General Information

Eightcap is a popular online forex and CFDs broker that offers access to trade various financial markets. The broker was founded in 2009 in Melbourne, Australia, and has since expanded its presence to other regions such as Europe, Asia, and the Middle East. Eightcap prides itself on providing a user-friendly trading experience, robust trading platforms, and competitive trading conditions for its clients.

The broker offers a wide range of financial instruments to trade, including Forex, Indices, Commodities, Shares, and Cryptocurrencies. Clients can access these markets through the popular trading platforms, MetaTrader 4 and MetaTrader 5. The broker also offers two types of account types to suit the individual needs of its clients, including Standard, Raw Spread, with the minimum deposit of $100 for both accounts.

Eightcap also places a strong emphasis on education, offering various educational resources to help traders improve their trading skills and knowledge. These resources include trading articles, video tutorials, webinars, and a comprehensive trading glossary. Lastly, the broker provides a 24/5 multilingual support team to assist clients with any questions or concerns they may have.

In the following article, we will analyze the characteristics of this broker from various aspects, providing you with simple and organized information. If you are interested, please read on.

We will also briefly summarize the main advantages and disadvantages so that you can understand the broker's characteristics at a glance.

Is Eightcap legit or a scam？

Yes, Eightcap is considered a legitimate broker, regulated by reputable financial authorities such as the FCA, ASIC, and SCB. These regulatory bodies impose strict rules and regulations on the broker to ensure they operate in a fair and transparent manner, thereby providing traders with a safe and secure trading environment.

EIGHTCAP PTY LTD, its Australian entity, is authorized and regulated by the Australia Securities & Investment Commission (ASIC) under the regulatory license number 391441.

Eightcap EU Ltd, is regulated by the Cyprus Securities and Exchange Commission (CYSEC) under license no. 246/14.

Eightcap Group Ltd, its UK entity, is authorized and regulated by the Financial Conduct Authority (FCA) under the regulatory license number of 921296.

Eightcap Global Limited, the international entity, is authorized and regulated by the Security Commission of the Bamas (SCB) under the regulatory license number of SIA-F220.

Pros and Cons

Eightcap is a global forex and CFD broker offering many features and benefits that make it an attractive choice for traders of all levels. One of the primary advantages of Eightcap is its range of trading instruments, including forex, indices, commodities, and cryptocurrencies. This diversity allows traders to take advantage of a wide range of market opportunities and build diversified portfolios.

In addition to its broad range of trading instruments, Eightcap also offers competitive trading conditions, such as tight spreads and low commissions, which can help traders maximize their profits. The broker also provides access to multiple trading platforms, including MetaTrader 4 and 5, as well as a proprietary platform, allowing traders to choose the platform that best suits their needs.

While there are many benefits to trading with Eightcap, there are also some potential drawbacks to consider. One of these is the limited selection of educational resources, which may be a disadvantage for novice traders. Additionally, the broker does not currently offer social trading options, and 24/7customer support.

Market instruments

Currency pairs, indices, commodities, metals, energy, cryptocurrencies, stocks.....EightCap allows clients to access a huge range of trading markets. Therefore, both beginners and experienced traders can find what they want to trade on EightCap.

Spreads and Commissions

Eightcap offers competitive spreads and commissions on their trading instruments. The spreads on forex pairs start from as low as 0.0 pips on the Raw account and 1.0 pips on the Standard account. The commissions charged on forex trades start from $3.50 per lot round trip on the Raw account and there are no commissions on the Standard account.

For indices, the spreads start from 0.5 pips on the Raw account and 1.0 pips on the Standard account. There are no commissions charged on indices trading. The spreads on commodities trading start from 0.03 pips on the Raw account and 0.5 pips on the Standard account, and there are no commissions charged on commodities trading. The spreads and commissions may vary depending on market conditions and the type of account held by the trader.

