Broker Review: Is Eightcap Legit?
Abstract：EightCap, is a global forex broker launched in 2009. It was established in Melbourne, Australia. This broker offers its global traders various market instruments. In today’s article, we will show you whether Eightcap is still a reliable broker in 2024.
Please continue to read if you want to know whether Eightcap is a reliable forex broker.
In this article
WikiFX provides inquiry services in the forex field.
WikiFX evaluates the reliability of Eightcap based on the facts.
What is WikiFX?
| WikiFX is an authoritative global inquiry platform that provides basic information and regulatory license inquiries. |
| WikiFX can evaluate the safety and reliability of more than 59,000 global forex brokers. |
| WikiFX gives you a huge advantage while seeking the best forex brokers. For more information, such as the review and exposure of brokers, please visit our website (https://www.WikiFX.com/en) |
To explore whether Eightcap is a scammer, we evaluated this broker based on various aspects.
1. Evaluate the reliability of Eightcap based on its general information and regulatory status
To understand Eightcap better, we explore it by analyzing two main perspectives:
A. General Info of Eightcap
B. Regulatory Status
A. General Info of Eightcap
Eightcaps general info is shown below:
About Eightcap
Eightcap launched in 2009 and it was founded in Australia. Eightcap offers various market instruments to its clients, including 800+ CFDs on forex, commodity, crypto, index, and share.
Account Type & Minimum Deposit
This broker offers three different types of live accounts. The Standard Account, the Raw Account, and the TradingView account.
Trading Platform
Eightcap offers its clients two of the most popular trading platforms in the industry, MetaTrader 4 (MT4) and MetaTrader 5 (MT5). TradingView is also available.
Spreads and Commissions (Trading Fees)
One important aspect of trading that all traders must consider is the cost involved in executing trades, and obviously, Eightcap understands this. Eightcap claimed that it provides tight and transparent spreads that can be up to five times lower than other top CFD brokers
Deposits and Withdrawals
Eightcap provides a variety of accessible and convenient funding and withdrawal methods. It also offers clients a great variety of deposit methods, such as MasterCard, Visa, PayPal, Wire Transfer, BPAY, Skrill, Neteller, etc. (varying on the region).
Customer Support
Eightcap offers live chat, phone, and email. Their live chat feature is available 24/5, which means clients can get instant assistance whenever they need it. Phone support is available during business hours, and email support promises a response within 24 hours.
B. Regulatory Status
What is a Legitimate License?
The legitimate license is the business license issued by the financial regulatory institution of each country/region.
Holding a license means that the broker is recognized and regulated by the regulatory authority, therefore your money is under protection to some extent.
Whether a forex brokerage firm holds a legitimate license or not is one of the important factors in evaluating the reliability of forex brokers.
The regulation's content and the difficulty of obtaining a license vary by country and agency issuing the license.
The legitimate license of Eightcap
According to WikiFX, Eightcap operates under a strong regulatory frame.
2. The feedback from social media platforms
To figure out whether this broker is a scam or not, we did a survey about this broker on social media platforms.
- Eightcap has official accounts on X, Instagram, and Facebook
- There are many market analyses related to this broker on X. And most posters are positive toward it.
3. Recent Events
Eightcap has officially become the UK's sole dedicated TradingView broker, which is an exciting milestone for the trading scene. The deal with TradingView, an internationally known social trading platform, cements Eightcap's position as a top-rated broker in the region, providing special services and perks to UK traders. This collaboration is expected to expand Eightcap's portfolio and provide even more chances for traders seeking smooth and creative trading solutions.
4. Special survey about Eightcap from WikiFX
A. Scoring Criteria
WikiFX gives brokers a score from 0 to 10. The higher the score is, the more reliable the broker is.
| The Scoring Criteria of Brokers on WikiFX |
| License index: reliability and value of licenses |
| Regulatory index: license regulatory strength |
| Business index: enterprise stability and operational capability |
| Software index: trading platform, instruments, etc |
| Risk Management index: the degree of asset security |
Eightcap has been given by WikiFX a decent rating of 8.09/10.
B. Field Investigation
- To help you fully understand the broker, WikiFX also investigates the brokers by sending surveyors to the brokers physical addresses.
- On WikiFX, you can visually check the physical addresses of brokers by pressing the “Survey” button.
- WikiFX did make an on-site survey on Eightcaps address in Australia and found its office successfully.
5. Conclusion
All over, Eightcap is a sophisticated broker that offers excellent trading services to its global clients. It is regulated and welcomed by many traders. WikiFX has given this broker a considerably high score. It may be a good choice for you to start your trading journey. However, we still want to remind you of the potential risk in the forex trading. If you want more information about the reliability of certain brokers, you can visit our website (https://www.WikiFX.com/en). Or you can download the WikiFX APP to find the most trusted broker for yourself.
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