de | cn | ru

Eightcap Review, Rating and Comparison

Eightcap Forex Review, Rating and Comparison

RATING: 3 / 7 REVIEWS Eightcap
FIND BETTER FOREX BROKER

RECOMMENDED FOREX BROKERS


Trading Accounts

 

Account type Minimum deposit  Minimum trade size Maximum leverage Average Spreads
Standard $100 0.01 1:500 1.2 pips
Pro $100 0.01 1:500 0.5 pips + $3.5 NDD

 

EightCap offers its clients a choice of two live account types: Standard commission-free one, and Pro account with tighter spreads, but involving commission.  Both account types offer maximum leverage of 1:400 and trading in micro lots on the most popular trading platform MetaTrader 4.

 

In addition, the brokerage also provides account management services and operates the brand FX Stream.

 

The Company. Security of Funds

 

Company

Country

Regulation

EightCap Pty Ltd.

Australia

ASIC

 

Established in 2015, EightCap is an Australian forex and binary options brokerage with offices in Melbourne and Shanghai. The company behind the brand is EightCap Pty Ltd., a Melbourne-based company, regulated by the Australian Securities and Investment Commission (ASIC).

 

ASIC requires licensed financial services providers to meet strict capital requirements (at least $ 1 million) and to comply with various internal procedures for risk management, accounting and audits. Besides, regulated entities are required to report regularly to ASIC.

 

Australian FX broker regulation, however, does not include any compensation scheme in case a licensed company becomes insolvent. 

 

Trading Conditions

 

Minimum Initial Deposit

Traders are required to deposit $100 in order to open an account with EightCap, which is an average initial amount. In comparison, Major broker IG (which also holds a license from ASIC) demands just $1 from its clients as a start.

 

Average Spreads & Commissions

EightCap offers variable spreads, averaged 1.2 pips on EUR/USD on its commission-free accounts, which is standard for the forex market. Pro accounts, on the other hand, provide typical tighter spreads around 0.5 pips on EUR/USD, but a commission of $7 per standard lot (round turn) applies, so trading costs on both account types appear to be similar.  In conclusion, EightCap’s pricing is comparatively low and competitive.

 

In comparison, IG offers average spreads of 0.8 pips on EUR/USD on its commission-free accounts and 0.2 pips on DMA ones with commission ranging from $3 to $5. For further information, you may look up real-time spreads of 15 leading brokers here.

 

Maximum Leverage

Clients of EightCap use leverage ratios up to 1:500, which considered a high ratio. Some jurisdictions cap leverage to significantly lower ratios than this (i.e. 1:50 in the US and the same planned in the UK), because higher leverage involves higher risk of losses in excess of initial investments.

 

In comparison, IG provides leverage up to 1:200.

 

Trading Platforms

 

Like most FX brokers, EightCap supports the most widely used forex platforms MetaTrader 4 (MT4) and MetaTrader 5 (MT5).

 

MT4 provides all the tools and resources a trader needs:  a number of technical indicators, advanced charting package, a wide range of Expert Advisers (EAs) and extensive back-testing environment for them. By using EAs traders may sit back, while the software does all the work, as Expert Advisers allow full automatization of trades.

 

MetaTrader 5 has kept most of MT4's functionality, but its main advantage is that it enables trading not only on OTC markets, but also in exchange traded stocks.  

 

What is more, this broker has partnered with Myfxbook to offer AutoTrade – a platform that enables you to track, compare, analyse, share your trading activities and most importantly, copy the trades of any top successful trading systems you select on Myfxbook directly into your EightCap trading account.

In order to be able to use the AutoTrade service, your account must have a minimum deposit of at least $1,000.

 

Promotions

At the time of writing this review, EightCap runs a Refer a Friend cash bonus of $100 for each referred person who opens a live account.

 

Methods of Payment

 

EightCap offers its clients a variety of deposit/withdrawal methods: Credit/debit cards, bank transfer and e-wallets POLi, Skrill, and China UnionPay.

 

Note that Debit/Credit card refunds can take between 3 – 20 business days from the date of processing to appear on your card statement.