The following table compares the spreads on EUR/USD, gold, and popular indices like US 500, UK 100, and AUS 200 offered by four leading brokers: Eightcap, eToro, IC Markets, and Exness.

Non-Trading Fees

Eightcap charges non-trading fees, which are fees not directly related to trading, such as deposit and withdrawal fees, inactivity fees, and currency conversion fees. For deposits, Eightcap does not charge any fees, but there may be fees charged by the payment provider or bank. Withdrawals made via bank transfers are free, but there is a fee of $10 for withdrawals via credit/debit cards.

Additionally, Eightcap charges an inactivity fee of $50 per quarter if there are no trades or account activity for a period of 90 days or more. It's important to note that this fee is only charged if there are sufficient funds in the account, and it does not apply to demo accounts.

Eightcap also charges a currency conversion fee of 0.5% for clients who deposit or withdraw in a currency other than their account base currency. This fee can be higher for certain currencies, so it's important to check with Eightcap for the exact fee amount. Overall, while Eightcap does charge some non-trading fees, they are competitive with other brokers in the industry.

Account Types

Live Accounts: EightCap offers three types of accounts at EightCap: Raw, Standard and Tradingview accounts. All require a moderate minimum deposit of 100 USD, which is quite friendly for beginners. Their most relevant differences consist in the spreads, the raw account has a lower spread. Standard and Tradingview accounts offers a commission-free trading environment, yet compensated by wider spreads, while Raw accounts offers raw spreads, accompanied by additional commissions.

The Raw Account is designed for traders seeking tight spreads and transparent pricing. With a minimum deposit of $100, traders can access over 800 instruments with spreads starting from 0.0 pips. However, a commission is charged on each side of the trade, ranging from $3.5 for major currencies like AUD, USD, NZD, SGD, and CAD, to $2.25 for GBP and $2.75 for EUR per standard lot traded. This account type allows scalping and supports a wide range of base currencies, including AUD, USD, EUR, GBP, NZD, CAD, and SGD. The minimum trade size is 0.01 lots, with a maximum of 100 lots.

The Standard Account is designed for traders seeking a more straightforward pricing structure. With a minimum deposit of $100, traders can access over 800 instruments with spreads starting from 1.0 pip. No commissions are charged, making it a cost-effective option for traders who prefer to pay through the spread. Like the Raw Account, the Standard Account allows scalping, supports multiple base currencies, and offers the same minimum and maximum trade sizes, margin call levels, and stop-out levels.

The TradingView Account is a unique offering that integrates with the popular TradingView platform. With a minimum deposit of $100, traders can access over 800 instruments with spreads starting from 1.0 pip and no commissions charged. This account type is suitable for traders who prefer to use the TradingView platform for analysis and trading. Similar to the other account types, the TradingView Account allows scalping, supports a wide range of base currencies, and offers the same minimum and maximum trade sizes, margin call levels, and stop-out levels.

Demo Accounts

Aside from two types of live trading accounts, Eightcap offers a demo account for traders who want to practice and test their trading strategies without risking real money. The demo account is free and is designed to simulate real market conditions, allowing traders to get a feel for the platform and instruments before they start trading with a live account. The demo account is funded with virtual money and offers access to the same features as the live account, including a range of instruments and trading platforms.

How to open an account？

Opening an account with Eightcap is a straightforward process that can be completed in just a few simple steps.

First, interested individuals need to visit the Eightcap website and click on the “Creative Account” button.

From there, you will be directed to a page where you can select the account type they wish to open, either the Standard or Raw account.

After choosing the desired account type, potential clients will be required to provide some personal information, including their full name, email address, and phone number. They will also need to provide proof of identification and residency, which can be done by uploading a copy of a passport or driver's license and a recent utility bill or bank statement.

Once the required information has been submitted and verified, clients can fund their accounts by choosing from one of the available payment methods, such as bank transfer or credit card. After the account has been funded, clients can then start trading on the platform.

