RatingFX: independent rating of Forex brokers
About the company:
Eightcap is a forex broker offering over 25 currency pairs, indices and commodities on the MetaTrader 4 trading platform.
About company. Safety of funds
Eightcap was established in 2009 in Australia. The company underwent significant structural and management changes in 2014-2015. EightCap started anew with two additional offices in London and Shanghai. The headquarters of the company remained in Melbourne, Australia.
Eightcap ECN/STP is represented by EightCap Pty Ltd. and regulated by the Australian Securities and Investment Commission (ASIC).
ASIC requires licensed financial services providers to meet strict capital requirements: to hold at least $1 million and implement internal procedures of accounting and audits. Besides, regulated entities are required to report regularly to ASIC.
The Australian regulator, however, does not include any compensation scheme for investors in case a licensed company becomes insolvent.
Eightcap offers its clients several trading accounts. The only difference between the Raw and Standard accounts is the spread’s size. The first account’s spread starts from 0.0 pip; and the second one, from 1 pip. On average, the spread is 1.2 pips on EUR/USD.
Traders are required to deposit $100 in order to open an account with EightCap. There are 40 assets to choose from: currency pairs, CFDs, gold, silver and crude oil.
EightCap provides leverage ratios up to 1:500 on both accounts. Hedging, scalping and expert advisors are also allowed. In addition, a MAMM/PAMM account allows traders to maintain several accounts at the same time and place trades simultaneously on all of them. Demo account is available.
EightCap supports the most widely used MetaTrader 4 (MT4) platform. It is available for PC, Mac, and mobile devices. MT4 provides all the tools and resources a trader needs: a number of technical indicators, advanced charting package, a wide range of Expert Advisors, and testing environment for them.
What is more, this broker has partnered with Myfxbook to offer AutoTrade – a platform that enables clients to track, compare, analyze, and share their trading activities and copy deals of any top successful traders.
In order to use the AutoTrade service, the minimum deposit must be at least $1,000.
Eightcap offers a host of different educational materials. Basic introduction to forex trading is offered in textual form. Topics like ‘What is Forex,’ ‘Margin Trading’ etc. are offered to all viewers. Seminars or webinars are not conducted. Unfortunately, the broker does not offer news reports and analytical materials. Neither there was an economic calendar or calculator.
Traders can access the Eightcap support center in any of their three offices (in Melbourne, Shanghai and London) via telephone. Clients can also contact the support service 24/5 by email or live chat. The broker’s website is available in English and Chinese.
Clients can use several methods to deposit their trading accounts including credit/debit cards, wire transfer as well as e-wallets Poli, Skrill, Bpay, and Moneybookers.
Withdrawals are made using the same method as the deposits. Debit/Credit card refunds can take 3 – 20 business days from the date of processing.
Trading is available in the following currencies: USD, AUD, EUR or GBP.
Eightcap 1/10 (votes 2187)