EightCap Video Review
Investor Protection & Regulations
“EightCap is the brand name of ‘EightCap Pty Ltd’ which is an Australian firm authorized and regulated by ASIC. Clients of Eightcap are ensured of protection via continuous audit of the broker’s records, fund segregation in the NAB and an insurance policy.
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.
EightCap affirms that external auditors regularly audit its operations and records in order to ensure strict compliance with the stringent ASIC regulations. An in-house compliance team also performs daily reconciliations to ensure accuracy and full conformity to standards.
The broker has undertaken an insurance policy in order to protect clients’ funds as well as its own operations against unforeseen financial circumstances that may liquidate the broker. The insurance is maintained with a first class insurance firm at no extra cost to the investors.
Retail client funds are maintained separately in the ‘National Australia Bank’ (NAB), which is an AA rated bank. EightCap therefore does not use investor’s deposits for daily brokerage operations. This is a major regulatory requirement and it is done to safeguard investors’ deposits even if the broker becomes insolvent.
“EightCap has 46 currencies, 12 indices, 4 commodities and 6 crypto assets available for trading on the MetaTrader platforms.”
Here is a list of the trading instruments on the EightCap platforms:
Number of Instruments
Share CFDs (listed on ASX)
“Only two types of accounts are available: the Standard and Raw account. $100 is required to open each account type. Demo accounts are provided but are only available for 30 days. ”
Every account type comes with a maximum leverage of 1:500. Accounts can be maintained in six currencies: AUD, USD, GBP, EUR, NZD and SGD. The minimum opening balance is $100 and there are no limits to open positions or pending orders.
The following are the types of accounts listed on Eightcap:
This account is designed for newbies or traders with limited capital. The spreads start from 1.0 pip. The broker’s compensation is embedded into the spread as commissions are not charged.
This account is designed for experienced or large volume traders. Spreads are tighter and starts from 0.0 pips. Commissions are charged at $3.5 per standard lot.
Demo account: EightCap provides a demo account which give clients access to a live trading environment without any risks to the trader. EightCap demo accounts expire after 30 days but can be extended on request by contacting the support team.
To open an account, click on the “
Open Account” button found on the top right hand side of the website.
A 5-page online form appears which asks for the following information:
account type (chosen by the trader)
funds available, net worth and trading experience
terms and conditions
ID verification is the last page.
The account is created within 24 hours, if everything is certified to be satisfactory. After filling the last page, a congratulatory message is displayed with links to download and install the platforms.
Download and install your preferred platform. The figure below shows the installation of the MT5 trading platform.
Choose the EightCap server and select a demo or real account.
For demo accounts, choose the account type, leverage, deposit amount and fill in personal details. Agree with the terms and conditions and then click next.
The account is created and you are automatically logged on to the trading platform.
EightCap does not provide its services to residents of 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, West Bank, Yemen and Zimbabwe.
Deposit & Withdrawals Options
“Credit/debit card, Bank Transfers, BPAY, China UnionPay and Skrill are the payment methods accepted by EightCap. The broker doesn’t charge fees for deposits or withdrawals.”
EightCap does not charge any fees for deposits and withdrawals. But any fees incurred while transferring or receiving funds from clients’ funding sources are passed onto the client. Withdrawal requests received before 1pm are processed on the same day. Only requests from completely verified accounts are approved. EightCap may request for additional information before approving a withdrawal request. Cash deposits and third party payments are forbidden.
The payment options below are accepted:
Credit/Debit Card: This method is available in 7 currencies. Deposits are instant and there are no processing fees. Only the amount deposited from a card can be withdrawn to the same card. It takes 2-5 business days to completely process card withdrawals.
POLi: The payment option is available in AUD only and it is used for deposits. There are no charges and the deposits are processed instantly.
BPAY: Available only in AUD. It takes 1-2 business days for the deposits to reach EightCap. There are no deposit charges.
China UnionPay: This method is only available only in Chinese Yuan (RMB). The payments are processed instantly and EightCap do not charge any fees.
Skrill: This method is used for both deposits and withdrawals in USD and EUR. Deposit transactions take 1-2 business days to complete and there are no charges. For withdrawals, only the amount deposited via a Skrill account can be withdrawn to the same account. It takes 2-3 business days for the funds to reflect in the client’s account. The withdrawal fee is 1%.
Web & Desktop Trading Platforms
“The MT4and MT5 platforms are provided by EightCap as a WebTrader, mobile apps and a desktop application that can be downloaded from the website.”
