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Best More Detailed Review Of Eightcap Forex Broker 2023

 Best More Detailed Review Of Eightcap  Forex Broker 2023

Both the Vanuatu Financial Services Commission and the Australian Securities and Investment Commission (AFSL 443670) oversee Eightcap (reg. no. 40377). Eightcap operates as an online financial trading company and was founded in Melbourne, Australia. Services for trading in currencies and contracts for difference (CFDs) are provided by Eightcap to both retail and institutional clients. One of the most well-liked trading systems is available through Eightcap: MetaTrader 4.

 

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.

 

Through their reputed Australian headquarters and several regional offices across the world, including the UK, Bulgaria, and Cyprus, Eightcap runs a global business. In addition to what it offers to retail clients, this broker offers affiliates, IBs, and influencers technological advantages and collaboration options.

  

Best More Detailed Review Of Eightcap  Forex Broker 2023



Eightcap strives to create a community for MT4 and MT5 traders and seeks to give them a specialised trading environment. Through the renowned MetaTrader platforms, this broker provides access to the most widely used financial instruments, all with quick execution and minimal spreads.

  

  • 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.

 

The only products Eightcap offers are CFDs (share, commodities, and cryptocurrency) and forex. This is a drawback. Tools for research and education are scarce. Additionally, no system for protecting investors is offered.

  

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, all trading methods are accepted, and there are choices for high leverage and adjustable lot sizing in addition to no limitations on the use of EAs or other strategies. All traders will have the same professional trading circumstances regardless of account type, as well as business support for any needs.

  

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.

  

Eightcap Forex Broker Fees


 

Always consider the overnight fee, commonly known as the rollover rate, as a cost for keeping open positions in currency trading over the course of the night. It is based on the difference between the two currencies involved and the overnight interest rate. It also depends on whether the position is to purchase long or sell short.

   

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.

  

Source : 

  • https://55brokers.com/
  • https://brokerchooser.com/
  • https://www.forexbrokers.com/ 

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