EightCap labels itself as “the home of MT4 traders.” It is a trading company whose forte is foreign exchange and trades only with MetaTrader platforms. Eightcap also named their accounts under MetaTrader.
Eightcap is based in Australia, specifically in Melbourne. It was founded in 2009 and has offices in five countries: United Kingdom, Bulgaria, Vietnam, China, and Australia.
We’ve seen brokers label themselves “Metatrader-only”, so EightCap is no stranger to us. What makes EightCap different from other “Metatrader-only” brokers and brokers in general?
EightCap Regulation and Security
EightCap is regulated in only one jurisdiction, which is the ASIC. The broker is not regulated in Europe but has an office in the United Kingdom.
The execution servers of EightCap are based in Equinix data centers, like some of the biggest financial institutions worldwide.
Safety of funds is also ensured in EightCap through segregation of accounts. The clients’ funds are protected by top-tier banks and insured at Lloyds of London.
When you trade with EightCap, you will be eligible to receive direct market access. You are also privileged to trade with no dealing desk and other forms of price manipulation. Transparency is one of the main goals of EightCap and one of the values it lives by.
EightCap Platforms and Tools
All of their platforms are essentially different versions of MT4 and MT5. They have platforms available on iOS, Windows, Mobile apps, web, and desktop.
- MetaTrader4 – this is available in Playstore for download as a mobile app or a desktop version. The MT4 platform is still the most well-known and trusted trading platform in the market since it was developed. MT4 is designed for foreign exchange trading, so it is recommended for traders who are focused in the currency markets. If you want to trade other assets aside from currencies, you may opt for the MT5 platform instead.
- MetaTrader5 – this was designed to be a complementary platform to MT4. It was developed to fill the trading features that MT4 lacks, such as the ability to trade other assets aside from currencies. With MT5, the client can trade in different markets, including cryptocurrency, CFDs, and stocks.
EightCap Account Types
EightCap has two account types called Standard and Raw. The two mainly differ in spreads.
- Standard Account – spreads range from 0.5 to 1.8 pips, with a maximum leverage of 500:1. The Min/Max trade size is 0.01 lots/ 100 lots with liquidation level up to 50%. There are no commissions of extra fees in this account and the minimum deposit is A$100. Hedging, Scalping, and Expert Advisors are allowed in the Standard Account.
- Raw Account – spreads range from 0.0 to 1.0 pips, with a maximum leverage of 500:1. The Min/Max trade size and liquidation level is similar to the Standard Account. Commissions are $3.5 per standard lot traded. The minimum deposit is also at A$100. Hedging, Scalping, and Expert Advisors are also allowed in the Raw Account.
For traders who want to begin their trading career with EightCap, they are availed of a free demo account that lasts for 30 days.
EightCap offers more than 200 financial assets and instruments that range from currencies to cryptocurrencies, commodities, shares, and indices.
The payment methods for both deposit and withdrawal are: (1) Credit/Debit Card, (2) Wire Transfer, (3) Skrill, (4) China UnionPay, (5) POLi, (6) XPAY, and (7) XPAY QR Code. .
EightCap Customer Service
The advantage of trading with EightCap is that when you have an issue, you can easily reach their customer hotline. They provide customer services in eight languages: English, Spanish, Korean, French, Thai, German, Italian, and Mandarin. This is because EightCap has a multilingual team created to provide services to all traders around the world.
EightCap Review: Conclusion
Trading with EightCap can give the client unique perks, such as the multilingual customer support. This broker offers global market opportunities to traders who can expand their trading portfolios with over 200 instruments offered on EightCap’s platforms. The withdrawal and deposit methods of EightCap are secure and quickly processed, which is also a main factor in its Trust Score.
Despite its good features, EightCap lacks one aspect: research materials. The broker’s official website does not provide daily news updates, technical analysis, and economic calendar. Compared to tier-1 brokers that fully invest in educational materials, EightCap is significantly failing in this aspect. One critique in the broker’s trading services would fall in this criterion. If EightCap invests in providing better research materials, it would have a higher trust score. So far, the broker is doing great in security and continues to uphold its mission of transparency.
EightCap’s pricing is gathered from some of the best liquidity providers. This allows clients to trade spreads as low as 0.0 pip. The trading features and services provided by EightCap are great. Security is also prioritized with this broker, as stated above that the clients’ funds are insured. Overall, EightCap is a recommendable broker.