By Nathan Ferguson
Eightcap Review
Eightcap is a forex and CFD broker with a global presence. Traders can trade over 250 financial assets with ease using the MT4 and MT5 trading platforms. This Eightcap review will assist you in deciding whether or not to create an account, including information on the platform, security, customer support as well as a mobile app and a demo account.
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Trading Platforms
This award-winning MT4 platform allows traders to trade FX, indices, and commodities online. It’s a fantastic all-around platform with its smart UI, algorithmic trading capabilities, and full charting pack. MT5 is the other trading platform that allows you to trade forex, indices, stocks, commodities, and cryptos.
The Eightcap MT4 and MT5 platforms are available for Microsoft, Mac, and Linux PCs to download.
Mobile Apps
Eightcap has a mobile application offered for android & Ios smartphones. All of the capabilities of the desktop platform are available in the application, with the added convenience of 24/7 connectivity from anywhere. Simply go to your App Store and download the application after you have your MT4 or MT5 login information.
Assets Offering
Eightcap users can trade multiple assets in different classes. These classes are forex, shares, indices, commodities, and cryptocurrencies. This enables you to diversify your portfolio.
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Leverage
At Eightcap Pty Ltd, the maximum leverage is 1 into 30. Users of Eightcap Global Ltd can employ maximum leverage of 1 into 500. The broker’s website has information about the margin call process.
Types of Account
Eightcap has two types of accounts to choose from:
Standard, a good place to start for newcomers. Raw account for experienced traders only. Both account types have a $100 initial deposit, a 0.01 minimum transaction size, and max leverage of 1 into 30 for Australian customers and 1 into 500 for non-Australian customers.
The key distinction between the 2 accounts is is the Standard account has no commissions, whilst the Raw account charges A$3.50 for each standard lot. In addition, the Standard account has five fundamental currencies against Raw’s four.
Payment Methods
Deposits
Eightcap provides a number of quick payment alternatives in seven different currencies, all of which are processed through the Customer Portal:
- Bank Wire, it takes one to three business days to transfer the payment.
- Credit/debit card are a quick method to deposit funds, it has no fee.
- BPAY takes 1 to 2 days and charges no fee.
- Poli also charges no fees for initial investment.
- China UnionPay is a zero-fee method to deposit funds instantly.
- Skrill usually takes 1 to 2 days to deposit funds.
- Neteller also has quick methods of transferring funds with zero-dollar fees.
Withdrawals
Traders can withdraw profits for free using any of the methods listed above after submitting a request form through the Client Portal. Withdrawals should be processed within 24 hours, according to the broker. It usually takes 2–5 business days for a transaction to clear.
Demo Account
Eightcap provides a good demo account that may be accessed through the broker’s website. Users have unlimited virtual cash and can trade under the same conditions as a real-money account, including the same price feed. Demo accounts are limited to 30 days by default, however, they can be extended upon request.
Customer Service
Customer service has huge importance in any online business. Eightcap offers quick and professional customer service to its users. You can approach them in multiple ways, like email support, phone call, and live chat.
Safety
Safety is a key component of a broker’s integrity and should be the prime focus while selecting a broker. Eightcap offers top-notch security through SSL encryption, this means your information and funds are ends to end encrypted and you need not worry about it.
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Conclusion
Eightcap is a reputable CFD and forex broker that has been in business for over a decade and offers both MT4 and MT5 platforms. Newbies and professionals can trade with ease thanks to their low spreads, quick customer service, and demo account options.