► Read our long form review here:
► Overview 📝
Eightcap is a CFD broker that is based in Melbourne and that was established in 2009. They have expanded globally but do restrict clients from a number of countries including the USA.
They are fully regulated by Australia’s ASIC which means that traders have a range of protections from illiquidity at the broker to funds protection in segregated bank accounts.
Eightcap operates a no-dealing desk model with Straight Through Processing of client orders. This means that they are able to execute trades much more quickly and at near market rates.
► Asset Coverage 💎
In terms of asset coverage, they offer a range of CFD assets including forex, commodities, equity indices and cryptocurrencies. These are traded with leverage that can be as high as 500:1.
Unfortunately, you can only trade 4 commodity assets and you can’t trade single stocks. You also only have a paltry 5:1 leverage on the cryptocurrency assets.
► Fees & Spreads 💸
Eightcap seems to have pretty reasonable spreads on their assets.
If you take the “raw” trading account then the spreads that you are able to get on some of the forex pairs are close to zero. They are slightly higher than if you were to take the Standard account.
However, when you use the raw account you will be charged a “lot” commission of $3.5 per lot. You will also be charged a standard “Swap” rate based on market conditions.
There are no fees for deposits or withdrawals though.
► Account Types 🏷
There are two live account types. These are the standard and the raw. They differ only in terms of spreads and lot commission. Both have a minimum funding requirement of $100.
There is also a demo account where you can test the platform out in a non-threatening manner.
► Trading Technology 🖥
In terms of their trading technology, Eightcap makes use of the hugely popular MetaTrader platforms. They have both the MT4 and the MT5 platform.
If you want to trade cryptocurrencies or equities then you will have to use the MT5 as the MT4 does not support these assets.
► Mobile Trading 📱
For those on the go, Metatrader has developed mobile apps for both the MT4 and the MT5 that are available in iOs as well as Android.
These are very popular apps with millions of downloads so you can’t go wrong.
► Funding / Withdrawals 💳
Eightcap has the typical range of funding options available. These include Credit cards, bank wire, Skrill, Chinapay and a whole host of other web wallets.
► Customer Support ☎️
They also have a pretty standard offering when it comes to customer support. They have email, phone line and live chat. I tested out the live chat and was dealt with almost instantaneously.
► Other Features 🎁
Eightcap also has a range of other goodies that they have thrown into their offering. These are educational resources and trading guides.
► What We Think 💁🏻♂️
In conclusion, Eightcap appears to be pretty reasonable. They have low fees and a quick execution. Their limited commodity and share coverage may be annoying for some, but they do have a reasonable selection of Forex pairs and crypto assets.
► Warning!! ⚡️
If you are going to be trading with Eightcap, be sure to practice risk management. Leverage at 500:1 can be incredibly risky.
► Disclaimer 📜
This is for informational purposes only. Coin Bureau does not provide investment advice, nor is it an offer or solicitation of any kind to buy or sell any investment products. Rates and terms set on third-party websites are subject to change without notice.
Source: Coin Bureau