Eightcap Review 2024
General Overview
Eightcap is a globally renowned forex and CFD broker, founded in 2009 and headquartered in Melbourne, Australia. The broker operates under strong regulatory oversight, holding licenses from top-tier financial authorities like the Australian Securities & Investments Commission (ASIC) and the Financial Conduct Authority (FCA) in the U.K. These regulations ensure a high level of trust and safety for traders. Eightcap provides access to popular trading platforms such as MetaTrader 4 (MT4) and MetaTrader 5 (MT5), both favored by traders for their advanced features and ease of use. In addition to forex, Eightcap offers a wide range of financial instruments, including indices, commodities, stocks, and cryptocurrencies, making it a versatile choice for traders of all levels. With competitive pricing, fast trade execution, and third-party tools like Capitalise.ai for algorithmic trading, Eightcap caters to a broad trading audience. However, the broker’s research and educational offerings could improve to better match industry-leading competitors.
Trust & Safety
Eightcap is considered a reliable and safe broker due to its regulatory framework. The broker is regulated by well-known authorities such as the Australian Securities & Investments Commission (ASIC) and the Financial Conduct Authority (FCA) in the U.K., ensuring adherence to stringent industry standards. Additionally, Eightcap is regulated by the Cyprus Securities and Exchange Commission (CySEC) in the European Union and the Securities Commission of the Bahamas (SCB), further expanding its global regulatory coverage. Although Eightcap is not publicly traded, the broker ensures the safety of client funds by keeping them in segregated accounts with reputable banks, providing additional security for traders.
Is Eightcap Regulated?
Yes, Eightcap is a fully regulated forex and CFD broker. It holds licenses from top-tier financial regulatory bodies, including the Australian Securities & Investments Commission (ASIC) and the Financial Conduct Authority (FCA) in the U.K. This ensures that Eightcap complies with strict financial standards, providing a secure and transparent trading environment. Additionally, the broker is regulated by the Cyprus Securities and Exchange Commission (CySEC) in the EU and the Securities Commission of the Bahamas (SCB), which further strengthens its global regulatory compliance.
Is Eightcap Safe?
Eightcap is considered a safe and trustworthy broker, thanks to its strong regulatory framework. The broker is licensed by major regulators, such as ASIC in Australia and the FCA in the U.K., ensuring compliance with strict industry standards. Client funds are held in segregated accounts with reputable banks, adding an extra layer of security. Moreover, Eightcap is regulated by CySEC in the European Union and the Securities Commission of the Bahamas (SCB). Although Eightcap is not publicly listed, its regulatory oversight and commitment to client protection make it a secure option for traders.
Fees
Eightcap offers a transparent and competitive fee structure that caters to different types of traders. For Standard accounts, there are no commissions, but spreads start from 1.0 pips, making it an ideal choice for beginner traders. For Raw accounts, spreads begin as low as 0.0 pips, with a commission of $3.50 per lot per side, making it more suitable for high-frequency and professional traders. Additionally, Eightcap does not charge any deposit or withdrawal fees, though third-party fees may apply depending on the payment method used. Overall, Eightcap’s flexible fee structure allows traders to choose an account that fits their needs, whether they are casual traders or professionals.
Eightcap Trading Fees
Eightcap offers competitive trading fees that vary depending on the account type. For Standard account holders, there are no commissions, and spreads start from 1.0 pips, making it a great option for beginners or casual traders. On the other hand, Raw account users benefit from spreads starting as low as 0.0 pips, paired with a $3.50 per lot per side commission, which is ideal for traders who prefer tighter spreads and can handle the associated commissions.
Eightcap Spreads
Eightcap provides competitive spread offerings depending on the account type. For Standard accounts, spreads begin at 1.0 pips with no commission, making it suitable for novice traders or those who prefer simple cost structures. For traders seeking tighter spreads, the Raw account offers spreads as low as 0.0 pips, with a $3.50 per lot per side commission. These competitive spreads, particularly on the Raw account, make Eightcap a solid option for traders seeking cost-effective trading solutions.
