Eightcap Forex Broker

Overview of Eightcap

　　Eightcap is a financial trading platform founded in Australia in 2009 and regulated by the Australian Securities and Investment Commission (ASIC). Offering a wide range of trading instruments like Forex, Commodities, Indices, and Cryptocurrencies, the platform provides two types of accounts: Standard and Raw, with a minimum initial deposit of €100.

　　The maximum leverage can go up to 1:500, varying by region and trading instrument, and offers competitive spreads starting at 1.0 pips for the Standard account and 0.0 pips for the Raw account. Eightcap utilizes MetaTrader 4 and MetaTrader 5 trading platforms and provides multiple deposit and withdrawal options, including Credit/Debit Cards, Wire Transfers, and E-Wallets like Skrill and Neteller. Customer support is available 24/5 via Live Chat, Email, and Phone to assist traders.

Is Eightcap Legit or a Scam？

　　Eightcap is generally regarded as a legitimate and reputable broker, especially due to its regulation by well-known financial authorities like the Australian Securities and Investments Commission (ASIC). Regulation is one of the key indicators of a broker's reliability, as it means the broker has to adhere to strict rules and guidelines designed to protect the trader.

　　However, it's crucial to recognize that no investment is risk-free, and financial markets can be volatile. Therefore, while the company itself appears to be legitimate, traders should always exercise caution and perform their own due diligence.

Pros and Cons

　　Pros:

• 　　Regulated Broker: Being overseen by reputable financial authorities adds a layer of credibility and safety.

• 　　Wide Range of Financial Instruments: Eightcap offers access to a broad spectrum of markets, from forex and commodities to indices and cryptocurrencies.

• 　　User-friendly Platforms: The broker provides MetaTrader 4 and MetaTrader 5, which are known for their user-friendly interfaces and robust features.

• 　　Competitive Rates: With generally low spreads and commissions, Eightcap makes trading more cost-effective.

　　Cons:

• 　　Limited Educational Resources: For beginners, the lack of extensive educational material can be a significant drawback.

• 　　Geographic Limitations: Eightcap might not be available in all countries, making it inaccessible for some traders.

• 　　High Initial Deposit: Some specialized account types may require a significant initial investment, limiting accessibility for retail traders.

Market Instruments

　　Eightcap offers traders a diverse range of financial instruments, encompassing various asset classes. This includes dozens of forex pairs, featuring both major and exotic currencies. Traders can also speculate on commodities like oil, gold, and silver. Indices are another option, covering major global stock markets. Recently, the broker has also expanded into offering a range of cryptocurrencies. This wide array of instruments allows traders to diversify their portfolios and find opportunities across multiple markets.

Account Types

　　Eightcap generally provides two primary account types: Standard and Raw.

　　The Standard account offered by Eightcap is ideal for traders who prefer not to pay commissions on their trades. This account features spreads starting from 1.0 pips, allowing traders a reasonable cost structure. A notable advantage is the low minimum deposit requirement of €100, making it accessible for retail traders or beginners who may not want to commit large sums initially. The account supports a minimum trade size of 0.01, offering flexibility in trading volumes. Additionally, for traders interested in automating their strategies, Expert Advisors (EAs) are available on this account type.

　　The Raw account is designed for traders who seek tighter spreads and are willing to pay a commission for this benefit. Spreads on this account type start from as low as 0.0 pips, but a commission of $3.5 is charged. Like the Standard account, the minimum deposit requirement is also €100, making it equally accessible for most traders. The minimum trade size remains the same at 0.01, allowing for adaptable trading strategies. EAs are also available on the Raw account, providing the option for automated trading. This account is often preferred by more experienced traders who are looking for lower spreads and are comfortable with the commission-based cost structure.

How to Open an Account？

　　Opening an account with Eightcap is generally straightforward.

　　Step 1: Visit the Website

　　Go to the Eightcap website by typing this URL https://www.eightcap.eu/ into the search engine of your choice.

　　Step 2: Click “Open an Account”

　　Once on the Eightcap website, look for an option which says “Open an account”. This is usually prominently displayed on the front page of the website. Click on this option.

　　Step 3: Complete the Registration Form

　　Fill in the required details in the registration form such as full name, phone number, email, country of residence, and preferred trading platform.

　　Step 4: Verification Stage

　　You may need to verify your identity with a driver's license or passport, and prove address with a utility bill or bank statement. Follow the instructions on the Eightcap site to upload these documents.

　　Step 5: Deposit Funds

　　Once your application is approved, you will receive a confirmation email. You can now deposit funds into your trading account. The minimum amount required will depend on the account type.

