not very clear.

Create an account, and you can trade 40+ currency pairs at online broker Eightcap and get professional trading insights.

Open a DEMO Account Open a REAL Account

Eightcap – Make the Most of The Forex Market

Client Trading Costs, Including the Spread, Commission, and Fees at Eightcap Forex

According to Eightcap forex, the client trading costs are highly competitive and among the lowest in the industry. In our review of Eightcap forex trading, however, we found a variation between the spread stated on the website and the real-time markets. While the broker claims that the floating spread on the Standard account starts at 1.0 pip and for the Raw account at 0.0 pips, we found the difference in the bid-offer on the demo and Live Raw account types to be slightly higher than the one stated on the website.

Based on our review of the Eightcap trading platforms, the lowest spread on the MT4 demo account was between 1.2 and 1.6 pips on the EUR/USD pair. Likewise, the lowest spread on the EUR/USD pair in the Live Raw account was around 0.2 pips.

Tabled below are the indicative spreads for the various products offered by the CFD broker.

	Minimum/maximum spread: standard account	Minimum/maximum spread: raw account
Forex majors	0.8–1.2	0.0–0.3
Forex minors	1.0–3.5	2.6
Forex Exotic	1.1–5.0	4.0
Indices	0.3–5.0	0.3–5.0
Commodities	1.0–24.0	1.0–24.0
Cryptocurrencies	Not available	Not available

Commissions

Eightcap forex broker charges a commission of $3.5 for a standard lot size of 100,000 if you are operating the Raw account. Also, if you are trading in shares, Eightcap charges a commission of 0.1% of the notional value of the transaction. None of the other products come under the commission bracket.

Fees

When it comes to charges, Eightcap forex charges a regular swap or rollover fee for clients holding overnight positions. In addition, clients trading CFDs in shares pay a monthly subscription of $20 as a data fee. If the commission/brokerage exceeds $20 during the month, however, the charges are reversed.

Pros

Competitive spreads and moderate commissions

Cons

The spread on the website does not correspond to the demo account.
The live chat team was unable to provide the spread details for CFDs in cryptocurrencies.

Two Account Types at Eightcap Forex

Eightcap offers only 2 types of accounts to its traders: the Standard Account and the Raw Account. There is no separate VIP account or Islamic Account for Muslim individuals. Though it is free to open both the Standard and the Raw accounts, the broker requires traders to make a minimum deposit of $100 (in the base currency) when they fund their account for the first time.

Both accounts have a minimum lot size of 0.01 and a maximum lot size of 100. The available Eightcap leverage is 1:500 for both. Scalping, EAs, and hedging are allowed in both account types.

Standard Account:

This account is for beginners who wish to start with a small investment. The spreads start from 1.0 pip. This is a zero-commission account, as the compensation charged by the broker is already part of the bid–ask difference. You can set up a Standard trading account in 5 base currencies: AUD, NZD, USD, EUR, and GBP.

Eightcap minimum deposit for Standard account: $100

Raw Account:

This account is well-suited for experienced traders dealing in large volumes. Eightcap broker offers spreads starting from 0.0 pips for the Raw account. Unlike the Standard Account, however, clients pay commissions at $3.5 for a standard lot. Individuals can register for the Raw account in 4 different base currencies: AUD, GBP, USD, and EUR.

Eightcap minimum deposit for Raw account: $100

Comparison of the Eightcap Account Types

	Standart Account	Raw Account
Spread Type	Standart Institutional Grade Pricing	Raw Interbank Direct Pricing
Typical EUR / USD Spread	0.5 - 1.8 pips	0.0 - 1.0 pips
Commission	$0	$3.5 per standart lot traded
Min. / Max. Trade Size	0.01 lots / 100 lots	0.01 lots / 100 lots
Available Laverage	Up to 500:1	Up to 500:1
Liquidation Level	50%	50%
Min. Initial Deposit	$100 AUD or equivalent	$100 AUD or equivalent
Account Base Currencies	AUD, USD, EUR, GBP, NZD	AUD, USD, EUR, GBP
Scalping Allowed	Yes	Yes
EAs Allowed	Yes	Yes
Hedging Allowed	Yes	Yes

Pros

The Eightcap account types are simple and can be easily distinguished.

