Eightcap Review: They Are Global Forex and CFD Broker

Eightcap is a global Forex and CFD broker. Users have access to the MT4 and MT5 platforms as well as more than 1000 financial instruments with favorable trading conditions. You may determine whether or not you want to sign up for Eightcap using this review.

Customer service, available accounts, and trading instruments, as well as benefits and drawbacks, are all covered.

Who Are Eightcap Brokers?

In 2009, Eightcap was established with its headquarters in Melbourne, Australia. Joel Murphy serves as the company’s CEO, and it is subject to regulation by top-tier regulatory agencies.

With offices all around the world, Eightcap offers a sizable, multilingual customer support staff. With zero-pip spreads and access to top-tier liquidity, ultrafast execution is possible.

Along with wire transfers and debit cards, the brokerage also accepts free deposits and payments using well-known e-wallets.

Pros and Cons of Eightcap Broker

Pros

There are various benefits to investing with Eightcap, including:

• Available on MT4 and MT5
• Positive customer feedback
• Quick client service
• TradingView charts
• Unlimited withdrawals
• Regulated by ASIC

Cons

The following are drawbacks of trading with Eightcap:

• Demo account with a time limit; nevertheless, it is possible to seek an extension.
• No promotions or bonuses.
• There is no way to filter content in educational resources by expertise level.

Eightcap Broker Quick Overview

Since 2009, Eightcap has provided services to retail traders and now has multiple offices worldwide. With monitoring from top-tier regulatory authorities, the trading conditions are secure and reliable.

Eightcap may be right for you if you’re looking to trade with a broker who offers excellent customer service and reasonable trading fees.

A wide variety of markets, including those for currency, equities, indices, commodities, and cryptocurrencies, are available for trading. The sheer number of cryptocurrency CFDs available may astonish many people, especially cryptocurrency enthusiasts.

How Do They Keep You Safe at Eightcap?

Eightcap controls four firms, three of which are subject to tier 1 regulators and one of which is to a tier 3 regulator that offers fewer protections.

Regulations for Eighcap:

• Financial Conduct Authority (FCA), a tier 1 regulator, has authorized and overseen Eightcap Group Ltd.
• Australian Securities and Investments Commission (ASIC), a tier 1 regulator, has authorized and overseen Eightcap PTY Ltd.
• Cyprus Securities and Exchange Commission (CySEC), a tier 1 regulator, has authorized and overseen Eightcap EU Ltd.
• The Securities Commission of the Bahamas (SCB), a tier 3 regulator, has authorized and overseen Eightcap Global Limited.

As an investor, the regulatory protections and safeguards you have in place are essential. It’s important to understand how your investment is protected, how the brokerage is defending you, and whether you’ll receive reimbursement if the broker fails.

To avoid being taken advantage of by shady brokers and exchanges, it is always advised to trade with a regulated Forex broker.

All traders should steer clear of the following well-known scam brokers:

SagaTrade: SagaTrade asserts that it is a trustworthy broker, yet it provides no evidence to back up this claim. This is a perfect example of a dishonest broker.

TriumphFX: TriumphFX is one of the scam brokers despite having an offshore operation in Vanuatu and a registered branch there. Unfortunately, this leads to many investors believing they are working with a licensed broker when they are not.

Kiplar: Based in St. Vincent & the Grenadines, Kiplar LTD is a dubious brokerage firm. This is a red flag that this broker shouldn’t be trusted because St. Vincent and the Grenadines lack any financial regulations.

What Are The Trading Instruments Available at Eightcap?

Eightcap keeps its asset selection well-balanced and keeps growing it, living up to its claim of being a multi-asset broker.

Eightcap customers may trade on:

• Currencies ( EURUSD, GBPJPY, AUDNZD, CADJPY, USDCHF)
• Commodities (XAUUSD, XAGUSD, XPTUSD, XZNUSD)
• Cryptocurrency CFDs (BTCUSD, BTCAUD, LTCGBP, SOLUSD)
• Index CFDs (ASX200, US30, FRA40, SPX500, JPN225)
• Share CFDs (NASDAQ, NYSE)

Due to Eightcap’s limited asset management in MT4, traders must utilize the MT5 trading platform to access all of these trading instruments.

What Are The Account Types Offered by Eightcap?

Almost every factor of your trading will be influenced by the account you open. The best account for your purposes should have the correct fees, tradable instruments, and platforms, which can vary between accounts.

Eightcap offers three different account types: a demo account and 2 types of live accounts.

Live Accounts

A “Raw Account” and a “Standard Account” are both offered by Eightcap. These two are fundamentally different from one another in terms of pricing. While the standard account charges a spread, the raw account imposes a commission per trade.

For the raw account, the commission per trade is $3.50.

Demo Account

On the broker’s website, Eightcap allows users to sign up for a free demo account. The same trading settings as a  live account are available to users, which include the same pricing feed.

This account is perfect for new or seasoned traders who are developing and practicing a trading style.

Demo accounts have a default duration of 30 days, although this can be prolonged upon request.

What Trading Platforms Can You Use at Eightcap?

Both desktop and mobile trading platforms—MT4 and MT5—are provided by Eightcap. In comparison to the smartphone app, the desktop version has more functions.

The MT4 and MT5 share a similar overall appearance, however, the latter includes extra functionality.

You must then download the appropriate software from Windows, Mac, the App Store, and the Google Play store, depending on the platform you select.

While both have mobile and desktop versions, only MetaTrader 5 includes a web version.

What is The Minimum Deposit at Eightcap?

For both of the available account types at EightCap, the minimum deposit is $100. Additionally, EightCap does not impose any internal fees for deposits or withdrawals; nevertheless, you should be aware that payments from banks outside of Australia may incur additional fees, which are entirely your responsibility.

At Eightcap, deposits as well as the majority of withdrawal options—including e-wallet options—are free. However, only major currencies can be used as the account base currency.

Eightcap Education and Resources Options

A large number of brokers offer an extensive library of learning and research materials. The educational content provided by Eightcap includes a large range of written materials but just a small number of educational videos. However, this data is not organized as a course. Additionally, the website’s English version is the only one with access to the education page.

Eightcap provides market research on a page where it discusses the trading day. News about CFDs, Forex, and market updates are separated into sections on the page. These analyses are presented in text and video formats. Overall, this site’s content is of decent quality.

There is room for development, like increasing the number of instructive videos and classifying articles according to expertise level.

Customer Support

Although it is frequently underrated by traders, customer support could be a lifesaving feature in an emergency.

Eightcap provides a variety of customer service options, including phone, email, and live chat. For most individuals, the quickest way to get in touch with someone is through the live chat feature of Eightcap.

The live chat option has the advantage of having a quick response time and not introducing you to a chatbot.