It is crucial to read the broker review before trading with the broker. You can find the Eightcap review in detail below. Eightcap is an FX & CFD broker with a global presence. The broker has been serving retail traders since it started in 2009 and has grown to 5 offices across the world. The trading environment is safe and protected, with ASIC in Australia and various authoritative organizations across the world keeping an eye on things. The broker also has a huge multilingual customer support staff headquartered in the United United Kingdom, Bulgaria, China, as well as Thailand. Traders Users buy and sell more than 250 financial products easily, using the MetaTrader 4 and MetaTrader 5 trading platforms, along with 2 competitive accounts.
Eightcap Review – Investment Options
Contents
Eightcap is mainly an FX broker, although it also offers a variety of CFDs. Among most of the offered categories, the broker’s asset range is limited, and it consistently falls short of its listed peers. It does, however, have a large cryptocurrency variety, as well as a large number of derivatives.
While the broker lags behind in its commodities, & index selections, where enough assets are provided for specialized trading strategies needing limited yet high liquidity assets, it keeps growing its equities CFD selection, which now stands at 660. Because Eightcap keeps fewer assets on MetaTrader 4, traders must employ the MetaTrader 5 trading platform to access all of these investment options. Going further into Eightcap’s advertised competitive offer, the broker does really provide great prices, with a normal EUR/USD spread of 1.0 pips and also a raw spread of 0.0 pips. Metals XAU/USD has a spread of 1.0 pips.
- 42 Currency Pairs
- 250+ Cryptocurrency Pairs
- 6 Commodities and Metals
- 11 Index CFDs
- 660 Equity CFDs
- 0 Bonds
- 0 ETFs
Eightcap Review – Account Options
Eightcap provides an uncomplicated choice between 2 account types: Standard, which has no complexity integrated into the spread, and Raw, which has spreads starting at 0.0 pips plus commission for advanced traders.
For starters, there is a 1-month demo account (which expires in 30 days) that allows traders to try out the firm’s services without taking any risks since it involves fake money. The demo account is designed for new and experienced traders who are developing and trying trading strategies.
The broker has two types of accounts: “Raw Account” & “Standard Account.” The price structure is the key distinction between the two. The first one charges a spread, whereas the second one charges a fee for every trade. The gap between the bid/ask prices is known as a spread. The second account’s commission is $3.50 for each transaction.
Eightcap Review – Platforms
Regarding desktop and mobile, the broker provides the MetaTrader 4 and MetaTrader 5 trading platforms. The desktop version of the platforms has more functionality than the mobile version.
The MetaTrader 4 and MetaTrader 5 are similar in appearance, however, the second one includes additional features. With a variety of indicators and tactics to employ, MetaTrader 4 gives all of the required instruments and resources for effective trading.
Customers of the broker will also have access to automated trading without having to know how to code. Eightcap customers will gain access to automation and analytic capabilities through capitalise.ai, featuring backtesting, loop techniques, smart alerts, and even more.
The MT5 web trading platform is available through Eightcap, but not the MT4 platform. The MetaTrader 5 platform is akin to MetaTrader 4 in that it is configurable and offers a larger number of order choices. Price notifications, though, are still unavailable, as is two-factor verification. Eightcap’s website makes it simple to access the web-based platform. It’s a simple and convenient method to access the markets.
Fees
Trading fees are quite minimal. There are only two account choices, each with its own pricing model. A $3.5 fee for each lot is charged on the Raw account, however, spreads can be as little as 0 pip. Major currency pairs such as the EUR/USD & GBP/USD, as with most brokers, have lesser spreads than minors and exotic pairings. Regarding the Standard account, the lowest stated spread for Fx is 1 pip. Nevertheless, the spreads that brokers promote are not always the same as the ones that they provide in the actual market. The spread is sometimes affected by market turbulence. Non-trading costs are minimal at Eightcap. There aren’t any deposit, account, or inactivity charges, which would be a positive thing since some brokers do impose these costs after a period of a couple of months with no trades.
The trader’s bank can impose a processing fee for overseas wire transfers, which will be transferred to the trader.
Security
EightCap is a minimal-risk broker thanks to stringent regulations enforced by a trustable permit and strict adherence to regulations set by the ASIC (Australian Securities and Investments Commission ), a globally recognized regulator that oversees the Forex and trading companies.
All retail customer assets are stored in separated bank accounts from company funds. Additionally, the broker provides extra security through professional indemnity insurance coverage, providing clients peace of mind. Between the platform and the customer servers, data is protected via industry-standard 128-bit SSL (Secure Sockets Layer) encryption.
Eightcap Review – Education
The broker does not offer a lot of instructional resources, like videos. However, it offers a free trial (demo) account along with some useful articles to browse, and also webinars through third-party sites. A trial account is an excellent approach to learn about Eightcap’s services. For instance, users may create a trial account on the desktop platform. The broker’s education category includes a wide range of topics, but new pieces are only released weekly instead of daily. The broker sends newsletter e-mails to its clients, such as BKForex, about upcoming webinars. Such webinars are excellent tools, assisting both newbie and expert traders with the fundamental knowledge and advanced investing strategies.
The Verdict
Eightcap is an MT4 and MT5 broker with minimal fx costs and a quick and simple account opening process. It’s also fantastic that deposits, as well as withdrawals, are free of charge, and the procedure is simple.
CFDs, FX, and cryptocurrencies, however, are the only items offered (for MetaTrader 5 customers). In addition, the research and instructional materials are insufficient.
For traders wanting a registered broker account with minimal forex costs in less than a day, consider Eightcap.
See also: Darwinex Review 2022 – Read Before You Trade With It
