Award profitable Eightcap Foreign exchange was based in Melbourne, Australia in 2009 and has as its said mission “to ship an unrivalled buying and selling expertise to our shoppers and give you probably the greatest buying and selling environments within the monetary world”.
The dealer maintains workplaces within the UK, Bulgaria, Vietnam, China and Australia, in addition to an offshore entity primarily based in Port Vila, Vanuatu known as Eightcap World Ltd entity. The dealer is regulated by the Australian Securities and Funding Fee (ASIC) and the Vanuatu Monetary Companies Fee (VFSC).
Eightcap makes use of the MetaTrader 4 and MetaTrader 5 (MT4/5) buying and selling platforms, so if you happen to’re an skilled foreign exchange dealer, you’ll most probably be accustomed to these two glorious platforms. Should you’re unfamiliar with the MetaTrader platforms, they’ve an intuitive and simple to make use of interface that new merchants can shortly be taught to make use of. Eightcap was just lately awarded Greatest World Foreign exchange MT4 Dealer on the 2020 World Foreign exchange Awards.
Eightcap helps you to commerce over 200 monetary devices over a variety of asset courses, together with foreign exchange, commodities, indices and shares. The dealer’s multilingual customer support workforce is obtainable through the buying and selling week and may be reached by way of e-mail, reside chat or phone. Should you’ve by no means traded and need to observe or simply try the dealer’s companies, you possibly can open a demo account funded with digital cash. Eightcap additionally provides instructional assets for brand spanking new and inexperienced merchants.
Eightcap takes shoppers from over 194 international locations in Europe, Asia, Africa and Oceania. In North American, Canadians and Mexicans can open an account with Eightcap, however not U.S. primarily based merchants. Discover out extra about this dealer in our eightcap foreign exchange evaluate beneath.
Like most on-line foreign exchange brokers, Eightcap makes cash on its shoppers’ transactions from widening the dealing spreads from these it may possibly acquire within the wholesale markeplace. That quantity is factored into the dealer’s wider Commonplace account dealing spreads, however the dealer additionally expenses a $3.50 fee per commerce made in Uncooked accounts that function narrower spreads.
The dealer’s lowest dealing spreads for the entire main foreign exchange pairs is 1 pip in its Commonplace account and 0 pips in its Uncooked account. The bottom spreads for crosses of the most important currencies range between 1.1 and 1.4 pips in a Commonplace account or 0.1 to 0.3 in a Uncooked account, relying on the particular cross concerned. The one unique foreign money pair supplied is USD/SGD, which has a minimal unfold of two pips for Commonplace account holders and 1 pip for Uncooked account holders.
Eightcap provides multilingual customer support in English, Chinese language, Thai, Korean, Vietnamese, German, Spanish, Italian and French by way of phone to 61 3 8375 9700, e-mail to email@example.com and reside chat. The dealer’s reside chat service doesn’t function 24 hours through the buying and selling week, so it was not examined for this evaluate.
Whereas the dealer’s web site boasts of its respectable evaluate profile of 4.7 out of 5 stars on Trustpilot, many of the latest optimistic evaluations come from reviewers who’ve solely ever left 1 evaluate on the service, so they may have been paid for or in any other case solicited by the corporate.
Additionally suspicious was that lots of the good Eightcap evaluations appear to come back in batches from comparable places. Notably, there have been a number of credible complaints a few “unhealthy tick” within the dealer’s value feed inflicting unfounded losses that the dealer apparently dragged its toes about correcting. One other reviewer positioned exterior Australia talked about ping points that might delay commerce execution by way of Eightcap, though the dealer claims to make use of US-based Equinix knowledge facilities for its execution servers as a way to present “lightning quick execution” instances.
Since Eightcap helps the MetaTrader 4/5 buying and selling platform suite from MetaQuotes, it additionally permits buying and selling by way of the MetaTrader cell buying and selling app that’s obtainable for each iOS and Android cell working methods. That app has respectable charting, account administration and buying and selling capabilities and successfully serves because the trade normal for cell on-line foreign currency trading.
