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EightCap Broker Review – Don’t Sign up Before you Read: In this article, we would review the online trading platform Eightcap broker review. We would examine the benefits and limitations of trading with them. Read each point carefully and then conclude anything. Let us read some necessary information about the broker.
Eightcap broker is an Australian online trading platform which started its operation in 2009. Regulated by Eightcap, this global broker is known to provide meagre charges with a range of tools and signals. The other excellent services leverage up to 1:500 and only $100 as a minimum deposit to start your account. Also, you would get a virtual account if you do not wish to begin prompt buying and selling.
However, these are the claims made by the company. Are they true? Let’s read!
Eightcap Broker Review : Benefits
1. Trading Platforms
Eightcap uses the most common trading platforms, i.e. MetaTrader 4 & MetaTrader5. Both of these platforms are available on the web, desktop, and mobile, except MT 4 for the website version. Most brokers use the MT4 platform as a reliable source. MT 4 is a 2005 product, and MT 5 is its new version, started in 2010. Both the platforms are programmed by MetaQuotes Software Corporation and are very popular because of accessible and useful service offerings.
These platforms can be used for predicting the prices from charts, analyzers, signals, indicators, as well as for monitoring the trading market through news tools. Some more features are one-click trade, automatic trading, different time frames, 30+ signs, and economic calendars.
2. Bonus & Promotions
Eightcap brokers are ahead of many traders when it comes to offering promotions for the benefit of their users. Anybody opening a new account on their platform shall get a welcome bonus of 30 dollars, used within a set time frame. Also, the amount would help you experience trading before you add your money.
But, remember, you can only withdraw this money if you execute a specific number of trades.
Moreover, there is a $100 referral program too. You will get this amount if anybody joins their platform from your referral or request.
There is as such no commission or charge to execute a trade on Eightcap brokers. Their real earnings come from spreads between the currencies. Also, there would be a difference between the costs you see on a standard account and professional account. While the former one sees higher charges than the industry average, later one has additional commission above the spreads, but is very competitive.
Thus, make sure you see this before choosing your account type!
4. Deposit and Withdrawals
No commission or fee is depositing your amount. There are several Eightcap deposit and withdrawal methods including Paypal, credit card, debit card, Skrill, Bank wire transfer, Poli and many more.
Although it is free, many customers have reported that their balance was deducted even after a deposit. The withdrawal charge is 25 dollars per transaction. Thus, make sure you read every policy carefully.
It takes three to five working business days to transfer the amount!
Eightcap Broker Review: Limitations
1. Demo Account
There is a time limit for the usage of a demo account by a user of 30 days. After 30 days, you would not be able to trade with your virtual account. Moreover, there are no stocks available to execute trades, as wrongly advertised by them. However, other instruments are available, and one would get $1 Million virtual money too.
Further, to get the real experience of trading with Eightcap brokers, you must use it.
Although Eightcap regulates under an authentic financial body, i.e. Australian Securities and Investment Committee (ASIC), it would not work to be a global broker. And, they claim to have global regulations also go false here. A global trader should have rules from the financial bodies of top tier countries.
However, your funds are safe, and there is a negligible risk of your funds being used by them. Your funds are secure in separate banks (in the National Australian Bank), and they also use segregated policy to protect the client’s amount.
3. Inaccurate Information
It is mentioned on Eightcap broker’s website that there is no charge or commission for trading. However, many customers reported that their balance was deducted for unknown reasons. Also, there is an unmentioned charge on withdrawing amounts.
And, when the customers try to contact them, there is no response from their team.
The education portal of Eightcap broker was useful but only for beginners. A professional trader shall not be able to take any benefit from them. Also, no seminars or webinars arrange for trader’s use, nor there were any news, research or analysis tools given on the website.
But, there were textual forms of basic understanding of trading like ‘what is forex’. In total there might be around 25 articles on fundamental trading and 15 on technical analysis. The written education material is explicit, brief, and easy to understand, but only for beginners.
So, that was all about the Eight cap broker review from our side.
Eightcap is a genuine broker and has been in the industry for more than a decade now. It has some outstanding features like high leverage, bonuses, offers, and significant deposit and withdrawal methods, apart from the above ones.
However, it has some limitations too, like no global recognition, low education material, limited demo account, and not giving correct information to its clients.
Now it is in the client’s hand to decide if they want to go with them or not. We think if you are looking for a regulated broker who offers you competitive services at a high price, then Eightcap could be on your list.
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