Eightcap Non-Trading Fees
Eightcap keeps non-trading fees to a minimum, contributing to its appeal as a low-cost broker. The broker does not charge any fees for deposits or withdrawals, which is a significant advantage compared to other brokers. There are also no inactivity fees, meaning traders will not be penalized for leaving their accounts dormant for extended periods. However, third-party fees may apply depending on the payment method chosen, such as fees imposed by banks or payment providers. Overall, Eightcap’s minimal non-trading fees make it a cost-efficient option for traders.
Trading Platforms
Eightcap offers a variety of trading platforms to cater to both beginner and advanced traders. The broker provides access to MetaTrader 4 (MT4) and MetaTrader 5 (MT5), two of the most popular platforms known for their advanced charting tools, algorithmic trading capabilities, and customizable interfaces. These platforms support automated trading and the use of Expert Advisors (EAs), making them suitable for a wide range of trading strategies. Eightcap also integrates with third-party tools like Capitalise.ai, allowing traders to automate strategies without the need for coding. With desktop, web, and mobile versions available, Eightcap ensures flexibility for traders on the move.
Eightcap MetaTrader 4
Eightcap provides access to the MetaTrader 4 (MT4) platform, which is favored by traders for its user-friendly interface and robust trading features. MT4 offers advanced charting tools, over 30 technical indicators, and support for automated trading using Expert Advisors (EAs). Available on desktop, web, and mobile, the MT4 platform ensures a seamless trading experience across devices. It is ideal for both beginner and experienced traders, providing fast execution and a wide range of order types.
Eightcap MetaTrader 5
Eightcap also offers MetaTrader 5 (MT5), an advanced trading platform designed for experienced traders. MT5 builds upon the features of MT4, offering more timeframes, additional order types, and a broader range of technical indicators for more in-depth market analysis. With support for multi-asset trading, including forex, commodities, indices, stocks, and cryptocurrencies, MT5 allows traders to diversify their portfolios more effectively. The platform is available on desktop, web, and mobile, providing flexibility for traders who require access to advanced trading tools on the go.
Eightcap Mobile Platform
Eightcap’s mobile trading platform, available through both MT4 and MT5, ensures traders can access the markets anytime, anywhere. The mobile apps offer real-time quotes, advanced charting, and the ability to execute trades with fast ECN execution. Traders can access a wide range of instruments, including forex, commodities, indices, and cryptocurrencies, all from their mobile devices. With customizable charting options and a user-friendly interface, Eightcap’s mobile platforms provide an excellent on-the-go trading experience.
Tradable Instruments
Eightcap offers an extensive range of tradable instruments, providing access to more than 40 forex pairs, including major, minor, and exotic currencies. Beyond forex, traders can also engage in commodities like gold, silver, and oil, as well as major indices such as the S&P 500 and NASDAQ. The broker also offers one of the largest selections of cryptocurrency pairs, as well as CFDs on stocks from major global markets. This broad selection allows traders to diversify their portfolios and explore multiple asset classes under one platform. Eightcap’s wide variety of instruments is ideal for traders looking to develop diversified trading strategies.
Forex
Eightcap provides an extensive selection of forex pairs, with over 40 options covering major, minor, and exotic currencies. Popular pairs like EUR/USD, GBP/USD, and AUD/USD are available, as well as more volatile exotic pairs, offering a range of opportunities for traders. With tight spreads and fast ECN execution, Eightcap ensures a seamless trading experience for both beginner and advanced forex traders. The broker also offers leverage of up to 1:500 for forex trading, making it a great option for traders who want to maximize their exposure to the forex market.
Commodities
Eightcap offers a solid selection of commodities for traders looking to diversify their portfolios. The broker provides access to key commodities like gold, silver, and crude oil, all of which are traded as Contracts for Difference (CFDs). This allows traders to speculate on price movements without owning the physical asset. With competitive spreads and fast execution, Eightcap is well-suited for traders who want to capitalize on volatility in the commodities market.
