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EightCap is an Australian broker established in 2009 with "with a simple, clear mission to provide exceptional financial services to its clients". The company has undergone significant changes in 2014-2015. The broker improved its management structure and opened offices in other countries. Today, EightCap has five offices on different continents.
The broker is regulated in several jurisdictions to ensure a secure trading environment for traders. For instance, EightCap Pty Ltd is regulated by the Australian Securities and Investment Commission, and EightCap Global Ltd is controlled by the Vanuatu Financial Services Commission. However, experts warn that ASIC is considered an average regulator in terms of efficiency. The license given by the VFSC does not fully protect traders in case of certain problems. Thus, they are unlikely to be able to appeal to the actions of the broker and receive compensation.
Trading conditions
EightCap offers its clients to trade more than 200 financial instruments, including 40 major and minor currency pairs, commodities, indices, shares, and cryptocurrencies.
The minimum deposit is $100. There are two types of accounts to choose from: Standard Account and Raw Account. Both of them provide the same trading conditions. They differ in the size of the spread and commission. In the Raw account, the commission is $3.5 per standard lot. The maximum leverage is 1:500 for both account types. The broker allows hedging, scalping, and automatic trading (with the help of expert advisors). The broker`s clients can work with multiple trading accounts. The limit on their number appears when traders change their status: under an individual trader account and under a joint trader account.
EightCap gives access to the MT4 and MT5 trading platforms.
Promotions and bonuses
We were unable to find any information about EightCap promotions and bonuses. However, the broker offers its clients a special promotion Refer a friend. Traders can receive $100 cash bonuses (or the equivalent sum in another currency) to their account. Before inviting someone, make sure you have a valid trading account and deposit at least 250 Australian dollars. The invited friend should not be an existing EightCap client, relative, or cohabitant of the trader. The broker also notes that the friend in the promotion cannot be a fake.
Training
EightCap allows potential clients to try their hand at trading with the help of a demo account. They can test the platform through a demo account that is available for 30 days. It is possible to open an unlimited demo account at the request of the trader.
For beginners, the broker provides access to a large number of analytical and training materials. On its website, traders can also find reviews, economic news, market updates, and more.
Support service
You can contact the broker by several phone numbers, via chat and email, as well as social networks.
The support team speaks nine languages, including Chinese, Thai, Korean, and Vietnamese.
Deposit and withdrawal of funds
Clients are able to open accounts and deposit funds in the following base currencies: AUD, USD, GBP, EUR, NZD, CAD, and SGD. To top up your account, you can use wire transfer, credit and debit cards, e-wallets, etc. You can find the full list of payment methods on the website as well as the possible time slot for crediting funds (the longest one is wire transfer, which can take up to three days).
You can withdraw funds with the help of wire transfer, Visa and MasterCard cards, Neteller, and Skrill. It can take up to twenty days. The broker does not charge additional fees but warn about the internal commissions and currency conversions when working with non-Australian banking institutions.
Feedback
Traders often complain about the long procedure of funds withdrawal. They also note technical failures in the trading platforms. The lack of special offers and bonuses makes this broker less attractive for clients as the lack of unique promotions make EightCap an ordinary broker in the forex market.
Advantages and disadvantages
Pros:
- regulated broker
- work transparency
- security of finds
- favorable spreads
- client orientation
Cons:
- main focus on the Asian market
- lack of well-structured training program
