General Risk Warning: Before deciding to participate in the Forex trading market, you should carefully consider your investment objectives, level of experience and risk appetite. Most importantly, do not invest money you cannot afford to lose.
There is considerable exposure to risk in any off-exchange foreign exchange transaction, including, but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or currency pair.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% 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.
There are risks associated with utilizing an Internet-based trading system including, but not limited to, the failure of hardware, software, and Internet connection. Intro Forex Brokers is not responsible for communication failures or delays when trading via the Internet. Intro Forex Brokers employs backup systems and contingency plans to minimize the possibility of system failure, and trading via telephone is always available.
Any opinions, news, research, analyses, prices, or other information contained on this website are provided as general market commentary, and do not constitute investment advice. Intro Forex Brokers is not liable for any loss or damage, including without limitation, any loss of profit, which may arise directly or indirectly from use of or reliance on such information. Intro Forex Brokers Review has taken reasonable measures to ensure the accuracy of the information on the website. The content on this website is subject to change at any time without notice.
General Risk Warning: Before deciding to participate in the Forex trading market, you should carefully consider your investment objectives, level of experience and risk appetite. Most importantly, do not invest money you cannot afford to lose.
There is considerable exposure to risk in any off-exchange foreign exchange transaction, including, but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or currency pair.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% 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.
There are risks associated with utilizing an Internet-based trading system including, but not limited to, the failure of hardware, software, and Internet connection. Intro Forex Brokers is not responsible for communication failures or delays when trading via the Internet. Intro Forex Brokers employs backup systems and contingency plans to minimize the possibility of system failure, and trading via telephone is always available.
Any opinions, news, research, analyses, prices, or other information contained on this website are provided as general market commentary, and do not constitute investment advice. Intro Forex Brokers is not liable for any loss or damage, including without limitation, any loss of profit, which may arise directly or indirectly from use of or reliance on such information. Intro Forex Brokers Review has taken reasonable measures to ensure the accuracy of the information on the website. The content on this website is subject to change at any time without notice.
Eightcap is a global CFD and forex broker. Offering both the MT4 and MT5 platforms, as well as two competitive accounts, users can invest in over 1000 financial instruments with competitive trading conditions. This 2022 review can help you decide whether to open an Eightcap account, covering spreads, leverage plus the mobile app and demo account.
Eightcap Overview
Eightcap was founded in 2009 and is based in Melbourne, Australia. The company’s CEO is Joel Murphy and the firm is regulated by the Australian Securities and Investment Commission (ASIC), plus the Securities Commission of The Bahamas (SCB).
Eightcap has offices worldwide with a large multilingual client support team based in the UK, Sofia, Bulgaria, China and Thailand, amongst others. Ultrafast execution is available with zero-pip spreads, as well as access to top-tier liquidity. The brokerage also offers fee-free deposits and payments via popular eWallets in addition to wire transfers and debit cards.
Trading Platforms
MetaTrader 4
The award-winning MT4 platform facilitates online investing in forex, indices, and commodities. With its user-friendly interface, automated trading capabilities, and comprehensive charting package, it’s an excellent all-around platform.
Automated trading bots with backtesting capabilities
6 types of pending orders, 4 order execution types
One-click trading and Advanced Market Depth
Financial news and economic calendar
Real-time quotes in Market Watch
Netting and hedging
Community chat
Historical data
MetaTrader 5
MT5 is available to download on Windows, macOS, and Linux PCs.
WebTrader
Eightcap also offers the Web Trader version of MT5. The web-accessible platform can be opened easily from the broker’s website and has the same range of features as the desktop download. It is a quick and hassle-free way to get connected to the financial markets.
Capitalise.ai
Eightcap has a popular automated trading tool that lets clients program instructions using plain English, for example, buy $1,000 GBP/USD on Tuesday at 15:30 EST. With a slick dashboard and assisted instructions, it’s straightforward to build automated trading strategies for beginners. With no coding skills required, investors can develop simple and complex algorithms free of charge.
