EightCap Review 2019 | Is EightCap a Scam or Legit Forex Broker?
Rating breakdown
EightCap Overview
Founded in 2009, EightCap is a brokerage firm with a mission to provide exceptional financial services to its clients. This FX and CFD broker offers fast execution on more than 200 trading instruments, using their Equinix-connected trade servers.
| # | Broker's Features | EIGHTCAP Availability |
|---|---|---|
| # | Commissions | ✔ |
| # | Hedging | ✔ |
| # | PAMM | ❌ |
| # | Scalping | ✔ |
| # | Accepts US traders | ❌ |
| # | 24 hour trading | ❌ |
| # | Swaps | ❌ |
| # | Demo account | ✔ |
| # | Daily analysis | ❌ |
| # | Automated trading | ❌ |
| # | Mobile trading | ❌ |
| # | Trading by phone | ❌ |
| # | 1st deposit bonus | ❌ |
| # | Forex contests competitions | ❌ |
| # | Bonuses Promotions | ✔ |
| # | Interest charges on the balance | ❌ |
| # | Free education | ❌ |
| # | Expert advisors | ❌ |
| # | Partnership programs | ❌ |
| # | Trust management | ❌ |
| # | 24 hour support | ✔ |
The variety of online brokers on the internet is very huge, so it is necessary to do a transparent review and comparison of the companies. After spending several days researching different forex brokers for trading FX, our team at onlineforextrading.net team collected over 50 data points. For this review, we will review EightCap.
Financial Trading and Investment Services: First of all, you should know which financial instrument you want to trade and then searching for the right broker. This can be stocks, forex, CFDs, cryptocurrencies or options. EightCap offers Online Financial Trading and Investment Services Such as Currencies, Commodities, Indices, Cryptocurrency.
Tradable Products: EightCap has 46 currencies, 12 indices, 4 commodities and 6 crypto assets available for trading on the MetaTrader platforms.
Broker Type: Many types of brokers can be found in the most dynamic market in the world. EightCap is No dealing desk.
Features: EightCap provides its ‘MAM software’ which is a complete solution for account managers to trade and customize multiple accounts at the same time.
Minimum Deposit Requirement: To properly understand if a broker is suitable for a certain trader, we will then take a look at how much is required as a basic minimum to open an account. You need to consider how much money you can spare to start off a Forex brokerage. EightCap recommended minimum capital is $100.
Is the Forex broker regulated? Commissions and fees aside, let's take a look at regulation. Trust is critical, and you should highly consider choosing a broker that regulated in a major hub. EightCap is regulated by ASIC. For our reviews, official regulation of an official financial authoritarian is required. Brokers have to fulfill certain conditions to get these licenses. In order to violate the rules, they would lose their license and a lot of money.
Investor Protection & Regulations: EightCap is the brand name of ‘EightCap Pty Ltd’ which is an Australian firm authorized and regulated by ASIC. Clients of Eightcap are ensured of protection via continuous audit of the broker’s records, fund segregation in the NAB and an insurance policy.
Account currencies: Next lets consider the Account currencies each broker offers. EightCap offers AUD, USD, GBP, EUR, NZD, SGD different account currencies for each account types.
Account Openning: Only two types of accounts are available: the Standard and Raw account. $100 is required to open each account type. Demo accounts are provided but are only available for 30 days.
EightCap offers a demo account for practicing trading skills and get familiar with the broker’s trading platform.
Languages Available: Next lets have a look at each broker's different Language options. EightCap offers Chinese, English, French, German, Italian, Korean,.
Payment methods: Next lets have a look at each broker's payment options. EightCap offers Credit/Debit Cards, Skrill, Bank Wire Transfer different payment methods for each account types.
Deposit and withdrawal: Credit/debit card, Bank Transfers, BPAY, China UnionPay and Skrill are the payment methods accepted by EightCap. The broker doesn’t charge fees for deposits or withdrawals.
Trading platforms: Next, let's look at the tools and features fx traders desire. With trading platforms, EightCap makes MT4, MT5 available to clients.
Web & Desktop Trading Platforms: The MT4and MT5 platforms are provided by EightCap as a WebTrader, mobile apps and a desktop application that can be downloaded from the website.
Mobile Trading Platforms: The mobile versions of the MT4 and MT5 platforms are provided by EightCap. The apps are designed for the Android and iOS mobile operating systems. They can be downloaded from the website or directly from the individual app stores.
Trader Education
EightCap provides training articles designed for beginner traders up to intermediate levels. The articles are grouped into Fundamentals, trading strategy and MetaTrader guides.
Promotions
There is a Refer-a-friend program with a cash reward of $100. This is the only active promotion on the EightCap website.
Support
The EightCap ‘Client support desk’ is available 24/5 on instant web chat, telephone, email and on the social media. Thai, Chinese and English are the 3 major languages spoken by the support team.
Recup
EightCap is a global broker operating from Australia. It is regulated by ASIC and complies with the strict regulatory provisions.
Final Thoughts
There are no daily technical analyses, comprehensive news updates, VPS facilities, forex calculators and MetaTrader extension plugins. To compete with the top tier brokers, EightCap need to provide these tools and expand its assets offerings. The broker also needs to include training videos and expand its training package.
Trading Experience
EightCap brokerage service is suitable for traders of all levels.