EightCap Broker Review
EightCap is a “metatrader-only” broker founded in 2009 in Melbourne, Australia. It has offices in four other countries, namely: United Kingdom, Vietnam, Bulgaria, and China. This broker customizes its services around MT4, labeling its account types and some of its services under the platform’s brand. On account of all these reasons, EightCap calls itself “the home of MT4 traders.”
EightCap Regulation and Security
EightCap is licensed to operate with its Australian Financial Services License under the rules and regulation of the Australian Securities and Investments Commission. This gives EightCap the right to provide brokerage services within the jurisdiction of Australia.
This broker is also regulated by the Vanuatu Financial Services Commission under the EightCap Global Ltd, establishing it as a multi-jurisdictional brokerage firm. The downside is that traders from the EU cannot securely avail this broker’s services since it is not regulated within the eurozone. However, EightCap has an office in the United Kingdom.
One of the security measures implemented by EightCap is partnering with high-level banking institutions such as Lloyds of London for funds insurance and account segregation. This broker’s execution servers are also all located in Equinix data centers, which is where the world’s biggest financial institutions’ execution servers are.
EightCap MetaTrader Platforms
As stated above, EightCap only offers MetaTrader platforms to its clients, hence its brand “ the home of MT4 traders.” but aside from MT4, it also offers MT5 especially for cryptocurrency trading. Both are available on desktop, web, Windows, Android, and iOS.
The MT4 is a classic when it comes to foreign exchange trading. Most traders are using or have used MT4 in the past. It was popularized by its wide availability, intuitive interface, and access to a wide range of tools, indicators, and strategies. The MT4 platform also boasts advanced charting tools and systematic trading qualities. It is also available on mobile.
This platform was developed as a successor to the famous MT4, but with a high-level of versatility unmatched by other platforms at its time. This platform was created with the functionality to trade in all financial markets, including cryptocurrencies. It has the same functionality as the MT4 platform and also available in mobile version.
EightCap Account Types and Payment Methods
This broker offers two main account types, which are Standard and Raw. While both are equally good options, the difference in spreads is the defining factor in choosing the better account type for each trader.
The minimum deposit for the Standard Account is $100 without any commissions or extra fees. Spreads begin at 0.5 pips and end at 1.8 pips. The maximum leverage for all financial markets is 500:1, with a liquidation level of up to 50% and a min/max trade size of 0.01 lot/100 lots. With this account, you can use hedging, scalping, and even Expert Advisors for any trade.
Similar to the account type above, the minimum deposit for the Raw Account is also $100 and the leverage is 500:1. Commissions are charged at $3.5 per standard lot traded but with a min/max trade size and liquidation level similar to the Standard Account. The defining line between the two accounts is the difference in spreads which, for the Raw Account, is only 0.0 to 1.0 pip. Hedging, scalping, and Expert Advisors are also allowed in this account type.
EightCap also offers a free demo account that all existing and potential clients can freely utilize if they want a practice account. All funds deposited in the account are owned by EightCap and will not be transferred to the client. This account is recommendable for beginning traders who are still in the process of learning about the financial markets or even for expert traders who want to try a trading strategy without the risks. The account lasts for 30 days.
For traders who prefer to immediately sign up to EightCap’s services, they can choose either the Raw or the Standard Account. Depositing funds has also been made easier with several options and payment methods. Clients can choose to use their own credit or debit card, opt for a wire transfer, or use convenient online payment methods such as Skrill, POLi, XPAY, XPAY QR Code, and China UnionPay. Once the deposit process is done, clients can now have access to over 200 financial instruments of cryptocurrencies, forex pairs, commodities, indices, and shares.
EightCap Review Conclusion
Trading with EightCap opens many advantages to traders, including a direct access to the financial markets. Transparency is one of the main qualities of EightCap, and traders can expect that this broker lives up to the standards. Another advantage is that this broker is regulated in multiple regulations, guaranteeing traders of safe, secure, and regulated financial transactions.
Traders can also expect the best trading conditions from EightCap, with the choice of using an account that offers low spreads. It also offers quite a number of research and educational materials that aid the investor in his trades. These and many more are the reasons why EightCap has a good reputation as a broker and a high trust score from its clients.