In this review, we will take a close look at Eightcap, a reputable broker in the financial industry. Eightcap has gained recognition for its comprehensive range of trading services and commitment to providing a secure and user-friendly trading environment.Eightcap Review 2024: Is Eightcap a Trusted Broker?

Eightcap is a reputable online forex and CFD broker that was established in 2009. Registered in Australia, the company is regulated by multiple prestigious regulatory bodies worldwide, including the Australian Securities and Investments Commission (ASIC), the UK’s Financial Conduct Authority (FCA), the Vanuatu Financial Services Commission (VFSC), and the Securities Commission of The Bahamas (SCB). Over its decade-plus years of operation, Eightcap has developed a solid reputation for offering a broad spectrum of trading instruments, from currency pairs and indices to commodities, metals, energy, cryptocurrencies, and stocks.

Their robust trading platform lineup offers industry standards MetaTrader 4 and MetaTrader 5, and TradingView. The minimum initial deposit for starting an account with Eightcap is user-friendly, set at $100, with a maximum leverage of up to 1:500 for certain regions.

Customer service at Eightcap is comprehensive, encompassing email, phone, address, and live chat support. In terms of fund management, Eightcap offers multiple options, including bank wire transfers, Skrill, Neteller, and more. Their commitment to adhering to international standards and regulations underlines the company’s dedication to providing a safe and transparent trading environment.

Given this snapshot of Eightcap’s offerings and its regulatory pedigree, one could reasonably consider whether this broker might be a fit for their trading needs. Of course, examining the broker’s specific features, policies, and the details of their trading environment is crucial to make an informed decision. The following review will delve deeper into these aspects, helping potential users comprehensively understand Eightcap.

Broker FeatureOverview
Type of BrokerForex
Regulation & Licensing·         Securities Commission of The Bahamas (SCB) under the registration SIA-F220·         Australian Securities and Investments Commission (ASIC)·         Vanuatu Financial Services Commission (VFSC),
Applicable Countries Allowed To TradeSee section below
Assets OfferedForex, stocks, commodities, indices, crypto
Platforms AvailableTradingView, MT4
Mobile CompatibilityYes
Payment & Withdrawal Options Credit/Debit Card, POLi Payment, Bank Wire, BPAY®, China UnionPay (uPOP), Skrill, Neteller, Cryptocurrencies, PayPal, Worldpay, Fasapay, PSP (Virtual Account).

Facts About Eightcap

  • Eightcap is a Forex broker that was registered in Australia in 2009.
  • It’s regulated by several entities, including the Australian Securities and Investments Commission (ASIC), the Financial Conduct Authority (FCA), the Vanuatu Financial Services Commission (VFSC), and the Securities Commission of The Bahamas (SCB).
  • The company has been established for approximately 10-15 years.
  • Eightcap offers trading in various instruments including currency pairs, indices, commodities, metals, energy, cryptocurrencies, and stocks.
  • The minimum initial deposit to open an account with Eightcap is $100.
  • They offer a maximum leverage of up to 1:500 for professional clients and 1:30 for retail clients.
  • The minimum spread offered by Eightcap starts from 0.0 pips.
  • They provide different trading platforms such as MetaTrader 4 (MT4), MetaTrader 5 (MT5), and TradingView.
  • The methods for deposit and withdrawal include bank wire transfer, Skrill, Neteller, and others.
  • Eightcap provides customer service via email, phone, live chat, and physical address.
  • There have been some fraud complaints exposure concerning Eightcap, highlighting the need for clients to be cautious and informed when trading.

