Eightcap

EightCap experiences: extensive FX offer

How serious is the Australian CFD and Forex broker EightCap – and why should investors register there? Interested parties will find detailed answers to these questions in the following EightCap experiences. The focus was not only on the seriousness of the broker, but also on the trading conditions, the trading platform and many other features that are interesting for forex traders.

These 5 arguments speak for EightCap

  • Tight spreads from as little as 0.8 pips on the standard account
  • Broker provides maximum leverage of 500:1
  • Suitable account types for beginners and professionals
  • Demo account free and usable for 30 days
  • Low minimum deposit of 100 Euro, GBP or USD

Seat and regulation: Licensed by Australian authority

Icon CleverAn indication of the seriousness of a broker is always the regulation by an independent authority. Many brokers based in Europe are licensed by the regulatory authority of an EU member state, which allows them to automatically offer trading in CFDs, Forex and other financial market products in all other member states of the European Union.

Some examples of European financial market regulators:

  • Germany: Federal Financial Supervisory Authority (BaFin)
  • Luxembourg: Commission de Surveillance du Secteur Financier (CSSF)
  • Great Britain: Financial Conduct Authority (FCA)
  • Malta: Malta Financial Services Authority (MFSA)
  • Cyprus: Cyprus Securities and Exchange Commission (CYSEC)

However, this does not apply to EightCap. Since the broker is based in the Australian city of Melbourne, EightCap Forex trading is regulated by an Australian authority. The CFD and Forex broker is registered with the Australian Securities and Investments Committee (ASIC). As a result, it holds the Australian Financial Services License (number: 391441). The fact that the regulation is not carried out by a European authority does not represent a disadvantage for German investors at first.

This is because the broker takes numerous measures to create the safest possible trading environment. These include, for example, that customer funds are kept separate from the company capital without exception. For this purpose, the Broker works together with a Tier 1 custodian bank, the National Bank of Australia.

Conclusion: Before registering with a broker, interested parties should always check whether the offer is possibly fraudulent. A first indication that the offer is a serious one is usually provided by an existing regulation by an independent authority. The broker’s headquarters decides which regulatory authority is responsible. Since EightCap is an Australian broker, the ASIC is responsible for this.

Trading offer: Large selection, especially in the Forex area

A look at the EightCap trading instruments gives investors information about which underlying assets they can trade with the broker. Therefore this step should be done in every Forex broker comparison. According to our EightCap experience, the broker offers the largest selection in the Forex market. This gives investors access to the most liquid trading market in the world, the foreign exchange market.

The following instruments are tradable at EightCap:

  • Forex: over 30 currency pairs
  • Indices: eight major indices from around the world
  • Commodities: Gold, silver, Brent oil and WTI oil
  • Crypto currencies: six important cryptos against US dollar

The trade with indices, raw materials (two precious metals and two oil types each) and crypto currencies takes a clearly smaller value with EightCap than the Forex trade. At the same time investors, who would like to invest also into other basic values apart from the Forexhandel, find the suitable opportunity with the broker. The focus is however doubtlessly on the trade with currency pairs.

The broker divides these into three categories: important, smaller and exotic currency pairs. Important currency pairs always include the US dollar, plus a currency from Canada, Australia, New Zealand, Switzerland, Japan, the UK and the Euro zone. Pairs that consist of the currencies of these countries but do not contain the US dollar are among the smaller currency pairs at EightCap. The package is rounded off by exotic pairs that contain the US dollar on one side and the currency of a smaller economy on the other.

Conclusion: When looking at the trading offer, it quickly becomes clear on which financial market instrument the CFD and Forex broker’s focus is. With a selection of over 40 currency pairs – crypto currencies are included here, as these are also traded against the US dollar – the Forex trade provides the largest selection. Trading in indices and commodities is also possible, but is far less important.

Trading Conditions & Minimum Deposit: Narrow Spreads at Forex

Icon StrategyIn a CFD and Forex broker comparison, interested parties weight the highest trading costs in addition to the selection of tradable underlyings. After all, every fee has a negative impact on the result of a trade. First of all, it should therefore be noted that with EightCap, costs are incurred solely through the spread. There is no additional commission when opening a position or other trading fees. The spreads can be described as competitive according to our EightCap experience and are as follows:

  • Trading instrument Standard account Raw account
  • Major currency pairs 0.8 to 2.0 pips 0.0 to 1.2 pips
  • Smaller currency pairs 1.0 to 3.5 pips 0.0 to 2.6 pips
  • Exotic currency pairs 1.1 to 5.0 pips 0.1 to 4.0 pips
  • Indices 0.3 to 5.0 pips 0.3 to 5.0 pips
  • Crypto currencies 1 to 50 pips 1 to 50 pips

In commodities, the spread for gold is between 20 and 30 cents, for silver between 15 and 40 cents. The spread for both types of oil is between 0.04 and 0.59 points. All figures are typical spreads, but may deviate significantly from the figures given here, especially in times of volatile market conditions.