Cons

While the account opening page states a minimum deposit of $100 for the Standard or Raw account, the FAQ section declares otherwise.

As part of our review to demonstrate the account opening steps, we opened a Raw Eightcap demo account and have highlighted all the account registration steps below.

Eightcap Demo Account Registration Steps

The Eightcap account opening procedure comprises 5 steps. The last step, however, involves submitting documents corresponding to one’s id and proof of residence. To open a live account, you have to follow our link to Eightcap and go through and click on “Create Account” on the homepage, fill out your basic info, select your trading platform and click on “Apply Now” to start the account-opening process.

Step 1: Account Type

The FIRST STEP is ACCOUNT TYPE. Choose from the Standard or Raw account, the base currency, and the leverage, from 100:1 to 500:1. Once done, click on NEXT STEP.

Step 2: Personal Information Section

The SECOND STEP is the PERSONAL INFORMATION SECTION. Here, you fill out some more personal details, like your data and country of birth, your residential address, tax residence, and tax ID number.

Step 3: Net Worth & Trading Experience

In the THIRD STEP, enter your NET WORTH & TRADING EXPERIENCE.

Step 4: Terms & Risk Disclosure

The FOURTH STEP includes TERMS & RISK DISCLOSURE. All individuals registering with the CFD broker should read the Financial Services Guide, the Product Disclosure Statement, and the Client Agreement before accepting the declaration.

Step 5: Documentation

The FIFTH and FINAL STEP is DOCUMENTATION. You can either upload your photo IDs, such as your passport or driver’s license OR a photo ID along with the proof of residence (a bank statement or phone bill less than 3 months old). Click on NEXT STEP after you upload your documents to complete the Eightcap account-registration process.

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Deposit/Withdrawal Methods Offered by Eightcap Broker

Eightcap forex has several funding methods for clients to deposit and withdraw funds, although only some of them may be accessible by clients from a particular country/region. While Eightcap does not charge a fee for deposits or withdrawals, your bank or the intermediary through whom you carry out the wire could charge a transfer or conversion fee.

Eightcap broker has laid out specific rules for clients carrying out funding activities. We have highlighted some of them below.

All client deposits must be in the same name as the one in the Eightcap trading account.
The CFD broker accepts payments from a joint account if the client is one of the participants.
Eightcap does not accept cash, over-the-counter, and payments in the name of third-party individuals.
Clients can deposit funds 24/7.
All deposits are processed instantly. If, however, a deposit is not reflected in a client’s account, the process will be completed within 24 business hours.
All Eightcap withdrawal requests before 1 PM AEST/AEDT will be processed the same day, Monday through Friday. Payment requests after the cutoff time will be administered only the next business day.
Clients holding multiple accounts in the same name can transfer funds internally.
All transactions and payment options are easily accessible from the client area.

In our review of Eightcap broker, we evaluated the various funding methods, the base currencies in which you can fund or withdraw your cash, and the estimated processing time. The tables below present this information.

Deposit Methods
Payment Option	Available Currencies	Approx Processing Time
Credit/Debit Card: Visa/Mastercard	AUD, USD, GBP, EUR, NZD, CAD, SGD	Instant
POLi Payment	AUD	Instant
Bank Wire	AUD, USD, GBP, EUR, NZD, CAD, SGD	1–3 business days
BPAY	USD	1–2 business days
China UnionPay (uPOP)	RMB	Instant deposit
Skrill	USD, EUR	1–2 business days

Withdrawal Methods
Payment Option	Available Currencies	Approx Processing Time
Credit/Debit Card: Visa/Mastercard	AUD, USD, GBP, EUR, NZD, CAD, SGD	24 business hours
Bank Wire	AUD, USD, GBP, EUR, NZD, CAD, SGD	24 business hours
Skrill	USD, EUR	24 business hours

Eightcap Forex Client Privacy, Data Security, and Capital Protection Measures

During the course of providing its products and services to traders, Eightcap gathers personal information and data as part of its data-collection policy. These include all the necessary details, like your name, telephone number, tax file number (TFN), correspondence address, email address, annual income, employment details, other financial details, credit history, and transaction history. Additionally, the forex broker may also collect information about the trader from third parties, such as marketing companies, credit reporting bodies, and more.

