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If you are thinking about investing with EightCap, then give a pause to your thoughts. First check some unbiased reviews about the company, its working, origin and how it behaves with its customers. You would not like to continue with someone whose origin and the foundation is anonymous for you. EightCap is such a broker who is holding its foundation information from its clients. Here in this review, we will tell you about a lot of unknown facts about EightCap, which might shatter all your dreams of making money with this broker.
Is EightCap Scam or safe?
EightCap is authorised and regulated by some local authorities and not from central regulatory authorities like ASIC, FCA and CySEC. This is because the central body keeps an eye on all the broker’s activities regulated by them. If the broker attempts any illegal activity, the central authority cancels the license of the broker. Maybe the broker is trying to hide something from its clients and might be involved in illegal activities.
This is the one reason why most of the fraud brokers do not register themselves with central bodies. Instead, they go for local regulators which are not as strict as the central ones are.
Types of trading accounts
The broker offers two types of trading accounts to traders which are named as Raw and Standard. But when you check both of these accounts, you will feel a significant difference. In a Raw account, you will feel like there are no features which seem sensible and on the other hand, in a Standard account, you will get features different from Raw accounts.
On the broker’s website, we found that at one place it has mentioned “no commission” and at other places, it says “commission apply” this creates a contradiction.
1) Raw Account
- High minimum deposit
- Limited features
- Only 30 trading instruments
- Poor services
- Supports only seven base currencies
- No leverage
- Outdated platform
- High spread
- Overnight charges
- No Islamic account
2) Standard Trading Account
- High minimum deposit
- Limited features
- Only 30 trading instruments
- Poor services
- Supports only seven base currencies
- No leverage
- Outdated platform
- High spread
- Overnight charges
- No Islamic account
The fees charged on both accounts does not justify the services that broker delivers. There are hundreds and thousands of reliable brokers there which provide far better services at an affordable price. It is recommended not to opt EightCap.
EightCap: Trading Platforms
The trading platform EightCap offers is outdated and conventional. The whole financial market now has moved to advanced platforms and technology. But EightCap is still offering its clients an outdated platform. The package which the brokers have opted is the cheapest package. So when you make an account with them, you will get to know how it lacks in essential services and features.
Also, there is no mobile application of EightCap, which is again a serious concern because people who do not have much time can go through the application and can get a sneak peek. The broker is not taking any steps towards the convenience of traders.
Account Opening Process
The account opening process of EightCap is tedious. Numerous formalities consume a lot of time. The company asks for a lot of personal information and information related to your financial conditions which you might not feel comfortable to provide. The document verification part takes many days, and you will receive several calls and OTPs, which looks suspicious. You will wait for at least one week to open a trading account with EightCap. That is why, in various incidents, the trader missed out potential trading opportunities in which they could have made a good profit.
Tradable Instruments and Markets
It is good to make your portfolio diversified. It helps to reduce the risk to a larger degree. Unfortunately, the broker does not allow its clients to diversify their portfolio as it has blocked all the ways through which a trader can expand his portfolio size. The brokerage firm provides a limited range of tradable instruments and financial assets for trading. Hence the customer left with no option apart from trading these monotonous assets. In each market, the assets are so limited and restricted that you will feel bound.
Commission, Fees, and Spreads
The broker shows that it charges very low spreads on every trade on the website, but in reality, it charges entirely differently as it says on the website. EightCap charges very high spread once you enter a trade. Also, the spread keeps changing in every trade. Apart from that, the firm also charges a rollover fee and overnight fee on the held positions overnight.
The commission charged by brokers is so high, and you will get to know a lot of hidden fees which the brokerage firm does not reveal on their website or at the time of account opening. Overall if we talk these high charges impact the profit directly.
Deposit and Withdrawal
The withdrawal process takes so much time, and the broker takes 5 to 20 days of time to process withdrawal that is time-consuming. If you have deposited $1,000 and made a profit of $2,000, then the broker will deposit the initial $1,000 in your account and left will deposit in another account. This activity looks suspicious.
Customer Support Service
If we say that the customer support of EightCap is worse, then it would not be wrong. For the showcase, they have three channels, but none of them works when one wants to contact the broker. Also, there is no support on weekends. It means if you are stuck somewhere at the time of the weekend, then there is no one to help you out. Phone calls have a long waiting list, and for several minutes you just listen to IVR. Email methods take a long time to revert.
Disadvantage of EightCap
- High minimum deposit
- Lacks Mobile application
- Offers conventional and outdated platforms
- Poor user interface
- Restricted educational resources
- Limited markets and tradable assets
- Limited research tools
- Not well-regulated
Bottom Line
EightCap is a poorly regulated brokerage firm which is unsafe for trading. It charges a high commission and spreads on each trade. The broker’s only intention is to increase its profit, but it does not care about innocent traders’ sentiments. If you are wise enough to think about your benefit and loss, then you will not risk your hard-earned money with these fraudsters.
Suppose you are a beginner and don’t know much about genuine and fake brokers. In that case, we recommend you to go with some reliable brokerage firms such as ETFinance, HFTrading, TradedWell.
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