Eightcap Review 2023 Update: Surprisingly Decent Fx Broker

eightcap review

Our in-house research confirms an excellent Eightcap user experience. A responsive customer service team stands by to assist, which is helpful for traders from countries with verification issues or a less-established system to source the necessary documents. Traders should consider the pros and cons of the Eightcap mobile trading platform before downloading them.

The spread amount varies between coins, and clients can find this information on their dedicated cryptocurrency page. Eightcap offers the full MetaTrader platform suite, alongside several tools from third-party providers, including BK Crpto Crusheror clients that deposit at least $500. https://forexhero.info/ It also supports integration with Capitalise.ai, allowing algorithmic trading within your MetaTrader 4 (MT4) account. With a variety of extra features that enhance the standard MetaTrader experience, Eightcap has inched closer towards offering what the best MetaTrader brokers provide.

You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. This globally recognised authority regulates the forex and trading industry. Eightcap serves another business that serves global customers from its offshore location in the Bahamas. The system allows real-time management, with the ability to quickly and easily add or withdraw funds without interrupting existing positions or affecting trading activity.

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Because the platform provides an entire development environment for creating and optimising your own EA, you may create your successful trading strategy. You can also purchase custom applications from professional programmers using the freelance service. The large amount of technical information provided in one window makes Metatrader 4 the favourite software for advanced traders. The data can be adjusted to the trader’s preferences with windows that can be reorganised and changed in the interface. Besides this, there is a wide range of technical indicators and overlays. Bank wire transfer is one of the best ways to deposit and withdraw funds on Eightcap.

MetaTrader 5 includes fundamental analysis, which monitors various economic and industrial indicators. The platform sports news reports from worldwide news agencies as well as an economic calendar. MetaTrader’s mobile trading platform is available on your smartphone or tablet running Android or iOS.

The content is good quality and offers beginners trading ideas, while seasoned traders get a quality and well-presented read. Traders must use the MT5 trading platform to get access to all these trading instruments, as Eightcap maintains fewer assets in MT4. Eightcap is an ideal cryptocurrency CFD broker with market-leading trading tools delivering a distinct advantage.

Users have access to 5,000,000 in virtual funds and the same trading conditions as a real-money account, including the same price feed. Eightcap is a multi-regulated FX and CFD broker offering MT4 and MT5. The brand provides award winning trading platforms, zero commissions, free education and low spreads. This is another area in which I think the broker does very well.

I want to trade options, are they available at Eightcap?

This selection is based on objective factors such as products offered, client profile, fee structure, etc. In the sections below, you will find the most relevant fees of Eightcap for each asset class. For example, in the case of forex and stock index trading the most important fees are spreads, commissions and financing rates. If you observe Islamic Sharia law, Eightcap has a Swap Free (sometimes called Islamic account) which means no overnight fees. However, you will need to pay an admin fee if you keep your position open for a certain amount of time. To use this account, you need to contact Eightcap customer service and request this account.

It’s worth noting that Eightcap‘s stated average spread statistics did not include a date range. Furthermore, Eightcap‘s clients can trade 8 of the most popular indices in the world, allowing them to profit (or lose) from activity in equity markets around the world. With equity markets on 4 continents represented, traders can trade nearly 24 hours a day, 5 days a week. The customer support on Eightcap is fantastic because they provide detailed and fast responses.

I've been trading for a while and I…

It is a quick and hassle-free way to get connected to the financial markets. Overall, I think that this is a solid and reputable broker that can be suitable for traders of all experience levels and trading styles. You get access to trade in a regulated environment with no eightcap review hassle and all of the tools that you need at your disposal. There are a few additional tools provided to help you with your trading. That being said, the provided platforms are packed with an abundance of built-in tools that should be more than enough for most of you.

Eightcap also offers more cryptocurrency pairs than nearly every other broker we reviewed – a feature it launched in 2021. Eightcap offers two account types across its global entities, including those in Australia, Vanuatu and the Bahamas. The commissions and fees you pay will depend on whether you choose the commission-based Raw account or the spread-only Standard account. You can only deposit and withdraw money from accounts that are in your name. Eightcap users can also transfer money between their trading accounts in a matter of seconds, as needed via their client dashboard. MetaTrader 5 builds on the basic features of its predecessor with the principal focus of letting traders access markets outside the forex sphere (think US equity markets and stock markets).

eightcap review

However, after factoring in the per-side commission of $3.50 per trade, the all-in cost amounts to roughly 0.76 pips – coming in just under the industry average of 0.8 pips. As well as providing Eightcap users with the option to automate their trades code-free, clients are also given access to regular webinars held by Capitalise.ai. At the webinars, clients will learn more about the tool and how to use it to enhance their trading strategy. The broker offers fundamental articles under the learn section of its website. This is updated weekly to educate traders on strategy, risk, economic indicators, asset information, and trading psychology. We recommend Eightcap for forex traders who prefer the metatrader platform.

