Eightcap Review

A CFD and forex broker is Eightcap. Users can easily trade more than 250 financial items thanks to the availability of the MT4 and MT5 trading platforms, as well as two competitive accounts. The company is headquartered in Melbourne, Australia, and was established in 2009. With offices all over the world and a sizable multilingual customer service team with locations in the UK, Bulgaria, China, and Thailand, among others, it is expanding quickly.

Trading platforms

MetaTrader 4

Online trading in currencies, indices, and commodities is made possible by the highly regarded MT4 platform. This is a fantastic all-around platform because of its cutting-edge UI, automated trading capabilities, and extensive charting package.

Features include:

• 9-time frames, 30 built-in indicators, 24 graphic objects
• Free trading robot and advisor access
• 4 types of pending orders, 3 types of order execution
• Real-time quotes in Market Watch

MetaTrader 5

The cutting-edge trading platform MT5 allows users to trade currencies, indices, stocks, commodities, and commodities. Customers gain from

• 21 timeframes, 38 technical indicators, 44 graphic objects
• Free trading robot and advisor access
• 6 types of pending orders, 4 types of order execution
• Financial news and the economic calendar
• Real-time quotes in Market Watch
• Offsetting and hedging

Assets

Clients can trade on:

• Currencies—Trade 40 major, minor, and exotic currency pairs.
• Stock CFDs: Trade over 500 of the most popular companies in the US and Australia.
• Trade 10 of the most popular indices with CFDs.
• Cryptocurrency CFDs-over 250 crypto pairs, cross pairs, and indices
• Commodities: Trading CFDs on Gold, Silver, and Oil

Spreads and commissions

Large currency pairs have spreads of 0 pip, while major indexes like the SPX500 have spreads of 0.5 pip. Oil spreads are roughly 1.0 pip, whereas spreads on gold, silver, and other commodities begin at 1.0 pip and 0.5 pip, respectively.

Spreads tend to expand during trading sessions with extraordinarily high volatility or during less liquid daily periods (as the day goes on). For overnight currency trading, swap rates and a $3.50 commission per standard lot will be applied.

Mobile app

The business provides a mobile app for both the MT4 and MT5 platforms, which are accessible on both iOS and Android smartphones. With the extra convenience of 24/7 access from anywhere, the app provides all the same functionality as the desktop platform.

Methods of replenishment and withdrawal of funds

Deposits

All transactions are completed through the client portal, and the broker provides several quick payment methods in 7 basic currencies:

• Bank transfer: 1-3 working days.
• Credit/Debit Card-Instant Deposit. No commission
• China UnionPay – Instant Deposit. No commission
• Skrill: 1-2 business days.
• Neteller-Instant Deposit. 
• BPAY—1-2 working days. 

Withdrawals

Users can withdraw profits for nothing by utilizing any of the aforementioned strategies after completing the request form through the Client Portal. Withdrawals should be processed by the broker within 24 business hours. Typically, processing takes two to five business days.

Demo Account

The broker’s website offers a demo account that can be set up. The same trading conditions, including price information, as on a real money account are available to users, along with unlimited access to virtual funds.

Please be aware that demo accounts are typically good for 30 days, but you can request an extension.

Regulation

The Australian Securities and Investments Commission (ASIC) and the Vanuatu Financial Services Commission (VFSC) both regulate the company independently to protect the interests of its clients (VFSC). The company also possesses an Australian Financial Services License (AFSL).

Account Types

Account types include:

• Standard-recommended for beginners
• Raw is recommended for experienced traders only.

Both account types have a $100 minimum deposit requirement, a 0.01 minimum trade size, and maximum leverage of 1:30 for Australian clients and 1:500 for clients from outside Australia.

The key distinction between these two accounts is that the standard account has no commission attached, but the raw commission is $3.50 per standard lot for each account. In addition, compared to Raw, the Standard Account includes 5 basic currencies.

Customer Service

The broker’s 24/5 multilingual support team can be reached at:

• +61 3 8373 4800 is the phone number.
• Customer Service: customerservice@eightcap.com
• Live Chat: The chat logo is located in the lower right corner of the website.

Keep up with the latest news on social media pages:

Facebook, Instagram, YouTube, and LinkedIn.

The Broker’s headquarters address is: Level 6, 360 Collins Street, Melbourne, VIC 3000, Australia.

Trader safety

Standard 128-bit Secure Sockets Layer (SSL) encryption is used to encrypt communications between the platform and client servers. When using the MetaTrader platforms, server authentication is also necessary.

The company complies fully with the General Data Protection Regulation, the Australian Privacy Principles (APPs), and the Privacy Act 1988 to help protect consumer data (GDPR).

Countries where Eightcap does not work,

The broker cannot accept traders from certain jurisdictions, including the US, New Zealand, and Japan.

Conclusion

The broker, a reputable CFD and FX broker with over ten years of experience, provides award-winning MT4 and MT5 platforms. Beginners and experienced traders alike can start trading with ease thanks to competitive spreads, quick customer assistance, and a demo account offer.