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Albeit a slightly outdated look, the charts are highly customisable and come with great additional features.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.
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.
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.
Once users have signed up and verified their account with Eightcap Australia, traders can take advantage of full access to over 40 major and minor CFD currency pairs, including EUR/USD, USD/JPY, AUD/USD.
The simple search facility found on the MT4 and MT5 allows for swift navigation through fx instruments, while the ability to stack numerous charts and markets on your dashboard allows traders to pay close attention to pip movement, hourly movement, daily movement, or monthly movement, as well as everything in between.
As a general rule, Forex is home to some of the lowest costs involved in trading with competitive spreads to match.
Similar to most brokers, Eightcap takes a fee from the spread. Accessible on the Eightcap Australia website, we at Wetten have highlighted a few key findings from the Eightcap Raw Account.
EUR/USD 0.0 pips (+3.5)
AUD/USD 0.0 pips (+3.5)
NZD/USD 0.0 pips (+3.5)
In theory, you could enter one standard lot of AUD/USD (100k units) for as little as $3.50 while making use of the raw account. Users of the standard account will be subject to higher spreads but pay no commission.
Eightcap Australia supports all trading strategies, including hedging, scalping, and EAs. The maximum leverage is boosted to 1:500 for professional clients.
Both standard and raw accounts will require a minimum deposit of $100 and a minimum trade size of 0.01. The AUD is one of six base currencies, with a maximum trade size of 100 lots.
Whatever your level of experience, the Eightcap Forex trading environment is a great place to begin your trading journey. The promise of premium liquidity allows traders to expand their portfolios with spreads as low as 0.0.
Direct market access with no dealing desk ensures no price manipulation, just plenty of accessible CFD forex pairings at your disposal.
Based on typical spread alone, it would seem the raw account is better catered to professional traders who could take advantage of some fantastic forex CFD spreads. An entry commission of $3.50 also appears to be in line with industry-standard, further cementing EIghtcap Australia as a legitimate spot to trade Forex.
The Stock offering at Eightcap Australia provides traders with the opportunity to speculate on price movement and place orders as CFDs.
A contract for difference (CFD) is a derivative that allows a trader to invest in both positive and negative movement of stocks without ever owning the underlying asset.
Stock CFDs such as BHP Group, Rio Tinto, Westpac Banking Corp, and National Australian Bank are all available at Eightcap Australia., as well as some well-known US Stocks such as Coca-Cola, JPMorgan, and Nike too.
Stock CFDs can be a great way to profit from the volatility of the market, as well as a way to lose sufficient amounts of your portfolio – particularly if traders have taken advantage of the leverage facility on-site.
At Eightcap Australia, stock CFD traders can enjoy zero set-up or maintenance fees attached to their account, as well as spreads from as low as 0 pips on their raw account or 1 pip on their standard account.
Stock CFDs can be traded at various points throughout the day on the Eightcap Australia site. The US stock exchange opens from 14.35-20.55; the London stock exchange is live from 11.05-19.25, the German Stock Exchange is awake between 10.05 and 18.25, while the Australian Exchange is open from 10.00-16.00 (Sydney time).
Trading stock CFDs with Eightcap review could not be any easier. Thanks to the intuitive design of the MetaQuotes platforms, users can search through over 250 stock CFDs and begin charting on as many as they wish from their dashboard.
Depending on the account users wish to sign-up to, spreads can be as little as 0 pips, while the commission entry price will be a set at $3.50. This consistency, along with zero set-up or account management fees, allows traders to keep track of their stock CFD profits easily.
When compiling our list of the top US brokers across Australia, we at Wetten take many attributes into consideration. None are more important to us than broker security.
Before offering and endorsing a platform to our readers, our experts will have ensured rigorous checks have been completed surrounding the regulations and security measures in place from your chosen broker.
Our findings will be highlighted in all broker reviews, as well as becoming a contributing factor to the overall broker rating and ranking.
Finding a broker who is as transparent with their costs as Eightcap Australia is no easy task. As soon as you enter the site, traders can head straight to the account page and unlock a great deal of information surrounding the spreads, commissions, minimum lot size, and whether certain trading strategies are allowed.
As with any new broker, we would always advise finding a site that hosts its own demo account. Here, you can perfect your trading strategies, get used to entering and exiting trades under real market conditions, all while building your knowledge in a risk-free environment.
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.
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