Traders need tools that make trading less stressful and easier for everyone. You need to pay attention to many things while trading, so doing everything by yourself can keep you from becoming a better trader or making any successful trades at all.
Trading tools help both beginners and pros understand better how the market works and how to predict it successfully. Making accurate market predictions is what makes a pro different from someone who just got into trading.
However, not all tools are as good as you would want them to be, and some of them even are scams. Due to the increasing amount of scam websites, people who don’t know anything about trading are scared to learn more things about it or use those tools at all. Therefore, there aren’t as many traders as there could be.
Eightcap is a trading platform that offers you MT4 and MT5 brokers. You can use it for crypto and CFDs trading, but it mostly focuses on the latter. You have more than 200 financial instruments available for you in this app, yet, is it worth it? Read this Eightcap review to find out!
In this review…
This trading bot started working in 2009, like many of its competitors. The reason for that is that trading became popular in that year, so brands of all kinds were trying to take advantage of it. Eightcap is not an exception to that, but it still does an excellent job of helping you make better trades.
MT4 brokers, MT5 brokers, and financial tools of all kinds are available with this app. The best part of it is that you don’t have to pay to receive additional features since all the essentials are there for you as soon as you start trading.
However, if you don’t feel sure about using this trading platform, you can use its free trial to see how much this app can help you before submitting any payment to the brand. Regardless of that, there’s no need to worry about scams since Eightcap is a completely legit app.
Although some things are complex while using this app, it’s not that difficult to learn how to use it since its interface is highly intuitive. Expect this app to be effective, transparent, and reliable. Those things don’t make Eightcap perfect, but it’s a great alternative for anyone interested in CFDs trading.
Eightcap Pros & Cons
As we mentioned before, this app is not perfect. There’s not an app on the market that is. Nonetheless, it’s no good to pay for a trading platform that is full of flaws and that doesn’t help you achieve your trading goals
Each product or service you hire has its pros and cons, and you need to analyze them carefully before making a decision. The same happens with Eightcap. We don’t consider there’s a setback that could keep you from using this trading bot, but it’s up to you to decide if there’s a dealbreaker you want to avoid.
As you could see, the main issue with this app is that it doesn’t offer investor protection. Therefore, nothing keeps you from losing money due to not-so-good investments. Regardless of that, the app gives you all the tools you need to make the best trades possible.
Apart from that, you can study your past trades and see what you can improve about your financial movements to avoid losing that money.
The best thing among the app’s benefits is that it has some of the lowest forex fees on the market, so investing in a digital asset doesn’t cost you that much money. Additionally, you can make deposits and withdrawals any time you need to without paying any additional fees.
The features of a product are the tools the platform gives you to work. If a product has excellent features, you can improve your work like you never did before. Otherwise, it can cost you a lot of money.
These are the app’s functions:
MetaTrader 4 gives you a user-friendly platform that you can adjust and customize to fit your taste. Thanks to that, traders and operators can trade through a platform they feel comfortable with.
This feature offers you a trading bot that analyzes your trades and makes trades of its own. You can study the analysis made by the bot to understand what you need to improve and what works best for you. Along with that bot, MetaTrader 4 gives you a wide catalogue of analysis tools that aim to make that process way simpler for you.
All the transactions and movements you make on the platform go through encrypted servers. Trading platforms use encrypted servers as a security measure to protect their users from cyberattacks, hackers, and any other thing that could threaten your funds.
Using MetaTrader 5 gives you an upgrade of the features we mentioned when talking about the MetaTrader 4. Trading bots, for example, can now automatically trade for you, so you can adjust them to make the trades you like better, preset some trades, and then see the results.
MetaTrader 5 gives you total control of all your operations and an in-depth analysis of all the trades you make. The app shows you all the stats regarding the market, how it changes, and how you can profit from them.
That information allows you to study short- and long-term trends, as well as see which financial movements can help you take advantage of those trends. The app also offers you a financial calendar that keeps you updated on everything you need to know about the market and the new cryptocurrencies getting into it.
One of the best features of the MetaTrader 5 is that it includes a WebTrader that allows you to access all the app’s features from your computer browser. Regardless of that, you can still use a mobile and desktop app. This platform is also regulated by Australian entities and gives you 0.0 pips spreads.
Automating your trading process is one of the best things people can do to improve the quality of their trades. The reason for that is that trading is, essentially, a stressful activity for many people. You need to worry about many things while doing it, and making a bad investment represents losing money.
It’s difficult to study your mistakes if you don’t have time to do it, so automating your trades allows you to use that time to do other things or analyze past trades. You can preset what you want the app to do and let the Capitalise.ai feature of the platform do everything for you.
Eightcap Prices and Plans
Although many people don’t like it, all trading platforms require you to pay something to use them. Even if they don’t charge you a trading fee, you still have to make a minimum deposit to start trading. The amount of money you have to submit varies depending on the tool you use, so some of them offer less than others.
- Raw Account: $3.5 per standard lot traded
- Standard Account: Free
- Demo: Free
- Minimum Deposit: $100
As you could see, Eightcap offers you two different types of accounts depending on what you want to do while trading. You can see both accounts as a premium and a free one.
The Raw account offers you lower spreads compared to the standard account, so it’s meant for investors who want to make the best trades possible without spending more than the required amount of money. Both accounts have a limited trade size of 0.01 and EAs available.
If you are a casual trader who only looks to improve their trading skills and have a little help with their trading sessions, you are better off choosing the Standard Account rather than the Raw one. Regardless of the one that you choose, you have to make a $100 deposit.
The app also offers a free demo for you to try before signing up for an account. Offering you that feature is a sign that you can trust this company since a scam website would never allow you to try any of the features it says it offers.
Both accounts allow you to use MetaTrader 4 and 5, which means you have access to the functions each one of them offers. Other trading companies and software charge you more money for features like that.
Eightcap Review Summary
You can trust Eightcap to help you with your daily trading sessions with no problem. This app offers all kinds of tools to help you improve as a trader every day, so it doesn’t matter if you are just starting to trade.
However, it’s best to use this app after you’ve learned a few things about trading since Eightcap doesn’t offer investor protection.
Traders of all kinds need to read reviews like these since signing up for trading software without knowing anything about it can make you lose tons of money in the long run.
Check out these alternative trading platforms or use our comparison tool below to help you find what’s best for you.
Some digital bank accounts also have a trading platform included in their apps.
If this Eightcap review helped you, please recommend DigitalSupermarket.