If you are looking for a safe and reputable online brokerage to trade with, Eightcap could be a perfect choice. With over a decade of experience in the industry, they provide traders with an excellent customer service experience as well as competitive fees. Whether you are a beginner or an experienced trader, Eightcap has something to offer. Read our Eightcap brokerage review to see if they are right for you.
What is Eightcap?
Trading broker Eightcap has been in operation since 2009 and is focused on delivering a secure trading experience through MetaTrader 4 and 5. Their technical infrastructure offers ultra-efficient services that cater specifically to the demands of their users at all times, so they can thus feel safe whether trading long or short equities.
Eightcap has stayed true to its mission of simplicity and mindfulness by listening carefully, then acting on what customers want. The company offers more than 200 trading instruments in a wide range of asset classes with features like security, intuitiveness, personalization, and speed.
Is Eightcap Legit?
Eightcap Regulation
As a global company, Eightcap can offer products and services to clients in many jurisdictions. Depending on the country, different regulations will apply. For example, in the UK, Eightcap Group Ltd. is authorized and regulated by the Financial Conduct Authority (FCA). This means that Eightcap must adhere to strict rules and regulations set by the FCA, which are designed to protect consumers.
In Australia, Eightcap PTY Ltd. is regulated by the Australian Securities and Investments Commission (ASIC). ASIC is the primary regulator of Eightcap in Australia and sets the laws and regulations that Eightcap must follow. ASIC’s main objective is to ensure that financial markets are transparent and that consumers are protected from financial harm.
In Cyprus, Eightcap EU Ltd. is regulated by the Cyprus Securities and Exchange Commission (CySEC). CySEC is responsible for supervising the activities of investment firms and ensuring that they comply with the laws and regulations of Cyprus.
The Bahamas does not have an equivalent to the FCA, ASIC, or CySEC. Instead, Eightcap Global Ltd. is regulated by the Securities Commission of the Bahamas (SCB). The SCB is a tier 3 regulator, which means that it provides fewer protections for consumers than a tier 1 or 2 regulator.
Why is Knowledge of Where Your Broker is Regulated Important?
When selecting a broker, it’s important to know which regulator has authorized them to operate. This information should be readily available on the broker’s website. If you can’t find it, that’s a red flag and you should look elsewhere. Once you know which regulator supervises your broker, you can research that regulator to get a better understanding of the protections they offer. Do your due diligence!
Eightcap offers various additional features to ensure your safety. Their requirements for these precautions are listed in the following section, so you know what is required by law.
Eightcap Client Protection and Safeguards
If you are an investor, the protection and safeguarding of your money are very important. You need to know how it’s being kept safe as well as what kind of compensation if anything happens with brokers who go bust!
The geographic region you live in will be the key factor for which entity holds your account and what protection mechanisms are available to protect it. It is important to note both ASIC and SCB do not offer compensation schemes should one go bust compared with FCA/CySEC.
Your geographical region will be the key factor in which entity you open an account with and what protections you have. Unlike FCA and CySEC, ASIC and SCB do not provide a compensation plan for Eightcap’s clients in the event the broker goes bankrupt. It’s true that ASIC is required by law to make sure client cash is kept separate from corporate money, and that it must provide negative balance protection plans. However, this isn’t the case in SCB businesses.
The broker’s licenses can be confirmed through the relevant regulator’s register. It is a good sign that Eightcap is providing additional safeguards for your investment!
Eightcap Stability
With its foundation in 2009, it is clear that Eightcap has been able to navigate through many changes over time. This stability speaks volumes about their commitment and ability as an operating business – it is an indication that you can trust them.
Eightcap Spreads
Trading Fees
Eightcap increases the spreads it can purchase on wholesale markets over its retail counterparts as other online forex brokers do, and makes money off of its customers’ activities in this manner. Be aware of the differences between Raw and Standard accounts. Overall, tighter spreads are given to Raw accounts and are also charged a $3.50 fee per transaction. Ultimately, it is up to the individual trader to decide which account type is best for their trading strategy.