Capitalise.ai also offers an extensive list of pre-programmed strategies which clients can test risk-free or tweak to their preferences before pushing live. Check out the video below for more details.
Assets & Markets
Eightcap clients can trade on:
Currencies – Trade 40 major, minor, and exotic forex pairs
Share CFDs – Trade on 500+ US (NASDAQ and NYSE), UK (LSE), German (EXTRA) and Australia’s most popular companies, including Westpac Banking Corp & Woolworths
Index CFDs – Trade 10 of the most popular indices, including the US30, UK100, and SPX500
Cryptocurrency CFDs – 250 + crypto pairs with cross pairs and indices
Commodities – Trade gold, silver and oil CFDs
See Eightcap’s Product Disclosure Statement (PDS) for more details.
Spreads & Commissions
Spreads are variable, starting at 0 pips for major forex pairs (Raw Account) and 0.4 pips on major indices, such as the SPX500. For gold they start at 0.1 USD, silver at 0.01 USD, whilst oil spreads are 0.03 USD.
Cryptocurrencies have varying spreads from 0 USD for Bitcoin Cash and up to 31.2 USD for Bitcoin. Shares have spreads of 0.02 USD per share, per side (4 USD per lot round turn).
Note that during trading hours with significant volatility some assets’ spreads tend to get higher. This is also true during less liquid periods.
Commissions are charged at 3.50 USD per standard lot on the Raw account and swap rates will apply for overnight forex trades.
Leverage Review
Maximum leverage at Eightcap Pty Ltd is 1:30. Maximum leverage for clients trading with Eightcap Global Ltd is 1:500. This is line with regulatory restrictions.
Details of the margin call process can be found on the broker’s website. Clients can also amend their leverage limits by contacting the broker’s support team.
Mobile App
Eightcap offers a mobile app for both the MT4 and MT5 platforms, which are available on iOS and Android devices. The applications offer all the same features as the desktop platform, with the added benefit of 24/7 access from anywhere.
Once you have your MT4 or MT5 login credentials, simply head to the Apple App Store or Google Play to download the trading app.
Mobile App
Payment Methods
Deposits
Eightcap offers several fast payment options in a multitude of base currencies, all transacted through the Client Portal:
PSP (Virtual Account)
Credit/debit card
Cryptocurrencies
China UnionPay
PayRetailers
Bank Wire
Worldpay
Fasapay
Neteller
PayPal
BPAY
Skrill
POLi
All payment methods except for bank wires are free of transaction charges. Eightcap also offers instant 24 hour deposit processing, except for wire transfers, BPAY and PayRetailers, which can take up to 3 days.
Withdrawals
After completing a request form through the Client Portal, users can withdraw profits for free, using all of the methods above. The broker aims to process withdrawals within 24 business hours. Clearing times typically take between 2 and 5 business days.
Note that deposit and withdrawal limits are dependent on the payment method. Detailed information can be found in the Client Portal.
Demo Account
Eightcap offers a free demo account that can be opened from the broker’s website. Users have access to 5,000,000 in virtual funds and the same trading conditions as a real-money account, including the same price feed.
Demo accounts last for 30 days by default, however, this can be extended upon request.
Bonuses & Promotions
Eightcap does not currently offer any deposit bonuses or promotions. However, keep an eye on the broker’s website in case new deals are made available. Make sure you check bonus terms and conditions before you start trading.
Regulation
To protect client interests, the company is independently regulated across two entities: Eightcap Pty Ltd is regulated by the Australian Securities and Investment Commission (ASIC) while Eightcap Global Ltd (Vanuatu) is regulated by the Vanuatu Financial Services Commission (VFSC). Furthermore, Eightcap is an Australian Financial Services Licensee (AFSL). Client funds are also segregated and held at Tier 1 banks, as per the Corporations Act.
Our opinion is that the broker isn’t a scam and their online trading services are legitimate.
