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.

Overview of Monex Group

Monex Group, Inc. is a financial services company based in Japan. It was founded in 1999 and is regulated by the Financial Services Agency (FSA) of Japan. The company offers various trading platforms, including Monex Trader for stocks and futures, Monex Trader FX for forex trading, Multiboard 500, Full Board Information Tool, Market Board, and Monex Vision.

Monex Group provides a wide range of tradable assets to its clients. These include domestic stocks, US stocks, Chinese stocks, investment trusts, bonds, initial public offerings (IPOs), stock lending services, ETFs, foreign exchange currency pairs, cryptocurrency CFDs, and more.

The specific account types and minimum deposit requirements are not specified in the available information. However, Monex Group offers customer support through email and phone. It provides various payment methods, such as instant deposit services, regular automatic deposit services, ATM deposits through Monex Saison cards, and bank transfers.

For educational purposes, Monex Group offers financial investment information and monthly disclosure of company information, news releases, and other resources to assist traders and investors in making informed decisions.

Is Monex Group legit or a scam？

Monex Group, represented by its licensed institution Monex Securities Inc. (マネックス証券株式会社), is a legitimate and regulated online securities company operating under the supervision of the Financial Services Agency in Japan. Since September 30, 2007, Monex Securities Inc. has held a retail forex license (License No.: 関東財務局長(金商)第165号), ensuring compliance with industry standards and regulations. The company's headquarters are located at 1-12-32 Akasaka, Minato-ku, Tokyo, and they can be contacted at 03-4323-3800. This regulatory oversight and transparency contribute to the trustworthiness and credibility of Monex Group.

Pros and Cons

Monex Group, a reputable online securities company based in Tokyo, Japan, offers several advantages and drawbacks to consider. One of its significant strengths is being FSA-regulated, ensuring a level of security and adherence to regulatory standards. Additionally, Monex Group provides a diversified range of products and services, catering to the needs of various investors. Another advantage is the availability of multiple trading platform options, allowing traders to choose the one that suits their preferences. Moreover, Monex Group supports various payment methods, enhancing convenience for clients.

However, there are a couple of downsides to be aware of. Firstly, there is no clear information regarding the minimum deposit requirement, which may pose a challenge for potential investors. Secondly, the customer support provided by Monex Group is considered average, and some clients may have higher expectations in terms of responsiveness and assistance. Overall, Monex Group offers a regulated and diverse investment environment but could improve certain aspects like providing more transparent deposit information and enhancing customer support.

Market Instruments

Monex Group offers a comprehensive range of products and services to investors. These include domestic stocks, US stocks, Chinese stocks, investment trusts, bonds, IPOs, stock lending services, ETFs, foreign exchange currency pairs, cryptocurrency CFDs, and bonds. With such a diverse selection, investors have the opportunity to diversify their portfolios and access a wide range of investment options. Whether they are interested in stocks, bonds, or alternative investments like cryptocurrency, Monex Group aims to meet the diverse needs and preferences of its clients.

Commissions

The diverse lineup of products offered by MONEX is from 110 yen for physical trading to 99 yen for margin trading (tax included), both beginners and experienced traders can make a small investment at a reasonable price. The monthly Fixed Commission Process calculates the commission for the total daily contract amount, which traders can choose according to their needs. For example, the brokerage fee for China stocks (tax included) is 0.275% of the contract price (minimum fee HK$49.5, maximum fee HK$495). The fee for Nikkei 225 Mini Index is 38 yen per order, and the fee for Nikkei 225 Futures is 275 yen per order.

Trading Platforms

Monex Group provides a wide range of flexible trading platforms to cater to the needs of traders. These platforms include Monex Trader, which supports trading in stocks and futures, Monex Trader FX, specifically designed for forex trading, Multiboard 500, Full Board Information Tool, Market Board, and Monex Vision. These platforms offer different features and functionalities to enhance the trading experience and allow traders to access a variety of financial instruments. Whether traders are interested in stocks, futures, forex, or market information, Monex Group offers diverse options to suit their preferences and trading strategies.