 

Conclusion

 

EightCap is a well-regulated Aussie broker, offering competitive conditions for trading in a wide range of currency pairs, commodity and index CFDs, as well as precious metals, on the MT4 and MT5. To sum things up, here are the advantages and drawbacks with regards to EightCap:

 

Pros Cons
ASIC-regulated  We couldn't find any significant ones
Competitive spreads & overall cost of trading  
MT4 and MT5 available, plus AutoTrade  
Promotions available  

 

Latest news about Eightcap
No news about Eightcap. Check back later.
Broker Country Regulation Platform Min Deposit Review
Cyprus, UK, Belize CySec, FCA, IFSC MT4, MT5, Web $5 Review Website
Cyprus, Australia CySec, ASIC MT4, Web,
Mobile app
$100 Review Website
Australia ASIC MT4, MT5,
IRESSTrader
$100 Review Website
UK, Cyprus, Australia FCA, CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia FCA, ASIC MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
Cyprus CySEC MT4, Web $25 Review Website
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website

Traders` reviews for Eightcap

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Huge Scam rip off company - Keep away or lose money

I am writing this to WARN any prospective users to Keep well away from Eightcap Pty Ltd.

DO NOT USE EIGHTCAP – Can’t Trust Them, Keep far away from them.
I have had accounts with Eightcap Australia for 1 and half years and also recommended around 20 people to use them as well. On 22nd Oct 2018 they say a bad tick happened at midnight on their graphs relating to EURNZD currency pair and the price dropped 3000 points at Eightcap but did not drop on any other brokers world wide, Only Eightcap, which I have proof with over 10 other brokers pricing including Saxobank.

My personal account numbers are 713069 and 713070.

Because of this Fake manipulated price error it caused all accounts to go into margin call and then totally wiped out.

Losses are over $570,000 and currently have a claim with AFCA Australian Financial Complaints Authority Case number 600785. Not counting loss of profit for the past 3 months on top of that as well.

I received emails along with everyone else saying they openly admit the error and accounts will be fixed within 2 days. That was nearly 3 months ago and they have ignored any other requests to rectify the accounts like they promised.

Eightcap representative Lynn Guo in compliance department has given many excuses trying to say anything to get out of repaying the amount they owe including blaming liquidity providers for bad pricing data but they are still responsible to their clients.
They are licenced and regulated with ASIC (Australian Securities & Investments Commission) which I am hoping ASIC will investigate for the NON Compliance.
I will be putting a complaint to ASIC but right now I am waiting for AFCA investigation and their meeting with Ombudsman. I will do an update with the progress of this complaint.

Thankyou Mike F.

Mike Frochter 02/03/2019

Great leverage up to 500:1

I've been trading for a couple of years now and have tried out many European brokers. These guys have made a difference for me. A reliable broker, with great execution. Plus, I've never had any issues with withdrawals.

James Ward 02/01/2019

Trading GBP/USD

I originally started trading with EightCap through an Australian education resource called LTG Gold Rock. Been working with the EightCap team for 10months now and really enjoying my experience. I''m working on the gbp/usd at the moment having a create amount of success. I branched out to trading the US30 but took a hit early which has scared me off. Finding my existing pound strategy really profitable and EigthCap has been supportive along the journey.

Matthew Jardine 01/24/2019

UK 500:1 Leverage

Eva has been great to deal with so far. I had a little trouble early as I started on MT4 and then wanted to move to MT5 but got my account sorted out within a week. Have been scalping across a few markets with success over the past 2 months. Was able to access 500:1 leverage through EightCap which is a plus.

Daniel Richards 12/12/2018

Doesn’t pay out IB rebates

Blew out our clients over $1 million by fake pricing and refused to pay our IB agreement commissions

Chris cooper 11/29/2018

Doesn't pay profits

I was trading with Eightcap for nearly 6 month always took my deposits with no issue but only when I a make withdrawal they freeze my account and call to say I have violated there trading policy and refused to withdraw my $83,000.00 because I used an indicator I can still see my money in my account but I cant withdraw it

Simon 11/17/2018

Using this broker for a month, no issues as of yet. Spreads are good, customer service is quick.

Lim

Simon Lim 09/25/2015
de | cn | ru