Here are the platforms provided by EightCap:
This platform is well known and accepted among forex and CFD traders. It has all the tools necessary for the day-to-day activities of the trader. EightCap provides the MT4 platform as a WebTrader, desktop application for Windows PC and Mac OS. The mobile version is also available.
The MT4 provides advanced charting and analytical tools. It has 30 in-built technical indicators, 24 drawing tools and 9 chart timeframes. It also supports the development, testing and deployment of Expert Advisors (EAs) which automates forex trading. Furthermore, you can add custom indicators and use them on the charts.
The terminal window also features the Code Base, allowing traders to pick up some EA codes from the MT4 marketplace.
MT5 is the newer version of the MT4 platform which was designed to replace the MT5. So, it was designed to improve on the existing features of the MT4. It has advanced tools for technical and fundamental analysis. It also has more indicators, more timeframes and advanced order management. It has 38 inbuilt technical indicators, 44 analytical tools and 21 timeframes. It is also accessible via a browser as WebTrader, which is a stripped-down version of the MT5.
As shown above, the important functions used for technical analysis are retained. You can perform line studies, add channels, Fibonacci and Gann tools. An additional tool that has been added to the MT5 and which is not found in the MT4, is the Elliot wave trace tool.
EightCap also provides the MT5 as downloadable desktop applications for PCs and Mac OS computers. This is what the interface looks like.
Mobile Trading Platforms
“The mobile versions of the MT4 and MT5 platforms are provided by EightCap. The apps are designed for the Android and iOS mobile operating systems. They can be downloaded from the website or directly from the individual app stores.”
The MT4 and the MT5 apps are compatible with their corresponding desktop and WebTrader accounts. The apps are designed for monitoring the markets, balances, charts and for trading on the go.
Here are some of the features of the mobile apps:
‘Quotes’ display the ‘bid’ and ‘ask’ prices of the assets in real time.
The apps have simple and user-friendly interface.
Charting, drawing and complete tools for technical analysis are built into the apps.
Easy placement of trades and pending orders with risk management tools.
Order history and account history are available.
“EightCap provides its ‘MAM software’ which is a complete solution for account managers to trade and customize multiple accounts at the same time.”
Multi Account Manager (MAM) Software: This is designed for the MT4 and MT5 platforms. It is highly customizable and can effectively manage multiple trading accounts from one screen. Built for money managers, the MAM software is fast, robust and reliable. It is capable of any trading method including EAs and mobile trading.
Here are some of EightCap’s MAM software features:
It allows individual clients to deposit and withdraw their funds anytime.
Managers can hide their trades from sub accounts.
There are no limits to the number of managed accounts.
Easy customer on-boarding solution is inbuilt into the software.
Customized solution: The Manager can customize each managed account and personalize the trading conditions like leverage, commission, account currency, spread mark-up, margin call, etc.
Commissions & Spreads
“EightCap offer low spreads and commissions when compared to other brokers with the benchmark EUR/USD spread starting at just 0.8 pips.”
Below are the ranges of typical spreads for the assets traded with the ‘standard account’.
1.0 – 1.4
1.0 – 1.2 pips
0.8 – 1.2
1.0 – 2.0 pips
1.2 – 1.8
1.0 – 2.0 pips
1.0 – 2.0
4.0 – 5.0 pips
1.0 – 2.0
0.3 – 2.5 pips
1.1 – 1.6
1.0 – 4.3 pips
1.0 – 1.4
1.0 – 2.0 pips
1.0 – 2.8
1.0 – 2.0 pips
1.0 – 3.1
1.0 – 2.5
20 – 30 cents
1.3 – 2.3
15 – 40 cents
1.0 – 2.5
0.04 – 0.58 points
1.0 – 2.5
0.05 – 0.59 points
1.0 – 2.9
1.0 – 2.5
40 – 50 pips
1.0 – 2.5
Bitcoin Cash (BCHUSD)
8 – 12 pips
1.0 – 2.5
Bitcoin Gold (BTGUSD)
2 – 4 pips
1.2 – 1.5
4 – 6 pips
1.0 – 1.8
2 – 4 pips
1.2 – 3.5
1 – 2 pips
1.1 – 3.0
1.1 – 3.0
1.0 – 3.0
1.0 – 2.9
1.1 – 3.2
1.2 – 2.3
1.0 – 2.5
1.0 – 2.0
1.1 – 5.0
*All the data above is taken from the broker’s website at time of writing and is subject to change without any prior notice.
