Forex trading is a competitive field and EightCap also known as 8cap is competing with the best forex brokers out there. This broker is of the very few brokers that will give you access to trading 250+ Crypto Currencies including Crypto- crosses and Crypto-indices. EightCap is a great broker to begin your journey into the world of online forex.
A little background, the broker was founded back in 2009 and is regulated in 2 jurisdictions (tier-1 and tier-2). This makes it a safe broker for CFDs and forex trading.
Markets and Products
Eightcap has a good range of products and markets for online trading. The forex broker offers over 200 foreign currency trading pairs and financial instruments.
Trading Fees, Spreads, and Commissions
The commissions here depend on the chosen account type. The two options are the Raw and Standard accounts. In the Raw account, the broker charges a $3.5 commission per traded lot and has lower spreads compared to the standard account. That is why the Raw account is a good choice even for beginners.
The broker publishes its average spread data on its website, making it quite easy to make a precise assessment.
According to the available data, it is safe to say that Eightcap is somewhere in the middle when it comes to the cost of online forex brokers.
Like most other brokers, this one also gets a portion (fee) from the spread. Of course, the forex spreads are variable depending on the underlying market prices. According to the broker, they aim to offer minimum spreads in most conditions, but shifts in market prices will influence the spreads too. Clients can start trading with Eightcap with spreads from 0.0 pips for Raw accounts and 1.0 pips for a Standart account.
There is also a daily swap adjustment to the position for overnight forex trading. There are also weekend charges for 3 days instead of 1 from Wednesday to Thursday.
Leverage at this online broker starts at 1:100 and for clients of TraderFactor Ltd can get up to a maximum of 1:500. The rates are generous but leverage trading is not for everyone because it can increase both the potential profits but also the risks.
The minimum deposit for both Standard and Raw accounts is $100.
This broker offers cryptocurrency trading through CFDs, but it is not available through the underlying asset for example buying Bitcoin. This is not surprising as Crypto CFDs are not available from any UK broker entity for UK residents.
Bonus & Promotions
New clients who fund a live trading account (minimum deposit is $100) within the first 10 days from the opening can earn up to a $1.000 credit bonus for trading.
This amount is also considered a forex bonus. It can be used as a forex bonus for currency trading at $1 for every lot. Also, there is a $1 per lot cashback rebate for forex trading.
Web and Desktop
Eightcap offers online trading on the most popular MetaTrader 4 and 5 platforms by MetaQuotes corp. Clients can use the web-based version of MT5, but for MT4 this option is not available. In general, there are no additional tools or online trading platform add-ons available to complement this offering.
MetaTrader-only brokers like Eightcap offer the MT4 and MT5 mobile apps for Apple iOS and Android devices. There are no standout features at Eightcap in their mobile offering, it is the standard app that all traders can use.
As already mentioned Eightcap has two account types to choose from. The commissions and fees depend on the choice of a Raw or Standard account.
Eightcap is regulated by ASIC and new clients have to pass a few basic steps to ensure they are allowed to trade and are aware of the risks. For the rest, opening an account is pretty easy and follows several basic steps.
Upon opening the account, clients will be asked to upload the following documents:
- A scanned copy of a national ID, passport, or driving license.
- A bank statement or utility bill from the past three months clearly shows the address
Clients will also be required to answer some basic questions to confirm their trading experience. So, when opening a forex account with this broker it is a good idea to have put aside a few minutes to complete the process.
Every client can explore and test the broker's trading platform, but it's important to know that trading is only available to those who have passed the compliance process. This process can take up to several days.
The account opening process starts on the broker's trading website.
Eightcap also offers a demo account which is also opened from the broker's website. In this account, users have access to virtual credit with no limit and the trading conditions are the same as with the real-money forex account. The demo account is active for 30 days but this period can be extended upon request.
Deposits & Withdrawals
This online broker offers several faсt payment options in seven base currencies all available through the Client Portal. The Bank wire (1-3 business days), China UnionPay (instant), are Credit/debit card (instant), Skrill (1-2 business days), Neteller (instant), BPay (1-2 business days), Poli (instant deposit).
When it comes to withdrawals, after completing a request from the Client Portal, clients can withdraw their profits from all methods listed above with no charges. The withdrawals take 24 business hours to process and clearing takes 2-5 business days.
Client and Capital Protection
Client interests are protected by two independent entities that have regulated the broker – the ASIC and the VFSC. The company also has a license from the AFSL. Client funds are separated and held at tier-1 institutions and banks.
Data exchanges between the trading platform and the client servers are secured using standard SSL encryption. There is also an authentication required when accessing the MetaTrader platforms.
Client data protection is guaranteed by compliance with APPs and GDPR.
There is a lot of educational content to find here. Of course, also there are trading platform tutorials and videos for CFDs and foreign currency trading. The selection of educational articles is not limited. Compared to some of the best forex brokers Eightcap does stand out in the education category.