Trading Platforms

Eightcap offers multiple trading platforms, including the popular MetaTrader 4, MetaTrader 5 platforms WebTrader and Tradingview. These platforms are known for their user-friendly interface and advanced charting tools, making it easier for traders to analyze market data and make informed trading decisions. Additionally, Eightcap also provides a web-based trading platform that can be accessed from any device with an internet connection. This platform is ideal for traders who prefer a simpler interface or who don't want to download and install software on their device.

With the MetaTrader platforms, Eightcap offers a range of customizable features, including the ability to use custom indicators and expert advisors. These platforms also provide access to real-time market data and allow traders to execute trades quickly and efficiently. Traders can also use the platforms to set up automated trading strategies, which can be particularly useful for those who want to trade around the clock.

Furthermore, Eightcap's web-based trading platform is designed to offer a streamlined trading experience. It includes essential features such as real-time market news, customizable charts, and advanced order types. The platform also offers access to a range of educational resources, including trading videos, webinars, and tutorials, which can be helpful for new traders looking to improve their skills.

EightCap's Tradingview leverages 15+ customizable chart types, including Kagi, Renko, and Point & Figure. Organize up to 8 synchronized charts per tab and utilize 90+ smart drawing tools for comprehensive analysis.

Leverage Offered

The maximum leverage is determined by the regulator; the maximum ASIC leverage is only 1:30, but the Bahamas SCB allows a leverage of 1:500. However, other trading conditions may vary accordingly and you can decide for yourself.

High leverage is ideal for active traders and scalpers, as it presents greater trading flexibility in general, which directly impacts profitability, but new users are advised to operate with caution with such large leverage.

Deposit and Withdrawal

Eightcap offers a variety of deposit and withdrawal methods to cater to its clients' needs. Clients can deposit funds into their account using various methods, including credit/debit cards, bank transfers, and popular e-wallets like Neteller, Skrill, and FasaPay.

One of the advantages of Eightcap's deposit and withdrawal system is that it supports multiple currencies, including USD, EUR, AUD, GBP, CHF, and SGD. This allows clients from different parts of the world to transact in their preferred currency.

Eightcap does not charge any deposit fees, but clients may incur fees when depositing or withdrawing funds through certain payment methods. For example, bank transfers may incur fees from the client's bank or intermediary banks involved in the transaction.

Clients can withdraw their funds through the client portal area, or contact their account manager to withdraw funds. Withdrawals can be made using the same methods used for deposits, with the exception of credit cards, which can only be used for deposits. It's worth noting that withdrawals can only be made to the same account that was used to make the deposit, in compliance with anti-money laundering regulations.

With their policy of processing all withdrawal requests submitted before 01:00 PM AEST/AEDT Monday to Friday on the same business day, you can expect to receive your funds quickly and without any delays. This is particularly convenient for traders who need to access their funds urgently or simply prefer a broker with fast and reliable payment processing.

Educational Resources

Eightcap offers various educational resources to help traders improve their skills and knowledge in the financial markets. Here are some of the educational resources provided by Eightcap:

• Video Tutorials: Eightcap provides a range of video tutorials that cover various trading topics, including technical analysis, trading strategies, risk management, and more. These videos are designed to help traders of all levels learn more about the financial markets.

• Trading Guides: Eightcap offers a range of trading guides that cover various financial instruments, such as forex, stocks, indices, and commodities. These guides provide valuable insights into the markets and can help traders make more informed trading decisions.

• Webinars: Eightcap regularly hosts webinars on various trading topics, which are presented by industry experts. These webinars are an excellent way to learn more about the financial markets and interact with other traders.

• Economic Calendar: Eightcap provides an economic calendar that displays upcoming economic events and announcements that may impact the markets. This calendar can be a useful tool for traders who trade based on news events.

• Trading Glossary: Eightcap provides a comprehensive trading glossary that defines various trading terms and concepts. This glossary can be a useful resource for traders who are new to the markets.

