Eightcap Broker Review 2023

Eightcap Broker Review 2023

Trusted by Trading Forex Hub, this is a EightCap Broker Review.

 

  • Regulated by the top-tier ASIC in Australia
  • Founded in 2009
  • No investor protection
  • Clean track record: no major regulatory incidents or fines

 

Who is Eightcap?

 

EightCap is a globally trusted CFD broker that was launched in 2009. Founded in Melbourne, Australia, EightCap has a clear mission: to provide exceptional financial services to its clients. This fundamental principle remains at the core of everything they do and is pivotal to their success.

 

With over 800 available instruments across multiple asset classes and offices around the world, Eightcap is steadily growing and working towards providing an unrivalled trading experience. They offer CFDs based on Forex, commodities, indices, shares, and cryptocurrencies.

 

EightCap has been recognized globally as Broker of the Year 2023 at the Global Forex Awards for delivering the best services, platforms, tools, educational material, and instruments to their traders. They have also been awarded the Best Customer Service Broker (2021) by Global Brands Magazine, as well as the Best Forex Trading Support (2021 and 2022) Global Forex Awards: Retail.

 

EightCap uses the popular MetaTrader platforms and has been recognized with many other accolades; Best MT4/MT5 Broker 2022 – DayTrading.com, Forex MT4 Broker Australia 2022 – International Business Magazine, and Best Forex MT4 Broker 2020 – Global Forex Awards.

 

In 2021 and 2022, EightCap was recognized for having the Best Forex Educational Resources for a broker, awarded by the Global Forex Awards – Retail.

 

EightCap is a brand of Eightcap Pty Ltd, regulated by the Australian Securities and Investments Commission (AFSL 391441). Eightcap Global Limited is regulated by The Securities Commission of The Bahamas (SCB) (SIA-F220). In the UK, Eightcap is a brand of Eightcap Group Ltd which is authorised and regulated by the Financial Conduct Authority (FCA), with firm reference number 921296. Eightcap Group Ltd is a company registered in England and Wales with registration number 12448314.

 

Eightcap Pros & Cons

 

EightCap, as a globally recognized CFD broker, has several advantages and disadvantages that traders should consider. Here’s a summary of the main pros and cons:

 

Pros

 

  1. Low Forex Fees: EightCap offers competitive forex fees, making it an attractive choice for forex traders.
  2. Quick Account Opening: The account opening process is seamless and quick.
  3. Free Deposit and Withdrawal: EightCap does not charge any fees for deposits or withdrawals.
  4. Wide Range of Crypto Products: EightCap offers a great lineup of crypto products, which compensates for a limited CFD selection.
  5. Use of MetaTrader Platforms: Like many of its peers, EightCap uses the popular MetaTrader platforms.
  6. Regulated by Top-tier Authorities: EightCap is regulated by the Australian Securities and Investments Commission (ASIC), The Securities Commission of The Bahamas (SCB), and the Financial Conduct Authority (FCA) in the UK.

Cons

 

  1. Limited Product Selection: EightCap has a relatively slim product selection compared to some other brokers.
  2. Limited Research and Educational Tools: EightCap’s research and educational resources are somewhat limited.

 

Please note that this is a general overview and the pros and cons can vary depending on individual trading needs and goals. Always conduct thorough research before choosing a broker. 😊

 

EightCap is a globally recognized broker that has been in operation since 2009. It is regulated by top-tier authorities, including the Australian Securities and Investments Commission (ASIC), The Securities Commission of The Bahamas (SCB), and the Financial Conduct Authority (FCA) in the UK. These regulatory bodies ensure that Eightcap adheres to strict standards of conduct, providing a level of protection for traders.

 

EightCap offers competitive forex fees, making it an attractive choice for forex traders. The account opening process is quick, and there are no fees for deposits or withdrawals. They offer a wide range of products, including Forex, CFDs, and cryptocurrencies.

 

However, it’s important to note that while Eightcap is regulated and has a clean track record, no broker can be considered completely risk-free. Trading involves risks, and it’s crucial for traders to understand these risks before engaging in any trading activity.

 

In terms of customer reviews, some users have reported a positive experience with Eightcap, noting that their money has been kept safe, and the support has been responsive.

 

EightCap is a reliable broker based on its regulation by top-tier authorities and positive user reviews, it’s always recommended for traders to conduct their own thorough research before choosing a broker.

 

EightCap offers its clients access to two internationally acclaimed trading platforms, MetaTrader 4 (MT4) and MetaTrader 5 (MT5), as well as integration with TradingView. These platforms are renowned for their advanced trading tools, user-friendly interfaces, and robust functionality.

