Eightcap was established in 2009 in Melbourne, Australia, to provide online trading services in forex and CFDs, offering over 270 tradable instruments across currency pairs, indices, commodities, cryptocurrencies, and stocks. Their clients are provided with the MetaTrader 4 and MetaTrader 5 trading platforms, additional trading tools, and a good number of educational resources. The broker offers unique trading conditions, including competitive trading fees, good execution speeds with minimal slippages, and a very responsive customer support service.
Eightcap Review Introduction
In this Eightcap review, we will take a look at some of the most important factors worth considering when choosing a forex broker for your online trading needs. This includes trading platforms, trading tools, research and education, account funding options, customer support and broker regulation.
You may also wish to view my best forex brokers based on countless hours that I have spent researching and testing hundreds of brokers, all of which you can see in my forex broker reviews. You can also use my free trading tool to compare forex brokers including Eightcap.
Eightcap Platforms & Tools
The broker provides all their clients with the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading platforms, which are the two most widely used trading platforms among online forex and CFD brokers and traders. Both platforms are available in web versions that run directly on modern web browsers, desktop applications for Mac and Windows operating systems, and mobile trading apps for Android and iOS compatible devices.
While the MT4 and MT5 trading platforms appear very similar and feature user-friendly interfaces, multiple chart types, and several trading tools including automation tools, the MT5 platform is more advanced and has more technical indicators and trading tools. The broker allows stock and crypto trading only on the MT5 platform.
Aside from the tools that come with the platforms, the broker also provides clients with additional useful trading tools, such as the MAM software, Market News & Analysis, and Economic Calendar.
Eightcap Research & Education
Eightcap has a huge collection of training articles on their website prepared by the experienced team of analysts. They employ infographics to make the articles easy to read and understand. The articles are grouped into three sections:
- Fundamentals section: about 24 articles that discuss the basics of trading, including stocks, spread, pips, and swap rates
- MetaTrader Guides: 14 articles on how to make use of the trading platforms
- Trading Strategy section: 15 articles on how to use various indicators to formulate trading strategies, as well as topics on risk management and trading psychology.
Eightcap Trading Accounts
The broker offers the following account types:
- Standard Account: For new and experienced traders, maximum leverage of 1:400, standard spreads that start from 0.5 pips, and no commission.
- Raw Account: For high-volume traders, spreads that start from 0.0 pip, a commission of $3.5 for every lot traded, and maximum leverage of 1:500
The minimum opening balance for both account types is $100. Demo accounts are provided for those who want to practice their strategy before going live.
Eightcap Account Funding
Eightcap accepts bank wire transfers, credit/debit cards, and online payment processors, such as Skrill, POLi, BPAY, and China UnionPay, for account funding and withdrawals. Transaction limits, charges, and payment processing time vary with the payment method.
Eightcap Customer Service
The broker’s customer support team is available 24/5, and you can reach them via email, phone, and web chat. You can also reach them on Facebook, Twitter, LinkedIn, and YouTube.
Eightcap is the brokerage brand of Eightcap Tty Ltd, which is registered in Australia with the reg. number: ABN 73 139 495 944. The broker is licensed and regulated by the Australian Securities and Investments Commission (ASIC) and holds an Australian Financial Services License number: 391441.
Eightcap Review Summary
Eightcap is an Australian online broker that offers forex and CFD trading services through the MT4 and MT5 trading platforms. They provide a number of trading tools and articles.
It is worth mentioning that some of the trading products and services in this Eightcap review may differ or not be available to traders in some countries due to regulations. As brokers terms can change over time, please verify all information is up to date directly from the Eightcap broker website which you can visit by using the link below.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. A large percentage 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.