Eightcap Information
Eightcap is a popular online forex and CFDs broker that offers access to trade various financial markets. The broker was founded in 2009 in Melbourne, Australia, and has since expanded its presence to other regions such as Europe, Asia, and the Middle East. Eightcap prides itself on providing a user-friendly trading experience, robust trading platforms, and competitive trading conditions for its clients.
The broker offers a wide range of financial instruments to trade, including 800+CFDs on forex, commodities, indexes, shares, and cryptos. Clients can access these markets through the popular trading platforms, MetaTrader 4, MetaTrader 5, and TradingView. The broker also offers three types of account types to suit the individual needs of its clients, including Standard, Raw and TradingView, with the minimum deposit requirement of $100.
Pros and Cons
Eightcap is a global forex and CFD broker offering many features and benefits that make it an attractive choice for traders of all levels. One of the primary advantages of Eightcap is its range of trading instruments, including 800+ CFDs on forex, commodities, indexes, shares, and cryptos. This diversity allows traders to take advantage of a wide range of market opportunities and build diversified portfolios.
In addition to its broad range of trading instruments, Eightcap also offers competitive trading conditions, such as tight spreads and low commissions, which can help traders maximize their profits. The broker also provides access to multiple trading platforms, including MetaTrader 4 and 5, as well as TradingView.
While there are many benefits to trading with Eightcap, there are also some drawbacks to consider. One of these is the limited selection of educational resources, which may be a disadvantage for novice traders. Additionally, the broker does not currently offer social trading options and 24/7 customer support.
Is Eightcap Legit?
Yes, Eightcap is considered a legitimate broker, regulated by reputable financial authorities including ASIC (Australia), FCA (UK), CySEC (Cyprus), and SCB (Bahamas). These regulatory bodies impose strict rules and regulations on the broker to ensure they operate in a fair and transparent manner, thereby providing traders with a safe and secure trading environment.
EIGHTCAP PTY LTD, its Australian entity, is authorized and regulated by the Australia Securities & Investment Commission (ASIC) under the regulatory license number 391441.
Eightcap Group Ltd, its UK entity, is authorized and regulated by the Financial Conduct Authority (FCA) under the regulatory license number of 921296.
Eightcap EU Ltd, is regulated by the Cyprus Securities and Exchange Commission (CYSEC) under license no. 246/14.
Eightcap Global Limited, the international entity, is authorized and offshore regulated by the Security Commission of the Bamas (SCB) under the regulatory license number of SIA-F220.
Market Instruments
EightCap offers 800+ CFDs on forex, commodities, indexes, shares, and cryptos.
Account Types/Fees
Live Accounts: EightCap offers three types of accounts at EightCap: Raw, Standard and TradingView accounts. All require a moderate minimum deposit of 100 USD, which is quite friendly for beginners.
Their most relevant differences consist in the spreads, the raw account has a lower spread. Standard and TradingView accounts offers a commission-free trading environment, yet compensated by wider spreads, while Raw accounts offers raw spreads, accompanied by additional commissions.
Demo Accounts
Aside from two types of live trading accounts, Eightcap offers a 30-day demo account for traders who want to practice and test their trading strategies without risking real money.
The demo account is free and is designed to simulate real market conditions, allowing traders to get a feel for the platform and instruments before they start trading with a live account.
The demo account is funded with virtual money and offers access to the same features as the live account, including a range of instruments and trading platforms.
Leverage
The maximum leverage is determined by the regulator; the maximum ASIC leverage is only 1:30, but the Bahamas SCB allows a leverage of 1:500. However, other trading conditions may vary accordingly and you can decide for yourself.
High leverage is ideal for active traders and scalpers, as it presents greater trading flexibility in general, which directly impacts profitability, but new users are advised to operate with caution with such large leverage.
Trading Platforms
Eightcap offers multiple trading platforms, including the popular MetaTrader 4, MetaTrader 5, and Tradingview. These platforms are known for their user-friendly interface and advanced charting tools.
With the MetaTrader platforms, Eightcap offers a range of customizable features, including the ability to use custom indicators and expert advisors. These platforms also provide access to real-time market data and allow traders to execute trades quickly and efficiently. Traders can also use the platforms to set up automated trading strategies, which can be particularly useful for those who want to trade around the clock.
EightCap's TradingView leverages 15+ customizable chart types, including Kagi, Renko, and Point & Figure. Organize up to 8 synchronized charts per tab and utilize 90+ smart drawing tools for comprehensive analysis.
Deposit and Withdrawal
Eightcap offers a variety of deposit and withdrawal methods, such as MasterCard, Visa, PayPal, Wire Transfer, BPAY, Skrill, Neteller, etc. (vary on the region). You can find more detailed info in the table below:
Conclusion
In conclusion, Eightcap seems like a solid choice for traders looking for a reliable broker with a wide range of instruments, competitive pricing, and user-friendly platforms. Their customer support is also top-notch, with various ways to get in touch and a comprehensive FAQ section. While their educational resources may not be as extensive as some other brokers, they still provide useful tools and market analysis to help traders stay informed. The only potential downside is the lack of proprietary trading platforms, but with MT4, MT5, and TradingView available, there's still plenty of options to choose from.
FAQs
Is Eightcap regulated?
Yes, Eightcap is regulated by ASIC, FCA, CySEC, and SCB (Offshore).
What trading platforms does Eightcap offer?
Eightcap offers MetaTrader 4 (MT4), MetaTrader 5 (MT5), and TradingView.
What are the minimum deposit requirements for Eightcap?
The minimum deposit requirement for all account types is $100.
