EIGHTCAP REVIEW: PROS & CONS
Have you come across this financial app and wonder what it is all about? In this review, we will walk you through the key points to consider when evaluating its features and benefits.
Last Update:
28.6.24
BASIC INFO
Eightcap is an online broker specializing in Forex and CFD trading, offering a variety of financial instruments across global markets. The platform is known for its competitive spreads, fast execution, and user-friendly trading platforms. Eightcap emphasizes customer service and education, providing traders with the tools and resources necessary for a successful trading experience.
PROS & CONS
PROS
+20 Years in Business
This platform has been in business for over 20 years, demonstrating its experience and reliability. Users can trust the platform's long-standing presence in the industry.
Regulated by a Credible Government Agency
This platform is regulated by a credible government agency, ensuring that it operates in compliance with industry standards and regulations. Regulation provides a level of security and protection for traders, as it requires the platform to adhere to specific rules and guidelines designed to safeguard the interests of market participants. Trading on a regulated platform can enhance trust and confidence in the trading environment.
Low spreads
This platform offers tight spreads, ensuring competitive pricing and cost-effective trading.
Fast Registration Process
This platform offers a simple and straightforward registration process, allowing users to quickly create an account and start trading without unnecessary complications.
CONS
Poor Customer Support
This trading platform offers limited customer support, leading to delays in resolving issues or inadequate assistance for traders. With subpar customer support, traders may face challenges in getting timely responses to their inquiries, resolving technical difficulties, or receiving necessary guidance.
Lack of Educational Resources
This trading platform lacks comprehensive educational resources, making it challenging for traders to access valuable learning materials and enhance their trading knowledge. Without access to educational resources, traders may struggle to understand complex trading concepts, strategies, or market analysis, limiting their ability to make informed trading decisions.
APPS
METATRADER 4
Widely-used platform for forex trading. Known for its Expert Advisors (EAs) and customizability.
METATRADER 5
Successor to MT4 with more timeframes and order types. Supports more markets beyond forex.
TRADINGVIEW
Web-based platform for charting and social trading. Widely used for its advanced technical analysis tools.
CAPITALISE.AI
Tool for creating automated trading strategies. Allows for trading automation without coding.
The screenshot of the MetaTrader 4 (MT4) platform features a dynamic user interface, equipped with multiple essential components for trading. The "Market Watch" window displays a list of the most traded currency pairs, showcasing market liquidity with real-time bid and ask prices. Concurrently, the EUR/USD candlestick chart offers a crisp visualization of market fluctuations over a one-hour period, accentuating bullish trends with green candles.
ACCOUNT OPENING
How to Open a Trading Account with Eightcap
Opening a trading account is a process that involves several key steps to ensure both your trading needs and the broker's regulatory requirements are met. Below, we describe the process in detailed steps:
Visit the Broker's Website: Access the official website (found in the index of this review). Look for the option to open a new trading account, which is usually clearly indicated on the main page.
Complete the Registration Form: Provide your personal details, such as name, address, email, and phone number. Depending on the broker's need to know you better as a client, additional information about your trading experience, employment, and financial situation may be requested.
Identity Verification: Upload documents to verify your identity and residence. This generally includes a photo ID (passport or identification document) and a proof of address (utility bill or bank statement).Set Up Your Trading Account: Configure aspects of your account, such as currency type, leverage, and, in some cases, trading preferences.
Deposit Funds: Make an initial deposit using one of the payment methods accepted by the broker (We detail the alternatives later).
Access the Trading Platform: Download and install the trading platform. Log in with your account details.
Practice with a Demo Account (Optional): Practicing trading with virtual funds before risking real money means you won't be surprised when using real money.
Start Trading: Once your account is set up and funded, you can start trading.
How to Deposit
Once you have decided how much to deposit and which method to use, making the deposit is simple and quick. Just follow these steps:
Log in to your newly created account.
Click on "Deposit Funds".
Enter the amount and select the currency.
Finally, select your chosen deposit method. Don't worry, it's a secure and private process. Transactions are communicated using Secure Socket Layer (SSL) technology.
Below we show you the available alternatives.
Deposit & Withdrawal Methods
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ASSETS & SERVICES
EightCap is a solid choice for investors interested in FX (Forex) and CFD (Contract for Difference) trading. It offers a wide range of financial assets, including:
Currency Pairs (Forex): Currency pairs are one of the most popular assets in trading. Investors can speculate on the fluctuation of exchange rates between major currencies, such as EUR/USD, GBP/JPY, and USD/JPY.
Stocks: It allows the buying and selling of CFDs of stocks of companies listed on various stock exchanges worldwide. This provides investors with the opportunity to invest in leading companies like Apple, Amazon, Microsoft, and many others.
Stock Indices: Stock indices represent the performance of a group of stocks on a specific stock exchange. Investors can trade indices such as the S&P 500, FTSE 100, DAX, and more, allowing them to diversify their portfolios.
Commodities: Commodity assets include crude oil, gold, silver, natural gas, corn, coffee, and other basic commodities. Investors can speculate on the price movements of these commodities, which are often influenced by economic and geopolitical factors.
Cryptocurrencies: You can trade CFDs on a variety of cryptocurrencies, such as Bitcoin, Ethereum, Ripple, and Litecoin.
REGULATION
Australia
ASIC
Australian Securities & Investments Commission
Vanuatu
VFSC
Vanuatu Financial Services Commission
Selected Feedback of Eightcap on Trustpilot
If you are considering opening an account with Eightcap and are looking for real user reviews, this is the right place for you. 'Real users' mean those who have personally experienced the services and share their unbiased feedback. This approach ensures more reliable insights compared to generic platform reviews.
We have gathered the most representative positive and negative reviews to provide a comprehensive view of the user experience on this platform. How did we achieve this? We explored trustpilot.com, the largest global website collecting user reviews. Real users leave their comments on services at Trust Pilot. This section compiles genuine user feedback reflecting the overall sentiment towards the Broker.
Here is a detailed analysis of Eightcap based on user reviews on Trustpilot:
Overall Rating: Eightcap has a respectable rating of 4.3 out of 5 on Trustpilot, indicating a generally positive customer experience.
Positive Aspects: Users have praised Eightcap for its straightforward and user-friendly platform, excellent customer service, and efficient account management. Many users appreciate the regulated status of the broker, the low spreads, and the support from personal account managers.
Negative Aspects: Common complaints include slow execution times, delays in withdrawals, and issues with customer support responsiveness. Some users have also reported dissatisfaction with the verification process and discrepancies in withdrawal amounts.
Service Reliability: While the majority of users have had positive experiences with smooth transactions and responsive support, there are significant instances where users faced issues with execution speed and withdrawal delays, affecting their overall trading experience.
Overall Conclusion: Eightcap has received a mix of positive and negative feedback from its users. The platform is highly regarded for its user-friendliness, effective customer service, and low spreads. However, some users have experienced issues with execution speed, withdrawal delays, and customer support responsiveness. Prospective users should consider these factors carefully based on their personal trading needs and experiences.