Eightcap is an online trading site that does not offer satisfactory financial trading services. The broker is not considered safe to trade as the multiple financial bodies regulates it, which can dilute some customer safety laws. The venture has an intricate design, and beginners might face grave difficulty understanding all the features and services. There is no research section with the broker, and the education content is of low quality. The demo service account is limited to 30 days, and the customer service is wrongly bluffed as prominent everywhere but fails to do so. Deposit and withdrawal methods carry several costs and are longer than usual, taking out payments taking up to ten days.
Eightcap Scam or Safe?
Eightcap is a type of broker about whom we can not say is a scam or safe. The broker holds licenses from multiple financial authorities but not enough to ensure complete safety. Registering a company where the broker is situated is easy and doesn’t require many verification methods. The steps include applying for a license at the nation’s online portal, a publicly open & painless procedure. Pay the meager processing fee and get your firm registered. Apart from this, its multiple licenses can complicate the clients’ regulations in terms of their safety measures.
Further, it also not work under EU, MiFID, or ICF. Investors Compensation Fund (ICF) makes sure that no client is exposed to any fraud broker or activity and provides up to 20,000 euros insurance to every user account.
Overall, the safety of Eightcap cannot be assured due to multiple and complicated regulations. The users are suggested to do their divergence before trading with the broker.
The trading site offers only two account types, namely, Raw and Standard However, the standard account fails to fulfill the client requirements and has little offering than other similar trading sites. The cost of trading one round lot is higher than the average cost per round. Furthermore, the leverage offered information is not stated on the broker’s website.
The number of base currencies is less than 10, and the client might face difficulty in deposits and withdrawals. The traders are charged with high commissions and swap. The clients also can trade via a demo account, But the demo account fails to provide satisfactory services with a demo period only limited to 30 days. The broker doesn’t offer Islamic Account type.
The platforms associated with the broker do not offer many services and would seem frustrating to clients. The UI/UX design is complex and challenging to understand, and beginners might not operate smoothly. There are limited signals, indicators, timeframes, charts, and technical analyzers for users, and the results from the available tools might give inaccurate outcomes or predictions.
Markets and Products
The broker offers a limited range of financial instruments for trading and limits profit potential. There are only 100 products in total, and no asset from the Crypto market is available on the site. The site does not give a clear picture of trading instruments that it offers CFDs and not actual possession of assets. It marks the end of trust and transparency on the trading site for all the users. There are CFDs on six commodities, ten indices, and a few currencies in the market.
Apart from it, there is no clear information on the varied leverage for different countries. For instance, the UK’s FCA doesn’t allow brokers to provide more than 1:30 margin on trading but if the site follows it or not is yet to get clear. The customers are suggested to be careful of the high leverage levels as it is too risky for retail investors.
The account opening process is challenging and complicated and fails to clear the intent for taking information. The clients are asked to write their personal and financial information, which not everyone might be comfortable providing. It includes address proof, IDs, bank statements, account numbers, income proof, and many more. Further, the site doesn’t explain the process anywhere on the website, and the clients need to provide details without understanding the other method of verification.
The processing time for verifying account is longer than usual trading sites, and the user needs to wait for more than two days. It can frustrate the professional users and waste beginners’ time which would have been used for practice and learning.
Commissions and Fee
The broker charges high spreads, commissions, and seems to have several hidden charges that are not mentioned clearly on the website. There is no information on the site for spreads and commission, and the site has put irrelevant information on the assets section. The broker mentions lower spreads, but at the time of placing orders, it increases, thereby mitigating the trader profits. The raw account mentions fixed spreads starting as low as 0.0 pips, but there was no asset available with this pip, and the fixed spreads keep changing on market volatility.
Deposit and Withdrawal
Neither the broker provides several payment methods, but none of them is widely recognized. The broker also charges several hidden charges and fee for withdrawals. The available methods are wire transfer, cards, and some e-wallets. Note that the processing is lengthy, with deposits taking more than one day and withdrawals taking up to seven days. The delay in payments can be hectic for professionals, and the process is unclear and challenging. There are several limitations for withdrawals on the amount, number of transactions, and more.
The broker doesn’t offer any research material for analysis. The research content is useful for analyzing the market and make better trading decisions. The tools enhance clients’ skill-based knowledge, and due to its absence, the free demo account for testing site service is also of no use.
The broker offers limited educational material, and the available material is also of low quality. Due to this the clients can’t get the required knowledge.
The broker’s customer service is pathetic, and the executives fail to clear client doubts. The executives were unable to answer our queries and don’t seem to have the proper knowledge. The live chat is facilitated by a trading bot that gives irrelevant responses to every question. The available methods are telephone, live chat, email, and feedback form.
Overall, the broker is not safe to trade and has limited licenses that can’t assure its authenticity. The broker’s website has an intricate design, and newcomers might face grave difficulty understanding all the features and services. There is no research section with the broker, and the education content is of low quality. The available trading platform and services are not up to the mark, and our valuable clients can get much better than this in the market.
T1Markets, TradeATF, PrimeFin, Brokereo, are some of the top online brokers that offer the best services at low cost. All these brokers are highly regulated and authorized by the leading tier regulation authorities.
Does Eightcap offer Research Tools?
No, Eightcap doesn’t offer any research tools and resources, which can be frustrating for novice traders.
Is Eightcap Safe?
There are many clients who had faced horrible experiences with Eightcap, and the leading financial authority does not regulate it. So it’s advised to investigate properly before selecting the broker
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