Eightcap collects personal information to maintain compliance and comes under the Privacy Act 1988, the Australian Privacy Principles (APPs), and the General Data Protection Regulation (EU). The broker protects your confidential information and may use it only when there is a legal requirement to do so or to carry out its agreements with associate third parties effectively.

Pros

The regulatory framework comprises stringent client privacy and data-protection guidelines.

Cons

Desspite being covered by one of the top regulatory agencies, clients can still lose their deposits if the broker files for bankruptcy.

Furthermore, Eightcap forex has taken steps to protect traders’ personal information from misuse, loss, interference, unauthorized access, disclosure, or modification by maintaining robust network security and physical security systems in place.

When it comes to the security of client funds, the broker’s regulation includes the tier-I Australian Securities and Investments Commission (ASIC), in addition to licenses from the other jurisdictions in which they operate. Some of the measures adopted by the CFD broker to ensure maximum security of client deposits include:

Eightcap broker maintains all client deposits in segregated AA-rated banks separate from the broker’s operational funds.
The CFD broker has insured all client deposits under the professional indemnity insurance policy. The policy covers claims made against Eightcap concerning its services, products, and the conduct of the current and former employees of the firm.
The broker conducts systematic auditing, in-house compliance, and daily reconciliation of client funds.

Eightcap Forex Provides the MetaTrader Platforms Across All Devices

Eightcap forex is a MetaTrader broker, offering the MT4 and MT5 terminals across desktop, web, and mobile applications. As part of our extensive review of the forex broker, we manually analyzed the MT4 desktop and mobile app along with the MT5 web terminal from the Eightcap demo account.

MT4 Desktop Platform

Eightcap forex offers the standard MT4 trading terminal without any changes whatsoever. Individuals who are already familiar with the globally-renowned FX platform can start trading immediately without looking for custom tools or EAs from the broker. For those unfamiliar with the platform, go to the detailed user guide to comprehend all the functions and operational parameters.

The user-friendly platform supports forex and CFDs in commodities, cryptocurrencies, indices, stocks, and futures trading. Accessible in 39 languages, the MT4 offers a range of trading tools, catering to all categories of traders, from beginners to experts.

Key Features of the Eightcap MT4 Platform

The order types on the platform include instant, market, pending, and trailing stops.
It comes with order placement windows and supports the stop loss/take profit functionality. You can also place 1-click orders directly from the charts.
You can monitor each symbol in 9 time frames.
The technical analysis tools include 30 indicators and 24 graphic objects.
One of the main features of the platform is automated trading using in-built trading robots (EAs).
You can purchase trading robots: technical indicators from the code-base.
You can access the MQL5, where you can build, test, and optimize your strategies.

Pros

Clients can access markets and trade in the state of the art offering from MetaQuotes.

Cons

The Eghtcap broker’s MT4 desktop demo platform is not in sync with the MT4 mobile app.
The CFD broker does not provide real-time news or market updates.

The Eightcap MT5 Web Terminal Offers Limited Trading Instruments

The multi-asset MetaTrader 5 web platform features forex, exchange-traded instruments, and futures. The advanced platform supports financial trading functions and excellent tools to carry out fundamental and technical analysis. Although the desktop version also includes automated trading, the web terminal is only for manual traders. If using the MT5 demo platform, you can only access 64 FX pairs and precious metals, although we found it impossible to place orders in the latter.

