Eightcap review (2021) Review
Eightcap was established in 2009 in Australia. The firm activity was modified in 2014-2015, both in management and structure. Additionally, to the main office in Melbourne, additional offices were opened in London and Shanghai. Eightcap ECN/STP is in the ownership of EightCap Pty Ltd. and the ASIC is the main regulator of the broker.
Eightcap offers traders several different trading accounts. The sole difference between a Raw and a Standard account is that the spread: for the primary account it starts at 0 pip, for the second it starts at 1 pip. on average, the spreads are 1.2 pips on EUR/USD.
The starting sum to open an account is $100. There are 40 products within the investment portfolio to settle on from Forex, CFD, Gold, Silver, and Oil.
Leverage up to 1:500 on both accounts. Allowed hedging and scalping, trading by Expert Advisors.
MAMM/PAMMs offered, allow traders to possess several accounts at an equivalent time and may place trades from each account.
EightCap broker supports the foremost widely used Forex platforms MetaTrader 4 (MT4) and MetaTrader 5 (MT5). Platforms are available for PC, Mac, and mobile devices.
MT4 and MT 5 provide all the tools and resources a trader needs: a variety of technical indicators, an extended set of charts, a good range of experts (Expert Advisors) to check them.
Furthermore, the broker is partnering with Myfxbook to supply AutoTrade, a platform that permits you to trace, compare, analyze trades, share your trading activity, and most significantly, copy trades of more successful traders.
To use the AutoTrade service, a minimum deposit of a minimum of $1,000 is required.
For all traders, demo account is available. It comes preloaded with virtual currency, enabling traders to try out various trading sites and exercise their techniques without losing their actual cash. Just click on the menu “Open demo account”.
Fill in required fields like mail, password and phone number. After you will get a confirmation email. After clicking on the activation link, you will be redirected to the account itself with virtual deposit ready to trade.
Depending on your level of trader, EightCap offers two different account types to settle on; Standard Account and Raw Account. Among other things, these two account types differ therein the Raw account has very tight spreads and commissions per trade (currently $3.50 per standard lot). The quality account, on the opposite hand, offers much wider spreads and trading without commissions.
A nice feature of EightCap is that traders can decide for themselves what quite leverage they might wish to trade with. to start out with, all trading accounts with EightCap are found out with 1: 100 leverage. However, this will easily be changed within the MetaTrader platform to any value from 1: 1 to 1: 500. In this manner the leverage is often set for all kinds of traders, from the foremost aggressive to very conservative.
Traders can access Eightcap support by telephone at any of the three offices – Melbourne, Shanghai and London. Chat is out there on a 24/5 basis. Customers can always send an email.
Customers can use a variety of methods to fund their trading accounts, including bank transfers, credit/debit cards, electronic payment systems like Skrill, Poli, Bpay, and Moneybookers.
Withdrawals are made using equivalent methods as deposits. Withdrawals by MasterCard can take 3 to twenty business days from the requested date.
Trading is out there within the following currencies: US, AUD, EUR or GBP.
Eightcap offers many different educational materials. The forex trading manual covers topics such as „What is forex?“, „Margin Trading“ and much more. Webinars and seminars are not offered by the company representatives.
Unfortunately, the broker does not offer news or analytical material. There is also no economic calendar or calculator.
Advantages and disadvantages
- Regulated broker;
- competitive spreads.
- No analytical and news coverage.
Pros / Cons