8Cap Review

Incorporated in 2015 in Melbourne Australia by a group of experienced professionals with a background in ICT and finance, 8Cap is a brokerage business with a mission to provide high quality financial services that are tailored to the differing needs of all kinds of traders. Offering access to a wide range of financial markets worldwide, 8Cap has won awards for its mobile applications and trading platform which offers superior execution technology and sophisticated charting capabilities. This broker offers access to more than 35 trading symbols including indices, metals, oils and currency pairs using the popular and user friendly MetaTrader 4 interface. MetaTrader 4 offers an impressive selection of features that appeal to both experienced and novice investors alike and it is both easy to access and speedy. 8Cap is a reliable, trustworthy broker, being regulated by ASIC, the Australian regulatory body.

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8cap

Bonus

No

Regulation

ASIC

Mobile

Yes

Instruments

Forex, Precious Metals, Equity Indices, Energies

Website

www.eightcap.com
Not Verified

How to Fund an 8Cap Trading Account

8Cap recognise the need for traders to deposit funds into their trading account securely and quickly and to that end they offer a good range of deposit methods including credit and debit card payments and international and domestic bank transfers. Other, more modern methods such as China UnionPay, Poli and Skrill are also available to suit the preferences of all kinds of investor. Funds can be easily deposited instantly through the Client Portal payment area which is fully encrypted to protect all details effectively. Accounts can be opened in one of four currencies:

  • Australian Dollar
  • US Dollar
  • Pound Sterling
  • Euro

The payment methods available include:

  • MasterCard/Visa – instant 24/7 deposit processing time
  • Bank wire transfers – processing takes between 12 and 72 hours
  • Skrill/MoneyBookers – instant 24/7 processing time (only US Dollars accepted)
  • China UnionPay – instant 24/7 processing time (only RMB accepted)
  • POLi – instant 24/7 processing time (only AUD accepted)

No fees are charged for withdrawals by 8Cap however fees may be charged if clients withdraw funds to a non-Australian institution. Withdrawal requests that are received before 13:00 AEST are processed on the same working day, and any requests received after 13:00 will be processed on the next working day. International transfers however may take around 2 to 5 days to be received. If the account was credited using a credit or debit card and the withdrawal request is received within 60 days of the deposit being made, the withdrawn funds are credited back to the original card used for the deposit. However if the amount withdrawn exceeds the amount of deposit made, the excess funds must be sent by bank transfer. Card refunds may take up to 20 business days to appear on a card statement. Withdrawals via bank transfer can take up to 5 working days to be credited to an account.

Account Types on Offer

Standard
8capBeginners and those with a little previous experience will appreciate the 8Cap Standard account which is the most popular way to get started with this broker. Giving full access to all products this account type offers market leading spreads starting from just 1.0 pips and rapid order execution. Some of the features of this account include:

  • Spreads of 0.5 to 1.8 pips
  • No commission charged
  • Minimum trade size of 0.01 lots
  • Maximum trade size of 100 lots
  • Leverage up to 400:1
  • Liquidation level of 50%
  • Minimum deposit of $100 AUD (or equivalent)
  • Scalping permitted
  • EAs permitted
  • Hedging allowed

Raw
8cap world8Cap also offers a Raw account which is designed for those who prefer to trade in large volumes. Features of this account include:

  • Spreads of 0.0 to 1.0 pips
  • Commissions of $3.5 per standard lot traded
  • Minimum trade size of 0.01 lots
  • Maximum trade size of 100 lots
  • Leverage up to 400:1
  • Liquidation level of 50%
  • Minimum deposit of $100 AUD (or equivalent)
  • Scalping permitted
  • Expert Advisors permitted
  • Hedging allowed
  • First access to new products
  • Lower trading costs
  • No dealing desk
  • 24/7 support desk

8Cap also offer potential clients the option of opening a free demo account which allows them to try out the trading platform and to experiment with a range of trading techniques before risking any of their own money.

Customer Support From 8Cap

8Cap are keen to offer a high level of customer service to help their clients from all over the world to access the support they require whenever they need it. Multilingual support is available to investors five days a week, 24 hours a day so that any queries or issues can be resolved speedily. There are numerous ways in which the customer support team can be contacted.

  • Telephone – there are three available telephone numbers to call support teams in either English, Korean or Chinese
  • Email – email support is available through two different email addresses, one for English and Chinese enquiries and one for Korean language enquiries
  • Online web form
  • Social media – 8Cap has a presence on Facebook, Twitter, YouTube, LinkedIn and Google+
  • Live Chat

There is also a helpful frequently asked questions section available on the website so that potential clients can obtain answers to the most common queries before making a final decision as to whether this is the right broker for them. As 8Cap is regulated by ASIC it is a trustworthy and reputable broker and this is very appealing to investors who want to be certain that their personal and financial details are in safe hands. As there are plenty of excellent customer service options and secure banking methods available, these are also attractive features. There are some downsides to this broker however – the choice of instruments is smaller than those offered by many of its competitors and the choice of account types is more limited through 8Cap than with some other similar brokers. Those who are looking for more VIP privileges and benefits may want to choose a different operator.

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8Cap Review
4.7 (93.33%) 3 votes

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