Non Trading Fees
One of the main reasons to choose Eightcap is the low minimum deposit required to open an account. At just $100, it’s one of the most accessible brokers available. This makes it a great option for anyone who wants to get started in trading without having to make a large investment.
In the world of online brokerages, fees can add up quickly. Some brokers charge for everything from inactivity to account maintenance, and these fees can eat into your profits. Clients are not charged for inactivity, accounts, deposits, or withdrawals by Eightcap.
Eightcap Trading Platforms
The MetaTrader suite of trading platforms is widely considered to be the most popular in the world. This is due in large part to their user-friendly interface and comprehensive range of features. MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are both available through Eightcap, and can be accessed via PC, MAC, web, or mobile.
The desktop platform is geared more towards professional traders, so beginners might find it a bit overwhelming at first. However, the mobile app is much more user-friendly and can be a great way for newbies to get started with trading. No matter which platform you choose, Eightcap provides all the tools and resources you need to trade successfully.
Eightcap Desktop Platform
The MetaTrader 5 desktop trading platform is feature-rich and offers a high level of customization for charts, trading tickets, and algorithmic trading. However, there is a learning curve in navigating the platform. After a few minutes of browsing the desktop platform, most novice traders will notice how everything is logically arranged with charts on the right, quotes column on the left, and the toolbox at the bottom.
The web platform is easier to use but does not offer as many features as the desktop platform. MetaTrader 5 is a powerful trading platform that can be used by experienced traders to take advantage of advanced features and customizations. Beginner traders may find the learning curve steep but should persevere to take full advantage of the powerful features on offer.
Eightcap Mobile App
When compared to the desktop platform, the MetaTrader 4 and 5 mobile apps from Eightcap are the simplest and quickest way to place and manage trades. The mobile app also allows you to view your trades on the move, as well as perform technical analysis on different markets using a range of technical trading indicators. The app is available for both iOS and Android devices and can be downloaded from the App Store or Google Play. After logging in, you will be able to access all the features of the platform, including placing and managing trades, viewing your account balance and positions, and accessing market news and analysis. So if you’re looking for a fast and convenient way to trade on the go, the MetaTrader 4 and MetaTrader 5 mobile apps from Eightcap are the perfect solution.
What can I Trade on Eightcap?
Eightcap offers a wide range of financial instruments to trade on. You can trade on forex, indices, stocks, commodities, and cryptocurrencies. With the cryptocurrency CFD product, you may trade major coins and altcoins against an assortment of fiat currencies. You can also trade on stock CFDs from the US, UK, Germany, and Australia.
What Does CFD stand for?
A CFD, or Contracts for Difference, is a derivative product that allows you to speculate on the price direction of a financial instrument. With CFDs, you can trade on margin, which means you can control a large position with a smaller deposit. This leverage can amplify both gains and losses. Because of this increased risk, it’s important to have a clear understanding of how CFDs work before trading.
List of Tradable Instruments on Eightcap:
- 47 Forex Pairs
- 13 Indices
- 350+ Stocks
- 7 Commodities
- 250+ Cryptocurrencies
Eightcap Deposit & Withdrawal
Eightcap’s easy-to-use client portal area makes it simple to deposit and withdraw your funds. They offer a variety of payment solutions to fit your preferences, including bank transfers, credit and debit cards, and a wide range of e-wallets. You can also choose from a variety of currencies to deposit your funds in, including AUD, USD, GBP, EUR, NZD, CAD, and SGD. Eightcap also doesn’t charge any fees for depositing or withdrawing funds, so you can keep more of your hard-earned money.
Opening an Account with Eightcap
Nowadays, it’s easier than ever to open an investment account and start trading. Eightcap is a perfect example of this, as the entire process can be done online in just a few minutes. The first step is to confirm your identity, which is standard practice for regulated brokers. It was simple for us to follow, as long as you provide proof of identification (e.g. passport or driver’s license) and proof of residence (e.g. utility bill or bank statement). We received confirmation of our trading account and verification within an hour after submission, which is much faster than the industry average.
