Eightcap Broker Review

Is Eightcap a scam?

Eightcap is a regulated broker and is licensed by reputable financial regulatory bodies, including the Australian Securities and Investments Commission (ASIC) and the Vanuatu Financial Services Commission (VFSC). These regulatory bodies require Eightcap to comply with stringent rules and regulations that are designed to protect traders’ funds and ensure fair trading practices.

In addition, Eightcap also provides a range of safety measures to its clients, including the segregation of client funds, which ensures that clients’ funds are kept separate from the company’s operational funds. This means that in the event of Eightcap’s insolvency, clients’ funds are protected and can be easily returned to them.

Eightcap also uses state-of-the-art security technology to protect clients’ personal and financial information, including the use of SSL encryption and two-factor authentication (2FA).

Overall, Eightcap is considered a safe and reliable broker, with a strong commitment to client safety and regulatory compliance.

Eightcap Trading Platforms

Eightcap offers its clients access to a range of trading platforms, including:

1. MetaTrader 4 (MT4): MT4 is a popular trading platform that is widely used by traders worldwide. It offers advanced charting capabilities, a wide range of technical analysis tools, customizable indicators, and the ability to automate trading strategies using expert advisors (EAs).
2. MetaTrader 5 (MT5): MT5 is the successor to MT4 and offers even more advanced features and capabilities, including more charting options, an improved strategy tester, and more order types.
3. WebTrader: Eightcap’s web-based platform allows traders to access the financial markets from any web browser without needing to download or install any software. It offers a user-friendly interface, advanced charting capabilities, and one-click trading functionality.
4. MobileTrader: Eightcap’s mobile trading app allows traders to access the financial markets from their smartphones or tablets. It offers real-time market quotes, advanced charting capabilities, and the ability to manage trades and monitor positions on the go.

Overall, Eightcap offers a range of trading platforms that cater to the needs of traders at all levels, whether they prefer to trade on desktop, mobile, or web-based platforms.

Products Eightcap provides

Eightcap provides access to a range of financial products across various asset classes, including:

1. Forex: Eightcap offers trading in over 40 currency pairs, including major, minor, and exotic pairs. Clients can trade forex on both MT4 and MT5 platforms.
2. Commodities: Clients can trade commodities such as gold, silver, oil, and other metals on Eightcap’s MT4 and MT5 platforms.
3. Indices: Eightcap offers trading in global indices such as the S&P 500, NASDAQ 100, and FTSE 100, among others.
4. Shares: Clients can trade shares of popular companies such as Apple, Amazon, Microsoft, and Facebook, among others, on Eightcap’s MT5 platform.
5. Cryptocurrencies: Eightcap offers trading in cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and Ripple, among others.

Overall, Eightcap provides a diverse range of financial products, catering to the needs of traders at all levels who want to trade in various asset classes.

Eightcap account types

Eightcap offers several types of trading accounts to suit different trading styles and experience levels. Here are the account types offered by Eightcap:

1. Standard Account: This is a basic account type that requires a minimum deposit of $100. It offers variable spreads starting from 1.0 pips and leverage up to 1:500. This account is suitable for beginner traders who want to start with a small amount of capital.
2. Raw Account: This account type is designed for more experienced traders who require tighter spreads and faster execution. The Raw Account offers spreads starting from 0.0 pips with a commission of $3.5 per lot, and the minimum deposit required is $100.
3. Islamic Account: This account type is specifically designed for Muslim traders who follow Shariah law. It offers the same features as the Standard Account, but with no swap or rollover fees.
4. Professional Account: This account type is designed for professional traders who meet certain eligibility criteria, such as trading volume and experience. The Professional Account offers higher leverage up to 1:200 and lower margin requirements, but it also comes with additional risks.

Overall, Eightcap offers a range of account types to cater to the different needs and preferences of its clients. Traders can choose the account that suits their trading style and experience level.