Customer Support

Eightcap's representatives are fluent in several languages, including English, Spanish, Chinese, and Arabic, among others. This ensures that clients from all over the world can receive assistance in their native language, which can be particularly helpful when dealing with complex issues.

In addition to a multilingual team, Eightcap offers several support channels, including 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 also available during business hours, and email support promises a response within 24 hours.

In addition, Eightcap has an extensive FAQ section on its website that covers various topics, such as account opening, trading platforms, funding and withdrawals, and trading conditions.

Conclusion

In conclusion, Eightcap seems like a solid choice for traders looking for a reliable broker with a wide range of instruments, competitive pricing, and user-friendly platforms. Their customer support is also top-notch, with various ways to get in touch and a comprehensive FAQ section. While their educational resources may not be as extensive as some other brokers, they still provide useful tools and market analysis to help traders stay informed. The only potential downside is the lack of proprietary trading platforms, but with MT4, MT5, and WebTrader available, there's still plenty of options to choose from.

FAQs

Is Eightcap regulated？

Yes, Eightcap is regulated by the Australian Securities and Investments Commission (ASIC) and the Vanuatu Financial Services Commission (VFSC).

What trading platforms does Eightcap offer？

Eightcap offers MetaTrader 4 (MT4), MetaTrader 5 (MT5), and WebTrader.

What are the minimum deposit requirements for Eightcap？

A: The minimum deposit requirement for Eightcap's Standard account is $100.

What is the maximum leverage available at Eightcap？

The maximum leverage available at Eightcap is 1:500.

Does Eightcap charge commissions on trades？

Eightcap does not charge commissions on trades, but it does charge spreads.

What is customer support like at Eightcap？

Eightcap offers customer support via live chat, phone, and email. Its customer support team is available 24/5.

Does Eightcap offer educational resources？

Yes, Eightcap offers educational resources such as news and analysis,videos, trading guides, and webinars.

How long does it take to withdraw funds from Eightcap？

Withdrawal requests submitted before 1:00 PM AEST/AEDT on business days are processed on the same day. However, the time it takes for funds to reach your account depends on the payment method you use.

Can I open a demo account with Eightcap？

Yes, Eightcap offers a demo account that allows traders to practice their trading strategies without risking real money.

What financial instruments can I trade at Eightcap？

Eightcap offers a wide range of financial instruments, including forex, indices, commodities, and shares.

Risk Warning

Online trading carries substantial risk, potentially leading to the total loss of invested funds. It may not be appropriate for all traders or investors. It's crucial to fully comprehend the associated risks before engaging in trading activities. Additionally, the content of this review is subject to change, reflecting updates in the company's services and policies. The review's creation date is also relevant, as information could have become outdated. Readers should confirm the latest information with the company prior to making any investment decisions. The responsibility for utilizing the information provided herein lies exclusively with the reader.

What is GKFX Prime？

GKFX Prime is an online forex and CFD broker that was established in 2012. The broker is based in the United Kingdom. GKFX Prime provides traders with a range of trading instruments, including forex, indices, commodities, and cryptocurrencies. They offer various account types and trading platforms, including the popular MetaTrader4 and MetaTrader5 platforms. GKFX Prime also provides educational resources and customer support in multiple languages.

What Type of Broker is GKFX Prime？

GKFX Prime is a Straight Through Processing (STP) broker that offers clients direct access to interbank markets without the need for a dealing desk or human intervention. This means that trades are executed instantly and efficiently without any conflict of interest between the broker and the client.

Pros & Cons

GKFX Prime's main advantages are their competitive trading conditions, including tight spreads and low commissions, as well as their extensive range of trading instruments and educational resources.

However, their lack of regulatory oversight in major jurisdictions and too many complaints from users may be a concern for some traders.

Ultimately, it's important for traders to weigh these factors against their own priorities and preferences when choosing a broker.

