Eightcap, a leading CFD broker, has been serving retail traders since 2009. With headquarters in Melbourne, Australia, Eightcap has expanded its reach to five offices worldwide. This review delves into the broker's offerings, regulatory compliance, and overall user experience.
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Eightcap's platform offers a competitive edge in terms of the range of trading platforms and tools it supports, but it falls short in market research and educational offerings compared to some competitors.
However, its lower fees and access to more markets and products compared to unregulated brokers make it an attractive choice for traders.
1. Safety and Regulation
(Rating : 9/10)
Eightcap is regulated by the Australian Securities and Investment Commission (ASIC), the Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC), and the Securities Commission of The Bahamas (SCB).
These regulatory bodies ensure that the broker adheres to strict financial and operational standards, providing a secure trading environment for its clients
2. Account Types & Execution
(Rating : 9/10)
Eightcap offers two account types: Raw and Standard. Raw accounts cater to experienced traders and offer tight spreads with a commission per trade. Standard accounts are more suitable for beginners and offer slightly wider spreads without commissions
Standard - The minimum deposit is $100, spreads are standard from 1 pips, and there is no fee. However, there are more than 800 trading instruments and all options are available.
Raw - The minimum deposit is $100, raw spreads start from 0 pips, plus a $3.5 fee per lot, and all options and instruments are available.
Both accounts at Eightcap come with a minimum deposit of $100, rendering them accessible to a wide range of traders and presenting a more budget-friendly entry point. Each account also supports trade sizes ranging from 0.01 to 100 lots.
Demo - This account type provides traders with a virtual currency, but trading is carried out according to real quotes, taking into account the current market features. It is only available for 30 days. You will have to create a new Demo account after that. However, there are no minimum number(s) of demo account creation.
3. Commission & Fees
(Rating : 8.5/10)
Eightcap has a competitive fee structure, offering tight spreads starting from 0 pips on major forex pairs with the RAW account and low commission fees of $3.50 per standard lot per side for forex trades.
It's also avoids major non-trading fees, with no account maintenance charges and generally free deposits and withdrawals, though swap rates apply for overnight positions.
Standard - Spread(min value) $10
Raw - Spread(min value) $1
Spreads and trading fees are important but are not the only part of financial costs, such as withdrawal fees, if any. Eightcap does not charge withdrawal fees, however, those can be charged (and, as a rule, are charged) by other parties involved in the withdrawal process, such as banks, crypto wallets, or online transfer systems. Traders must account for “extras” in advance, so as not to be surprised by additional write-offs later.
4. Trading Platforms & Tools
(Rating : 8/10)
Eightcap supports the full MetaTrader platform suite (MT4 and MT5), TradingView, and third-party tools like BK Crypto Crusher and Capitalise.ai. These platforms provide advanced charting capabilities, technical indicators, and drawing tools, enhancing the trading experience for users
Minimum Deposit
$100
Trading Platforms
MT4, MT5, Tradingview
Account Currencies
USD, EUR, GBP, CAD, AUD, NZD, SGD
Instruments
Forex, CFDs, Stocks, Indices, Commodities, Crypto
Payment Options
Skrill, Visa, UnionPay, Credit Card, Debit Card, Neteller, Wire Transfer, BPay, Paypal, Cryptocurrency, Dragonpay, PIX
Eightcap offers a range of unique tools on its platform to enhance the trading experience for its users. These tools include:
Capitalise.ai Integration
Eightcap provides automated trading capabilities through integration with Capitalise.ai. This tool allows traders to automate their trading orders without the need for coding knowledge, streamlining the trading process and potentially improving efficiency
CryptoCrusher
Eightcap offers the CryptoCrusher tool in partnership with BKForex. This tool assists traders in filtering the most liquid crypto instruments and identifying optimal trade opportunities. It provides valuable insights and trade ideas in the cryptocurrency market, aiding traders in making informed decisions
Acuity's AI Economic Calendar
Eightcap clients have access to Acuity's AI Economic Calendar, which provides trading insights with price projections. This tool can be valuable for traders looking to stay informed about economic events and their potential impact on the markets, helping them make more informed trading decisions
Tradingview
Eightcap offers the TradingView platform, which allows traders to access real-time prices, monitor accounts, enable chat and push notifications, and create and manage charts. This platform provides a user-friendly interface for traders to analyze markets and execute trades efficiently
These unique tools provided by Eightcap contribute to a comprehensive trading experience, offering automation, market insights, economic event tracking, personalized customer support, and advanced charting capabilities to cater to the diverse needs of traders.
5. Customer Support
(Rating : 9.7/10)
Eightcap offers top-level support. It ranks exceptionally well among traders, with a user-friendly interface and dedicated customer support. The minimum deposit is $100, and the broker offers a demo account for new traders. The application process is straightforward, and account verification is mandatory to comply with AML stipulations
Eightcap assigns each client a direct contact person after the account verification process. This personal contact is available to assist traders with any issues or concerns they may have, offering support in various languages. While they cannot provide direct trading advice, they are available to discuss account-related matters and trading ideas, enhancing the overall customer experience
They are available 24 hours a day in 24 languages, but only on weekdays. All major communication channels, such as email, live chat, and call center are available. You can even chat with them via whatsapp for any urgent matters.
Summary Review of Eightcap
Eightcap, is founded in 2009, boasts a robust technological infrastructure that translates to benefits for traders. This is evident in the swift order execution speeds, typically under 50 milliseconds. Additionally, Eightcap leverages virtual dedicated servers to enhance platform performance.
For traders requiring even more control, server rentals are available at competitive rates, a unique feature not widely offered by brokers.
Beyond the technical aspects, Eightcap provides innovative solutions like Capitalise.ai, a powerful analytical tool that empowers users to automate trades, potentially reducing risks. They also distinguish themselves with a one-of-a-kind economic calendar.
This calendar integrates with a self-learning system that prioritizes the most impactful events for traders, filtering data by region and timeframe to deliver a more focused view.
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