 

MetaTrader 4 (MT4)

 

MT4 is one of the most popular trading platforms in the world. It offers a range of features including:

 

  • Automated Trading: With MT4, traders can automate their trading strategies using Expert Advisors (EAs), which can trade on their behalf based on predefined criteria.
  • Advanced Charting Tools: MT4 provides advanced charting capabilities, allowing traders to analyze market trends and make informed decisions.
  • Secure Trading: MT4 uses high-level security protocols to ensure that your trading and personal information is safe.

 

MetaTrader 5 (MT5)

 

MT5 is the newer version of MT4 and offers additional features and capabilities. These include:

 

  • More Timeframes and Indicators: MT5 offers more timeframes and technical indicators compared to MT4, providing traders with a more detailed view of the market.
  • Integrated Economic Calendar: MT5 has an integrated economic calendar that displays important economic events and indicators from around the world.
  • Depth of Market: MT5 provides depth of market data, showing the volumes of buy and sell orders at different price levels.

 

TradingView

 

EightCap has integrated with TradingView, a platform known for its advanced charting features. This allows traders to use TradingView’s charts and tools while executing trades on Eightcap’s platform. TradingView offers:

 

  • Customizable Charts: TradingView provides 15+ customizable chart types, including Kagi, Renko, and Point & Figure.
  • Smart Drawing Tools: TradingView offers 90+ smart drawing tools for detailed market analysis.
  • Mobile Trading: Traders can connect their Eightcap account to the TradingView mobile app on iOS or Android and trade on the go.
  • Advanced Indicators: TradingView provides access to a vast range of leading technical and popular pre-built indicators based on industry-standard formulas.
  • Community Engagement: TradingView hosts the world’s largest trading community, a place where traders can discover new trading ideas and strategies.
  • Market Alerts: TradingView allows traders to set up alerts on categories like price levels, indicators, and custom indicators.

 

In addition to MT4, MT5, and TradingView, Eightcap also offers automated trading with Capitalise.ai. This feature allows customers to automate their trading orders without having to write any code.

 

EightCap’s trading platforms offer a wide range of features and tools to cater to the needs of different types of traders. Whether you’re a beginner or an experienced trader, Eightcap’s platforms provide you with the necessary tools to navigate the financial markets.

 

A Comprehensive Overview of Eightcap’s Account Types

 

EightCap offers a variety of flexible, feature-rich account types, giving traders the option to choose a pricing model that best suits their needs. Here’s a detailed overview of the account types offered by Eightcap:

 

Standard Account

 

The Standard Account is a commission-free account that offers spreads as low as 1.0 pips. This account type is compatible with Expert Advisors (EAs) and requires a minimum deposit of $100. The minimum trade size is 0.01 lots, depending on the instrument.

 

Raw Account

 

The Raw Account is ideal for those who predominantly trade forex CFDs or for more experienced traders. It offers trading with spreads as low as 0.0 pips. A commission of 3.5 AUD, USD, NZD, SGD, CAD, 2.25 GBP, or 2.75 EUR is charged per standard lot traded. The minimum deposit and trade size requirements are the same as the Standard Account.

 

TradingView Account

 

The TradingView Account offers spreads from 1.0 pips and requires a minimum deposit of $100. Like the other account types, the minimum trade size is 0.01 lots. This account type is compatible with EAs and does not charge any commission for trades, except for shares.

 

All account types offer over 800+ available instruments and allow scalping. They also support multiple base currencies including AUD, USD, EUR, GBP, NZD, CAD, and SGD.

 

Please note that the leverage, margin call level, and stop out level can vary depending on the account type and the regulatory jurisdiction. Always remember to consider your individual trading needs and goals when choosing an account type.

 

 

EightCap: Trading Instruments

 

Eightcap offers a wide range of trading instruments for its users:

 

  1. Forex (FX) pairs: EightCap offers trading in 40 FX pairs.
  2. Indices: There are 11 indices available for trading.
  3. Commodities: EightCap provides 5 commodities for trading.
  4. Shares: Users can trade the most popular shares from around the world, including over 350 US, European, and Australian share CFDs.
  5. Crypto Derivatives: Over 250 crypto derivatives are available for trading.

 

EightCap supports three trading platforms: MetaTrader 4, MetaTrader 5, and TradingView. These platforms offer advanced charting, expert advisors, custom signals, and more.