Additional Features
Eightcap’s mission is to build a home for MT4 and MT5 traders. The broker offers an in-depth education suite to help both new and experienced investors. Included in this are regular market updates, insights into the trading week ahead, live webinars, CFD and forex investing tips, MetaTrader tutorials and strategy guidance.
Trading Tools
Eightcap users also have the ability to automate their trades without any coding knowledge. With the use of capitalise.ai, investors have access to automation and analytic tools, including backtesting, loop strategies, smart notifications, and much more.
The online broker has also partnered with TradingView to offer powerful charts and tools. TradingView is a top-rated charting solution with 100 built-in indicators, 5,000+ investor-created indicators, plus 50 drawing tools. Clients can enter and exit positions directly from TradingView’s charts with their Eightcap account.
As well as powerful analysis features, TradingView is one of the world’s biggest social investing networks. With more than 30 million monthly users and active social media forums, investors can swap ideas and discuss strategies and markets.
A few other tools are also provided to investors:
Cryptocrusher – signals service
Amazing Trader – charting algorithm
Forex VPS – ideal for high-frequency traders
TradingView
Account Types
Eightcap offers two live accounts:
Standard – recommended for beginners
Raw – recommended for experienced traders
Both account types require a minimum deposit of A$100, come with a minimum trade size of 0.01, and offer a maximum leverage of 1:30 for Australian clients and 1:500 for non-Australian clients.
The main difference between the two accounts is that the Standard account comes with zero commissions, whereas the Raw account charge is A$3.50 per standard lot. They are both available in seven base currencies: AUD, USD, EUR, GBP, NZD, CAD, SGD.
Benefits
There are several good reasons to invest with Eightcap:
Capitalise.ai automated trading solution
MT4 and MT5 available
Good customer reviews
Fast customer support
TradingView charts
Free withdrawals
ASIC regulated
Drawbacks
Disadvantages of trading with Eightcap include:
Limited time demo account (though this can be extended upon request)
No bonuses or promotions
No binary options
Trading Hours
Users can trade forex 24 hours a day, 7 days a week. However, global foreign exchange trading hours vary by time zone. Based on AEST, Sydney opens at 7 am and closes at 4 pm, Tokyo opens at 9 am and closes at 6 pm, London opens at 5 pm and closes at 2 am, and New York opens at 10 pm and closes at 7 am. Cryptocurrencies can be invested in 24/7.
Opening hours also vary across other markets with details available on the broker’s website.
Customer Support
Eightcap’s 24/5 multilingual support team can be contacted via:
The Eightcap PTY LTD headquarters office address is Level 6, 360 Collins Street, Melbourne, VIC 3000 Australia.
Trader Security
Data exchanges are encrypted between the platform and the client servers, using industry-standard 128-bit Secure Sockets Layer (SSL) encryption. Server authentication is also required upon accessing the MetaTrader platforms. 2FA can be added to both the MT4 and MT5 platforms.
To ensure client data protection, Eightcap is fully compliant with the Privacy Act 1988, the Australian Privacy Principles (APPs), and the General Data Protection Regulation (GDPR).
Eightcap Verdict
Operating for over a decade and offering both the award-winning MT4 and MT5 platforms, Eightcap is a respected CFD and forex broker. With competitive spreads, reliable customer support and a free demo account offering, beginners and experts can begin trading with ease. Use the sign-up link below to get started with Eightcap today.
Accepted Countries
EightCap cannot accept traders from certain jurisdictions including the US, New Zealand and Japan.
Before starting to trade, never invest too much money in one trade and always follow the rules of risk management. Focus on long-term profits instead of short-term trading. To make the right decisions, always follow financial news and events. It is necessary to create a clear trading plan and strategy and stick to it. Use technical analysis tools to support decision making. Focus on the difference between return and risk instead of just focusing on profit.
Avoid emotional pressure when trading and stay relaxed and patient. In addition, learn and constantly improve your skills and knowledge of Forex trading to achieve success in the field.
The above notes will help you get the best results when participating in forex trading and ensure that you minimize your risks and maximize your profits.
