Independent rating of Forex broker Eightcap

About company

Eightcap was founded in 2009 in Melbourne, Australia. The company is owned by EightCap Pty Ltd. The broker has been in the market for more than 10 years. Eightcap has four representative offices around the world. It has become a fairly recognizable participant in the forex market. Eightcap is regulated by the Australian Securities and Investments Commission (ASIC) and must comply with the rigid rules applied by the financial authority. Thus, the broker must have at least $1 million in the bank account and follow multiple internal accounting and auditing procedures. In addition, the regulated company is obliged to systematically report to the ASIC. Despite such strict requirements, the Australian regulator does not offer any compensation to investors in case the licensed company declares bankruptcy.

Trading conditions

• more than 200 financial instruments: Forex, indices, commodities, cryptocurrencies, and stocks
• 2 types of accounts
• MetaTrader 4 and MetaTrader 5
• no fees for withdrawals
• demo account
• expert advisors
• scalping and hedging
• MAMM/PAMM accounts
• account currencies: AUD, USD, EUR, GBP, NZD
• withdrawal period is up to 5 days
• training materials

Trading platform

Eightcap clients can trade through one of the two most popular trading platforms – MetaTrader 4 and MetaTrader 5.

MetaTrader 4 advantages:

• CFDs trading
• integration of expert advisors for automated trading
• detailed chart analysis
• reports and tools for accurate analysis
• indicators with a self-regulation function

MetaTrader 5 advantages:

• automated trading
• plethora of interactive charts
• 80 indicators and tools for technical analysis
• business calendar
• unique trading algorithm

Support service

Traders can contact the Eightcap support team via phone, email, and 24/5 live chat.

Traders’ reviews

There are many negative comments about the broker on the Web. Sharing their trading experience, traders call Eightcap a scammer and complain about difficulties in withdrawing funds and non-payment of money.

Advantages:

• large array of trading instruments
• regulated broker
• MetaTrading 4 and MetaTrader 5
• no fees for withdrawing funds
• demo account
• scalping and hedging
• training materials

Disadvantages:

• lack of news and analytical materials on website
• trading platform disruptions
• problems with withdrawing funds
• slippage
• support service ignores traders’ requests