 

EightCap: Fees

 

EightCap has a competitive pricing structure for its users:

 

  1. Spreads: EightCap offers spreads from 0.0 pips to 1.0 pips.
  2. Commissions: A commission of $7.00 per standard lot is charged, with $3.50 charged when opening and closing a position.
  3. Overnight Fees: Fees may apply to open positions held overnight.
  4. Deposit/Withdrawal Fees: EightCap does not charge any internal fees on deposits. However, deposits from non-Australian banking institutions may attract intermediary transfer and/or conversion fees.

 

Please note that additional fees may apply, and all shown spreads are per 1 lot. For more detailed information about each fee, you can refer to EightCap’s official website.

 

EightCap: Spreads

 

EightCap offers competitive spreads for its users:

 

  1. Forex (FX) pairs: The minimum spread on a Standard account is 1 pip, while on a Raw account it’s 0 pips.
  2. Gold (XAUUSD): The spread starts from 0.12 USD.
  3. Bitcoin (BTCUSD): The spread starts from 12 USD.
  4. Spot Brent Crude Oil (UKOUSD): The spread starts from 0.03 USD.
  5. UK 100 Cash (UK100): The spread starts from 1.2 GBP.
  6. Dow Jones Industrial Average (US30): The spread starts from 1.6 USD.
  7. Shares: The spreads for shares are 0.02 USD per share, per side (4 USD per lot round turn).

 

Please note that during trading hours with significant volatility or less liquid periods, some assets’ spreads tend to get higher. For real-time spreads, you can check the MetaTrader 4 or MetaTrader 5 trading platform.

 

EightCap: Payment Methods

 

EightCap offers a variety of accessible and convenient funding and withdrawal methods:

 

  1. Bank Cards (VISA, MasterCard)
  2. PayPal
  3. POLi Payment
  4. Bank Wire Transfer
  5. Fasapay
  6. BPAY
  7. China UnionPay
  8. Skrill
  9. Neteller
  10. Wise
  11. PayRetailers
  12. uPOP
  13. WorldPay

 

Please note that deposits from non-Australian banking institutions may attract intermediary transfer and/or conversion fees. For more detailed information about each payment method, you can refer to EightCap’s official website.

 

EightCap: Minimum Deposit

 

The minimum deposit required to open an account with EightCap is $100. This means that you have to deposit at least $100 to be able to start trading. After you have completed the registration and verification process, you need to fund your account to start trading. Please note that this information is subject to change and for the most accurate and up-to-date details, you should refer to EightCap’s official website.

 

EightCap: Customer Support

 

EightCap provides a comprehensive customer support system to assist its users:

 

  1. Email: Users can reach out to EightCap’s customer service team via email at customerservice@eightcap.com.
  2. Phone: Users can call EightCap’s customer service team.
  3. Online Chat: EightCap offers real-time chat support 24/5.
  4. Multilingual Support: EightCap offers customer service in multiple languages including English, Chinese, Thai, Korean, Vietnamese, German, Spanish, Italian, and French.

 

For professional clients, they can reach out to EightCap at premium@eightcap.com. Please note that the availability of customer support may vary depending on your location.

 

EightCap: Education

 

EightCap provides a variety of educational resources to help its users improve their trading skills:

 

  1. Webinars: EightCap provides webinars on third-party websites.
  2. Articles: There are quality articles available for users to read.
  3. Demo Account: EightCap offers a demo account for users to practice trading.
  4. E-books & Guides: Users can learn strategies from experienced trading professionals through e-books and guides.
  5. Videos: EightCap offers a dozen educational videos and a handful of archived webinars, such as its TraderFest series which covers CFDs and forex. These videos are archived on its YouTube channel and organized by playlist.

 

In 2021 and 2022, EightCap was recognized for having the Best Forex Educational Resources for a broker, awarded by the Global Forex Awards – Retail. For more detailed information about each educational resource, you can refer to EightCap’s official website.

 

EightCap: Review Conclusion

 

EightCap is a reliable trading platform that has been providing excellent service since its establishment in 2009. It offers competitive trading conditions, including low fees, tight spreads, and good execution speeds with minimal slippages. The platform supports MetaTrader 4 and MetaTrader 5, which are widely used among online forex and CFD brokers and traders.

 

EightCap is recommended for users looking for a MetaTrader 4-5 broker with low forex fees and fast and easy account opening. It’s also great that deposits and withdrawals are free of charge on the broker’s end, with a user-friendly process. However, available products are limited to CFDs, forex, and cryptos (for MT5 clients).

 

The broker has been recognized for its educational resources, and it provides a good number of these, along with additional trading tools. Customer support is very responsive, and the platform offers a wide range of trading instruments.

 

In conclusion, EightCap is a solid choice for both new and experienced traders, offering a blend of competitive pricing, advanced trading platforms, and valuable educational resources.

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