Eightcap is proud to work with clients from all over the world. They believe that everyone should have access to quality financial services, regardless of their location. They accept clients from Canada and even offer an Islamic account that is compliant with Sharia law. However, due to regulatory restrictions, they are unable to accept clients from certain countries, including the United States, North Korea, and Iran.
Demo Account
Why is an Eightcap Demo Account Important?
Eightcap demo accounts are a great way to test the waters before you take your first dive into live trading. Traders can take the opportunity to practice their trading ideas and become comfortable within a virtual environment before transitioning into real money. This helps you test out all the tools available, which will make it easier when it comes time for serious business.
Research
Eightcap is a website that allows users to access a variety of research articles, which are regularly updated. The resources are organized into categories that provide brief analysis and news. However, there are no videos or webinars available. While the website contains a lot of information, it would be more helpful if there were more multimedia resources such as videos or webinars. This would give users a more comprehensive understanding of the materials.
Education
The website of Eightcap offers a variety of articles that cover the basics and more advanced topics in forex trading. The authors are from various backgrounds, so you’ll find some analysts writing on their own experiences. There is plenty of advice for other traders who want to learn how they trade stocks or funds, and how to incorporate MACD signals/Bollinger bands. There are even articles specifically geared towards explaining risk management techniques used by successful investors.
Customer Support
Customer support is available 24 hours, 5 days a week in multiple languages, so you can get help whenever it is convenient for your schedule. Whether contacting via email or chat session, Eightcap will make sure that they are there to answer all of the questions regarding their products and services.
Customer support is the backbone of any company. If you need help with your platform, question a trade execution, or have any administration issues – contact Eightcap’s team virtually anytime through email (English), phone, or live chat on their website.
Testing Customer Support
When using the live chat icon on Eightcap’s homepage, it only took a few seconds for us to connect with an agent who answered our question quickly. They were also very knowledgeable about their product offerings and helpful throughout. The website offers assistance in different languages and each has its dedicated page for customer service. The live agents spoken to via phone were also very helpful and detailed when explaining their products and services.
Thoughts and Takeaways
Eightcap has a user-friendly website and their customer service is excellent. They offer a wide range of products and services, which is perfect for any level of trader. Another plus is that they are available in multiple languages, so you can get help no matter where you are located. The only thing we would like to see improved is the research section of their website, as it could be more comprehensive with more multimedia resources.
The demo account is an important aspect of Eightcap because it allows traders to test the waters before they take their first dive into live trading. This way, they can get comfortable within a virtual environment and transition into real money more easily. The customer support is excellent and agents are very knowledgeable about the products and services offered by Eightcap. Overall, it was a positive experience using Eightcap and this site would recommend them to anyone looking for a reliable online broker.
FAQ
Is Eightcap a safe, trustworthy broker?
The Eightcap Group Ltd. is regulated by the Financial Conduct Authority (FCA). The Eightcap PTY Ltd. is governed by the Australian Securities and Investments Commission (ASIC). CySEC has authorized and regulated the Eightcap EU Ltd. A resounding yes.
What products and services does Eightcap offer?
Eightcap offers a variety of products and services including forex, CFDs, cryptocurrencies, indices, metals, and energies. They have a user-friendly platform (MetaTrader 4 and MetaTrader 5) that is perfect for any level of trader.
How do I contact Eightcap customer support?
You can contact Eightcap customer support via email, phone, or live chat on their website. They are available 24/5 in multiple languages so that you can get help whenever it is convenient for your schedule.
What are the advantages of using Eightcap?
Some of the advantages of using Eightcap include their user-friendly platform, a wide range of products and services, and excellent customer support. Additionally, they offer a demo account so that you can test out the platform before committing to real trading.
Do I need to have a minimum amount to open an account with Eightcap?
Yes, the minimum amount to open an account with Eightcap is just $100. This is perfect for those who are just starting and do not want to risk a lot of money.
Is Eightcap available in my country?
Eightcap is available in most countries around the world. However, there are a few exceptions such as the United States, North Korea, and Iran. If you are unsure whether or not Eightcap is available in your country, you can contact their customer support for more information.