Eightcap trading fees

Eightcap charges trading fees in the form of spreads and commissions. The exact fees vary depending on the account type, the financial instrument being traded, and the market conditions. Here is an overview of the trading fees charged by Eightcap:

1. Spreads: Eightcap offers variable spreads, which means that the spread can widen or narrow depending on the market conditions. The typical spreads for major forex pairs start from 1.0 pips for the Standard Account and 0.0 pips for the Raw Account.
2. Commissions: Eightcap charges a commission of $3.5 per lot for trades executed on the Raw Account. The commission is added to the spread, which means that the overall cost of trading is the spread plus the commission.
3. Overnight fees: Eightcap charges overnight fees (also known as swap or rollover fees) for positions held overnight. The fee is based on the interest rate differential between the two currencies being traded.
4. Inactivity fee: Eightcap charges an inactivity fee of $50 per month if there is no trading activity on the account for more than 3 months.

It’s important to note that the fees charged by Eightcap are competitive compared to other online trading brokers in the industry. Traders should always review the fees and charges carefully before opening an account and trading.

Eightcap Funding and Withdrawal Options

Eightcap offers various funding and withdrawal options to its clients. The available options may vary depending on the country of residence. Here is an overview of the deposit and withdrawal options, fees, and processing time offered by Eightcap:

Deposit Options:

• Credit/debit cards: Visa and Mastercard are accepted. The processing time is instant, and there are no fees.
• Bank wire transfer: The processing time may vary depending on the bank and location. Eightcap does not charge any fees, but the client’s bank may charge a fee for the transfer.
• Electronic wallets: Eightcap supports electronic wallets such as Skrill, Neteller, and PayPal. The processing time is instant, and there may be fees charged by the e-wallet provider.

Withdrawal Options:

• Credit/debit cards: Visa and Mastercard are accepted. The processing time is typically 2-5 business days, and there are no fees.
• Bank wire transfer: The processing time may vary depending on the bank and location. Eightcap does not charge any fees, but the client’s bank may charge a fee for the transfer.
• Electronic wallets: Withdrawals to electronic wallets are processed within 24 hours, and there may be fees charged by the e-wallet provider.

It’s important to note that the processing time and fees may vary depending on the payment method and the client’s country of residence. Clients should also be aware of any potential fees charged by the payment provider or intermediary bank. Eightcap does not charge any deposit or withdrawal fees, but clients may be subject to currency conversion fees if they fund their account in a currency other than their account base currency.

Eightcap’ promotions

Eightcap offers various promotions from time to time to reward its clients and attract new traders. Here are some examples of promotions that Eightcap has offered in the past:

1. Welcome bonus: Eightcap has offered a welcome bonus of up to $2,000 to new clients who open an account and make a qualifying deposit. The bonus is subject to certain terms and conditions.
2. Refer a friend: Eightcap has offered a refer-a-friend program where clients can earn a cash bonus for each friend they refer who opens an account and meets certain requirements.
3. Trading contests: Eightcap has organized trading contests where clients can compete against each other to win cash prizes.

It’s important to note that promotions may be subject to certain terms and conditions, such as minimum deposit requirements, trading volume, and time limits. Clients should always read the terms and conditions carefully before participating in any promotions.

Eightcap customer support

Eightcap offers customer support to its clients through various channels. Here are the ways in which clients can contact Eightcap’s customer support:

1. Live chat: Eightcap’s website features a live chat function where clients can speak to a customer support representative in real-time.
2. Phone: Clients can contact Eightcap’s customer support team via phone. The contact numbers for each country are listed on Eightcap’s website.
3. Email: Clients can also contact Eightcap’s customer support team via email. The email address is provided on Eightcap’s website.
4. Social media: Eightcap is active on various social media platforms, such as Twitter and Facebook, where clients can reach out to the company with any questions or concerns.

Eightcap’s customer support team is available 24/5 during trading hours. The support team is known for being responsive and helpful, and they aim to provide timely and effective assistance to their clients.

