• EightCap

  • Regulated:  ASIC
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Broker Name: EightCap
Platform(s): CFD,FX,Crypto
Founded: 2015
Bonus: $100
Spreads: Tight
Leverage: Up to 1:500
Regulated:   ASIC
Demo Account: Yes
Minimum Deposit: 100
US Traders:   Not Accepted

EightCap Review

by Martin Kay

EightCap is an Australian broker that deals in FX and CFDs on Crypto, Indices and Commodities. The owning and operating company is EightCap Pty Ltd (ABN 73 139 495 944), regulated by the Australian Securities & Investments Commission (ASIC) with AFSL number 391441. Their registered address is 6/360 Collins St, Melbourne VIC 3000, Australia. They can be contacted at phone +61 3 8373 4800 and email [email protected]


Is EightCap A Scam?

As a rule of thumb, a broker that is regulated by a major financial watchdog such as ASIC, is not considered a scam by us. Of course, there may be exceptions so please keep your eyes open at all times. For the time being EightCap doesn’t have any of the warning signs associated with a scam broker. It must be mentioned that their ASIC license allows them to offer financial services to people in Australia, not all over the globe.

Although the company has been around since 2009, the broker and website were founded in 2015 and the traffic numbers have grown steadily, reaching a high at 200k during late 2018.


Warning!: This Broker has been rated average by our Editors and Members. We have found two higher rated brokers in Australia Check these Trusted Brokers.


Why EightCap Doesn’t Suck In 50 Words?

Regulation! There you go, I’ve done it in one word, not 50. After the binary options mania was over, many of the old (and some shady) brokers have transitioned into CFDs, Crypto and FX, without changing much apart from their name. That’s why we see a lot of unregulated CFD brokers and that’s why regulation is a positive extra.


Why EightCap Sucks In 50 Words?

Their maximum leverage is 1:500. Now you might be wondering “How is that a bad thing?”… well, it’s not, but at the same time, it is. A newbie can destroy a trading account in minutes with that leverage but an experienced trader will know how to make it work in his favor. So depending on how you look at it, it can suck or not.


Should I Open An Account With EightCap?

The owning company is in business since 2009 and the broker itself is active since 2015. Regulated by ASIC, with a Demo account that’s easy and free to get, Meta Trader 4 and Meta Trader 5 (plus MT5 web version) as trading platforms and CFDs on cryptocurrencies. Basically, it ticks all the boxes in my book.

The minimum deposit is 100 account units (AUD, USD, GBP, and EUR) and they offer two types of accounts: Standard and Raw. The main difference between the two is that Raw has much tighter spreads (ex: 0.0 – 0.3 pips for EUR/USD) but you will have to pay a commission of $3.5 per each lot traded. The spreads for the Standard are also very competitive compared to other CFD brokers: 0.8 – 1.2 pips for EUR/USD (floating – can change according to market conditions).

The education section is somewhat lacking as you won’t find any type of strategies, tutorials or Forex history. Not a deal-breaker if you ask me because you can find proper education in other places and brokers have never been known as a great source for that. What they do have is an up to date, daily market review containing technical and fundamental outlook.

Overall EightCap looks and feels like a reliable broker, with a great choice of trading platforms and solid regulation. However, newbies and traders coming from the old binary options world will have a somewhat steep learning curve because Meta Trader is one of the more complex platforms, especially compared to the ones offered by binary brokers (now turned CFD brokers).


EightCap Complaints

Surprisingly (or maybe not so much), I couldn’t find a huge number of negative posts or complaints about this broker. The majority of users rate them 4 out of 5 stars but some have complained about connection speeds (one user), spread increases (one user) and bad fills during news announcements (one user). These are isolated incidents but we will keep monitoring regularly and will update this section if more will appear.


EightCap Regulatory Warnings And Announcements

At the time of writing we couldn’t find any warnings against EightCap coming from a regulatory body. As always, we will keep monitoring and will update accordingly.


EightCap Bonus

Referring a new client who opens and funds an account will get you a $100 bonus in your trading account. It’s quite a hefty sum that can be used for trading but keep in mind that terms and conditions apply so make sure you read them in full.


EightCap Withdrawal

Withdrawals will be processed by EightCap in 24 hours if the request is submitted before 01:00 PM AEST/AEDT. The rest will depend on how fast banks can process the transaction but at least on EightCap’s side, things are very fast. The methods are Visa, Mastercard, China Union Pay, Skrill and wire transfer.


EightCap Extras

Apart from regulation and great trading platforms, EightCap offers a MAM solution. The letters stand for Multi Account Manager, which is a software that allows a trader to manage more than one account from the same screen. This is especially helpful for people who trade on behalf of others.


EightCap Ratings

User Friendliness 16/20

Information is well organized and easy to access, Demo accounts are available and the website is translated in 6 languages. The trading platforms are very easy to use if you are already familiar with them (MT4 and MT5) but if you are completely new to Meta Trader, it will take some time to get used to.

Range Of Markets, Spreads And Leverage 17/20

Currently, EitghtCap offers 46 currency pairs, 12 indices, 2 metals, 2 types of crude oil and 6 cryptocurrencies (Bitcoin, Ethereum, Bitcoin Gold, Bitcoin Cash, Ripple, and Litecoin). The spreads are very tight (EUR/USD: 0.8 – 1.2 pips for the Standard account and 0.0 – 0.3 pips for the Raw account). Note that these can change according to market conditions. Leverage goes up 1:500 for fiat currencies (you can use lower leverage) and 1:5 for cryptocurrencies.

Deposits and Withdrawals 16/20

The lowest deposit is $100, which is very low for a regulated broker and withdrawals are very fast (24 business hours). The methods are credit cards, wire transfers and a few e-wallets.

Fees And Support 17/20

There are no fees to open an account and I did not see a withdrawal fee but it is unclear if this exists or not. Keep in mind that your bank may charge a fee. Support was very helpful, polite and answered all my questions straightforward.

Extras 15/20

Regulation, MT4, MT5 as well as a web version of MT5 and Multi-Account Management (MAM) software. However, the latter will only be useful if you are a money manager trading for other people.


EightCap Overall Rating (81) + Regulated (+3) = 84/100

Warning!: This Broker has been rated slightly above average by our Editors and Members. We have found two higher rated brokers in Australia See Trusted Brokers.