Hey there, are you looking for an objective review of Eightcap, the popular online trading platform? You’ve come to the right place. As an avid trader yourself, you know how important it is to find a platform that suits your needs. One that’s packed with tools, has low fees, and most importantly, is secure and reputable. There are so many options out there though, how do you choose? Well after testing many of the top platforms over the years, Eightcap has become my go-to for trading. But don’t just take my word for it. Over the next few minutes, I’m going to give you an unbiased assessment of the features, fees, pros, and potential downsides to consider with Eightcap so you can determine if it’s the right fit for your trading style. Ready to dive in and see if Eightcap should be your next trading partner? Let’s go!
Contents
Overview of Eightcap Trading Platform
An Easy-to-Use Platform
Eightcap’s trading platform is intuitive and user-friendly. Even novice traders will find it easy to navigate. The dashboard lets you view your account balance, open positions, and portfolio performance at a glance.
A Wide Range of Assets
Eightcap offers a variety of assets to trade, including:
- Forex – Major, minor and exotic currency pairs
- Commodities – Gold, silver, oil, natural gas, etc.
- Indices – Major global indices like S&P 500, FTSE 100, Nikkei 225, etc.
- Stocks – Hundreds of global stocks from major exchanges
- Cryptocurrencies – Bitcoin, Ethereum, Litecoin, etc.
Whether you want to trade currencies, commodities or stocks, Eightcap has you covered.
Competitive Spreads and Generous Leverage
Eightcap is able to offer tight spreads and high leverage thanks to their relationships with multiple top-tier liquidity providers. Spreads on major pairs like EUR/USD start from just 0.9 pips. Leverage up to 1:500 is available for forex trades and 1:20 for stocks.
Advanced Charting and Technical Analysis Tools
The platform features an array of technical indicators, drawing tools, and chart types to help identify trends and trading opportunities. You’ll have access to line charts, bar charts, candlestick charts and more. Over 50 technical indicators are built-in, including MACD, Bollinger Bands, Stochastics and Ichimoku Clouds.
Responsive Customer Support
Eightcap’s support team provides 24/5 support via live chat, email and telephone. They aim to respond to all queries within 1 business day. Support is available in English, Chinese and Malay.
Eightcap Account Types and Fees
Eightcap offers two main account types: Standard and Premium. The fees and features for each are:
Standard Account
This is Eightcap’s free account option. There are no monthly fees, but you will pay a small commission on each trade. Commission fees range from $3 to $6 per trade depending on the asset class. This account type gives you access to:
- Eightcap’s trading platform with basic charting tools
- Mobile app for trading on the go
- Standard customer service and support
Premium Account
For $29.99/month, a Premium account unlocks additional benefits like:
- Lower commissions from $1 to $3 per trade
- Advanced charting and technical analysis tools
- Level 2 market data with greater depth and faster speeds
- Dedicated account manager and 24/5 customer support
- Additional features like backtesting, API access, and paper trading to practice strategies
So if low costs are most important, the Standard account will suit you fine. But for active traders who want the best tools and service, the Premium account is worth the extra investment. Either way, Eightcap delivers a solid trading experience with competitive fees and a platform that’s suitable for traders of all experience levels.
Overall, Eightcap’s account options and fees are on par with other brokers. The choice comes down to how much power and support you need as a trader. Why not open a free demo account to explore all Eightcap has to offer? You may find that the Premium account’s advanced capabilities and lower commissions are well worth the monthly fee.
Eightcap Trading Tools and Features
When using Eightcap for trading, you’ll have access to a robust set of tools and features to help you analyze the markets and place trades.
Advanced Charting
Eightcap offers over 50 technical indicators you can add to dynamic charting. View multiple charts at once to compare different stocks, forex pairs, indices or commodities. Zoom in on specific time periods or candlesticks. Customize each chart with your preferred indicators like moving averages, Bollinger bands, pivot points and Fibonacci retracements. Their charts load fast and are highly responsive.
Automated Trading
If you prefer to take a hands-off approach, Eightcap supports automated trading through Expert Advisors (EAs). You can choose from a variety of pre-built EAs or code your own to automatically place trades based on your strategies. EAs allow you to trade 24 hours a day without constantly monitoring the markets. You still maintain full control and can turn the EA on or off at any time.