Key Features of the Eightcap MT5 Platform

The default terminal comprises the watchlist, charts, and toolbar.
The terminal supports 41 languages.
The platform comes with multiple order-placement windows with the option of 1-click trading from the market depth and chart panels.
You can access 3 types of charts in 9 time frames.
You can analyze charts using 31 technical indicators and 22 graphical objects, far fewer than the desktop platform.
You can log into the client portal directly from the Webtrader, connect to the broker’s website, or interact with the live chat support team.

MT4 Mobile App

The mobile application from MetaQuotes supports Android and macOS, allowing clients to monitor prices and trade on the move. The trading app has most of the features of the desktop platform, except for the drawing tools and automated trading.

If you are a high-frequency trader or trading for a living, then the MT4 mobile application is a handy trading tool that lets you access and analyze trading information 24 hours a day.

Key Features of the Mobile App

You can access the app anywhere, anytime.
The app comes with 3 chart types in 9 time frames.
It supports all MetaTrader 4 order execution modes.
The technical tools include 30 indicators and 24 analytical objects.
You can communicate with other traders from the free-chat.

Android
iOS

To summarize our review of the trading platforms: the CFD broker allows clients to open multiple demo accounts with different IDs. Unlike the other FX brokers, who provide an ID and password to let individual traders test their demo platforms, you can generate an instant MT demo ID with Eightcap broker.

Still, the CFD broker has not stated which products are available on the terminals, leaving it to traders to figure it out for themselves. Following our extensive scrutiny and interaction with the live chat support, we established that CFD in shares is available to live account holders only on request. While the MT4 includes FX, commodities, indices, and share CFDs, it does not support cryptocurrencies. The MT5, on the other hand, backs all the broker’s products, including CFD in Australian shares.

Trading Features

The only outstanding features of Eightcap are the execution and leverage. Clients registering with Eightcap Forex will experience lightning-fast trade execution since the broker has their servers in the Equinix data centers to ensure optimal performance. The data center also hosts some of the leading global financial institutions, is vital to high-volume traders, especially during market volatility, and is one of the many features offered by some of the top FX brokers.

When it comes to leverage, Eightcap offers variable margins, ranging from 1:1 to 500:1. Clients can leverage their trading activity by choosing the precise margins required to open positions to minimize risk. If, however, you wish to change your leverage ratio, you can either request it from the client area or email the CFD broker’s support desk.

Various Leverage Options at Eightcap Forex

Available Leverage	Min. Account Equity	Max. Account Equity
500:1	$500	$5.000
400:1	$500	$10.000
300:1	$500	$50.000
200:1	$500	$100.000
100:1	$100	$100.000+
50:1	$100	$100.000+
25:1	$100	$100.000+
1:1	$100	$100.000+

If you register with the Eightcap forex broker, you can access a wide array of trading features from the state of the art trading terminals, irrespective of your account type. Some include:

A range of order types, including instant, market, stop loss, and trailing stop orders.
Price alerts.
A massive range of trading tools comprising trend, volume, oscillators, EAs, and drawing tools, all quickly accessible on the trading platforms.
All clients can hedge their existing open positions.
The CFD broker permits scalping.
Clients can use EAs or trading robots to enter and exit trades.
The liquidation level is at 50% of the account balance.
There are multiple leverage options.
The CFD broker provides flexible lot sizes, starting from 0.01 (micro lot).

Pros

High-speed trade execution.

Cons

The broker does not offer much in terms of customized features or tools.

Multiple Customer Support Approaches

Eightcap broker has a robust customer-support system in place for traders in case they have any problem with their account and need assistance. They offer different modes of communication, including phone, email, and online chat options. The client service teams are accessible 24 hours a day, 5 days a week, from Monday to Friday. The group currently provides support in multiple languages, including English, Vietnamese, German, Chinese, Korean, Thai, Spanish, French, and Italian.

As part of our review of the CFD broker, we interacted with the live chat team on several occasions, and we don’t rate them well. While the initial response time was less than 20 seconds, they failed on almost all the other parameters: courtesy, swiftness in the response time, knowledge about the products/services offered by the CFD broker, and many more factors. In addition, when we left a negative rating, it was quickly removed by one of the members of the support team.