Eightcap helps the MetaTrader 4/5 suite, so any dealer already accustomed to that buying and selling software program ought to have a constant consumer expertise. New merchants ought to discover this fashionable buying and selling platform very properly documented and might make the most of its giant consumer neighborhood to acquire recommendation on-line.
Should you’re serious about automating and backtesting your buying and selling plan exterior of these well-known capabilities of MT4/5, Eightcap has just lately partnered with artificial intelligence world chief Capitalise.ai to create a platform specializing in buying and selling automation and evaluation. This strategic partnership will enable Eightcap customers to entry Capitalise.ai’s automation and analytic instruments that embody loop methods, backtesting and good notifications. Eightcap customers may also be capable to obtain Capitalise.ai’s cell apps for Android and iOS.
The principle advantages of utilizing Eightcap to commerce foreign exchange include the dealer’s respectable dealing spreads for the majors and main crosses, in addition to its help for the trade normal MetaTrader buying and selling platform suite to commerce foreign exchange pairs on. Eightcap additionally permits buying and selling in a restricted variety of CFDs on commodities and indices by way of the MT4/5 suite and shares solely by way of MT5.
Additionally, each Commonplace and Uncooked account varieties can be found to swimsuit much less frequent or very lively merchants respectively. For merchants who need to use larger leverage than the utmost 30:1 ratio allowed by the dealer’s Australian subsidiary Eightcap Pty Ltd, the dealer conveniently has a Vanatau entity known as Eightcap World Ltd that permits its account holders to entry as much as 500:1 leverage.
Eightcap’s Melbourne, Australia subsidiary is strictly regulated by the ASIC, whereas its Port Vila, Vanuatu subsidiary is much less strictly regulated by the VFSC. Each entities segregate consumer cash from the dealer’s personal funds. Word that this dealer doesn’t supply destructive stability safety that may stop a dealer from dropping greater than their account stability in case of an adversarial market transfer.
General, Eightcap operates as a moderately primary foreign exchange and CFD dealer that gives respectable minimal dealing spreads in two account varieties and helps the favored MT4/5 buying and selling platform suite. The dealer additionally has some useful educational services for brand spanking new merchants and maintains an offshore entity in Vanatau that lets merchants holding accounts there entry extra dangerous leverage ratios of 500:1. On the draw back, the dealer doesn’t supply destructive stability safety that many merchants have come to count on for security causes.
Eightcap vs. Opponents
Relative to its competitors, Eightcap’s choices appear according to that of a really primary foreign exchange and CFD dealer. On the plus facet, Eightcap supplies help for the MetaTrader platforms and provides a beneficiant most leverage ratio of 500:1 if you happen to can open an account with their Vanatau entity.
Your margin deposit with Eightcap may very well be in danger, nevertheless, because of the lack of destructive stability protections that lots of its rivals supply. Additionally, if you happen to open a Uncooked account with Eightcap to make the most of its very tight dealing spreads, put together to pay the $3.50 cost per commerce on prime of the supplier unfold. Though that charge could appear cheap, lively merchants can see their transaction prices mount significantly.
One other space the place Eightcap lags in opposition to its competitors is its restricted varieties and numbers of tradable property that embody solely a restricted choice of shares and commodities and lack futures and choices buying and selling fully. Should you plan on buying and selling in markets apart from these supplied by Eightcap, you could be higher off with a world dealer like Interactive Brokers for instance.
Incessantly Requested Questions
What leverage choices does Eightcap supply?
What leverage choices does Eightcap supply?
The dealer provides 30:1 leverage for shoppers of its Australian entity and 500:1 leverage for shoppers of its Vanatau entity.
Does Eightcap enable ‘scalping’ and ‘hedging’?
Does Eightcap enable ‘scalping’ and ‘hedging’?
Sure, the dealer permits full scalping and hedging actions.
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