Eightcap Review
Trade CFDs on FX, Cryptos, Indices and more with a leading global broker
Broker: Eightcap
Leverage: 1:30
Regulation: ASIC, SCB
Min. Deposit: 100 US$
HQ: Australia
Platforms: MT4, MT5, TradingView
Found In: 2009
Website: eightcap.com
Eightcap Licences
Eightcap Pty Ltd - authorized by ASIC (Australia)registration ABN 73 139 495 944 AFSL 391441
Eightcap Global Limited is authorized by SCB (The Bahamas), registration SIA-F220
Who is Eightcap?
Eightcap operates a global operation via their Australian headquarters and other regional offices around the globe, including the UK and Cyprus. This broker offers retail clients a wide range of services, including partnership opportunities and technological advantages.
Eightcap aims to create a home for MT4/MT5 traders. It also aims at providing a customized trading experience. The award-winning MetaTrader platforms provide access to some of the most popular financial instruments with fast execution and low spreads.
Overview
Eightcap is an Australian-incorporated brokerage company. It offers a transparent pricing structuresince 2009.
Pros
Over 200+ trading instruments
MT4
Free Demo account
Low commission fees
No inactivity fees
Multi-language support
Cons
No fixed spread accounts
Limited educational tools
Support not available 24/7
Rating of the company overall
Reliability ⭐⭐⭐⭐
Platform ⭐⭐⭐⭐
Commissions ⭐⭐⭐
Support ⭐⭐⭐⭐
Financial instruments ⭐⭐⭐⭐
RATING: 4.0
Is Eightcap safe for trading?
Eightcap isn't a scam. It is a low-risk broker that trades Forex and is licensed by the Australian Securities and Investments Commission, a recognized world authority that regulates Forex and trading.
Eightcap is a regulated entity and meets all requirements for corporate governance, financial reporting, disclosure, and disclosure. All funds from retail clients are kept separate from business funds in segregated bank account with an AA-rated bank institution. Eightcap also offers professional indemnity insurance, which provides additional protection and trustable cooperation.
Eightcap also serves an additional entity, which serves global clients via its offshore branch located in the Bahamas. Although we do not recommend trading with offshore brokers although, Eightcap has a reputable license from ASIC which means that the broker is well-regulated.
Trade Instruments
Traders have access to more than 1000 financial instruments including major and minor currency pairs as well as oil, gold and silver, shares, and cryptocurrency CFDs.
The broker recently increased its stock CFD range by including ASX Share, NASDAQ Share, NYSE Share, LSE Share, and German Share CFDs.
The broker promises a competitive offering and excellent cost-savings. There is a spread for EUR/USD at 1.0 pip, plus a raw spread at 0.0 pip. Spread for metals XAU/USD is 1.0 pips.
Leverage
Forex trading offers a great opportunity to leverage your gains. Eightcap has put in place specific limitations on leverage to assist traders in minimizing risk. This is based on the size of your trading account.
Eightcap offers a leverage rate of 1:30 and presents its users with many market opportunities.
Types of accounts
Eighcap 2 accounts offer a simple option between two types of accounts. You can trade with Standard conditions with no complications or through Raw Accounts with spreads starting at 0.0 pip and commission for professional traders.
All trading styles are allowed, and there is no restriction on the use of EAs or other strategies. There is also flexibility in lot sizes and high leverage options. No matter what account type, all traders will enjoy the same professional trading conditions and support from the company.
Fees
Eighcap fees are primarily built into spreads if you have a Standard account, or into commissions for Raw accounts. For a complete fee structure, refer to the table below. This will show all fees applicable for Eighcap.
Consider overnight fees as a cost. Also known as Rollover rate, it is an interest in holding foreign currency trading positions open overnight. It is determined using the overnight interest rate. This is a difference between the two currencies involved and affects whether the position is a sell 'short' or buy 'long'.
Spreads
Eightcap spreads designed at your account. Standard account has slightly higher spreads but no commissions, and Raw account has interbank spreads but with a commission per trade. Below is an example of the spreads, and you can also compare Eightcap fees with another FBS broker.
Trade Platforms
Eightcap will give traders access to MetaTrader 4, and the more recent MT5 platform, which has many advanced features and tools. Traders also have TradingView, which allows them to create multi-monitor workspaces. This platform was developed by the company and is available on mobile and desktop. It allows you to view real-time prices, monitor and access accounts, enable chat and push notifications, and also allows you to create and manage chats.
MT4 offers all the tools and resources necessary for successful trading. It also includes a variety of indicators and strategies.
Eightcap users will be able to automate trades with no coding knowledge. Eightcap users can use capitalise.ai to automate their trades without any coding knowledge.
Payment Methods
The number of payment methods to fund the trading account which allows you to transfer from Demo trading to Live one including instant deposits through Visa/MasterCard, Skrill, POLi Payment, Neteller, China UnionPay and Bank Wire Transfers.
Eightcap clients are now able to deposit Bitcoin and USDT on USD accounts.
You can choose a base currency at your discretion, such as USD, USD, GBP or EUR. However, deposits and withdrawals are made in the same currency that the base trading account.
Eightcap Minimum Deposit
The minimum deposit at Eightcap is 100$ for all account types. Eightcap doesn't charge any fees for deposits or withdrawals. However, you need to note that payments from non Australian banks could be subject to fees. This is your sole responsibility.
Eightcap Minimum Deposit vs Other Brokers
Withdrawals
Eightcap offers a variety of withdrawal options, including bank transfer and debit cards. There are no fees for withdrawals and deposits, meaning that you can manage funds easily, but make sure to keep your account base currency in order to avoid conversion.
Customer Support
All trading styles are allowed, and there is no restriction on the use of EAs or other strategies. There are also flexible lot sizes and high leverage options. No matter what account type, all traders will enjoy the same professional trading conditions and support from the company.
Conclusion
Eighcap is a trustworthy and licensed trading service provider with a good business model built around simple trading without making decisions complicated or confusing but offering exceptional conditions. The technology solution to execution trough powerful servers with centralized integration, competitive prices provided by leading institutions, and access through powerful features of popular platform MT4 together with accounts suited to different strategies. Their support centers are performing well and the only thing that is lacking is deep learning materials.