It can be challenging for buyers of all levels to find their way around the vast number of choices available in digital trading. Eightcap stands out in this crowded field because it offers powerful features and easy-to-use customer service. This article continues a deep look at Eightcap by examining its different account types, how well it follows regulatory rules and the other trading products it provides.
To provide readers with a complete picture, we aim to provide a fair evaluation of Eightcap that highlights its advantages and drawbacks. The goal of this study is to find out if Eightcap meets the needs of current traders by looking at everything from the platform’s features to how well its customer service works.
Eightcap: Overview
Established: 2009
Headquarters: Australia
Trading Platforms: MetaTrader 4,
MetaTrader 5, TradingView
Mobile Trading: Yes
Minimum Deposit: $100
Account Types: Raw, Standard, TradingView
Eightcap was founded in 2009, and it has headquarters in Melbourne. Eightcap has established itself as a formidable player in the online trading world. It offers a broad spectrum of trading instruments like forex, commodities, and cryptocurrencies. Renowned for its regulatory compliance, the platform is licensed by notable authorities, including ASIC and CySEC, ensuring a secure trading environment.
Eightcap stands out for its user-friendly interface and commitment to customer satisfaction, continuously integrating advanced technologies to cater to traders’ evolving needs. The platform is designed to be accessible to beginners and seasoned traders, offering comprehensive educational resources and efficient trade execution.
Eightcap is a blend of innovation, security, and user-focused features, making it a go-to choice for diverse trading needs.
Regulation and Registration
Eightcap Pty Ltd, an Australian online financial trading company, offers forex and CFDs trading through MetaTrader 4 and 5. It’s regulated in Australia by the ASIC (AFSL 391441), in the UK by the FCA (FRN 921296), in the EU by Cyprus’ CySEC (license 246/14), and in The Bahamas by the SCB (SIA-F220). Its main office is in Melbourne, with additional registrations in London and Limassol.
Account Types of Eightcap
Raw Account
- Minimum Deposit: $100
- Spread: As low as 0.0 pips
- Commission: 3.5 AUD, USD, NZD, SGD, CAD | 2.25 GBP | 2.75 EUR per standard lot
- Maximum Trade Size: 100 lots
- Instruments: Over 800 instruments, forex CFDs focus
Standard Account
- Minimum Deposit: $100
- Spread: Starting from 1.0 pips
- Commission: None (excluding shares)
- Maximum Trade Size: 100 lots
- Instruments: Over 800 instruments
TradingView Account
- Minimum Deposit: $100
- Spread: Starting from 1.0 pips
- Commission: None (excluding shares)
- Maximum Trade Size: 100 lots
- Instruments: Over 800 instruments
Deposit and Withdrawal
Eightcap offers a range of deposit and withdrawal methods, including Mastercard, Visa, PayPal, Wire Transfer, and various digital wallets like Skrill and Neteller, covering significant currencies such as AUD, USD, GBP, EUR, and more. Most deposits are instant and free of internal fees, while withdrawals typically take 1-5 business days, with no internal fees but varying limits.
Transactions must come from an account or card in the client’s name, and third-party payments are not accepted. For crypto transactions, the wallet address for deposits and withdrawals must match.
Deposits are possible 24/7, and internal account transfers are instant. No interest is paid on funds, and it’s recommended to use the account’s base currency to avoid additional costs.
Products in Eightcap
- Forex
- Commodities
- Cryptocurrencies
- Indices
- Shares
Trading Platform of Eightcap
- TradingView
- MetaTrader 5
- MetaTrader 4
Fees of Eightcap
Eightcap has no fees for trading in forex or CFDs, though overnight positions might attract additional charges. These fees are detailed on their all instruments list page and depend on the chosen instrument. The company provides two primary account options: the raw account, which operates on a commission model, and the Standard account, which relies solely on spreads.
The average spread in the raw account stands at 0.06 pips, and when including the $3.50 trade commission, the total cost approximates about 0.76 pips. It is slightly lower than the usual industry rate of 0.8 pips. It’s important to note that both accounts are subject to various fees.
Eightcap Promotions
Clients can negotiate a tailored sign-up bonus with their personal account managers at Eightcap. The specifics of this bonus, including the percentage or amount, are not publicly disclosed as they vary based on each client’s unique offer.
Customer Support
- Email: [email protected] for general customer service queries for Australia region, and [email protected] for global support, including Asia, Europe, LATAM, and Canada region.
- Live chat: 24/5
- Phone: +61 3 8375 9700, +61 3 8373 4800
Pros & Cons
Pros
- Low forex fees.
- Fast account opening.
- Wide range of crypto CFDs.
- MetaTrader platform availability.
- Strong regulatory compliance.
- Multiple jurisdictions.
Cons
- Limited CFD and forex pair options.
- MetaTrader region limitation
- Basic research and education tools.
- No round-the-clock support.
Pros Explained
- Low forex fees: Attracts traders for cost-effective trading, especially in forex markets.
- Fast account opening: Streamlines the process for traders to quickly start trading.
- Wide range of crypto CFDs: Offers a diverse portfolio of cryptocurrency contracts for difference, allowing traders to speculate on crypto price movements without owning the asset.
- MetaTrader platform availability: Utilizes popular and user-friendly MetaTrader platforms, which are familiar to many traders and offer various tools and features.
- Strong regulatory compliance: Regulated by multiple jurisdictions (like SCB, ASIC, FCA, CySEC), ensuring reliability, safety, and trustworthiness in trading operations.
Cons Explained
- Limited CFD and forex pair options: Offers a smaller selection of CFD symbols and forex pairs, which might limit trading opportunities for some traders.
- MetaTrader region limitation: Limits client’s platform choices, UK clients don’t have access to the popular MetaTrader platforms.
- Basic research and education tools: Provides relatively basic research and educational content, so the platform may not meet the needs of traders seeking comprehensive learning and analysis tools.
- No round-the-clock support: Limits accessibility to customer support could inconvenience traders across different time zones or cause them to need off-hours assistance.
Is Eightcap Worth Considering?
Eightcap is a viable option for traders due to its substantial regulatory compliance, diverse trading instruments, and user-friendly technology. The platform’s adherence to standards set by ASIC and CySEC offers traders a secure environment. Its wide range of offerings, including forex and cryptocurrencies, caters to various trading styles.
Additionally, Eightcap’s commitment to technology and customer support enhances the overall trading experience, making it suitable for beginners and seasoned traders. This combination of security, variety, and user-centric features makes Eightcap a noteworthy choice in online trading.
FAQs
Eightcap is a renowned online trading platform established in 2009 that offers diverse instruments like forex, commodities, and cryptocurrencies. The platform is famous for its user-friendly design and robust regulatory compliance.
Eightcap adheres to stringent financial standards regulated by authorities like ASIC and CySEC, providing a secure and transparent trading environment.
Eightcap supports popular trading platforms, including MetaTrader 4, MetaTrader 5, and TradingView, catering to various trading preferences and strategies.
Yes, Eightcap offers trading in various cryptocurrencies, allowing investors to diversify their portfolios in the digital currency space.
Fees at Eightcap vary by account type and include competitive spreads and occasional commissions tailored to different trading activities.
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