What is the maximum leverage available at Eightcap?
Up to 1:500.
Can I open a demo account with Eightcap?
Yes, Eightcap offers a 30-day demo account that allows traders to practice their trading strategies without risking real money.
What financial instruments can I trade at Eightcap?
You can trade 800+ CFDs on forex, commodities, indexes, shares, and cryptos.
Risk Warning
Online trading carries substantial risk, potentially leading to the total loss of invested funds. It may not be appropriate for all traders or investors. It's crucial to fully comprehend the associated risks before engaging in trading activities.
FX1138568943
Thailand
Unable to withdraw funds, clicking withdraw brings up this pop-up window
Exposure
08-01
王
Hong Kong
Commission not given
Exposure
04-01
FX2130856531
Hong Kong
I placed a short order at 2618, and the transaction volumes shown on TradingView were between 18 and 13.5 for that order level, with the third image showing second-by-second transaction volumes. My order at 2618 did not execute, instead it was placed at the lowest point, leaving no room to break even. I later contacted customer service, who stated that the order was normal and there were no anomalies. This type of slippage happens too frequently, and customer service mentioned they would change liquidity providers in the future. However, they do not take responsibility for the losses. Be cautious with Eightcap.
Exposure
2024-12-09
FX1320478930
Thailand
After trading for 5 months, the money was received quickly. I have recommended this program to my friends and hope for continuous platform improvements.
Positive
07-07
Nicolas Navarro
Argentina
Eightcap is a broker highly valued by most of its users, standing out mainly for its competitive conditions for trading, especially for the FOREX and cryptocurrency markets.
Positive
06-11
AlfredoRomero
Argentina
Combining top-tier regulation, tight spreads starting from 0 pips, MT4/MT5/TradingView platforms, codeless automation, segregated funds, and commission-free withdrawals: ideal for demanding traders.
Positive
06-10
暴富4213
Hong Kong
Slippage of 7 USD, 7 pips, communicated with customer service, they said it is normal and no compensation will be given.
Exposure
2024-10-31
小狼
Hong Kong
When I started the agency, it was not clearly stated that failing to meet agency conditions would prevent withdrawals, and the fees were also added by myself. Now when I want to make a withdrawal, after splitting with the client, the withdrawal is denied, stating I do not meet the conditions. Why wasn't this made clear from the beginning? Moreover, there was no mention that withdrawals wouldn’t be allowed when I added the spread. It was only mentioned when I submitted the withdrawal request.
Exposure
2024-10-10
海阔天空3766
Hong Kong
On Eightcap, I lost hundreds of thousands of yuan, and you deceive people like this. The take-profit I set did not take profit, but the stop-loss was triggered.
Exposure
2024-10-08
Tomorrow17412
United States
I really like the website, but there is one thing I would like to include, I would like it to have its own pip calculator, but your website deserves 4 stars.
Positive
2024-08-27
Kkk2033
Hong Kong
I applied for withdrawal on July 27th, but the platform has not processed it until today. After multiple email inquiries, they only replied that it has been forwarded to the relevant department.
Exposure
2024-08-08
My Panda Team
Cyprus
Today, July 25, 2024, Eightcap.com had a Spread of +190 points on the GBPUSD Pair, which is one of the main ones in Forex, and therefore the Spread is usually low, but on top of that it was a PRO account, which It is the account they offer with 0 Spread. That caused a margin close out on my account, leaving the account at 15.19 EUR from a deposit of 1500 EUR. They have totally failed to fulfill their commitment to offering quality service.
Exposure
2024-07-25
曾满仓
Hong Kong
Customer services are not responding to messages and there have been no withdrawals. Reports indicate that there have been IT interruptions affecting major institutions in Australia and around the world. Eightcap is currently experiencing network interruptions as a result. We apologize for any inconvenience caused and will contact you with more information when available. What's going on?
Exposure
2024-08-22
Cilyder
Australia
I'm a customer of eight cap Australia. Great customer service. My account manager was calling me regularly to make sure I'm happy with everything. Even followed up a few months after I signed up to make sure everything was going smoothly.
Positive
2024-07-09
Cilyder
Australia
I'm a customer of eight cap Australia. Great customer service. My account manager was calling me regularly to make sure I'm happy with everything. Even followed up a few months after I signed up to make sure everything was going smoothly.
Positive
2024-07-09
ttrade诈骗公司
Hong Kong
Malicious slippage on gold is not resolved, I advise everyone not to use this black platform anymore. I will file a complaint with the China Securities Regulatory Commission. Slippage of several tens of pips in one instance.
Exposure
2024-07-08
ttrade诈骗公司
Hong Kong
Malicious slippage caused the account to be liquidated, and no one handled it. Previously, it would slip three or four pips, but now it's directly more than ten pips to liquidate the account. Return my principal.
Exposure
2024-07-06
FX1834399031
France
Good broker with good spreads but not suitable for scalping. I am a member of Angelite trading which uses VT and it is also very good.
Positive
2024-06-07
逍遥还活着
Hong Kong
An account review has taken 7 days without any updates. When I contact customer service, they just tell me to wait or ask me to send an email. After sending an email, the only response I get is still just to wait. If even applying for an account is an issue, then how can I be assured of the safety of my funds? The customer service is just passing the buck.
Exposure
2024-07-05
forest1
Australia
Trading with Eightcap? It's been a solid choice. Super low spreads make a real difference in my trading expenses, and the TradingView features are top-notch for spotting the best moves. They've got these webinars and AI insights that genuinely help me stay ahead.
Positive
2024-06-04