Bonus & Promotions
“There is a Refer-a-friend program with a cash reward of $100. This is the only active promotion on the EightCap website.”
The Australian regulator (ASIC) has near-zero tolerance for incentive bonuses, which is why you will not find an
account opening bonus on Eightcap. Rather, there is a Refer a friend program which allows the trader to introduce as many new friends or associates to EightCap in exchange for a cash prize of $100. This is credited directly into the trading account.
To refer a friend, the referring client must have a minimum of $250. The referred friend must not be family members or people living in the same address as the referrer. For eligibility, the referred friend will create a new account and fund it with a minimum of $100 and then trade a minimum of 10 standard lots within 30 days.
“The EightCap ‘Client support desk’ is available 24/5 on instant web chat, telephone, email and on the social media. Thai, Chinese and English are the 3 major languages spoken by the support team.”
The EightCap customer support desk is available 24 hours a day from Monday to Friday. Support is provided in 10 languages: English, French, Italian, Spanish, Chinese, Thai, Korean, German, Portuguese and Vietnamese. The following support channels are available:
Instant Web Chat: This is available on the website.
email@example.com, Phone Number: +61 3 8373 4800
Social Media: The following social media channels are available:
The support team is active and responsive. Emails are typically replied in a few hours. When, an instant web chat session was initiated, a chat representative responded in less than 20 seconds. The support attendants are courteous, professional and knowledgeable.
“The market news and analysis is provided for clients.”
Market News and Analysis: This is compiled by EightCap analysts. It focuses on major economic events, real-time market updates with analytic expert comments and insights. It comprises of 3 categories; market updates, forex news and CFD news.
Economic Calendar: This is available only on the MT5 trading platform. It shows the important global financial events that are likely to affect the prices of tradable assets. It is a tool used for fundamental analysis.
“EightCap provides training articles designed for beginner traders up to intermediate levels. The articles are grouped into Fundamentals, trading strategy and MetaTrader guides.”
EightCap has an
education section on its website comprising of several training articles. The articles are well written with examples, explanations and diagrams. It consists of 3 subsections.
MetaTrader Guides: This subsection focuses on the use of the MetaTrader platforms. Important topics are covered. Exampls of some of these topics are: ‘how to enable EAs in MT4’, ‘how to execute partial close of a trade’ and ‘how to add indicators and edit charts in MT4’.
Fundamentals: This subsection introduces forex trading to a beginner trader by focusing on basic concepts and forex trading terms and definitions. Several real life examples are used to drive home the theme of the educational content. Some of the topics covered are: ‘margin and leverage in trading, ‘hedging in forex’, pip, scalping in trading, etc.
Trading Strategy: Building on the foundation already laid, this subsection introduces the trader to technical indicators, trading psychology and risk management. Several articles teach how to read and use several indicators like MACD, Stochastic, Moving averages etc.
“EightCap brokerage service is suitable for traders of all levels.”
EightCap provides the MT4 and MT5 trading platforms along with their mobile versions. These are powerful platforms that support complex trading strategies but yet simple enough to accommodate a tyro.
Pro traders, experts and multiple account managers will all find
the brokerage services apposite to their trading styles, strategies and systems. New traders can also learn from the several articles provided in the education centre. The demo account is also there for practice purposes.
Additionally, several services, plugins, EAs, signal services, etc can be acquired from the MetaTrader market which is available on the MT4 and MT5 markets accessible from the trading platforms.
So, EightCap is a broker for all classes, levels and categories of traders. We should also remember that the Raw account provides ECN-style conditions, which benefits pro traders.
Here are some of the “Frequently Asked Questions” about EightCap:
Where is EightCap based?
The EightCap brokerage firm is based in Melbourne, Australia.
How does EightCap make money?
EightCap makes money by charging commissions on trades and also from the spread.
How do I deposit in EightCap account?
The payment options accepted are: Bank Transfers, Credit/Debit Cards like Mastercard and Visa card. Other payment methods accepted are Poli, BPAY, China UnionPay and Skrill.
What is the min. deposit for EightCap?
The minimum deposit is $100 for all account types.
What is the maximum leverage in EightCap?
The maximum leverage is 1:500.
How do I open an account with EightCap?
Click on the ‘
Open Account’ button located at the top of every webpage on the website.
Does EightCap use MetaTrader?
Yes, the MT4 and the MT5 are available.