Indices
Eightcap provides traders access to major global indices, such as the S&P 500, NASDAQ, FTSE 100, and DAX 30. These indices are available as CFDs, allowing traders to speculate on the overall performance of a market without owning the underlying assets. Eightcap offers competitive spreads and fast ECN execution, making it an attractive option for traders looking to take advantage of global market movements. The broad range of indices offers traders the opportunity to diversify their strategies and gain exposure to multiple international markets.
Cryptocurrencies
Eightcap stands out for its extensive range of cryptocurrency CFDs, offering over 250 crypto pairs. Popular digital assets such as Bitcoin, Ethereum, Ripple, and Litecoin are available, along with several altcoins, making it one of the brokers with the most extensive crypto offerings. These assets are traded as CFDs, allowing traders to benefit from both rising and falling markets. With tight spreads and leverage options, Eightcap is a top choice for traders looking to tap into the volatility of cryptocurrency markets.
Account Types
Eightcap offers two main account types: the Standard Account and the Raw Account, catering to different trading needs. The Standard Account is designed for beginner traders and offers commission-free trading with spreads starting from 1.0 pips. The Raw Account is aimed at professional traders and provides spreads as low as 0.0 pips, with a competitive commission of $3.50 per lot per side. Both account types offer access to a wide range of instruments, including forex, commodities, indices, and cryptocurrencies. This flexible account structure ensures that traders can choose an account that fits their trading style and needs.
Standard Account
The Standard Account at Eightcap is ideal for beginners or casual traders who prefer a commission-free trading experience. With spreads starting from 1.0 pips, this account provides a simple and cost-effective way to trade forex, commodities, indices, and cryptocurrencies. Traders can use the advanced features of MetaTrader 4 and MetaTrader 5, including charting tools, technical indicators, and automated trading capabilities. The Standard Account is designed for those who want to trade with low upfront costs and a straightforward fee structure.
Raw Account
The Raw Account at Eightcap is tailored for professional traders or those looking for tighter spreads and lower trading costs. With spreads starting from 0.0 pips and a commission of $3.50 per lot per side, this account provides access to raw market pricing. The Raw Account supports trading on both MetaTrader 4 (MT4) and MetaTrader 5 (MT5), offering advanced charting tools, technical analysis, and algorithmic trading capabilities. This account is ideal for traders seeking precise pricing and cost-efficiency in their trades.
Customer Support
Eightcap provides responsive and reliable customer support, available 24/5 to assist traders via live chat, email, and phone. The support team is known for being efficient and helpful, ensuring that traders can quickly resolve any issues related to account setup, platform use, or trading. Additionally, Eightcap offers a comprehensive FAQ section on its website, providing answers to common questions. While the broker’s support is available during market hours, expanding to 24/7 support could further enhance its service, particularly for traders in different time zones.
Allowed Countries
Eightcap serves a global audience, offering its services to traders in multiple countries across Europe, Asia, Africa, and Australia. The broker is regulated by the Australian Securities & Investments Commission (ASIC) and the Financial Conduct Authority (FCA) in the U.K., ensuring compliance with stringent regulations. However, due to regulatory restrictions, Eightcap does not accept clients from certain regions, including the United States and Canada. Overall, Eightcap’s broad international reach makes it a popular choice for traders worldwide.
Education
Eightcap offers an expanding education hub, providing traders with valuable resources to improve their skills. The broker provides educational articles, videos, and webinars covering essential topics like trading strategies, market analysis, and risk management. Eightcap also offers archived webinars, such as the TraderFest series, which covers various aspects of trading. While the educational content is suitable for beginner and intermediate traders, the broker could expand its offerings to include more advanced content, quizzes, and progress-tracking tools for a more comprehensive learning experience.
Education
Eightcap does not frequently offer bonuses or promotions, focusing instead on providing transparent trading conditions. However, in the past, the broker has occasionally run promotional offers, such as deposit bonuses or trading credit incentives for new clients. Due to regulatory restrictions, particularly in Europe and Australia, promotions may not always be available in certain regions. Traders are encouraged to visit Eightcap’s website for updates on any available promotions, as they may vary by jurisdiction.
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