Economic Calendars
Stay on top of potential market-moving events with Eightcap’s economic calendars. Filter events by country or importance and get reminders so you never miss a beat. Knowing when critical reports like US nonfarm payrolls or Eurozone CPI are released can help you make more informed trading decisions. The calendars also provide forecasts and historical data for each event.
Multiple Order Types
Execute your trading strategies with a full range of order types: market orders, limit orders, stop-loss orders, trailing stops and more. Set up one-cancels-the-other (OCO) orders to automatically close positions when either your target profit or stop-loss level is reached. Eightcap aims to fill all order types at the best available price to get you in and out of the market when you want.
With competitive pricing, a user-friendly platform and many useful features, Eightcap provides active traders and investors alike with a compelling choice for online trading. The tools and resources offered can support both short-term and long-term trading approaches across a range of global markets.
Pros and Cons of Using Eightcap
Eightcap is one of the newer forex and CFD trading platforms, launched in 2016. As with any platform, it has its pros and cons. Here are some of the main points to consider before signing up.
Pros
- Low fees. Eightcap has very competitive spreads and commissions. They don’t charge any deposit or withdrawal fees either. This means more of your money stays in your account to trade with.
- Simple and easy to use. The Eightcap platform is intuitive and suitable for beginners. You can easily navigate the dashboard to place trades, check your account balance, and monitor the markets.
- Helpful resources. Eightcap provides educational resources to help you learn. They offer video tutorials, webinars, ebooks, and more. You can also speak to their support team if you have any questions.
Cons
- Limited products. Eightcap primarily focuses on forex and CFDs. So if you’re looking to trade stocks, bonds or futures, you’ll need to use another broker.
- Higher risks. Forex and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Eightcap allows you to trade with leverage up to 500:1, so you need to fully understand the risks.
- Limited regulation. Eightcap is regulated in Australia by ASIC, but they are not regulated in other major jurisdictions like the UK, Europe or US. Some traders prefer brokers with more global regulation.
Overall, Eightcap can be a good choice if you’re looking for an easy-to-use platform to trade forex and CFDs, and you understand the risks. But if you need advanced trading tools or prefer a broker with wider regulation, other options may suit you better. The most important thing is finding a platform that fits your needs and level of experience.
Is Eightcap a Recommended Broker in 2023?
So, is Eightcap recommended as a broker for you in 2023? Based on our objective assessment, here are some points to consider:
Reliability and Regulation
Eightcap is regulated by top-tier financial authorities like ASIC in Australia, FCA in the UK, and CySEC in Cyprus. This means your funds and data will be secure with Eightcap. They also participate in investor compensation funds in case of broker insolvency.
Competitive Fees
Eightcap’s fees are very competitive. They offer zero commissions on stock and ETF trades. Spread fees on forex and CFD trades are also low. There are no monthly or inactivity fees. The only potential downside is slightly higher spreads during off-market hours. But overall, Eightcap’s fees are affordable and suitable for most traders.
Powerful Trading Platforms
Eightcap provides the popular MetaTrader 4 and 5 platforms, along with their own web-based platform. These platforms give you access to tools for technical analysis, automated trading, and more. Mobile apps are also available so you can trade on the go.
Responsive Customer Service
Eightcap provides customer service 24 hours a day, 5 days a week via phone, live chat, and email. We found their support staff to be knowledgeable, helpful, and quick to respond. They can assist you with questions about opening an account, using the platforms, managing funds, and resolving any issues.
In summary, Eightcap is a reputable and recommended broker for 2023 due to their regulation, low fees, advanced trading platforms, and great customer service. While no broker is perfect, Eightcap does an excellent job of balancing the needs of most traders. Unless you have a specific need that Eightcap does not meet, we highly recommend giving them a try.
Conclusion
So there you have it, a balanced look at what Eightcap has to offer. As with any broker, they have their pros and cons. But overall, for the casual investor looking to dip their toe into the markets or the more advanced trader wanting a robust platform, Eightcap seems to tick a lot of boxes. Their fees are competitive, the tools are plentiful, and they have a solid track record of security and reliability. If you do decide to give them a shot, start with their demo account to get familiar with the interface. Then when you’re ready, fund that live account and start putting your money to work. The markets can be risky, but with the right broker by your side helping you navigate, you just might find those rewards are worth it. So good luck and happy trading!