EightCap Founded in 2009 in the bustling city of Melbourne, EightCap has swiftly become a standout in the financial services industry by offering an exceptional trading experience. With access to over 800 financial instruments, including Forex, indices, commodities, and shares, It empowers traders to make informed decisions with ease. The platform's integration with TradingView and its award-winning customer service, highlighted by accolades like the Global Forex Broker of the Year 2023, make it a top choice for both novice and seasoned traders.
Starting Off with an Introduction to Eightcap
Eightcap is an online CFD and forex broker that provides a user-friendly trading platform for both beginner and experienced traders. Founded in 2009 and headquartered in Melbourne, Australia, Eightcap has grown to serve clients in over 100 countries worldwide.
The broker offers access to a wide range of markets including forex, indices, commodities, shares, and cryptocurrencies. It aims to deliver a seamless trading experience through its advanced trading platforms, competitive spreads, fast execution speeds, and exceptional customer support.
| Key feature | Details |
|---|---|
| Regulations | ASIC (Australia), FCA (United Kingdom), CySEC (Cyprus), SCB (Bahamas) |
| Supported Languages | English, French, Indonesian, Portuguese, Thai, Arabic, Bulgarian, Italian, Spanish, Chinese, Vietnamese, German, Malaysian, Serbian, Croatian, Bosnian, Japanese+3 |
| Products | Currencies, Stocks, Crypto, Indices, Commodities |
| Min Deposit | $100 |
| Max Leverage | 1:30 (ASIC), 1:30 (FCA), 1:30 (CySEC ), 1:200 (SCB) |
| Trading Desk Type | STP |
| Trading Platforms | MT5, MT4, WebTrader, TradingView |
| Deposit Options | PayPal, Wire Transfer, Skrill, Neteller, Credit Card, Bpay, Visa |
| Withdrawal Options | Wire Transfer, PayPal, Bpay, Skrill, Neteller, Visa |
| Demo Account | Yes |
| Foundation Year | 2009 |
| Headquarters Country | Australia |
Trusted Trading Platforms
Eightcap provides two main trading platforms to suit different trading styles and preferences:
- MetaTrader 4 (MT4):
MT4 is one of the most popular trading platforms in the world, known for its user-friendly interface, advanced charting tools, and extensive customization options. Eightcap's MT4 platform is available on desktop, web, and mobile devices (iOS and Android), allowing traders to access their accounts and trade on the go.
- MetaTrader 5 (MT5):
MT5 is the successor to MT4, offering additional features and improvements. It supports more timeframes, indicators, and graphical objects, as well as an expanded range of order types and execution modes. Like MT4, Eightcap's MT5 platform is available on desktop, web, and mobile devices.
Both platforms support automated trading through Expert Advisors (EAs) and provide access to a wide range of trading tools and resources, such as economic calendars, market analysis, and educational materials.
The Top Two Account Types
They offers several account types to cater to different trading needs and preferences:
| Account Type | Minimum Deposit | Spreads (from) | Commission | Maximum Leverage |
|---|---|---|---|---|
| Standard | $100 | 1.0 pips | None | 1:30 |
| Raw | $200 | 0.0 pips | $3.5/lot | 1:500 |
- Standard Account:
The Standard Account is suitable for beginner traders, with a minimum deposit of $100 and competitive spreads starting from 1.0 pips. It offers a maximum leverage of 1:30 and access to all trading instruments.
- Raw Account:
The Raw Account is designed for more experienced traders, offering raw spreads from 0.0 pips and a commission of $3.5 per standard lot per side. It requires a minimum deposit of $200 and provides a maximum leverage of 1:500.
- Demo Account:
They offer a free demo account with virtual funds, allowing traders to practice and test their strategies in a risk-free environment before investing real money.
Instant Deposits and Withdrawals
Eightcap supports various payment methods for deposits and withdrawals, including:
| Payment | Deposit | Withdrawals | |||||
| Payment Methods | Available Currencies | Processing Time** | Transaction Fee | Transaction Limit | Processing Time** | Transaction Fee | Withdrawal Limit (per transaction) |
| Visa | AUD, USD, GBP, EUR, NZD, CAD, SGD | Instant | $0 | $5 000 | 2-5 business days | $0* | No limit |
| PayPal | AUD, USD, GBP, EUR, NZD, SGD | Instant | $0 | $4 000 | 1-5 business days | $0* | No limit |
| Wire Transfer | AUD, USD, GBP, EUR, NZD, CAD, SGD | 1-5 business days | Variable | N/A | 1-5 business days | $0* | Above USD $25 / EUR $20 |
| BPay | AUD | 1-2 business days | $0 | $50 000 | 1-3 business days | $0 | Above USD $25 / EUR $20 |
| UnionPay | RMB | Instant | $0 | $3 000 | 1 business day | $0 | N/A |
| Skrill | USD, EUR (only for EEA clients), CAD | Instant | Variable | $50 000 | 1 business day | $0* | $50 – 50 000 |
| Nettler | USD, EUR (only for EEA clients), CAD | Instant | Variable | $50 000 | 1 business day | $0* | $50 – 50 000 |
Credit/debit cards (Visa, Mastercard), Bank wire transfer, and Electronic payment systems (Skrill, Neteller, PayPal, etc.)
Deposits are usually processed instantly, while withdrawals may take up to 3 business days depending on the payment method. It does not charge any fees for deposits or withdrawals, but some payment providers may apply their own charges.
Asset Classes
They offer a diverse range of tradable instruments across multiple asset classes:
| S/N | Asset Class | Number of Instruments |
|---|---|---|
| 1 | Forex | 40+ |
| 2 | Indices | 10+ |
| 3 | Commodities | 5+ |
| 4 | Shares | 200+ |
Common Queries
Is trading with Eightcap risky?
Yes, trading CFDs and forex with Eightcap involves a high risk of losing money due to leverage. According to Eightcap, 76.09% of retail investor accounts lose money when trading CFDs with this provider.
What payment methods does Eightcap support?
Eightcap supports various payment methods for deposits and withdrawals, including credit/debit cards, bank wire transfers, and electronic payment systems like Skrill, Neteller, and PayPal.
Does Eightcap charge any fees?
Eightcap does not charge any fees on its FX or CFD products. However, fees may apply to open positions held overnight.
Does Eightcap provide educational resources?
Yes, Eightcap provides a comprehensive range of educational resources, including the Eightcap Academy (video tutorials, webinars, articles), market analysis, economic calendar, and trading guides.
How can I contact Eightcap's customer support?
Eightcap offers multilingual customer support 24/5 through live chat, email, phone, and social media channels (Facebook, Twitter, Instagram).
Is Eightcap regulated?
Yes, Eightcap is regulated by the Australian Securities and Investments Commission (ASIC) and the Vanuatu Financial Services Commission (VFSC).
What security measures does Eightcap implement?
Eightcap implements strict security measures, including segregation of client funds, SSL encryption, two-factor authentication, and negative balance protection.
Final Thoughts
Eightcap is a reputable and well-regulated CFD and forex broker that offers a complete trading experience for both beginner and experienced traders.
However, it is crucial to remember that CFD and forex trading involve a high risk of losing money due to leverage. As stated on Eightcap's website, “76.09% of retail investor accounts lose money when trading CFDs with this provider”. Traders should carefully consider their financial situation, trading experience, and risk tolerance before investing real money and never trade with funds they cannot afford to lose.