The minimum deposit with the broker is 100 units of the account base currency. Investors have the option to fund their account in Euro, Australian Dollar, US Dollar, British Pound or New Zealand Dollar.

Conclusion: The spreads are considered competitive and are within the range of many other CFD and Forex brokers. The EUR/USD currency pair is often used as a comparison value, which can be traded at EightCap from as little as 0.8 pips on the standard account. Prospective customers should always note that the values are indicative and may differ in actual trading.

Trading platform and mobile trading: MT4, MT5 and Webtrader

Icon Smartphone MobileEightCap offers beside the standard account, which probably will be most interesting for most private investors, also a so-called raw account. Both account types differ in many features, but also have one thing in common. Both accounts can be used on all trading platforms that EightCap offers.

After registration, investors can choose between these trading platforms:

  • MetaTrader 4
  • MetaTrader 5
  • EightCap Webtrader

The MetaTrader of MetaQuotes has been one of the most popular trading platforms for forex traders for years. One reason might be the fact that the trading software is not limited to use with one particular broker, but is supported by numerous CFD and Forex brokers. Even when switching from one broker to another, traders often do not have to give up their familiar trading environment.

Another reason is the fact that MetaTrader can be ideally adapted to the user’s needs by integrating Expert Advisors (EA) or own indicators. This applies to both MetaTrader 4, which has probably been the most popular platform for forex trading for years, and its successor, MetaTrader 5. The offer is rounded off by the EightCap Webtrader. Although it does not provide the functional range of the two MetaTraders, it can be opened in any modern browser and thus offers highest flexibility.

Conclusion: For many investors it might prove to be ideal that EightCap not only offers the two extremely popular MetaTrader MT4 and MT5, but also has its own Webtrader in its program. This allows you to use all the advantages of MT4 and MT5 on your home PC and to trade mobile via the Webtrader even on the road.

Account opening and bonus: Create an account in a few steps

Additional offers As already from the previous sections became recognizable, investors with EightCap have the choice between two trading accounts: the standard account and the raw account. While the Standard Account is likely to be the first choice for most retail investors with little or no experience in CFD and Forex trading, the Raw Account is primarily aimed at experienced traders.

With EightCap, account creation is a matter of minutes and can be done entirely online. Initially, new customers always receive a standard account. This can later be upgraded to a raw account. Both accounts are basically equipped with the same functions and conditions. However, owners of a raw account benefit from narrower spreads and receive a commission on opened positions.

EightCap is a regulated financial services provider, as explained above. For this reason, the broker must identify all new customers when opening an account. Two documents are required for this:

Photo ID: The Broker accepts driver’s licenses, ID cards, passports and other IDs issued by a government agency. These must clearly show the name and signature of the applicant and the expiration date of the document.
Proof of address: This can be in the form of a bank statement or utility bill. The document must not be older than three months. In addition, the name and address must match the details given when the account was opened.

Conclusion: As an Australian broker, EightCap also accepts customers from abroad, including Germany. The opening of an account is unlikely to cause problems for hardly any of the interested parties. In particular the fact that the account opening can be accomplished on-line proves as advantageous. A processing time is to be counted on only with the identification, which must be accomplished for regulatory reasons.

Demo account: free of charge and unlimited use for 30 days

Icon thumbs upHow can investors who are interested in the offer of a CFD and Forex broker get to know him better? The answer is quite simple: through a demo account. Demo accounts are now offered by numerous brokers and should be used by investors regardless of their experience – because they offer many advantages.

For beginners the advantages are obvious. Since the demo account is not traded with real capital but with virtual assets, the use is completely risk-free. Investors can therefore familiarize themselves with all the features of a financial market product. Any mistakes made in the process do not cause any financial damage. Thus investors can gain experience with EightCap Forex completely risk-free.

But investors can not only get to know the investment products better, but also the broker’s trading platform. Both the MetaTrader versions MT4 and MT5 as well as the Webtrader allow the opening of a demo account. This allows interested parties to familiarize themselves with all functions. Experienced traders, who already know both the product and the broker, also benefit from a demo account. There they can test new strategies risk-free and then implement the procedure on the live account.

