Eightcap, the winner of the 2020 Best Global Forex MT4 Broker, believes they can make your MetaTrader 4 trading experience better. Naturally, we at Wetten had to put this theory to the test.
Below, our experts guide you through the Eightcap Australia trading process. We start with the new customer experience, then take you on tour through the platform’s usability, platforms, payments, fees, and much more, before ending with our honest and authentic Eightcap rating.
Similar to our Admiral Markets review, Eightcap Australia does not currently host any new customer bonuses or promotions for Australian residents. However, the new customer experience is a bonus in itself.
Depending on the account type you wish to open (discussed later in our Eightcap review Australia), the sign-up process can be as simple as entering your name, email address, country of residence, and phone number.
If you want a little more from your Eightcap Australia experience than some risk-free demo action, then you’ll need to verify your details via a link sent from Eightcap in an email. After this, you will be encouraged to provide photo identification, proof of address, your preferred trading platform, and account currency. Once Eightcap Australia is happy with your documents, your application will be accepted, and a world of online trading awaits.
As with any broker who makes use of MetaQuotes platforms, such as Global Prime Australia, the usability and quality of service will always be of the highest level.
Any trader who has made use of MetaTrader 4 or MetaTrader 5 will know just how easy it is to search for an asset. Simply open up the search facility and select the correct drop-down boxes or type the name of your instrument directly.
Albeit a slightly outdated look, the charts are highly customisable and come with great additional features. Placing orders is another simple process, and the option to turn on one-click trading is also available.
Alerts and notifications cannot be set, so this will appeal to day traders or more vigilant traders who hop on and off regularly throughout the day. The app is a great addition to help keep on top of your trades on the go, but it currently lacks two-step authentication when logging in, meaning security is a bit of a risk.
Our Eightcap review Australia has highlighted that traders will select their preferred account option from two main accounts and a temporary demo account.
After an initial deposit of $100, traders who opt for the standard account can expect to pay $0 commission, have a minimum trade size of 0.01 lots, and a typical EUR/USD spread will be between 0.5-1.8 pips. Scalping, EAs, and hedging are all allowed.
The most notable differences between the raw and standard accounts are the typical spread and commission. After an initial deposit of $100, traders who opt for the raw account can expect to pay $3.50 per standard lot traded, have a minimum trade size of 0.01 lots, and a typical EUR/USD spread will be between 0.1-1.0 pips. Again, scalping, EAs, and hedging are all allowed.
Other Account Types
Unlike the Axi Trader Australia demo account, users of the Eightcap Australia demo account will lose access after the first 30 days of risk-free trading. This should give new users ample time to perfect their strategies and discover how to correctly make use of the MT4 or MT5 platform, but it may not be an ideal scenario for professional traders who are looking to regularly test new theories and strategies. For Muslim traders, there is also no mention of an Islamic account.
Fees – Is Eightcap scamming clients?
Clients will be liable for different fees depending on their chosen funded account type. However, we at Wetten have found all fees and charges to be well within industry standards and well documented throughout the trading process.
The standard account charges no commission, with spreads starting at 1 pip. In comparison, the raw account charges a commission that starts with a $3.50 entry but offers starting spreads from 0.1.
Much like Trade Nation Australia, Eightcap Australia also charges a swap fee for overnight trades. However, our Eightcap review has highlighted the broker to be the perfect home for investment opportunities and long-term trades. With no inactivity fees, any account left with a positive balance can continue to grow or depreciate with the market (provided no stop-limits or losses have been placed).
The MetaTrader 4 and MetaTrader 5 take centre stage in our Eightcap review Australia yet again. Accessible via mobile device or desktop, the MetaQuotes platforms offer traders the ability to fully customise their charts with a great selection of tools and indicators.
There are a few obvious differences between the MT4 and MT5, although most experienced traders would take advantage of both due to the MT5 lack of backwards compatibility with the MT4 platform.
In simple terms, this means any trader who has previously set strategies and tools on the MT4 will not be able to bring this forward onto the MT5; rather, they would need to add indicators and tools to a completely new chart.
Recognised as industry leaders, both the MT4 and MT5 host many positives. The updated MT5 is slightly more advanced than the MT4, housing more assets, an in-built economic calendar, and more technical indicators.
The next section of our Eightcap review looks to review the deposit and withdrawal methods available to Australian clients, as well as any expected fees attached to any account transactions.
Here at Wetten, we found Eightcap Australia offered plenty of deposit methods, including credit card, debit card, PayPal, Neteller, Wire Transfer, Poli Payment, BPay, and Skrill. With BPay and Poli payment specifically accepting Australian dollars. Most of these methods were instantaneous, aside from wire transfer which we found took between 1-3 days.
The withdrawal process mimicked the deposits, with the majority being withdrawn swiftly. The only change here was that the Eightcap Australia processing team requested some additional documentation to confirm personnel. However, when discussing with their customer support, we uncovered this is generally only requested of new customers to adhere to the KYC process.
Unlike INGOT Australia, which provides customer support 24/6, our Eightcap review highlighted the 2020 award-winning broker offers its services 24/5. Despite falling short of a top competitor on quantity, the quality of service was equally matched.
While conducting our Eightcap review, we found traders can get in contact with the Eightcap Australia customer support team in various ways, including email, live chat, and telephone.
When forwarding our queries to the live agents, we can also commend the team on their professionalism and prompt responses – a credit to any online broker. Although we didn’t call directly, we found plenty of positive reviews online applauding the Eightcap Australia customer service team for minimal waiting times and knowledgeable responses.
As with most legitimate online brokers, regulators are highlighted on-site, making it easy to identify whether a broker is safe to use or not.
When conducting our Eightcap review, we stumbled across two reputable regulators from multiple jurisdictions.
Firstly, Eightcap PTY Ltd is regulated by the Australian Securities and Investment Commission (AFSI). While Eightcap Global Ltd (Vanuatu) is regulated by the Vanuatu Financial services commission.
Not only are Eightcap Australia regulated by top-level regulators, but they have also been in business for more than ten years. A sign that Eightcap Australia is a safe and reliable broker.
Although lacking in sufficient resource material, particularly articles and guides for beginners, Eightcap Australia has offered its users the chance to create their own trading bots without the need to learn coding language.
The capitalised.ai platform connects directly to the MT4. From here, you can create your own commands to be executed from scratch, copy and build on prebuilt templates, or make use of templates directly.
As we come to the end of our Eightcap review Australia, we at Wetten wanted to leave our readers with a few key pointers to take away with them.
First, the Eightcap Australia site offers a simplistic sign-up process that allows new traders to test their strategies on a demo account before diving straight into the real thing.
Not only this, but the site also offers plenty of deposit and withdrawal options. Once your account is verified (which should take no longer than 24hours), you will be free to make your minimum deposit of $100 and get trading over 200 assets.
Finally, the platforms available to Eightcap Australia traders are the industry-leading MetaTrader 4 and 5. When selecting your platform and account type, be sure to review all terms, conditions, and specifications associated with them to ensure your trading experience is as positive and profitable as possible.