Pros and Cons

PROS

  • Regulated by reputable financial bodies, ASIC and VFSC
  • Offers MetaTrader 4 and MetaTrader 5 platforms, highly regarded in the trading industry
  • A broad selection of trading instruments including forex, commodities, indices, shares, and cryptocurrencies
  • Two distinct account types (Raw and Standard) catering to different trading preferences
  • Attractive partnership programs such as Introducing Broker (IB) and White Label partnerships

CONS

  • Lack of transparency regarding their negative balance protection policy.
  • Limited information on geographical restrictions for trading
  • Only two account types available, which might be limited compared to other brokers
  • No explicit mention of special promotions or offers on the broker’s website
  • Absence of information on the broker’s website about whether or not it serves US residents

Is Eightcap Safe? Broker Regulations

In the contemporary realm of online Trading, regulatory compliance is an undeniably crucial factor when choosing a trading broker. It speaks volumes about a trading platform, in terms of credibility, integrity, and commitment to ensure a secure customer trading environment. Against this backdrop, let’s delve into the regulations pertaining to Eightcap, an online trading platform.

Upon visiting the Eightcap website, it quickly becomes apparent that they are regulated by The Securities Commission of The Bahamas (SCB) under the registration SIA-F220.

Notably, this information is tucked away in their website’s footer, potentially indicating a lack of transparency about their regulatory status, especially compared to their robust sections dedicated to customer service, policy overviews, and legal documents.

Why is it crucial for a broker to have multiple regulators across various regions? The answer lies in the protection it provides to investors. Multiple regulators ensure that a broker adheres to stringent standards, thus minimizing the risks of malfeasance or mismanagement. However, this comprehensive regulatory oversight is conspicuously absent in the case of Eightcap. This fact may deter some traders who prioritize regulatory assurance when choosing a broker.

Nevertheless, Eightcap does not shy away from displaying its Trustpilot and Google scores, even though these are based on a handful of reviews. This leaves us with mixed impressions about their reputation, as the lack of numerous reviews weakens the credibility of these scores.

Moreover, while Eightcap openly acknowledges the riskiness of margin trading and the complexity of Contracts for Difference (CFDs), it seems to fall short in providing substantial and transparent regulatory details. Forex and CFDs are highly leveraged products, which means they carry a significant risk of loss. Thus, the clearer and more comprehensive a broker’s regulatory details are, the better-equipped traders will be to navigate these risks and make informed decisions.

While Eightcap may be a viable choice for some, it seems to fall short in fully transparently communicating its regulatory compliance. This, coupled with the broker’s acknowledgment of the inherent risks of margin trading and CFDs, underlines the importance of traders conducting thorough due diligence and seeking independent advice before choosing to use their services.

  • Securities Commission of The Bahamas (SCB) under the registration SIA-F220
  • Australian Securities and Investments Commission (ASIC)
  • Vanuatu Financial Services Commission (VFSC),

What Can I Trade with Eightcap?

Eightcap Trading offers a wide variety of asset classes and instruments but not as many as other top-tier brokers. You can find information on each of their asset classes by visiting their website and looking under the “markets” section.

Forex

Foreign Exchange or Forex trading involves buying and selling currencies on a market that operates 24/5. With EightCap, traders can tap into this global market, gaining exposure to various currency pairs. This platform provides a range of trading platforms, including TradingView, MetaTrader 4 (MT4), and MetaTrader 5 (MT5) to cater to a diverse audience. The powerful TradingView platform offers advanced features such as a world-class charting package, flexible and easy-to-use alerts, and a large community of users, fostering collaboration and knowledge exchange.

Commodity

Commodities are physical assets like gold, oil, and agricultural products. Trading commodities allows investors to speculate on the future price changes of these essential materials. Eightcap offers a variety of commodities for Trading, providing a gateway for traders to diversify their portfolio. It utilizes the same robust trading platforms as in forex trading. In addition to the other features, TradingView provides live streams, custom indicators, and comprehensive financial analysis, facilitating informed trading decisions.

Indices

Trading in indices enables investors to speculate on price movements of groups of top-tier global stocks, without the need to analyze or trade each stock individually. Eightcap offers its users the opportunity to engage in this form of Trading. This allows traders to take a position on a particular sector or the market as a whole. The indices trading experience is enhanced by the choice of trading platforms offered by Eightcap, including the ability to trade directly from TradingView charts.

Share CFDs

Contract for Difference (CFD) trading on shares is another service provided by Eightcap. Here, traders speculate on the rise and fall of share prices from major US, European, and Australian companies without owning the underlying asset.