EightCap offers investors a free demo account that can be used without restriction for a period of 30 days.

Conclusion: A demo account is now standard equipment for CFD and Forex brokers. The advantages that such an account offers are manifold – both for inexperienced investors and for trading professionals. With EightCap, traders can use the demo account for one month free of charge.

Service & Education : Customer support available around the clock

Fraud.org Icon Customers SupportNot every investor starts his career as a professional. Especially in the early stages, inexperienced Forex traders often encounter problems and questions. These can be of a diverse nature and can relate to the investment product as well as to broker characteristics. For this reason it is important that the broker provides a comprehensive service for the training and further education of his customers.

EightCap provides this service via the category “Support”, which can be found directly on the main page of the online presence. Here, interested parties will primarily find an extensive FAQ area that answers numerous questions in various categories. These concern for example the trading account, deposits and withdrawals or the trading platform. A training area with webinars or video tutorials, as many other brokers now offer, is not to be found at EightCap.

EightCap offers customer support in the following ways:

  • via telephone hotline
  • via e-mail
  • via live chat

While the Broker’s website is available in German, this does not apply to customer support. In this point, it is clear that EightCap is an Australian broker that operates not only in Europe but also in Southeast Asia. Therefore, it is only possible to contact the support in English.

Conclusion: The customer support can only be contacted in English for German investors. However, customers of an international broker must expect this. Somewhat more important is the fact that EightCap does not provide a classic training area with the exception of a detailed FAQ.

Deposit and withdrawal: Broker does not charge fees

Icon SavingThe opening of a live account with CFD and Forex broker EightCap is free of charge. However, the broker requires an initial deposit of 100 euros before the account can be used for trading. German investors can choose from the following deposit options:

  • Credit and debit card
  • Bank transfer
  • Skrill

In contrast to many other brokers the selection is quite small, but it should not be forgotten that traders from numerous countries belong to the broker’s customer base. The three ways of capitalizing the trading account mentioned above can be used from numerous countries. Deposits can be made by credit card or bank transfer in currencies such as AUD, USD, GBP, EUR, NZD, CAD and SGD.

In addition, the broker cooperates with the Australian service providers BPAY and POLi Payment, which only allow withdrawals in AUD. China UnionPay (uPOP) is also available exclusively for Chinese customers. The fact that the broker does not charge any internal fees for both deposits and withdrawals should prove to be an advantage for investors. In their own interest, however, customers should find out whether their bank charges fees, especially when using bank transfers.

Conclusion: EightCap supports the most important in-payment and out-payment methods with the bank transfer, credit and debit card payments (VISA and Mastercard) as well as the e-wallet provider Skrill. There are no broker fees for the capitalization of the trading account.

Seriousness: No signs of fraudulent activity

Already at the beginning of our EightCap experiences we came on the seriosity of the broker to speak. An important indication that should be checked is the regulation by an independent authority. This is the case with EightCap, the broker is regulated by the Australian Securities and Investments Committee (ASIC).

This is supported by the fact that the broker takes further measures to make the trading experience as safe as possible. Client funds are kept separate from capital at reputable custodian banks, so that creditors do not have access to them in the event of insolvency. The funds are also covered by voluntary professional liability insurance, which the broker buys and maintains for each investor.

Last but not least, the identification, which every investor must carry out when registering, speaks for the broker’s seriousness. Before investors can gain their own EightCap experience, they must first prove their identity by means of various documents.

Result: At the seriosity of the broker there are hardly doubts. After all, the broker has already been in business for several years. It can be assumed that corresponding reports would have to be available if the broker had attracted attention in the past through dubious practices.

Conclusion: Forex trading at EightCap offers numerous investment opportunities

Icon Binary Options or ForexSpecial investors who wish to trade at EightCap Forex should take a closer look at the broker’s offer. In combination with some crypto currencies, which can be traded also against the dollar, the broker offers a selection of over 40 currency pairs. Apart from the cryptos these are divided into important, smaller and exotic FX pairs. By the narrow spreads these can be traded at competitive conditions. Further trading costs do not arise beyond that. Also with the opening of the trading account as well as the deposit and payment no costs result on the part of EightCap. Only the minimum deposit of 100 Euro has to be observed.

Cause for criticism the broker offers at the same time hardly. A German support would be desirable, but this cannot be assumed with an international broker based in Australia. However, an expansion of the training area, which is currently limited to a detailed FAQ, would be desirable.

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