EightCap Review

MIN. DEPOSIT $100
Up to 400:1
Refer a friend BONUS
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EightCap
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Overview

Company Information Another Australian broker is within our scope. EightCap is one of the relatively new brokers, which started its operations in 2009. However, in 2015 the company had a… more

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Details

BrokerEightCap
Website URLhttp://www.eightcap.com/
Founded2015
HeadquartersMelbourne, Australia
Support Number+61 3 8373 4800
Support Emailcustomerservice@eightcap.com
Support TypesPhone, Live Chat, E-mail
LanguagesEnglish, Chinese, Korean
Minimum 1st Deposit$100
Minimum Trade Amount0.01 lots
Maximum Trade Amount100 lots
BonusRefer a friend
PayoutUp to 400:1
Free Demo AccountYes
Regulated Yes
RegulationAustralian Securities & Investments Commission (ASIC)
Account TypesStandard, Raw
Deposit MethodsDomestic/International Bank Transfers, Visa, MasterCard, Poli, China UnionPay, Skrill
Withdrawal MethodsDomestic/International Bank Transfers, Visa, MasterCard, Poli, China UnionPay, Skrill
Types of AssetsForex, Metals, Indices, Crude Oil
Account CurrencyAUD, USD, GBP, EUR
US Traders Allowed No
Mobile Trading Yes
Tablet Trading Yes

Full Review

Company Information

Another Australian broker is within our scope. EightCap is one of the relatively new brokers, which started its operations in 2009. However, in 2015 the company had a severe change in management and policy. It obtained new capital investment and made a complete redesign of their website and services. EightCap started anew with two additional offices in London and Shanghai. The headquarters of the company remained in Melbourne, Australia. EightCap as a brand is represented by EightCap Pty Ltd. with a registration number of ABN 73 139 495 944. The firm is regulated by ASIC, and its AFSL number is 391441. For those who are not familiar with this authoritative institution – it’s the official government-appointed regulator for Australia. The online broker provides an excellent trading environment and infrastructure, which helps the clients to trade without any hassle. Although the company is not famous in Europe and the Americas, EightCap has the whole Australian continent and Southeast Asian pretty well covered. There is no education section on the broker’s website, which can be a significant drawback novices. Instead, the firm focuses on their partnership programs and provides detailed information for IBs, account managers, and white labels.

 

Trading Information

If you are looking for a dedicated provider of Forex instruments, well, EightCap is a fantastic choice. The Australian broker offers more than 35 different currency pairs, as well as several indices and commodities. All these financial instruments can be traded with two account types, which are perfectly suitable for the different needs of the clients. They are called Standard and Raw accounts. Standards start from 1 pips spreads with no commissions charged whatsoever. Raw profiles, on the other hand, employ no spreads, but have a fixed fee per lot, which equals $3.5. All other trading conditions are similar for both account types, so let’s check them out. Leverage can go up to 1:400 and minimum contract size is set to 0.01 lots. There is no limit on the existing positions, as well as any other restrictions on trading strategies, such as hedging, scalping, EA trading and so on. Demo accounts are available, but only for 30 days. Customers will be glad to learn that dedicated account manager is assigned to them with 24 hours support.

 

Trading Platforms

The primary trading platform provided by EightCap is MetaTrader 4. It’s not a surprise as we already see the leading software in many other online brokers. The Australian company is not an exception and MT4 is available not only to desktop users but on mobile devices as well. Novice traders may wonder about the trading platform, so let’s summarize it briefly. MT4 is probably the best solution out there. It’s equipped with various tools, indicators, and advanced charting capabilities. The software has its powerful programming language for the creation of custom indicators and Expert Advisors. MT4 can also be accessed from the browser without any downloads and installations.

 

Myfxbook is the other trading platform presented by EightCap. It’s a dedicated social and copy trading software with various analytical tools. It allows the customer to fully automate its trading and copy the orders of successful traders around the community. Myfxbook is available only for live account holders.

 

Security and Customer Service

The Australian online broker has extraordinary security measure employed on their critical data processing pages. There is a powerful SSL encryption applied, which is provided by one of the leading security corporations – GeoTrust Inc. As an extra peace of mind for the customers, EightCap follows some of the best practices in the branch. The client funds are kept in the National Australia Bank, which is AA rated financial institution in the country. The money is also entirely insured with Lloyd’s of London. The brokerage company is a member of FOS or Financial Ombudsman Service, as well as a few other top external auditors.

 

As a reputable broker from the branch, EightCap manages a dedicated support team that handles clients’ complaints and problems. The customer service is excellent, and customers can reach them out via phone, email, live chat or web contact form. Social media channels are also presented, and traders can quickly engage with the broker. The support is up 24/5 on almost all communication channels.

 

Deposits and Withdraws

Funding an account is a quick and smooth process with EightCap. There are several payment options, including bank wire transfers, cards, and e-wallet services. The online broker allows accounts to be opened in four different currencies – AUD, USD, EUR, RMB, and GBP. The minimum amount is $100 AUD or the equivalent in other currency. Most payment methods are instant, except for bank transfers that usually take between one and five business days. Extra charges are not applied by EightCap, but third party institutions, such as banks and online services, may use additional taxation policies.

 

Withdrawals are also handled pretty quick without any extra fees from the broker. However, the payment options are quite limited here. Clients can cash out their money with credit/debit cards or via bank wire transfer. International processing can take longer with a fee of $20 AUD. The usual time required is from two to five business days.

 

Deposit Bonus and Loyalty Programs

EightCap does not employ many promotion programs. In fact, the broker has just one public bonus “Refer a Friend.” It involves a recommendation of a friend, who has to register and fund its new account. The prize is $100 in cash, which are directly credited to the referrer. The full conditions of the promotion are available on the broker’s website.
Clients, who are interested in other bonuses or loyalty programs are encouraged to contact EightCap and ask for a private offering. The Aussie company promises special surprises after the discussion.

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