With the availability of a number of third-party plug-ins and connections to Capitalise.ai’s algorithmic trading system, Eightcap strengthens its position as a MetaTrader-only trader.
Even though Eightcap has a strong cryptocurrency offering, it struggles to compete with the top forex brokers due to its limited selection of marketplaces, absence of noteworthy teaching materials, and limited research resources.
Read the eightcap review to have a clear insight about this broker.
Who is Eightcap?
Eightcap is an Australian-incorporated trading firm that offers a competitive pricing strategy since 2009 through cheap charges of dynamic spreads with quotes obtained using innovative tools through Equinix servers and data from various top banks or organizations.
Through its reputed Australian headquarters and various international regional offices, such as those in the UK, Bulgaria, and Cyprus, Eightcap operates on a global scale. In addition to providing services to regular clients, this broker also offers affiliates, IBs, and influencers cooperation opportunities and technological benefits.
Commissions and Fees:
Eightcap has two account types through all of its international subsidiaries, especially those in Vanuatu and Australia. Whether you select the spread-only Standard account or the commission-based Raw account will determine your fees and charges.
For its commission-based Raw account, Eightcap lists an average spread of 0.06 pip. Nevertheless, after accounting for the $3.50 a trade per side commission, the total cost comes to about 0.76 pips, which is just below the market standard of 0.8 pips. It’s important to note that the published average spread statistics from Eightcap did not include a date range.
How to open an Eightcap account?
At Eightcap, the entire process is as simple as it sounds. The online application process takes about ten minutes, and confirmation might take up to a day.
These steps are required to create an account with Eightcap:
- Specify your name and email address as well as other contact details.
- Click on the link Eightcap provides you to confirm your email address.
- Enter your contact details, including your birthdate and address.
- Select the currency pair and type of account (Raw/Standard, Individual/Corporate).
- Attach copies of your ID or passport, a bank record, or a utility bill to prove your identity and place of residence.
- You can begin trading after your account has been validated by making the necessary minimum balance.
Is Eightcap Safe legally?
Eightcap adheres to four authorities and has a long history of successful operations. A program for investor compensation is offered to clients by the UK and CySEC companies.
The majority of foreign customers will either transact business with the Bahamas subsidiary or St. Vincent and the Grenadines subsidiary. While Eightcap continues to be properly registered under company number 24750, the FSA does not oversee brokers but also serves as a corporate administrator.
All five functioning entities have negative balance safety and separate client savings and corporate funding. One of the most reputable and reliable multi-asset traders in the sector is Eightcap, which has made a name for itself.
For those seeking a MetaTrader 4-5 broker with inexpensive forex costs and a quick and simple account setup, we suggest Eightcap. It is also fantastic that the broker offers free deposits and withdrawals, with a simple procedure.