This is a review of Eightcap, an ASIC- and VFSC-regulated broker, This review is an insight into Eightcap’s background, available CFDs, trading conditions, account types, and other information covering Eightcap’s operations.
Eightcap is an award-winning CFD broker* with a presence on the world’s best-known MetaTrader 4 platform, where traders can harness its rich tool for market analysis. Eightcap is authorised and regulated in multiple jurisdictions. Eightcap Pty Ltd is regulated by ASIC, and Eightcap Global Ltd is regulated by VFSC. The broker has also gained the trust of its users by winning Best Global Forex MT4 Broker at *the Global Forex Awards 2020.
|General Risk Warning: 74-89% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.|
Basic Information about Eightcap
- Website address: https://www.Eightcap.com/
- Available Assets (CFDs): Forex (45), Cryptocurrencies (5), Indices (11), Shares (258) and Commodities (5). Total of 324 assets. s
- Minimum deposit: £/€/$ 100
- Demo account: Yes $100,000 demo funds available, renewable
- Available deposit and withdrawal methods: Credit/Debit Card, POLi Payment, Bank/Wire Transfer, Fasapay, BPAY, UnionPay, Skrill, Neteller and Local Bank methods for Malaysia
- Number of offices worldwide: 5 (Australia, United Kingdom, Bulgaria, Cyprus and Thailand)
Eightcap Trading Platform
Eightcap is present on the MT4 and MT5 trading platforms and on WebTrader. Traders can choose any of the trading platforms for desktop or mobile. They can also enjoy 30 and 80 pre-installed trading indicators on the MT4 and MT5 platforms respectively; monitor trading in 9 different timeframes, and trade over 300 CFD tools while enjoying competitively low spreads.
Assets Tradable with Eightcap Broker
Eightcap supports trading in over 300 CFD instruments in Forex, stocks, indices, cryptocurrencies and commodities. Commonly traded CFD instruments on Eightcap include:
- Forex: At Eightcap, you can trade over 40 different currency pairs, including major and minor currencies. The most traded currency pairs on Eightcap include EUR/USD, USD/JPY, USD/CHF, AUD/USD, GBP/USD, etc.
- Commodities: Eightcap offers its clients the commonly brokered commodities, which are Gold, Silver and Crude Oil.
- Indices: The indices you can trade with Eightcap, include eight of the world’s most popular indices from equity markets across four continents. Examples of indices you can trade include Dow Jones, FRA40, GER30, UK100, AUS200, EUSTX50, JPN225, SPX500, NDX100, and HK50.
- Shares: Eightcap offers over 250 American and Australian share CFDs, including Apple, Accenture, Adobe, Disney, Exxon Mobil, Oracle, etc.
- Cryptocurrencies: Eightcap supports speculation on 5 cryptocurrencies, including the world’s most popular cryptocurrency Bitcoin.
Eightcap charges trading fees as spreads. It is one of the brokerage platforms with very low spreads. You can find out more about Eightcap’s updated spread rate on their website. Spread charges vary with account type and assets traded. EUR/USD is the most commonly traded currency pair on Eightcap. It has a spread of 1.0 to 1.8 pips when trading with a Standard Account and 0.0 to 1.0 pips when trading with a Raw Account.
Eightcap Trading Account Types
Account types available at Eightcap are the Raw Account and Standard Account. The Standard Account can be accessed by anyone but is favoured by novice traders. Opening an account is an easy process that requires you to fill out a simple application form and provide verification documents. It normally takes a day for an account to be verified. Once this has been done, the client can then fund their account and begin trading.
Eightcap’s Raw Account offers spreads from 0.0pips, compared to the Standard Account. However, traders are charged commission fees of $3.50 per standard lot traded.
There are no marked differences between the Standard and Raw Account except for differences in spread and commission charges. There is no commission charged when using the Standard Account to trade, and spreads on this account start from 0.5 pips.
Similarities between the Standard and Raw Account
- Minimum Deposit: $100 for first Deposit.
- Trading lot size: 0.01 – 100
- Trading margin: 80%
- Stop out Level: 50%
- Base currencies: AUD, USD, EUR, GBP, NZD, CAD, and SGD
- Scalping: yes
- Expert advisors: Yes
- Hedging: Yes (For VFSC clients)
A critical factor to Eightcap winning the 2020 best MT4 Forex Broker award is the rich customer support experience traders enjoy. Its support team is available 24/7 to help its clients resolve issues, answer questions, inquiries, and complaints. Also, its FAQ page provides solutions and answers to numerous issues and queries. You can reach Eightcap via:
Phone: +62383759700, +61383734800
Email: [email protected], [email protected]
Online Chat: you can click the link on Eightcap’s website to start an online chat with a member of the customer support team
Multilingual support: English, Chinese, Thai, Indonesian, Arabic, French, Portuguese, Spanish, Italian, German and Vietnamese.
Is Eightcap A Scam?
Eightcap is not a scam. Eightcap is licensed and regulated by ASIC (AFSL no. 391441) and VFSC (FDL no. 40377). Further information can be found on ASIC’s official register and VFSC’s official register. Reading our trader reviews and other popular trading related websites and forums may help you stay informed.
Summing Up Eightcap Review
Eightcap is an Australian-born brokerage company strictly regulated by ASIC and VFSC. It offers traders very low spreads across multiple CFDs, along with trading indicators for accurate market forecasts on the MT4, MT5, and WebTrader platforms.
74-89% of retail CFD accounts lose money
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