TradeStation offers state-of-the-art trading technology and online electronic brokerage services to active individual and institutional traders. TradeStation has been able to leverage its award-winning technology solutions in global markets extending from Europe to Japan, China, and South Korea. TradeStations powerful yet convenient mobile and web trading apps let clients capitalize on trading opportunities virtually anytime anywhere, while its desktop platform provides all the tools needed to design, test, optimize, automate, and monitor custom equities, options and futures trading strategies. TradeStation also provides personalized support from fully licensed brokerage professionals, a vast array of educational offerings to help clients improve their trading skills, different accounts to meet every trading and investment objective, and simplified low-cost commission pricing.

Deposit & Withdrawal

MONEX provides investors with a diverse selection of deposit and withdrawal options, ensuring convenience and flexibility. Investors can choose from instant deposit services, regular automatic deposit services, ATM deposits through Monex Saison cards, and bank transfers. These options allow investors to easily fund their investment accounts and access their funds when needed. With a variety of choices available, MONEX aims to accommodate the preferences and requirements of its clients, making the deposit and withdrawal process efficient and user-friendly.

Customer Support

Clients with any inquiries or trading-related issues can easily contact MONEX through various accessible channels. They can reach out to MONEX via telephone at +81 0120-430-283 or send an email to feedback@monex.co.jp. Additionally, MONEX maintains an active presence on popular social media platforms such as Twitter, Facebook, and YouTube, allowing clients to stay updated and engage with the company. These multiple contact channels provide clients with convenient options to seek assistance, receive support, and stay connected with MONEX, ensuring a responsive and interactive customer experience.

Education Resources

Monex Group claims to provide comprehensive educational resources for investors. Here are some key points about the educational resources offered by Monex Group:

1. For New Investors:

Monex Group provides tailored educational materials and resources specifically designed for new investors. These materials cover a wide range of topics, including investment basics, risk management, and investment strategies.

2. Financial Result Related Materials:

Monex Group regularly publishes financial result-related materials to keep investors informed about the company's performance. These materials include financial statements, earnings reports, and management commentary, providing a transparent view of the company's financial health.

3. IR Library:

Monex Group maintains an extensive IR (Investor Relations) library, which serves as a repository for various important documents. This library includes consolidated financial summaries, presentation materials, and the annual report, offering comprehensive information about the company's operations and performance.

4. Stock & Rating Information:

Monex Group provides detailed stock and rating information to help investors make informed decisions. This information includes stock profiles, stock prices, credit ratings, and analyst coverage, enabling investors to stay updated on the company's stock performance and market analysis.

Conclusion

In conclusion, Monex Group is a legitimate online securities company based in Tokyo, Japan, regulated by the Financial Services Agency. They offer a wide range of market instruments, including domestic and international stocks, investment trusts, bonds, IPOs, and various trading services. Monex provides different trading platforms to cater to the needs of traders, and they offer flexible deposit and withdrawal options. While Monex Group has several advantages such as a diverse product lineup and regulated operations, some potential disadvantages may include transaction fees and spreads associated with certain products. Overall, Monex Group presents itself as a reputable option for individuals interested in online securities trading, backed by a strong regulatory framework and customer support channels.

FAQs

Q: What is the Global Vision business strategy of Monex Group？

A: The Global Vision is a comprehensive initiative that brings together all companies within Monex Group worldwide, aiming to establish a truly global online financial institution that generates beneficial synergies for all stakeholders.

Q: How does Monex Group aspire to be a Global Technology-based Retail Financial Service Provider？

A: Monex Group, formed through the merger of Monex, Inc. and Nikko Beans, Inc., leverages its expertise and strengths in the capital markets to become a leading Global Technology-based Retail Financial Service Provider.

Q: How does Monex Group disclose information？

A: Monex, Inc., a subsidiary of Monex Group, provides monthly disclosures. While the Monex, Inc. website is available only in Japanese, information about Monex Group, Inc., the parent company listed on the Tokyo Stock Exchange, can be found in both Japanese and English on their website at https://www.monexgroup.jp/en/. This includes company information and news releases.

Q: What affiliations does Monex, Inc. have？

A: Monex, Inc. is a registered financial instruments firm under the Financial Instruments and Exchange Law of Japan (registered number 165). It is a member of several associations, including the Japan Securities Dealers Association, Type II Financial Instruments Firms Association, The Financial Futures Association of Japan, Japan Virtual and Crypto Assets Exchange Association, and Japan Investment Advisers Association.