Eightcap is a reputable forex and CFD broker based in Melbourne, Australia, offering four different account types, access to the popular MetaTrader platforms, and competitive spreads and commissions. The broker is regulated by ASIC and provides clients with segregated accounts for their funds.
Eightcap Trading Instruments
Eightcap provides traders with a diverse range of instruments to trade, covering multiple asset classes and markets.
- Forex: Major, minor, and exotic currency pairs.
- Indices: Trade CFDs on a variety of global stock indices, including the S&P 500, FTSE 100, and Nikkei 225.
- Commodities: Trade CFDs on precious metals such as gold and silver, as well as energy products like oil and natural gas.
- Cryptocurrencies: Trade CFDs on popular cryptocurrencies, including Bitcoin, Ethereum, and Litecoin.
Trading Conditions
Eightcap’s trading conditions are designed to provide traders with competitive pricing, fast execution, and flexibility in managing their trading positions. It’s important to note that trading conditions may vary depending on the account type and instrument being traded. Eightcap offers competitive trading conditions for its clients:
The broker offers tight spreads, starting from as low as 0.0 pips on some account types.
Eightcap offers leverage of up to 1:500 for forex trading and up to 1:200 for other instruments, allowing traders to amplify their trading positions.
The minimum deposit required to open an account with Eightcap is $100 for the standard account and $1,000 for the raw account.
Eightcap charges commission on its raw account, with rates starting from $3.50 per side per lot.
Eightcap offers fast and reliable order execution, with the broker stating that over 97% of trades are executed within 42 milliseconds.
Account Types
Eightcap offers four different account types, each with its own unique features and benefits to cater to traders with varying levels of experience and trading styles:
- Standard Account: The Standard account is designed for beginner traders and requires a minimum deposit of $100. It offers variable spreads starting from 1.0 pip and no commission. This account type also provides access to a range of trading tools and resources, including the popular MetaTrader 4 platform.
- Raw Account: The Raw account is designed for advanced traders and offers raw spreads starting from 0.0 pips with a commission of $3.50 per side per lot. The minimum deposit required to open a Raw account is $1,000. This account type also provides access to advanced trading tools, including VPS hosting and an economic calendar.
- Islamic Account: Eightcap also offers an Islamic account that is compliant with Sharia law. This account type is available for both Standard and Raw accounts and has no swap fees. Traders can also access all the features and benefits of their chosen account type, without compromising their beliefs.
- Professional Account: The Professional account is designed for professional traders and offers access to higher leverage, as well as other benefits such as reduced margin requirements. To be eligible for a Professional account, traders need to meet certain criteria, including having relevant trading experience and meeting minimum trading activity requirements.
Regulation and Security
Eightcap is a regulated online forex and CFD broker, with its parent company, Eightcap Pty Ltd, being authorized and regulated by the Australian Securities and Investments Commission (ASIC) under license number 391441. This regulatory framework requires Eightcap to meet strict financial standards, including segregating client funds from its operating funds, maintaining adequate capital reserves, and regularly submitting financial reports to ASIC.
In addition to its regulatory compliance, Eightcap also takes security seriously, with its website featuring 256-bit SSL encryption to protect user data and transactions. The broker also uses advanced firewalls and intrusion detection systems to prevent unauthorized access to its systems and client information.
Eightcap also maintains membership with the Financial Ombudsman Service (FOS), a dispute resolution scheme for financial services providers in Australia, and is a signatory to the Australian Financial Complaints Authority (AFCA), providing an additional layer of protection for its clients.
Overall, Eightcap’s regulation and security measures provide traders with peace of mind, knowing that their funds and personal information are protected by strict regulatory standards and robust security protocols.
Conclusion on Eightcap
In conclusion, Eightcap is a well-regulated and secure online forex and CFD broker that offers a wide range of trading instruments, advanced trading platforms, and competitive trading conditions. Its account types are designed to cater to traders of all levels and styles, with options for beginners, advanced traders, and professionals, as well as an Islamic account option.
The broker’s regulation by ASIC, strict financial standards, and robust security measures provide traders with confidence in the safety and security of their funds and personal information. Overall, Eightcap is a reputable broker that provides a reliable and user-friendly trading environment for traders around the world.
Eightcap’s spreads are better than most brokers, however, I wish they would offer more variety of accounts to suit different types of traders and account sizes.
And I wish they could provide more educational content on strategies, rather than signals.
Also, as trading is risky, I wish they could provide more tools for risk management such as trading diary and statistics, so that traders can assess themselves and our strategies.
I joined recently and the customer service was excellent everything done in a professional manner. I was assigned a manager whom I can contact for any trade related issue. I had a problem with the mt4 and the issue was resolved so first. I receive a financial report every day showing all the transaction for the trades taken and the final amount whether a net profit or net loss. My experience has been excellent.