Is Eightcap a Safe Broker?
Eightcap positions itself as a successful broker trusted worldwide. The project was founded in Australia in 2009 and since then it has managed to attract more than a million users and receive a dozen international awards confirming its reliability and transparency. The main advantages are a wide range of instruments, a low Eightcap minimum deposit from $100, narrow spreads, powerful trading terminals, high-quality training and extensive analytics, as well as its own unique developments that provide automated trading with minimal risks.
But today we are going to talk about one of the most important points that testify to the honesty of a financial company's intentions - regulation. Does Eightcap have licenses, and what countries' laws does the broker obey? This article will provide you with answers to these inquiries.
Eightcap is a legitimate broker, whose activity is under the control of the supervisory authorities of Cyprus, Australia, the United Kingdom and the Bahamas. In addition, in case of bankruptcy of the broker, you will receive guaranteed monetary compensation.
-
Is Eightcap a regulated broker?
Yes, Eightcap is regulated by the Bahamas Securities Commission (SCB, SIA-F220 ), ASIC (ACN 139 495 944), FCA ( 921296 ), CySEC ( 246/14 ).
-
Is Eightcap a good broker?
Eightcap can safely be called an excellent choice for both beginner traders and professionals. You will need only 100 US dollars to start on the platform. The broker offers investors the opportunity to trade CFDs on currencies, stocks, indices, commodities, precious metals and cryptocurrencies, promising spreads from 0 pips, advanced MetaTrader 4, MetaTrader 5 and TradingView terminals, leverage up to 1:500, a lot of up-to-date analytics and a free 30-day demo account. Useful information about Eightcap trading signals can also be found here.
-
Where is Eightcap based?
Eightcap is headquartered in Melbourne, Australia.
-
Can US citizens use Eightcap?
Unfortunately, US residents cannot open an account at Eightcap. Also, the broker does not accept residents of Iran, North Korea and the Republic of Congo.
Is Eightcap Legit?
Yes, this is an absolutely legal broker whose activity is under the control of reputable international regulators. The intermediary's website contains information that its work is approved by the Australian Securities and Investments Commission (ASIC), which is not surprising since the company's head office is based in Melbourne. In the ASIC database, EIGHTCAP PTY LTD can be found under the number ACN 139,495,944.
The project has also received formal approval from the UK's public law institute (FCA). The organization has been assigned the number 12448314 to the UK Companies House register of beneficiaries. It received its certificate of incorporation in February 2020. The business falls under the category of "Financial intermediation not specified elsewhere." The broker is listed on the FCA website under the number 921296.
In addition, Eightcap can legally operate in Cyprus. The broker is regulated by the Cyprus Securities and Exchange Commission (CySEC) (No. 246/14) and its office is registered in Limassol. The broker also has a license of the main supervisory body of the Bahamas, which has become one of the leading offshore centers in the world - SCB (SIA-F220). Also in the footer of the page it is indicated that Eightcap Limited is registered in Seychelles under the number 196744. No scanned copies of certificates could be found on the company's resource.
Is Eightcap Legit in My Country?
Eightcap positions itself as a global broker whose services are available almost all over the world. However, there are still some restrictions. The list of prohibited countries with residents of which Eightcap refuses to cooperate includes: the USA, North Korea, Lebanon, Libya, Pakistan, Panama, Somalia, Sudan, the Russian Federation and Ukraine.
Is Eightcap a Scam or Safe?
Eightcap is not a scam project, but an absolutely safe broker that looks after the interests of its clients. The honesty of Eightcap's intentions is first of all confirmed by the fact that it has licenses from the regulators of the Bahamas, Australia, Cyprus and the UK. You will also find all the necessary internal documents on the broker's website, including the "Client Agreement" and "Risk Disclosure Policy".
As an Eightcap client, you will have access to investor protection programs provided in the country where the broker operates. These programs guarantee that in case of Eightcap's bankruptcy, users can count on monetary compensation. But this does not apply to all states, with residents of which the holding cooperates. For customers from the UK, the amount of compensation will be £85,000, and for depositors from the EU - €20k. Nothing is said about the rest.
It is also worth noting that Eightcap is generally a reliable industry participant that has not been involved in any major scandals.
Eightcap Pros and Cons
Choosing a broker requires careful consideration of its pros and cons. Eightcap's main advantages and disadvantages are listed below.
👍 Pros of Eightcap:
• regulation by SCB, ASIC, FCA, CySEC;
• a wide range of financial instruments - the broker offers to trade contracts for price differences on currencies, stocks, indices, commodities, precious metals and cryptocurrencies;
• reliable trading platforms TradingView, MT4 and MT5 with an extended package of charts for monitoring instruments and built-in technical indicators;
• several account options with a minimum deposit from 100 USD and spreads from 0 pips;
• high leverage up to 1:500;
• demo account for test trading;
• unique author's developments: economic calendar based on artificial intelligence, Capitalise.ai technology, which allows investors to create automated trading strategies without knowledge of programming languages, FlashTrader for automatic addition of stops and targets to each trade, as well as free Forex VPS;
• a wide range of deposit and withdrawal methods, including credit and debit cards, electronic payment systems and cryptocurrencies;
• no withdrawal Eightcap fees.
👎 Cons of Eightcap:
• no opportunities for referrals, copy-trading, or other forms of passive income;
• possibility to contact the support team only from Monday to Friday;
• the broker does not work with US residents.
Expert Opinion
Eightcap has been operating for many years and during this time the broker has become one of the market leaders. Its services are used by millions of traders from different parts of the world who, among the advantages of the project, note the powerful training base and a wide range of financial assets. The activity of the organization is controlled by the regulators of Cyprus, Great Britain, Bahamas and Australia, which makes it really reliable and trustworthy.
In the reviews, users note that Eightcap pays out profits correctly and provides traders with high-quality support, promptly solving problems that arise. So if you are looking for a broker that is interested in the earnings of its clients and is ready to provide them with comprehensive assistance, then take a look at Eightcap.
Conclusion
Is Eightcap trustworthy? The answer is unambiguous - yes. Firstly, the broker's name has not been involved in any scandals, and most of Eightcap reviews about it are positive, which is one of the main signs of the project's reliability. Secondly, the company has licenses confirming the fact that its activity is absolutely legal. Therefore, by cooperating with the broker, you can be sure that your capital will be 100% protected.
Team that worked on the article
Alamin Morshed is a contributor at Traders Union. He specializes in writing articles for businesses who want to improve their Google search rankings to compete with their competition.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).