Best Top Review For Eightcap Forex Broker in 2023

Eightcap (reg. no. 40377) is regulated by both the Australian Securities and Investment Commission (AFSL 443670) and the Vanuatu Financial Services Commission. Eightcap is a financial trading organisation that conducts business online and was established in Melbourne, Australia. Eightcap offers services for currency trading and contracts for difference (CFD) to both individual and institutional clients. MetaTrader 4 is one of the most popular trading platforms offered by Eightcap.

Who is Eightcap Forex Broker?

Eightcap is an Australian-incorporated brokerage firm that offers a transparent pricing strategy since 2009 through cheap rates of variable spreads with quotes obtained using technological tools through Equinix servers and data from various top banks or institutions.

Eightcap manages a global business through their well-known Australian headquarters and a number of regional offices throughout the globe, including the UK, Bulgaria, and Cyprus. This broker provides affiliates, IBs, and influencers with technology benefits and opportunities for collaboration in addition to what it provides for retail clients.

Eightcap aims to provide MT4 and MT5 traders with a community and dedicated trading environment. This broker offers swift execution and low spreads on the most popular financial products through the well-known MetaTrader platforms.

• Account currency: AUD, USD, GBP, NZD, SGD, EUR
• Minimum deposit: 100 USD
• Leverage: 1:30 for Australian clients and 1:500 for Non-AU clients
• Spread: From 0.0 pips
• Instruments: Forex, Cryptocurrencies, Indicies, Commodities, Shares

Eightcap Pros & Cons

Pros

1. Eightcap has a good variety of written articles.
2. Provides a wide range of more than 200 cryptocurrency CFDs.
3. Eightcap (often referred to as "8cap") was established in 2009 and is governed by two tier-1 and one tier-2 jurisdictions.
4. EighCap is a reputable broker who also offers a strong technological foundation for trading, reasonable rates, and excellent research built into the MT4 platform. There are many different instruments available, and you can withdraw money in several ways.

Cons

• Educational materials might benefit from adding a progress-tracking function but do not currently have the capacity to filter content by expertise level.
• Eightcap's selection of markets, accounts, and execution strategies just cannot match that of the top MetaTrader brokers.
• Compared to what the top forex brokers for beginners offer, educational videos are few and far between.
• only 45 forex pairs are offered, and there is a limited number of CFD symbols.

One of the most affordable Australian forex brokers is Eightcap. The process of opening an account was quick and easy, and the platform allowed for free deposits and withdrawals.

Forex and CFDs (share, commodities, and cryptocurrency) are the only products that Eightcap offers. This is a disadvantage. There are few resources for research and education. Furthermore, no investment protection system is provided.

Account types

EighCap 2 account types give customers a straightforward choice between two accounts: either trade under Standard circumstances, in which all complexities are included in the spread, or under Raw Account, in which skilled traders can take advantage of spreads starting at 0.0 pips and commission.

Additionally, there are no restrictions on the use of EAs or other trading systems, and there are options for high leverage and flexible lot sizing. Regardless of account type, all traders will enjoy the same professional trading conditions as well as business support for all requirements.

Fees

EighCap fees are mostly incorporated into a spread when using a Standard account or a commission basis when using a Raw account. However, the comparative table below shows the whole pricing structure including all fees that apply to EighCap.

Always think of the overnight fee, sometimes referred to as the rollover rate, as a cost associated with maintaining open positions in forex trading through the night. Based on the overnight interest rate and the difference between the two currencies involved, it is calculated. Whether the position is to buy long or sell short affects it as well.

Eightcap offers two account types through all of its international subsidiaries, including those in Vanuatu and Australia. Whether you select the spread-only Standard account or the commission-based Raw account will determine the commissions and fees you must pay.

For its commission-based Raw account, Eightcap lists an average spread of 0.06 pip. However, after accounting for the $3.50 a trade per side commission, the total cost comes to about 0.76 pips, which is just under the industry standard of 0.8 pips. It's important to note that the published average spread statistics from Eightcap did not include a date range.

Payment Methods

There are a variety of payment options available to fund your trading account, including bank wire transfers, Skrill, POLi Payment, Neteller, Visa/MasterCard quick deposits, and Neteller, China UnionPay, and Neteller.

Customers of Eightcap can now make deposits on USD-only accounts using BTC and USDT.

Although you can choose the base account currency from AUD, USD, GBP, EUR, NZD, CAD, or SGD at your leisure, deposits and withdrawals will always be made in the same currency as the trading account.

Deposit minimum for EightCap

For both of the available account types at EightCap, the minimum deposit is $100. Additionally, EightCap does not impose any internal fees for deposits or withdrawals; nevertheless, you should be aware that payments from banks outside of Australia may incur additional fees, which are entirely your responsibility.

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