Some notable companies include tech giants like Apple and Amazon and other high-value companies such as British American Tobacco and Commonwealth Bank. Again, Eightcap supports this Trading with multiple platforms including MT5 and TradingView. However, it’s worth noting that Eightcap does not provide specific information regarding the instruments or contract specifications for individual shares.

Cryptocurrency Derivatives

Cryptocurrency derivatives are financial products whose value is linked to the price of an underlying cryptocurrency. They enable traders to speculate on the price movements of cryptocurrencies without actually owning them. Eightcap provides access to this new and volatile market, enabling traders to potentially profit from price fluctuations in various digital assets. Trading can be done on both TradingView and MT5 platforms, each providing comprehensive analysis tools and a secure trading environment.

Eightcap offers Trading across various asset classes and supports this with advanced, multi-platform trading software. However, it lacks detailed information on specific instruments or contract specifications. Traders considering Eightcap should weigh these considerations carefully and conduct thorough due diligence before committing their capital.

  • Cryptocurrency
  • Stocks (Shares)
  • Forex
  • Indices
  • Commodities

How to Trade with Eightcap?

Eightcap offers a range of comprehensive trading platforms to its users. This suite of platforms includes TradingView, MetaTrader 4 (MT4), MetaTrader 5 (MT5), and a proprietary Web Trader. All these platforms provide access to a multitude of financial products for Trading, including over 800 financial products and 250+ crypto derivatives. This information is readily available on the ‘Platforms’ section of the Eightcap website.

Trading Platform Offerings

Eightcap markets itself as solely a MetaTrader broker complementing its current suite of platforms with third-party tools like Capitalise.ai, ForexVPS and Crypto Crusher, to name just a few. Capitalise.ai is known as one of the most powerful automation and analytic tools in the market, availing Eightcap clients with an efficient automated trading experience.

Eightcap trading platforms are further elaborated on below:

TradingView

TradingView, acknowledged as the world’s most popular charting platform, hosts more than 30 million users globally. It’s especially popular for its cutting-edge charts and collaborative features. With Eightcap, traders can connect their TradingView accounts to benefit from TradingView’s exceptional charting and Eightcap’s low spreads, with rates starting from 0.0 pips on a Raw account.

Moreover, TradingView’s ecosystem provides extensive fundamental trading data, in-depth market analysis, and a community of traders sharing insights and strategies. Users can access comprehensive educational resources, including webinars and detailed eBooks, to augment their trading knowledge.

To connect TradingView with Eightcap, traders are required to create an Eightcap account, choose TradingView as the platform during the application process, and then follow the instructions on TradingView to connect the two.

MetaTrader 4 (MT4)

Eightcap also offers MT4, a multi-award-winning platform. MT4 is renowned for its intuitive interface, robot trading capabilities, and advanced charting package. With Eightcap’s technology infrastructure, users can expect fast, reliable, and transparent Trading on MT4. Both desktop and mobile versions of MT4 are available, providing flexibility for traders to manage their trades wherever they are.

MetaTrader 5 (MT5)

In addition to MT4, Eightcap supports MT5, a more advanced and feature-rich platform that also allows Trading on multiple assets. Like MT4, MT5 can be accessed via desktop, mobile, or through the Web Trader version, catering to the various needs of different traders. MT5’s key features include a fully customizable trading interface and a smooth, efficient trading experience.

Comparing MT4 and MT5, both support robot trading and are available on desktop and mobile devices. However, MT5 offers more technical indicators and chart timeframes, and also facilitates Trading of shares, making it a more comprehensive trading tool.

Web Trader

Unfortunately, detailed information about WebTrader, the Eightcap web trading platform, is not publicly accessible, as it requires an account to log in. However, from the availability of MT5 via the Web Trader version, it’s clear that Eightcap is dedicated to offering flexible and convenient access to trading platforms.

Eightcap provides an extensive range of platforms for trading across various financial products. Each platform comes with its own unique advantages, enabling traders to choose the one that best suits their trading needs and style