Am I and My Cryptocurrency Protected?

Eightcap provides extensions once requested via customer support, making this account ideal for beginners or experienced traders who create and test trading strategies. It has served retail traders since 2009 and has expanded to five offices worldwide. The trading environment is secure and trustworthy, with oversight by ASIC in Australia and multiple regulatory bodies elsewhere.

  • To use this account, you need to contact Eightcap customer service and request this account.
  • While the costs with the standard account are slightly higher compared to the Raw account, if you keep your trades small, then the difference is not significant.
  • Just go to 'Settings' within the app, and under 'Interface' you can switch between languages at any time.
  • They allow scalping, hedging and the use of expert advisors (EAs) which automates forex/CFD trading.
  • Eightcap serves another business that serves global customers from its offshore location in the Bahamas.

Eightcap gives you a choice between opening a standard trading account or a raw account. While two account types don’t sound like a lot, it’s really all you need to start trading — they both have similar functionalities but offer different charging structures. To be specific, the Standard account has higher spreads but doesn’t charge a commission when trading, whereas the Raw account has a lower spread and charges $3.5 for each lot traded. The two account types are quite accessible given that the broker’s minimum deposit requirement is low – at $100. And with 7 base currencies available, traders can benefit from more favorable conversion rates based on the types of instruments they plan to trade the most.

Algorithmic trading is unsupported in all three Eightcap mobile apps. Trading with a regulated broker will limit the potential for fraud and malpractice. I always recommend traders check for regulation and verify it with the regulator by checking the provided license with their database.

The dedicated news section on financial updates promotes financial awareness and enables traders to make informed trading decisions. Live webinars are conducted worldwide to guide and spread valuable opinions on trading. Traders can benefit from them by registering themselves before a certain period. Eightcap provides a smooth, code-free automated trading experience to all traders, including non-technical traders, by using Capitalise.ai.

Each year, we collect thousands of data points and publish tens of thousands of words of research. Eightcap is a safe, legitimate and regulated FX and derivatives broker that is an excellent choice for Australian traders. With a wide array of investment instruments, including 400+ CFDs and over 250+ different cryptocurrencies, it is easy to see why Eightcap deserves the awards it has received. You can build your automated codes without knowing any programming knowledge.

As well as powerful analysis features, TradingView is one of the world’s biggest social investing networks. With more than 30 million monthly users and active social media forums, investors can swap ideas and discuss strategies and markets. Details of the margin call process can be found on the broker’s website. Clients can also amend their leverage limits by contacting the broker’s support team.

eightcap review

The broker aims to process withdrawals within 24 business hours. All payment methods except for bank wires are free of transaction charges. Eightcap also offers instant 24 hour deposit processing, except for wire transfers, BPAY and PayRetailers, which can take up to 3 days. Rates, terms, products and services on third-party websites are subject to change without notice.

Moreover, they have SSL encryption, making it harder to steal your information. Also, users can enhance protection by enabling 2-step authentication. Select ‘Create Account’ from the top right-hand corner of the broker’s website to register. You will be required to fill out a short form before going through five additional steps to personalize your account and verify your identity. To ensure client data protection, Eightcap is fully compliant with the Privacy Act 1988, the Australian Privacy Principles (APPs), and the General Data Protection Regulation (GDPR).

The MT4 mobile app is available on Android, iOS, and Huawei devices, and traders must download it from their respective stores for free. Following the initial launch, traders should find Eightcap easily via the search bar. Traders should consider the pros and cons of the Eightcap web trading platforms before using them.

  • Yes, a demo account can be set up from the main page on the website.
  • Other than this, Eightcap doesn’t charge any fees for its products.
  • This means traders in Australia will never see their account balance will not go into negative.

Not to mention, you can get thousands of add-ons to further improve the platform capabilities. I do think the broker could benefit from adding Autochartist or Trading Central. Both of these are excellent tools for conducting automated market analysis.

The traders can enjoy a one-of-a-kind, automatic, and straightforward approach to creating and executing trading strategies using free-form text. With the blessing of Captalise.ai, the traders can execute their trading strategies automatically. The broker offers a wide range of deposit/withdrawal options to the trader. A trader can choose wire transfers, credit/debit cards, electronic transfers and cryptocurrencies to fund/withdraw the account. Besides this, third party payments like PayPal are also offered. Traders can open accounts and deposit funds in the base currencies, including GBP, EUR, NZD, AUD, USD, CAD and SGD.