Eightcap Educational Resources

Eightcap offers various educational resources to its clients to help them improve their trading skills and knowledge. Here are some examples of the educational resources that Eightcap provides:

1. Trading guides: Eightcap offers a range of trading guides on different topics such as forex trading, technical analysis, and risk management. These guides are designed to help traders understand the basics of trading and develop their strategies.
2. Webinars: Eightcap hosts regular webinars on various topics such as market analysis, trading strategies, and trading psychology. These webinars are presented by expert traders and analysts and are designed to provide valuable insights and actionable trading ideas.
3. Video tutorials: Eightcap offers a range of video tutorials that cover different aspects of trading, such as platform tutorials, market analysis, and trading strategies. These tutorials are available on Eightcap’s website and YouTube channel.
4. Economic calendar: Eightcap provides an economic calendar on its website that shows upcoming economic events and their expected impact on the markets. This tool can help traders stay informed and make informed trading decisions.
5. Trading blog: Eightcap maintains a trading blog that features articles on different topics related to trading. These articles cover market analysis, trading strategies, and trading psychology.

Overall, Eightcap’s educational resources are designed to provide traders with the knowledge and tools they need to succeed in the markets. These resources are available to all clients, regardless of their account type or trading experience.

Pros and cons of Eightcap

Pros:

1. Regulated broker: Eightcap is regulated by ASIC and the FCA, which ensures that the company operates in a transparent and compliant manner.
2. Range of trading platforms: Eightcap offers a range of trading platforms, including MetaTrader 4 and MetaTrader 5, as well as its own proprietary platform, Eightcap Pro.
3. Wide range of financial instruments: Eightcap provides access to a range of financial instruments, including forex, stocks, indices, commodities, and cryptocurrencies.
4. Competitive trading fees: Eightcap charges competitive trading fees in the form of spreads and commissions, which can help traders save on trading costs.
5. Educational resources: Eightcap provides a range of educational resources, including trading guides, webinars, and video tutorials, which can help traders improve their skills and knowledge.
6. Efficient customer support: Eightcap’s customer support team is known for being responsive and helpful, and they aim to provide timely and effective assistance to their clients.

Cons:

1. No US clients: Eightcap does not accept clients from the United States due to regulatory restrictions.
2. Limited account types: Eightcap only offers two account types, which may not suit the needs of all traders.
3. Limited payment options: Eightcap accepts a limited number of payment methods, which may not be convenient for all clients.
4. Limited research tools: Eightcap’s research tools, such as its economic calendar and trading blog, may not be as comprehensive as those offered by some other brokers.

Overall, Eightcap is a reputable and reliable broker that offers a range of trading tools and educational resources. However, it may not be the best option for all traders due to its limited account types and payment options. Traders should consider their own needs and preferences before deciding whether to trade with Eightcap.

Frequently asked questions about Eightcap

Is Eightcap a regulated broker?

Yes, Eightcap is a regulated broker. The company is authorized and regulated by the Australian Securities and Investments Commission (ASIC) and the Financial Conduct Authority (FCA) in the UK.

What trading platforms are offered by Eightcap?

Eightcap offers a range of trading platforms, including the popular MetaTrader 4 and MetaTrader 5 platforms, as well as its own proprietary platform called Eightcap Pro.

What financial instruments can be traded with Eightcap?

Eightcap offers access to a range of financial instruments, including forex, stocks, indices, commodities, and cryptocurrencies.

What is the minimum deposit required to open an account with Eightcap?

The minimum deposit required to open an account with Eightcap is $100 for the Standard Account and Raw Account.

Does Eightcap offer demo accounts?

Yes, Eightcap offers demo accounts for clients to practice trading with virtual funds without risking real money.

What are the trading fees charged by Eightcap?

Eightcap charges trading fees in the form of spreads and commissions. The exact fees vary depending on the account type, financial instrument, and market conditions.

What payment methods are accepted by Eightcap?

Eightcap accepts several payment methods, including credit/debit cards, bank wire transfers, and electronic wallets such as Skrill, Neteller, and PayPal.

Does Eightcap offer educational resources?

Yes, Eightcap offers educational resources such as webinars, trading guides, and market analysis to help its clients improve their trading skills and knowledge.