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July 1, 2019

EightCap Service Review - Opening MT4 Forex account and Start trading online

Find out who is EightCap and how to open a trading account, and also fund deposit and withdrawal conditions.

Notice

This Post has ended its release period. Please check EightCap's latest information and campaign on EightCap's company introduction page.

EightCap - What's now?

We are no longer promoting EightCap. The information regarding to EightCap on the website 'Hercules.Finance' maybe outdated. ref. EightCap

Who is EightCap?

EightCap is an Online Forex & CFD broker in Australia, licensed by ASIC.

ASIC is one of the world’s most Stringent regulatory authority.

The broker strives to offer the Fairest Forex service with STP environment.

Direct Access and Minimum Cost

EightCap allows all kinds of trading activities on MetaTrader4.

The Minimum average spread(raw spread) is 0.0 pip. (See the actual 0.0 pip spread of EightCap from here.)

0.0 pip spread isn’t rare to see on EightCap MT4, but it is the “Average”.

To prove the “Trust” of tits business, EightCap discloses all company information on its Official Website.

Signup for EightCap

EightCap’s Trading Information

With EightCap, you can trade Forex pairs, Commodity, Stock Index and Metals on MetaTrader4 trading platform.

The trading cost starts from 0.0 pip spread with $7 round turn lot.

The maximum leverage is 1:400.

EightCap does not support NBP(Negative Balance Protection).

On EightCap MT4, all kinds of trading methods are allowed including Scalping, News Time Trading, EA Trading, Hedging etc, except Arbitrage.

No everyday promotions are offered, but you can benefit from the Low Cost trading.

Pros & Cons of EightCap

Fund Deposit and Withdrawal Conditions of EightCap

Getting started with EightCap is very easy and simple.

To get started, go to the EightCap’s online registration page and register online first.

Then you need to make a deposit to start trading.

The available funding methods and conditions are as follows:

Fund Deposit with EightCap

1. Funding using a credit/debit card

Using a credit/debit card is probably one of the fastest and easiest ways to deposit money into your trading account with EightCap.

If you have never funded your account with a credit/debit card before, you will need to have your card first authorised by EightCap.

To do this, please go to My Account settings on your Client Portal area, click Manage Credit Cards > Add Credit Card Now and follow the prompts.

Due to strict AML policy, EightCap will also require you to upload a colour image of your card showing your full name.

For this reason, EightCap may not approve prepaid debit cards and virtual cards.

Once your card is approved and linked to your account, EightCap keeps only incomplete details of your card for verification purposes.

Please note EightCap can only accept Visa or MasterCard and the maximum deposit amount is $10,000.

Please also note that EightCap can only cover fees known to them. If you incur a separate non-transaction fee from your bank or payment provider, any such fee will be your responsibility. For example, a credit card provider may view a payment made to EightCap as a cash advance and bill you according to your credit card’s cash advance rules. Please contact your own bank for details.

Open EightCap Real or Demo Account

2. Funding via bank wire transfer

Bank Wire Transfer is an effective way to transfer funds from any country in the world.

To see EightCap’s bank wire details, please login to the secure Client Portal payment area and select your chosen deposit currency from the displayed tabs – this will provide you with the details you need to transfer your funds.

You may also need to contact your bank to obtain a wire transfer form or instructions on how to complete wire transfer via their online banking service.

When EightCap receives the funds from your bank, they will credit your account immediately.

Please ensure to send the funds to the correct trust account, as incorrect deposit currencies may not be accepted.

Please also note that Australian bank transfers should not incur any fees, but international bank transfer fees may apply. It is best to check with local bank/institution for details of these fees and surcharges.

3. Funding through Skrill

Skrill is a widely popular online payment method, which allows quick and convenient online payments for over 36 million account holders in 200 countries and 40 different currencies.

You will need a Skrill account before you can start using this service and their accounts are free to sign up.

Note that this payment option is only available for USD based trading accounts.

4. Funding with China UnionPay

UnionPay is the leading bank card provider in China.

It provides a secure and efficient method for funding your Eightcap trading account if you reside in China.

Please note that there are no fees for CUP however deposits made in RMB will be converted to USD based on the conversion rates – EightCap cannot guarantee exchange rates for deposits and will calculate fees according to the rates that apply at the time of deposit.

5. Funding through POLi

POLi Payments is an online payment service that enables you to make safe, real-time payments to EightCap directly from your online bank account.

6. Funding through BPAY®

BPAY is a safe and reliable method for transferring funds to a registered recipient and is available to Clients via their online Australian banking account.

EightCap Online Registration

Fund Withdrawal with EightCap

1. Withdrawing funds to a credit/debit card

If you have funded your account using a credit/debit card and you request for a withdrawal within 90 days of your initial deposit, then the withdrawal can be made back to the same card originally used to deposit funds.

Please note that EightCap can only refund up to the original amount of funds deposited back to the same credit/debit card.

For example, if you deposit $10,000, and make $20, 000, you will only be able to withdraw the initial $10,000 back to your registered card.

Where the withdrawal is for an amount in excess of the original deposit, then the excess amount will need to be paid using an alternative withdrawal method (i.e. wire transfer to bank account).

If your withdrawal request is over 180 days from your original deposit, then EightCap will have to return funds back to your bank account.

Please note that clearing times for credit/debit card withdrawal will depend on your location: domestic credit/debit card withdrawals can be processed in one business day; international withdrawals will typically take 2 – 5 business days to clear back to your credit/debit card (estimate only).
Please note that debit/credit card refunds can take between 3 – 20 business days from the date of processing to appear on your card statement.
Please note that funds cannot be returned to an expired debit/credit card.
In the event that the card you used for depositing funds with Eightcap is cancelled/lost/stolen/replaced/does not support foreign remittance refunds, please inform EightCap prior to you submitting your withdrawal request and provide them with an official letter from your bank stating the same. Please note that all refunds are final and cannot be reverted.

Open EightCap Real or Demo Account

2. Withdrawing funds via bank wire transfer

Withdrawals by Bank Wire Transfer are processed within 24 hours on working days on receipt of your withdrawal request.

However, funds will usually take between 2 – 5 business days to be credited to your bank account.

Please note that for international bank wire transfers, your bank may charge you a receiving fee and this non-transactional fee is your responsibility and will be passed onto you – most international transfer fees are approximately AUD 20 (please check with your bank if you are unsure).

3. Withdrawing funds to a Skrill account

If you have funded your trading account using your Skrill account, then your original amount of funds (i.e. your original deposit) can be withdrawn to your Skrill account.

Please note that for withdrawals using Skrill, you will incur a 1% transaction fee.

For all Skrill withdrawals, the expected processing time to receive funds to your Skrill account is 2 – 3 business days.

Where the withdrawal is for an amount in excess of the original deposit, then the excess amount will need to be paid using an alternative withdrawal method (i.e. wire transfer to bank account).

Clearing times for bank account withdrawals will usually take between 2 – 5 business days to be credited to your bank account.

Please note that for international bank wire transfers, your bank may charge you a receiving fee and this non-transactional fee is your responsibility and will be passed onto you – most international transfer fees are approximately (withdrawing currency) 25. To find out more about ‘bank fees’, please contact your banking institution directly.