Eightcap Review – Is Eightcap Scam or Satisfactory as a Broker?
Eightcap review
Eightcap has been active since 2009 and has established its headquarters in Australia, along with other regional offices around the world. Its main aim is to provide easy and a personalized trading experience. There is a good amount of research included regarding the MT4 platform which may come in handy for newer traders.
It is regulated by ASIC which is an authority recognized around the world. Therefore, it meets the high standards that are set for online brokers. All clients retail funds are kept in segregated accounts, separate from business funds. Eightcap’s offshore branches can serve clients from all over the world. Even though it is not advised to trade with offshore brokers, Eightcap has a good reputation and follows ASIC’s reputable license.
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Trading instruments
At Eightcap, you can have access to 1000-plus financial instruments for trading. These include oil, gold, silver, cryptocurrency, shares etc. Just recently, Eightcap expanded its stock CFD range and added NYSE Share, German Share CFDs, LSE Share CFDs, ASX Share CFDs, and more. Along with that, the typical spread for EUR/USD pair is at a standard of 1:0 pips, and the raw spread is 0:0 pips, which are excellent offerings.
Account types
Eightcap offers 2 types of accounts. You can simply make an account and trade with Standard conditions, where there are no complications and everything is pre-built into a spread, or you can make a Raw account that has spreads from 0:0 pips and a commission for professional traders. This broker accepts all trading styles and both account users have access to customer support and flexible lots.
Fees
If you make a standard account, the spreads will be pre-made. Overnight fee, also known as rollover rate, is considered and it varies depending on the overnight rate and the two currencies being used. There is no deposit or withdrawal fee that is applied. However, there is an inactivity fee and the fee ranking is comparatively low.
Spreads
When it comes to spreads, they are just slightly higher for users of the Standard account. While the raw account does offer an interbank spread, there is a commission per trader. A typical EUR/USD spread is 0.8 pips, and the gold spread is 4 pips, both amounts lower than several other brokers.
Trading platforms
Eightcap can be used on MetaTrader4 or MetaTrader5. The MT5 platform is newer and has several advanced features and tools. Clients can access Eightcap through the mobile app or desktop. Both of these platforms have the same features and are able to view prices in real time, and enable chat and push notifications. MT4 also provides a range of strategies and indicators, which are crucial for successful trading. To add to that, users can easily automate their trades even if they don’t have any prior coding knowledge.
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Methods of payment
You can instantly deposit funds from your demo account to your live account through visa/mastercard, skrill, POLi Payment, Neteller, China Union Play, ad Wire Bank Transfers. You are free to choose your base account and currency, but the deposits and withdrawals will be made in the same currency as your trading account.
Deposits and withdrawals
The minimum deposit for Eightcap is $100 for users of both accounts, while most other brokers charge $500. While non-Australian banks may require a bank fee, the broker does not charge you a separate fee for depositing or withdrawing funds. To withdraw, you can choose between bank transfers, debit cards, and ewallets and there is also no withdrawal fee.
Customer Support
Eightcap has a responsible team of customer services that will be available to answer any queries you may have. The company offers support for any requirements. Users of both accounts will have equal access to this team to ensure a better trading experience.
Conclusion
Eightcap continues to function as a trusted and well-regulated broker that provides simple trading without excessively making the processes too technical or complicated. It offers a wide range of instruments, accounts, and reasonable fee charges. Even though there is no education center at Eightcap, the customer service team is always happy to answer any questions with relevance.
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