Forex Broker Review – Eightcap A Trusted Broker
The following is a review of the broker Eightcap, not from a reviewer but from a veteran trader with decades of experience.
It will be a two step process, first determining whether it is a Trusted Broker and then looking at what it offers, all from a trader’s point of view.
Choosing a forex broker is like buying a used car. It may look nice and shiny on the outside but the true picture is not clear until you look under the hood.
It is no different with a forex broker. Any broker can create a neat looking website and come across as a top tier firm. Only by digging deeper will tell you whether the fancy website is only smoke and mirrors or a true representation of a quality broker.
Forex Broker Review – Eightcap A Trusted Broker
When I evaluate a broker, I ask the following questions:
- Can I trust the broker to be reputable?
- Can I trust the broker with my money?
- Can I trust the broker to execute my trades?
- Can I trust that the broker provides a level playing field for my trading?
Can I trust the broker to be reputable?
The first place tio start is by asking is the broker regulated? If so, in what centers?
While regulation by itself does not offer guarantee protection, it does suggest that brokers will seek to be compliant, especially in major centers.
Does the broker disclose its headquarters?
Have you ever tried to find the location of a broker’s headquarters and have trouble doing so? This is a red flag that would immediately disqualify a broker from consideration
EIGHTCAP: Regulated in major centers and discloses its addresses for eachoffice.)
Conclusion: Eightcap is a reputable broker.
Can I trust the broker with my money?
Ask the following questions so you will be able to sleep at night without worrying about the safetyof your funds.
Can the broker be trusted to honor my withdrawals request?
Does the broker send out withdrawals in a timely manner?
Will the broker be in business when I wake up in the morning.
Eightcap: While I do not have direct experience in regard to withdrawals, research on the web suggests this should not be an issue.
Conclusion: While there are no guarantees in this world and I am not giving one now, Eightcap appears to be a solid and well run broker.
Can I trust the broker to execute my trades?
The way I look at trading, it is not entering a trade that is important but being able to exit one at a fair price (sometimes at any price) is what matters most.
I have seen brokers freeze platforms, reject trades, etc, in volatile market conditions, making it difficult to close a trade.
So, there is only two questions that need an answer to meet my requirement:
Can I trust my broker to execute my trades?
Does the broker honor trades in a volatile market?
Eightcap: As we all know, markets do not operate like a textbook so each situation needs to be evaluated on its own, I, personally, have traded on an Eightcap platform in real market conditions and never experienced an issue executing trades in active market conditions,
Conclusion: Eightcap passes the trading execution test.
Can I trust that the broker provides a level playing field for my trading?
By level playing field I mean competitive spreads, consistent trade executions and a stable platform.
If my broker offered only 10 pip spreads in a currency, I would not be happy but would adjust my trading accordingly. On the other hand, if my broker’s bid-offered spread jumped around with each price quote, (e.g. widened – narrowed – widened) it would make it difficult to trade.
Eightcap: The key word is consistency as that builds trust in a broker as the trader knows what to expect.
Conclusion: Eightcap offers a level playing field with tight spreads, consistent executions and a stable platform.
Forex Broker Review – Eightcap A Trusted Broker
Is Eightcap a Trusted Broker?
Eightcap checks off each of my criteria to be classified as a Trusted Broker, the first hurdle to consider when opening an account.
Eightcap highlights summary:
Regulation:
ASCI (Australia): Eightcap Pty Ltd (ABN 73 139 495 944) regulated by the Australian Securities and Investments Commission (AFSL 391441) with registered office address “The Rialto”, South Tower, Level 35/525 Collins St, Melbourne VIC 3000, Australia.
FCA (UK) Eightcap Group Ltd which is authorised and regulated by the Financial Conduct Authority, FRN 921296. Eightcap Group Ltd is a company registered in England and Wales with registration number 12448314 and registered address 40 Gracechurch Street, London, EC3V 0BT.
CySec (Cyprus) Eightcap EU Ltd, a company incorporated in Cyprus with Registration Number HE329922, authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 246/14, with registered office address Anexartisias 187, 1st floor, 3040 Limassol, Cyprus.
SCB (Bahamas) Eightcap Global Limited is regulated by The Securities Commission of The Bahamas (SCB) (SIA-F220) with registered office address 201 Church Street, Sandyport,
Withdrawal fees: No charge
Platforms: MT4, MT5, TradingView
Trading resources: AI Powered economic calendar, Capitize code free automated strategy testing, Flash Trader, Extensive economic research
Instruments: More than 800 instruments and over 100 Crypto CFDs available ti trade on its platforms
Competitive spreads: Trade over 40 major and minor Forex pairs with spreads that are five times lower than some of the most popular Forex brokers. Trade Gold, Silver, Platinum, Brent & WTI CFDs with spreads starting from 0.12 points (on XAUUSD) per lot on Raw or Standard accounts. … source Eightcap
Trader Education available for live accounts.
My Eightcap Review
As a trader, I like to weigh the pros and cons when selecting a broker. Using my criteria, there are mainly positives with most important being classification as a Trusted Broker and offering a level playing field for traders.
Eightcap is suitable for traders of all levels of experience, offering several platforms, advanced tools for more advanced traders and ease of use for beginning traders.
As for trading, I tested it using an MT4 platform and it executed my trades without any issues and my Expert Advisors performed as expected.
There are more than enough instruments available to trade that it should satisfy most traders’ needs. I do not trade cryptos myself but Eightcap is noted for its extensive offering of crypto CFD’s.
Bottom line, Eightcap is a quality broker with a full slate of offerings that make it suitable for traders of all levels of experience.
Forex Broker Review – Eightcap A Trusted Broker
Note: Eightcap is not available to US residents.
Jsy Meisler, forex trader and co-founder, global-view.com
Leave a reply