GKFX Prime Alternative Brokers

Some alternative brokers to GKFX Prime include:

• IC Markets: An Australian-based broker that offers ECN trading with tight spreads and low commissions. They also have a wide range of trading instruments and multiple trading platforms.

• Admiral Markets: A European-based broker with a strong focus on education and research. They offer a variety of account types and trading platforms, as well as a wide range of trading instruments.

• FxPro: A UK-based broker with over 15 years of experience in the industry. They offer a range of trading platforms and account types, including ECN trading with tight spreads.

• Pepperstone: An Australian-based broker that offers low spreads, fast execution, and a variety of trading platforms. They also offer a range of educational resources for traders.

• XM: A global broker that offers a wide range of trading instruments and multiple account types. They also offer a demo account for traders to practice trading strategies without risking real money.

It is important to thoroughly research and compare different brokers before choosing one that suits your trading needs and preferences.

Is GKFX Prime Safe or Scam？

As GKFX Prime is an unregulated broker, its reliability may be a concern for some traders. While the company has been operating for several years, the lack of regulatory oversight may make it less attractive to traders who prioritize safety and security. The worse is that there are too many complaints from their users.

Also, it's important to note that being unregulated doesn't necessarily mean that a broker is unreliable. However, it does mean that there is no external oversight of the broker's activities and no protection for clients in the event of financial difficulty or fraud. Clients should exercise caution when dealing with unregulated brokers and conduct thorough research before opening an account.

Market Instruments

GKFX Prime offers 400+ financial instruments to trade, including forex, commodities, indices, stocks, and cryptocurrencies.

Forex: over 50 currency pairs, including major, minor, and exotic pairs.

Commodities: including gold, silver, oil, and natural gas.

Indices: over 20 global indices, including popular indices like the S&P 500, FTSE 100, and DAX 30.

Stocks: over 300 stocks from companies listed on exchanges in the US, UK, Germany, and France.

Cryptocurrency: including Bitcoin, Ethereum, and Litecoin.

Accounts

Apart from free demo accounts, there is a large variety of live trading accounts available at GKFX Prime, and each one is tailored to the specific requirements of the clients.

A trader's risk appetite, the quantity of their initial investment, and the amount of free time they have daily to devote to trading the Forex market are all important considerations when deciding which account type will best suit their needs.

The account types include the following: Standard Fixed, Standard Variable, VIP Variable and ECN Zero. Additionally, Islamic accounts are available for clients who follow Sharia laws. There is no minimum deposit requirement for Standard Fixed, Standard Variable and ECN Zero accounts, while $5,000 for VIP Variable accounts.

How to open an account with GKFX Prime？

To open a new forex trading account with GKFX Prime, you must first pass a simple “know your customer” test. Because of this, GKFX Prime can verify your identity, your account information, and the security of your cash.

Login information for the trading platform that is best suited to the type of account you opened will typically be emailed to you after the initial registration.

Step 1 – Register an account

Open your Live Trading Account.

Step 2 – Fill out the 5-page form

Supply personal detail, financial information, trade knowledge and experience, etc.

Leverage

The maximum leverage offered by GKFX Prime is 1:400. However, the leverage available to you may vary depending on your location and the regulatory restrictions in place.

Spreads & Commissions

Different account types have different trading conditions. Specifically, Standard Fixed accounts have spread from 1.8 pips and no commissions; Standard Variable accounts have spread from 1.2 pips and no commissions; VIP Variable accounts have spread from 0.6 pips and no commissions; ECN Zero accounts have spread as low as 0.0 pips but have to pay a commission of 10/lot.

Below is a comparison table about spreads and commissions charged by different brokers:

Note: The above information is subject to change and may vary based on account types and market conditions.