Leverage

　　Eightcap offers a maximum leverage of 1:500, which is considered high by industry standards. This level of leverage allows traders to enter positions that are up to 500 times larger than their initial deposit. While high leverage can significantly amplify profits, it also comes with increased risks, including the potential to incur losses that exceed the initial investment.

　　Leverage varies by region and trading instrument, so it's crucial for traders to understand the specific leverage options available for the assets they intend to trade. Given the inherent risks associated with high leverage, Eightcap's provision of 1:500 leverage is best suited for experienced traders who have a thorough understanding of the markets and effective risk management strategies.

Spreads & Commissions

　　Eightcap offers two main types of trading accounts, each with its own fee structure: the Standard account and the Raw account. For traders using the Standard account, the spreads start from 1.0 pips, and there are no commission fees associated with trading. The minimum deposit for this account type is €100, and the minimum trade size is set at 0.01 lots. Expert Advisors (EAs) are also available for automated trading.

　　On the other hand, the Raw account offers spreads that start from as low as 0.0 pips, appealing to traders looking for tighter spreads. However, this comes at a cost of a $3.5 commission per trade. Like the Standard account, the Raw account also requires a minimum deposit of €100 and has a minimum trade size of 0.01 lots. EAs are also available for those interested in automated trading strategies.

　　Whether you prioritize lower spreads or zero commissions, Eightcap has an account type designed to meet your trading needs.

Trading Platform

　　Eightcap primarily offers the MetaTrader 4 and MetaTrader 5 platforms for trading. These platforms are highly popular among traders for their ease of use, customization options, and robust analytical tools. Both platforms support automated trading through Expert Advisors (EAs) and offer a variety of charting tools to assist in market analysis.

　　Moreover, they are available on multiple devices, including desktop, mobile, and tablets, providing traders with the flexibility to manage their trades from anywhere.

Deposit & Withdrawal

　　Eightcap offers a user-friendly and secure way to deposit funds into your trading account. You can choose from a range of payment methods including Credit/Debit Cards, Bank Wire, and Skrill, with the convenience of multiple base currencies like EUR, GBP, and USD. Deposits via Credit/Debit Cards are instant, while Bank Wire may take 2-7 days, and Skrill 1-2 business days. It's important that the name on your bank account or card matches the name on your Eightcap trading account.

　　Withdrawing your earnings is straightforward with Eightcap. Simply log into the Client Portal, choose 'Withdrawals,' select your trading account and the amount you wish to withdraw, and specify your preferred method for receiving the funds. Requests are generally processed within 24 business hours. There are no internal fees for either deposits or withdrawals, although some fees may be charged by your bank, particularly for international transactions. Make sure your identification documents are up-to-date to avoid any delays in processing.

Customer Support

　　Eightcap offers robust customer service options to cater to the needs of traders. Support is available 24/5, allowing for assistance almost any time the markets are open. Traders can reach out to the customer support team in several ways. For direct communication, the phone line is available at +357 25060006. Email support can also be utilized for less urgent concerns by sending queries to support@eightcap.eu.

　　If you prefer a face-to-face discussion or need to visit the office for any reason, their main office is situated at Aiolou & Panagiotis Diomidous 9Katholiki, 3020 Limassol, Cyprus. The combination of multiple contact avenues ensures that traders can receive timely and effective assistance for any trading-related issues or questions they may have.

Educational Resources

　　While Eightcap provides a range of tools and resources for trading, their educational content may be somewhat limited compared to other brokers. They usually offer basic educational materials, such as articles and video tutorials, that can help beginner traders get started. However, for traders looking for in-depth educational content, including webinars and advanced trading strategies, Eightcap might fall short.

Conclusion

　　In conclusion, Eightcap stands as a reputable and ASIC-regulated trading platform, offering a comprehensive suite of financial instruments and two versatile account types to cater to various trading needs. While it scores high in providing competitive spreads, multiple payment options, and robust trading platforms like MetaTrader 4 and MetaTrader 5, it does have room for improvement in its educational resources.

　　Overall, it serves as a viable option for both novice and experienced traders, although due diligence and risk assessment are recommended before engagement.

FAQs

　　Q: Is Eightcap regulated？

　　A: Yes, Eightcap is regulated by the Australian ASIC.

　　Q: What trading platforms does Eightcap offer？

　　A: Eightcap offers MetaTrader 4 and MetaTrader 5 platforms.

　　Q: What is the minimum deposit for Eightcap？

　　A: The minimum deposit is €100 for both account types.

　　Q: Does Eightcap provide customer support？

　　A: Yes, 24/5 customer support via chat, email, and phone.

　　Q: What types of trading accounts are available？

　　A: Eightcap offers Standard and Raw accounts for trading.