- Is EightCap safe or a scam?
- Trading Platform
- Deposits and Withdrawals conditions with a minimum deposit and withdrawal fee
What is EightCap?
EightCap is an Australian incorporated brokerage company, which brings a transparent pricing model since 2009 through low rates of variable spreads with quotes that are coming from numerous leading banks or institutions and performed via technological solutions through Equinix servers.
Generally speaking, EightCap performs a global operation not only through reputable Australia headquarter but with the operation of regional offices in Shanghai also.
Apart from the offering to the retail clients, the broker also brings technological advantages and premium service to corporate members, institutional clients, and money managers.
10 Points Summary
|🖥 Platforms||MT4, MT5|
|📉 Instruments||Currencies, oil, gold, silver, global indices and 6 Cryptocurrencies|
|💰 EUR/USD Spread||0.8 pips|
|🎮 Demo Account||Provided|
|💳 Minimum deposit||100$|
|💰 Base currencies||USD, AUD|
|📚 Education||Analysis and research|
|☎ Customer Support||24/5|
Since broker approaches simplicity in trading and bringing an opportunity to trade chosen, the most popular instruments, with access to a rapid execution and low institutional spread, while all accompanied by the best in the industry platform MT4 and of course with the fair relationship between the trader and broker.
The marker range includes access to over 60+ trading instruments that include most major and minor currencies, oil, gold, silver, global indices and 6 Cryptocurrencies.
Going deeper into a promised competitive offering, the broker indeed brings nice costs with the typical spread for EUR/USD standard 0.8-1.2 pips and raw spread of 0.0-0.3 pips, or with a spread for metals XAU/USD 20-30 cents.
Is EightCap safe or a scam?
In addition to technological development, EightCap also recognizes the importance of embracing a strict regulatory or compliance culture. Which is done by holding a reputable license and follow of regulatory restrictions set by the Australian Securities and Investments Commission (‘ASIC’), recognized world authority which regulated Forex and trading industry.
Therefore, as a regulated entity, EightCap meets the highest standard of corporate governance, financial reporting, and disclosure. All retail client funds are kept separately from business funds in segregated bank accounts with AA-rated banking institution.
Furthermore, EightCap undertakes additional protection by the professional indemnity insurance policy which all in all brings you a clear state of mind and trustable cooperation.
The broker uses only MetaTrader4 as a platform and its newer version MT5, since its numerous advanced features and tools bring a perfect combination to the technological execution capacity. The proprietary developed platform is available for desktop along with Mobile apps with the same capabilities to view prices in real time, to monitor or access an account, as well enhanced by traders chat and push notifications.
MT4 provides all the necessary tools and resources that are essential for successful trading, with a range of indicators, and strategies to use.
Furthermore, the EightCap offers an AutoTrading solution through the industry known myfxbook, which brings an account mirroring service with allowance to connect to professional traders from the social and copy trading community. This platform enables to track, compare, analyze and share trading activities directly into your trading account. In order to be able to use the platform, the account must have a minimum balance of 1,000$.
Of course, there is a lot to consider while selecting a trading account, thus through EighCap 2 account types, there is an offer of a simple choice, either trade with Standard conditions with no complications all built into a spread or through Raw Account with spreads from 0.0 pips and commission for professional traders.
What is more, all trading styles are accepted, with no restrictions to use EAs or other strategies, also with flexible lot sizing and high leverage options. Regardless of the account type all traders will have the same professional conditions to trade, as well as support from the company for any requirement.
EightCap spreads as mentioned earlier designed at the account you use, while Standard account offers slightly higher spreads with no commissions and Raw account allows enjoying interbank spread but with commission per trade.
For instance, see below a comparison of the spread offering, as well you may compare EightCap fees to another popular broker ThinkMarket.
Also, always consider overnight fee as a cost, also referred to as Rollover rate, an interest for holding positions open overnight in foreign exchange trading. It is determined by the overnight interest rate and is a differential between two involved currencies and affected whether the position is a buy ‘long’ or sell ‘short’.
|Asset/ Pair||EightCap Standard Spread|
|Crude Oil WTI||4|
One of the great features of Forex trading is an allowance to use leverage, which may increase your potential gains timely. However and in order to help traders in minimizing risks, which of course requires you to study well how to use leverage smartly, EightCap also has specific leverage restrictions according to the trading size you operate.
Therefore, as you see EightCap being an Australian brokerage still allows high leverage ratios up to 1:500 for Forex instruments bringing vast of opportunities specifically for retail traders.
Methods of Payment
The number of payment methods to fund the trading account which allows you to transfer from Demo trading to Live one including instant deposits through Visa/MasterCard, Skrill, POLi Payment, fasapay, Avodapay, China UnionPay and Bank Wire Transfers.
While you may choose at your convenience a base account currency either AUD, USD, GBP, EUR, NZD, CAD and SGD, the deposits and withdrawals will be respectively made in the same currency as the base of trading account.
As for the minimum deposit amount both accounts require only 100$ as a start, which is a fantastic opportunity for the beginning traders or seasoned once as well.
What is amazing also, EightCap does not charge any internal fees for deposits or withdrawals, yet you should note that payments from non-Australia banks may be subject to bank fees and is solely your responsibility.
EighCap review presented a trusted and regulated trading service provider which is the first and actually crucial point in managing trading risks. The business model of EighCap is built on simple trading without making choices complicated or confusing, yet providing exceptional conditions.
Their main offering is the technological solution of execution trough powerful servers with centralized integration, competitive pricing provided by leading institutions and access through the powerful features of popular platform MT4 along with accounts suited for various strategies.
The initial deposit to start is also an easy amount of 100$, while the only gap is deep learning materials which the company does not provide, however, their support centers are showing great performance and solely considered as a con.
And of course, we would be glad to know your personal opinion about EightCap, share your experience or refer to us for some additional information on the comment area below.
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