Trading Platforms

GKFX Prime offers the MetaTrader4 (MT4) and MetaTrader5 (MT5) trading platforms, which are popular and widely used platforms among traders. They provide access to a range of tools and features, including advanced charting, technical analysis tools, automated trading capabilities, and the ability to customize and use third-party indicators and trading algorithms.

They are both available for desktop, web, and mobile devices, making it convenient for traders to access their accounts and trade from anywhere at any time. Additionally, GKFX Prime offers a VPS (Virtual Private Server) service to clients who require faster and more reliable connection to the MT4 and MT5 platforms.

Overall, GKFX Prime's trading platforms are well-designed, user-friendly, and offer a range of advanced features suitable for both beginner and experienced traders. See the trading platform comparison table below:

Deposits & Withdrawals

While there is no minimum deposit requirement with GKFX Prime, we advise putting up at least five dollars so that you have more flexibility and a higher chance of building positions large enough to make a difference in the markets. The company offers quick deposit and withdrawal alternatives to GKFX Prime traders so that regular traders can have more faith in the platform and gain more market access.

Credit cards (Visa, MasterCard and Maestro), bank transfers and e-wallets such as Neteller and Skrill are all acceptable methods of payment, so long as the buyer has provided the necessary “know your customer” papers to comply with AML regulations. The most common of them is a photocopy of your passport and some form of the recent bill showing your current address.

Credit cards and bank transfers are both acceptable withdrawal methods. Transfers made with a credit card take three to five business days to process, while wire transfers can take anywhere from one to five days. Withdrawal is free of charge.

Please note that some deposit and withdrawal methods may not be available in certain regions/countries, and fees and processing times may vary depending on the chosen method.

GKFX Prime minimum deposit vs other brokers

GKFX Prime Money Withdrawal

To withdraw funds, clients need to log in to their account, go to the “Withdrawal” section, select the preferred withdrawal method, and follow the instructions provided. It's worth noting that GKFX Prime may require additional documentation for verification purposes before processing the withdrawal request.

Bonus & Fees

GKFX Prime claims to offer a 100% welcome bonus and a 50% re-deposit bonus. In any case, you should be very cautious if you receive a bonus. First of all, bonuses aren't client funds, they're company funds, and fulfilling the heavy requirements that are usually attached to them can prove a very daunting and difficult task.

Apart from commission fees on the ECN Zero account, there are no other fees charged.

See the fee comparison table below:

Please note that these fees are subject to change and may vary depending on the country of residence and the payment method used.

Customer Service

GKFX Prime offers customer support in multiple languages through various channels including live chat, phone, and email. Their customer support is available 24/5, which means that traders can get assistance during the trading week. Additionally, GKFX Prime provides support through social media platforms such as Facebook, Twitter, LinkedIn, Instagram and YouTube.

The broker also provides an FAQ section and educational resources on its website to assist traders. Overall, GKFX Prime has a good reputation for customer support.

Note: These pros and cons are subjective and may vary depending on the individual's experience with GKFX Prime's customer service.

Education

Those interested in opening an account with GKFX Prime should familiarize themselves thoroughly with the ins and outs of forex and commodity trading before placing any trades. If a trader needs more information than is available on the GKFX Prime website, they should look elsewhere.

GKFX Prime offers a range of educational resources for traders of all levels, including video tutorials, articles, ebooks, webinars, seminars.

Webinars: GKFX Prime provides free webinars to its clients, covering various trading topics, such as market analysis, risk management, and trading strategies.

Video tutorials: The broker offers a collection of video tutorials covering a range of trading topics, including technical analysis, trading psychology, and risk management.

Conclusion

Based on the information provided, GKFX Prime is an unregulated broker with a wide range of trading instruments and account types. While their trading conditions are relatively competitive, the lack of regulation raises concerns about the safety of client funds. Their customer support and educational resources are adequate but not exceptional. Overall, traders should approach GKFX Prime with caution and consider alternative brokers that are regulated and offer more comprehensive services.

Frequently Asked Questions (FAQs)