EIGHTCAP BROKER PROS AND CONS
We have used the service to test out the broker, trying to compare every aspect; Swap, Spread, Commission, Inquiries Service, Support, Deposit and Withdrawal, and all the services of Eightcap Broker and figure out what is suitable for traders.
- Low Swap, considered competitive among the brokerage group.
- There are a few account types available.
- Spread and order opening costs are quite high.
- Accounts that have been inactive for 3 months will be closed.
- Support does not answer at night. Service is available from 6:00 a.m. – 4:00 p.m. only
- If you open a new account, you must inform the staff about the opening and notifying the reason.
- Able to open a maximum of 3 accounts.
- Difficult to open an account. After opening an account, waiting for document verification, you have to wait 24 hours before the password is provided.
EIGHTCAP BROKER BONUS
Eightcap does not offer both Deposit bonuses and No Deposit Bonus for traders.
EIGHTCAP FREE VPS
Currently, Eightcap does not offer a VPS service.
EIGHTCAP SPREAD AND SWAP INFORMATION
1. EIGHTCAP SPREAD
Our spread and swap cost calculations are already charged per 1 lot open order size of Standard account (100,000 USD per 1 lot), so the value shown is in USD.
There are only 2 account types at Eightcap, Standard Account and Raw Account. In order to compare with different brokers in real-time situations at different times, then averaged spread data is obtained as follows:
2. EIGHTCAP SWAP
The daily cost of holding a trader’s position when trading with Eightcap is charged when opening a 1 Lot Standard (100,000 Lot) order. It shows the daily cost of holding 1 Lot Standard account size as follows:
Spread and Swap comparisons of all brokers can be viewed to create a trading strategy. Build your own trading advantage here.
3. Commission eightcap
OTHER EIGHTCAP INFORMATION
Eightcap Broker, which was founded in 2009 has 5 offices around the world and offers financial products such as Forex, Equity Index, Commodities, Stocks, and Cryptocurrencies. Eight Cap started forming around the same time as other brokers that have entered the market. The head office is in Australia.
Eightcap offers that customers’ accounts are managed separately from company accounts. It is managed and supervised by registration in the following regulatory groups in each region:
Eightcap Pty Ltd, registered in Seychelles is authorized by the Australian Securities and Investment Commission (ASIC).
Eightcap Global Ltd (Vanuatu) is registered with Vanuatu Financial Services Commission (FSC).
EIGHTCAP ACCOUNT USAGE
Opening an account with Eightcap as a broker is quite difficult. At present, although there is a service to help open an account that can be contacted through Support, but there are many complexities, for example, opening an additional account, it is a must to inform the staff of the reason. Opening a maximum of 3 accounts, opening a new account is difficult because you have to e-mail to inform staff in order to open it, etc.
1. Eightcap Forex Account Opening Documents
Documents required to open a trading account with Eightcap Broker include:
- Identity verification documents is ID card or passport.
- The address verification document must match the address shown on the identity card, a copy of the house registration is recommended.
2. EIGHTCAP Account Types
There are 2 types of Eightcap Forex trading accounts: Standard account and Raw account. The trading platform is available in MT4 and MT5. The maximum leverage is 1:500.
The table shows the account types of Eightcap Forex Account
One of the advantages of Eightcap accounts is that there is no commission added to the service. You can find a comparison of the pros and cons between other brokers on the Forex Broker Comparison page. In addition, adjusting leverage when opening an initial account will result in a leverage equal to 1:100, after which the customer must make a deposit before being able to adjust leverage.
EIGHTCAP Support Service
We conducted a test of communication with Support via chat and made an assessment according to the criteria; able to fix the problem, promptness of service, problem-solving intention, not just sending links to read to acquire answers. Therefore, we have reviewed the broker and found the following service problems:
The staff can provide detailed information and is eager to offer promotions.
The staff sometimes have delays in answering the questions, but not more than 5 minutes.
- The staff can provide complete and detailed information as well as providing additional information in other areas with care.
“Overall, the disadvantage of Eightcap’s Support is that the staff may be slow to answer questions and no service on holidays.”