Eightcap
Regulation: SCIB, ASIC, CySEC and FCA
Min dep:$100
Leverage: 1:30
Spread: Variable
Account type: Standard, Raw, and TradingView account
Assets: Equities, Indices, Futures, Commodities, Crypto
Platform: MT4 and MT5
- It is incredibly easy to get access to the two main types of trading accounts in Eightcap, namely, the Standard Account and the Raw Account.
- The entire account opening process is fully digital and can be completed online.
- While it takes less than a minute to set up a demo account, it takes approximately 5 to 10 minutes to complete a live account application.
- Eightcap also offers TradingView accounts, a Demo account, and Professional accounts according to the needs and trading styles of the users.
How to open your Eightcap account – step-by-step guide
How to open an Eightcap trading account? Follow the steps below to open an account in Eightcap:
- Click the “Trade Now” tab at the home page to go to the “create account” page.
- Give “country of residence or region”, your first name, and last name with your mobile number, and click the “create account” tab.
- Choose the application type: “Individual”, “Joint”, or “Corporate”. For opening a “Joint” or “Corporate” account, you have to email at [email protected] or call +67 3 8592 2375.
- Click “Individual” application type and start giving personal details. Click “Next”.
- You are now on the “Account Setup” page to choose MetaTrader 4 or MetaTrader 5, or TradingView platforms. Choose a relevant trading platform and choose the account type “Standard” or “Raw”.
- Choose account currency and leverage and click “Next”.
- Read the risk disclosure policy, client agreement to accept the terms and confirm by ticking the check boxes. Now complete the application to process.
- Upload the essential legal documents like “proof of identity” and “proof of address” and submit them.
- Once documents are uploaded, you will receive a success message from Eightcap with a note, “please look out for our confirmation email shortly”.
Account opening in MT4
- Download MT4 from the Play Store and install it on your Android device.
- Log in to your trading account with Eightcap.
- Open new demo accounts and live accounts on the MT4 app. You can switch between the trading accounts.
- Modify charts and place trades on MT4.
Requirements & verification: documents & minimum deposit
The account opening process with Eightcap is generally considered safe, easy, and fully digital. Based on the standard regulatory requirements, there are specific documents required and they fall into two categories:
Proof of Identity (PoI)
The acceptable identity documents are:
- Passport
- National ID card
- Driver’s License
Proof of Address (PoA)
The acceptable address proofs are:
- Bank Statement
- Utility Bill
- Driver’s License (showing address and expiry date)
- Government or financial institution-issued document
- The aforementioned identity documents are not an exhaustive list, as other documents may be requested at Eightcap’s discretion.
- Applications for corporate accounts will require documentation that confirms the identity of the entity.
- If your identity documents is written in a language other than English, you may be requested to provide a translation into English which is accredited by the National Accreditation Authority for Translators and Interpreters (NAATI).
How to fund Eightcap account?
Eightcap accepts a minimum account deposit of $100 when you fund for the first time. Eightcap’s funding methods include:
- Credit/debit cards
- Skrill
- Neteller
- Poli
- International/local bank transfers
Eightcap account types & trading features explained
| Features | Raw account | Standard account | TradingView account |
|---|---|---|---|
| Suitable for | Experienced traders who predominanty trade forex CFDs | Beginners and casual traders who look for commission-free pricing | Professional traders relying on technical analysis and advanced charting techniques |
| Fees & commission for Eightcap account | Each side: 3.5 AUD, USD, NZD, SGD, CAD | 2.25 GBP | 2.75 EUR per standard lot traded | No commission, spreads as low as 1.0pips | No commission, spreads as low as 1.0pips |
| Margin call level | 80% | 80% | 80% |
| Stop out level | 50% | 50% | 50% |
| Scalping | Allowed | Allowed | Allowed |
| Other features | Compatible with EAs | Compatible with EAs | Access to advanced charting package Proprietary pine-script language, daily trade ideas, webinars, custom indicators, etc. |
Common issues in opening an Eightcap account
Here are the most common issues traders encounter when opening an Eightcap account.
Issues in document verification
This is one of the most frequent reasons for opening a live account. When your account is not activated within 24 hours, you are likely to have documents not meet requirements:
- The proof of ID has expired.
- The uploaded photos are blurry, cropped, making it difficult to read the information.
- The proof of address is too old.
- The Proof of Address does not clearly show the application name, address, or the issue date.
- Personal details are mismatched within the submitted documents.
Issues in login and technical aspects
- When the demo account expires, users see errors while logging in.
- Giving incorrect credentials on the trading platforms (MT4/MT5) leads to “no connection” or “invalid account” errors.
Issues with funding and withdrawals
- Most of the funding methods are instant, yet bank transfers may take 1 to 3 days to clear, and this leads to a delay before a user can start trading.
- Depositing funds in a currency that is different from the account’s base currency may also lead to substantial costs in currency exchange.
Make a competitive analysis of Eightcap Vs Trading.com, Eightcap Vs Charles Schwab, and Eightcap Vs Webull to explore better account offerings in the market.
Conclusion
Opening an account with the global trading technology solutions provider, Eightcap is easy and takes only a few minutes. You can apply online through the Eightcap website from a mobile or desktop.
In order to have a hassle-free account opening, you first ensure that all uploaded documents for ID and address meet the standard requirements. Always reach out to Eightcap’s customer support via live chat, phone, or email to make enquiries on a specific reason for the delay.
Pro Tip
Experienced traders treat the brokerage account opening process as a critical first step that can affect everything from safety to profit. Every broker is different in their services, so utilize our broker comparison tool to discover unique and special offerings that align with your expectations. Avoid scams with our best forex brokers, who are good at offering faster and safer processes from account opening till funds withdrawal.
FAQs
1. What is the minimum deposit for Eightcap account?
The minimum deposit for the Eightcap account is $100.
2. How long does Eightcap account opening take?
It takes approximately 5 to 10 minutes to complete the Eightcap account opening process. Full verification of documents takes a maximum time of 24 hours after submission.
3. What documents are needed to open Eightcap account?
To open Eightcap account, you need to provide two types of documents for verification, that is Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations.
- The Proof of Identity (PoI) documents include passport, national ID, Driving licence, etc.
- The Proof of Address (PoA) documents include a utility bill, a bank or credit card statement, Driving license, and government-issued documents.
4. Does Eightcap offer zero commission accounts?
Yes, Eightcap offers zero commission through the Standard and TradingView accounts.
5. Can I open Eightcap account without deposit?
No, you would need a minimum deposit of $100 to keep your account active in Eightcap.
6. Can US traders open account with Eightcap?
No, due to regulatory restrictions, US citizens cannot open an account with Eightcap.
7. Can I open multiple trading accounts on Eightcap?
Yes, you can open multiple trading accounts on Eightcap, and you can toggle between the accounts from your MT4 platform.
8. Can I start trading immediately after Eightcap signup?
No, you need to wait for a successful verification of your documents after setting up your account. Once activated, you can fund your account and start trading.
