As a participant in financial markets, you have to know the importance of a safe broker. With various options available in the market, it can take time to choose the one that fits you most.
But one thing is certain: the broker has to be regulated and offers everything you need for effective trading.
One of the options we would like to discuss is an Eightcap broker. Is it safe to trade with, and what it offers to its users?
Let’s read more about Eightcap and figure out the details together.
The Introduction To Eightcap:
The online trading provider Eightcap was established in 2009 and offers a wide range of trading instruments – forex, crypto, commodities, etc. The broker has a clear interface and enough educational resources for traders of different levels.
Despite these attractive factors, when considering it as a good choice, pay attention to the factors we told below:
1. Security And Regulation:
One of the main things for any trader, especially beginners, is the safety and security of their investments. In this regard, Eightcap takes significant steps to provide a secure trading environment.
The company is regulated by the Australian Securities and Investments Commission (ASIC) which is one of the most reputable regulatory bodies in the world. Additionally, the broker is regulated by CySEC and FCA – 2 other popular authorities.
2. Trading Platforms And Tools:
The broker offers MT4 and MT5 platforms for your safe trading that are known for their advanced features and simplicity.
Each of them provides a lot of tools and functions – technical analysis indicators, automated trading options, and advanced charting capabilities.
Additionally, Eightcap offers a demo account option that lets beginners practice trading strategies and familiarize themselves with the platform’s features without risking real money.
This approach can significantly increase beginners’ self-confidence and competence before real trading.
3. Educational Resources And Customer Support:
Another point of discussion is the educational resources and reliable customer support the broker has. You can find a wealth of educational materials like guides, video tutorials, and webinars that are designed to help traders improve their skills.
Moreover, Eightcap’s customer support team is available 24/5 to assist traders with any questions or problems. Whether through live chat, email, or phone support, beginners can be sure of helpful assistance for effective trading.
4. Commissions And Fees
Eightcap offers two different account types across its entities across the globe, including the ones in the Bahamas and Australia.
The fees and commissions you pay will depend on whether you select the commission-based Raw account or even the spread-only Standard account.
Moreover, Eightcap lists a spread of 0.06 pips on average for its commission-based Raw account.
But, after taking into account the per-sode commission of 3.50 dollars per trade, the all-in expense amounts to nearly 0.76 pips – coming in just under the standard market average of 0.8 pips.
Overall, Eightcap is basically more costly than the lowest-cost forex brokers.
5. Mobile Trading Apps:
With no single proprietary mobile application available, Eightcap can’t compete with market leaders such as Saxo and IG Banks. For our basic picks among trading applications, check out our guide to the best forex trading applications.
Moreover, Eightcap offers a suite called the MetaTrader platform. As a result, Android and iOS versions of the MT5 and MT4 applications are both available for download from the Google Play store and Apple App Store, respectively.
Additionally, the popular TradingView mobile application, widely known for its strong charting capabilities, is available on the platform.
6. Market Research:
The platform produces modest research content that includes frequent updates in both video and written formats. However, its research offering does not stack up against what the top brokers offer.
Eightcap’s research basically takes the types of regular written updates from its primary in-house staff – like its Trading Week Ahead series – accompanied by the regular videos posted to the YouTube channel of the firm, which hosts its Trade Zone video and Market Update series, along with content from Eightcap Labs.
Expanding the basic range of research by easily including third-party research content and tools (such as Trading Central and Autochartist) would help to lift Eightcap’s ranking in this particular category.
Reviews By Eightcap:
Check out the reviews left by users of Eightcap:
Review By Jeremy Leblanc:
“I have experienced over 30 of these companies in the past year, looking for the platform to build my wealth and retirement savings. For years, I was losing money by investing through the bank. This is no longer the case with this fantastic organization. Strongly recommended for anyone who has a strong knowledge of the investment industry, and even for beginners, as they do offer webinars.”
Review By Gary Thompson:
“I am new at trading. Lloyd & William have been my primary contacts. Their customer service is outstanding; they are courteous and patient. Nothing was too hard. I needed a lot of assistance to get me going, and they were very helpful and pleasant each and every time. I am now on my way, and know I can ring any time with any question. Good on you 8cap.”
Review By Helen Debbie:
“Victims of Funds/crypto and other digital assets such as NFTs kept increasing on daily basis. This is so disheartening and discouraging potential investors to partake in the ever-blooming world of digital currencies that have a lot of profits. However, you are rest assured your funds can be recovered if this online evil scheme has swindled you. Have you heard about Matt Dunham? He’s a prolific and genuine fund recovery expert who uses newer technologies to recover stolen funds vai; MattDunhamTrading {at} Consultant. com.”
Is Eightcap Safe Or Scam?
There is no doubt that Eightcap is a trustworthy and safe broker free from any frauds and scams. It offers a low-risk environment for users and follows strict regulations.
So if the broker benefits fit with your financial goals and trading requirements, trade with it knowing that your funds are safe.
And It’s A Wrap
To wrap up, Eightcap is a safe broker for beginners and experienced traders as well. It offers a safe space for trading, user-friendly interfaces, and useful educational materials.
Remember that, like any other activity, trading carries risks with it, so pay attention to discipline and continue learning.
While Eightcap provides tools and support, beginners should trade cautiously, manage risks wisely, and avoid trading more than they can lose.
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