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EightCap review and ratings

Established 2009
Location Australia
Regulation ASIC
Offices Melbourne
Broker type STP | ECN
Leverage up to 1:500
Deposit from 100 USD
Spreads low  low
Platforms Web MetaTrader 4 MetaTrader 5
Instruments Currencies Crypto Indices Metals Energies
Funding methods Wire Transfer Credit Cards Skrill UnionPay POLi

Company information

EightCap is a forex broker located in Australia, regulated by the Australian Securities and Investments Commission (ASIC).

Availability

EightCap accepts clients from all over the world, excluding USA and some countries from the OFAC list.

Distinctive features

Trading instruments

Forex broker offers the following underlying assets for trading.

45+ Currency Pairs Based on major and minor world currencies.
6 Crypto Pairs Based on Bitcoin, Bitcoin Cash, Bitcoin Gold, Ethereum, Litecoin, Ripple.
8 Indice CFDs Based on baskets of different blue-chip stocks.
2 Metal Spot CFDs Based on Gold and Silver.
2 Energy Spot CFDs Based on Crude Oil (WTI, Brent).

Comprehensive review

EightCap is an Australian forex & CFD broker headquartered in Melbourne and regulated by the Australian Securities and Investments Commission (ASIC) with license number 391441. Looking up the number in ASIC’s database confirms the broker’s status as a registered and regulated forex & CFD broker.

In general, Australia is a strong jurisdiction for forex brokers. All brokerage companies regulated there can generally be relied upon, and in the rare event that something goes wrong, a complaint can easily be filed with the very reputable ASIC.

The trading instruments that are available from EightCap includes a fairly standard range of major and minor currency pairs, a selection of 6 cryptocurrencies, major stock index CFDs, as well as a selection of popular commodities. Unfortunately, trading in individual stock CFDs is not available from this broker.

In terms of trading platforms, EightCap has chosen the traditional path of keeping their clients on the classic MetaTrader 4 or 5 (MT4/MT5). Although offering a proprietary platform may be more exciting to some traders, sticking to the basics certainly ensures a smooth transition from other brokers. In addition, this also ensures access to the vast library of automated trading strategies known as Expert Advisors that are available on both the MT4 and MT5.

Depending on the level you are at as a trader, EightCap offers two different account types to choose from; a Standard account and a Raw account. Among other things, these two account types differ in that the raw account comes with very tight spreads and commissions on each trade (currently $3.5 per standard lot). The standard account, meanwhile, comes with significantly wider spreads and commission-free trading.

Interestingly, both the raw and the standard account is available with a minimum deposit starting from just 100 AUD/USD/GBP/EUR/NZD/SGD (the account’s base currency), which we consider to be a pretty good offer for the raw account in particular.

A nice thing about EightCap is that traders have the option of deciding for themselves how much leverage they would like to trade with. To begin with, all trading accounts with EightCap are set up with a leverage of 1:100. However, this can easily be changed inside the MetaTrader platform to anywhere between 1:1 and 1:500. This way, trading leverage can be set to accommodate all types of traders, from the most aggressive to the very conservative types.

The funding methods to choose from when depositing and withdrawing money from a trading account with EightCap includes all the usual options like Skrill, VISA, MasterCard, bank transfer, and even the popular Australian money transfer service POLi. Cryptocurrency deposits are, however, not accepted by this broker.

EightCap’s customer service can be reached via an Australian-registered phone number or email. On its contact page, EightCap even shares its physical office location in Melbourne, Australia, adding further credibility to this broker.

As many other brokers do, EightCap also has a live chat option on its website that can be used to reach customer support quickly.

EightCap’s customer support is available in English, Chinese, and Thai languages.

In conclusion, we are of the impression that EightCap is a solid broker to trade with for anyone looking for higher leverage than what is available from European and North American forex brokers. Given the fact that the broker is also regulated by the very reputable financial regulator ASIC, EightCap could be considered a much safer option as a high leverage broker compared to the many offshore-based brokers out there.

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