Eightcap

Eightcap, a globally recognized online trading platform, has positioned itself as an accessible and innovative solution. In this detailed review, we’ll explore key aspects of Eightcap, including account types, available products and assets, and pricing structures.

Introduction to Eightcap

Founded in 2009, Eightcap has evolved into a reputable online brokerage serving clients globally. The platform aims to provide a user-friendly and transparent trading experience, catering to both novice and experienced traders. With a diverse range of products and assets, Eightcap offers a comprehensive platform for traders looking to start their trading journey.

Regulatory Compliance

Ensuring regulatory compliance is a key consideration before you can entrust your funds to a brokerage. Eightcap is regulated by the Australian Securities and Investments Commission (ASIC), which helped to instill our confidence in their commitment to transparency and adherence to regulatory standards.

Eightcap is also regulated by:

• SCB (Securities Commission of The Bahamas)
• FCA (Financial Conduct Authority)
• ASIC (Australian Securities and Investments Commission)
• CySEC (Cyprus Securities Exchange Commission)
• VFSC (Vanuatu Financial Services Commission)

The broker also has high-profile sponsorship deals with the Australian F1 driver Daniel Ricciardo, which has helped cement Eightcap as a prominent financial services company. We think that the broker’s positive reviews also back up their image as a customer-focussed broker, with helpful support staff.

Is Eightcap a Scam?

No. EightCap is not a scam. We were able to open a live account with the broker, test out their features, and eventually withdrew the money with no hiccups. Moreover, Eightcap is regulated by several regulatory bodies, including FCA in the UK and ASIC in Australia.

Account Types

Eightcap recognizes that traders have diverse needs, and it offers multiple account types to accommodate varying preferences. Eightcap is a CFD broker, meaning that they offer a range of contracts for difference on different assets.

Standard Account: This account is suitable for beginners and offers a straightforward trading experience with competitive spreads.

Raw Account: Geared towards more experienced traders, the Raw Account provides ultra-low spreads from liquidity providers, with a commission per lot traded.

Professional Account: Tailored for experienced and professional traders, this account type provides additional features, including higher leverage.

Demo Account: Many traders like to have a demo account to try out a broker before they commit their money in a live account. Eightcap offers a demo account for both MT4 and MT5 platforms for users looking to gain experience trading or practice a new strategy.

Products and Assets

Eightcap provides a diverse array of products and assets, allowing traders to explore different markets and investment opportunities. However, compared to other platforms, the choice of assets is quite limited, though the popular instruments are well covered.

Forex (FX) Pairs: Eightcap offers a wide range of currency pairs, including major, minor, and exotic pairs. This enables traders to engage in the dynamic forex market.

Indices: Access to global indices allows traders to speculate on the performance of major stock markets worldwide.

Commodities: Eightcap provides opportunities to trade commodities such as gold, silver, oil, and other precious metals and energies.

Cryptocurrencies: Traders interested in the burgeoning cryptocurrency market can access popular digital assets like Bitcoin, Ethereum, and more.

Pricing Structure

As experienced traders can attest, understanding the pricing structure is crucial for those mindful of their trading costs. Eightcap employs a transparent and competitive pricing model:

Spreads: The Standard Account offers competitive spreads, while the Raw Account provides raw spreads directly from liquidity providers. The spreads vary depending on market conditions and the chosen account type.

Commissions: The Raw Account incurs a commission per lot traded. This commission-based model can be cost-effective for traders with higher trading volumes.

Swap Rates: If you end up holding CFD positions overnight, you may encounter swap rates. You should be aware of these rates, as they can impact the overall cost of holding positions.

Deposits and Withdrawals

Eightcap offers a good selection of payment methods to make deposits and withdrawals on your account.

• Credit/Debit Card
• Bank Wire
• POLi Payment
• China UnionPay (uPOP)
• Skrill
• Neteller
• BPAY®
• Cryptocurrencies
• PayPal
• Worldpay
• Fasapay
• PSP (Virtual Account)

The broker provides a diverse range of payment methods to suit the requirements of different traders worldwide.

Leverage

Eightcap provides leverage options for eligible traders, allowing them to amplify their trading positions. The leverage available depends on the account type and the financial instrument being traded. You should always use leverage responsibly and understand the associated risks.

The leverage available can go to as high as 500:1, though what you get will largely depend on your jurisdiction. For example, with the EU account we opened for this review, we found out that EU clients can only get a leverage of up to 30:1.

You can start trading with as low as 0.01 lots, which is 1,000 units of the base currency, on all forex pairs. The minimum for the other markets will vary. For example, the minimum for trading stocks is 1 share for companies on the biggest exchanges, but can be higher for less liquid markets.

Trading Platforms

Eightcap has a wide range of comprehensive trading platforms, including MT4, MT5, and TradingView. All these give you access to a whole list of financial assets to trade on, including 800+ financial products and 250+ cryptocurrency CFDs.

TradingView: TradingView is often regarded as the world’s most popular charting platform, with tens of millions of users internationally. Eightcap allows traders to connect to their TradingView accounts. This gives you access to extensive fundamental trading data, a community of traders sharing strategies and insights, as well as in-depth market analysis tools.

MT4: Eightcap provides the popular MetaTrader 4 (MT4) platform, known for its user-friendly interface, advanced charting tools, and support for automated trading through Expert Advisors (EAs). MT4’s versatility makes it suitable for both beginners and experienced traders, offering a seamless trading experience.

MT5: Eightcap also supports MT5, which is a feature-rich and more advanced platform, with a fully customizable trading interface and a smooth trading experience. MT5 generally offers most of the features of MT4, but with more technical indicators and chart timeframes.

Educational Resources

We like that Eightcap provides its clients with news, commentary, market analysis, and insights to keep you up to date and informed on your trading. The following are it’s key educational resources to help you with your trading:

Market News & Analysis: This provides an in-depth analysis of the different financial instruments, with detailed reports done by professional market analysts. These offer opinions and perspectives on technical and fundamental analysis, and are designed to help you make informed decisions.

Webinars: Live webinars covering various aspects of trading, from fundamental analysis to technical strategies. In these webinars, you can learn from market professionals and learn new strategies. The webinars often cover topics such as trading techniques, market trends, and how to use trading tools effectively.

Educational Articles: Comprehensive articles covering topics such as risk management, market analysis, and trading psychology are available to help you enhance your skills and knowledge. There are articles on a myriad of topics including understanding the market fundamentals, new trading strategies, and more.

Customer Support

Effective customer support is essential for anyone navigating the complexities of the financial markets. We found Eightcap to offer great customer support through various channels, including live chat, email, and phone. Responsive and knowledgeable customer support can contribute to a positive trading experience.

Final Thoughts

We think that Eightcap has positioned itself well as an accessible and innovative platform for traders worldwide. With a range of account types, a diverse set of tradable assets, and a competitive pricing structure, Eightcap offers a comprehensive solution for those looking to embark on their trading journey.

If you’re looking for a user-friendly platform with educational support, regulatory compliance, and a global reach, Eightcap stands out as a broker that aligns with such goals. However, just as with any other investment decision, you should conduct thorough research, stay informed about market trends, and utilize the available educational resources to enhance your trading skills to ensure great results. Good luck!