Individuals who wish to get in touch with the Eightcap support staff can reach out to them through the following communication modes.

Live Chat

Yes

E-Mail

[email protected]

Phone

+61 3 8373 4800

Eightcap is available in the following languages:

English

French

Indonesian

Italian

Malay

Mandarin Chinese

Portuguese

Spanish

Thai

Additional Benefits Provided by Eightcap Forex

Eightcap offers a host of informational resources on its website, including the latest market updates, CFD, and Forex news for the benefit of traders. The broker also covers insights and commentary from its panel of global market analysts.

In addition, the forex broker has a separate section for trading education that is accessible by novice as well as experienced traders. The segment is categorized into 4 parts and sheds light on MetaTrader guides, fundamentals, and various trading strategies. While the MetaTrader Guides educate individuals on how to use the MetaTrader platforms, the fundamentals of the markets are undoubtedly useful for beginners to learn the basics of forex trading, definitions, and technical concepts, such as hedging and scalping. Furthermore, as part of their trading strategies, individuals can assess the various technical indicators, including RSI, stochastics, Fibonacci levels, MACD, and moving averages.

Visit “FOREX BROKERS ACADEMY” for more information.

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A Few Frequently Asked Questions

What Kind of Market Analysis Does Eightcap Broker Provide?

Eightcap forex provides real-time updates of major economic events, market commentary, and insights from its in-house team of experts. When it comes to the latter, some of the analysis includes CFD/forex news and daily market updates.

How Long Can I Hold on to My CFD Contract with Eightcap Forex?

Eightcap provides CFD trading in cash markets that does not have an expiry date, so you can hold on to your positions as long as you like. Still, since all CFDs comprise margin trading, you will either have to pay or will receive an overnight funding rate, also called the swap rate.

From Which Countries Does Eightcap Forex Not Accept Customers?

Eightcap forex brokers do not accept citizens from the following countries: Afghanistan, Azerbaijan, Belgium, Bosnia and Herzegovina, Burundi, Canada (British Columbia, Quebec, and Ontario), Congo, Côte d’Ivoire, Ethiopia, Eritrea, Egypt, Gaza Strip, Haiti, Iran, Iraq, Israel, Japan, Lebanon, Libya, Myanmar, North Korea, Pakistan, Puerto Rico, Sierra Leone, Somalia, South Sudan, Sudan, Syria, Trinidad and Tobago, the Central African Republic, Tunisia, Ukraine, Vanuatu, Venezuela, the United States of America, the West Bank, Yemen, and Zimbabwe.

What are Margins, and How are They Calculated at Eightcap?

A margin is the amount of cash needed to open or maintain a position. It is generally expressed in percentage terms and calculated using the following formula: Margin Requirement = (current market price x volume) / leverage
For instance: Say the EUR/USD is quoting at 1.11500 and you would like to trade 1 standard lot (100,000). If your leverage is 1:200, your margin calculation would be (1.11500 x 100,000) / 200 = $557.50. So, to open a EUR/USD position, you would require at least $557.50 in your trading account.

Wrapping up the Review

Eightcap is an ASIC-regulated CFD broker offering clients a range of 200+ products across 5 asset classes and 2 trading accounts, including the Raw spread account. We conclude our review of Eightcap forex by listing the positives and negatives of investing with the forex brokerage.

When it comes to negatives, there are a few improvements that we can suggest. For one, the website can state all facts clearly, like the spread, minimum account opening charges, tradable products under the MT4 or MT5, or the scope of the indemnity insurance. In addition, the quality of the customer support via the live chat can be improved. They can also work on providing custom trading tools and real-time news.

The positives: Based out of Australia, Eightcap’s interest in catering to clientele from the country is evident in its range of product offerings, especially the share CFDs listed on the Australian exchanges. The other positives include trading conditions, comprising the spread, leverage, liquidity, high-speed order execution, moderate commissions, and fees. In addition, the regulation, safety of client funds, transparency in terms of market access, the professional indemnity insurance policy, are all positive features of the CFD brokerage.

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