Eightcap's Crypto Derivatives Trading Platform Boasts 250+ Coins

Updated on: September 30th, 2021
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Eightcap is an award-winning global CFD and forex broker that is well-known for the MT4 and MT5 trading platforms it uses. Lately, they have started offering cryptocurrency services with over 250 crypto derivatives, making them the largest within the CFD sector.

First, let’s acquaint ourselves with the platform.

Eightcap: An Introduction

Eightcap is based in Melbourne, Australia, and was founded in 2009. The company is led by a team of highly qualified experts in the industry with a complete understanding of the tools and strategies required by retail and professional traders to reach their full potential. The leadership consists of Joel Murphy as CEO, Tim Brady as CFO, Ollie Rosewell as CMO, and Bryn Newell as CTO.

Eightcap

The company is regulated by the Australian Securities and Investment Commission (ASIC) and the Vanuatu Financial Services Commission (VFSC). Aside from Australia, Eightcap has offices in the UK, Bulgaria and Thailand, amongst others.

Eightcap clients can trade on the following:

  • Currencies – The broker offers more than 40 major, minor, and exotic forex pairs.
  • Share CFDs – Clients can trade more than 350 of US, European and Australia’s most well-known companies.
  • Index CFDs – Eightcap offers 10 of the most popular indices, including US30, UK100, and SPX500.
  • Commodities – Trade gold, silver, and oil CFDs.
  • Cryptocurrency CFDs – Trade on 250+ crypto pairs, crypto crosses, and crypto indices.

Eightcap also provides 24/5 client service for its users.

Eightcap Trading Platforms – MT4 and MT5

Eightcap has two trading platforms:

  • MetaTrader 4 or MT4.
  • MetaTrader 5 or MT5.

MetaTrader 4

MT4 is an award-winning platform that allows users to trade forex, indices, commodities, as well as some crypto CFDs. In addition to that, Eightcap’s clients can enjoy the following features:

  • Instruments in 9 time-frames, 30 pre-installed built-in indicators, and 24 graphical objects.
  • Access to free-of-charge trading robots and Expert Advisors.
  • Your account gets 4 types of pending orders and 3 order execution types.
  • Real-time quotes in Market Watch.
  • One-click trading.
  • Historical data.
  • Variety of trading instruments, including Forex, Cryptocurrencies, Indices, and Commodities.
  • Mobile & Desktop access.
  • Available on Windows, macOS, and Linux PCs.

MetaTrader 5

MT5 is the advanced trading platform for Eightcap and offers trading in Forex, Cryptocurrencies, Shares, Commodities, and Indices. The features of this platform are as it follows:

  • Instruments in 21 time-frames, 38 technical indicators, 44 graphical objects.
  • Free-of-charge trading robots and access to Expert Advisors.
  • 6 types of pending orders, 4 order execution types.
  • One-click trading and Advanced Market Depth.
  • Financial news and economic calendar.
  • Real-time quotes in Market Watch.
  • Netting and hedging.
  • Community chat.
  • Historical data.
  • Mobile & Desktop, Web Trading.
  • MT5 is available to download on Windows, macOS, and Linux PCs.

A major advantage that MT5 has over MT4 is the Web trading interface. The web-accessible platform can be opened easily from the broker’s website and offers the same range of features as the desktop download. It’s a simple way to get connected to the markets.

How To Fund Your Account

#1 Deposits

You can deposit your funds into your Eightcap account via several fast payment options in 7 base currencies. The available funding types are:

#2 Withdrawals

Users can withdraw their profits for free using all of the methods described above. Eightcap aims to process withdrawals within 24 business hours. Clearing times can take around 2–5 business days.

Creating Your Eightcap Account

Eightcap account creation is a simple three-step process.

Eightcap also offers a good quality demo account that you can open from their website. Demo account holders have access to unlimited virtual funds and the same trading conditions and instruments as real-money accounts. It includes the same price feeds as real-money accounts. Demo accounts usually last for 30 days by default. However, users can extend them upon request.

The Account Creation Process

Let’s take a closer look at the user account creation process. When you go to the Eightcap website, you will need to click on the “Create Account” button.

After clicking the button, you will see this page. Enter your first name, last name, email, account password, etc.

After submitting your details, you will be redirected to the email verification page. You will need to click the verification link sent to your email to correctly verify your ID.

Next, you come to the application type. You will have three options – individual, joint, and corporate.

After choosing the application type, you will get to choose your platform, account type, account currency, and leverage.

Eightcap offers you two types of accounts:

  • Standard: For beginner traders.
  • Raw: For experienced traders.

There are two main differences between these account types. Standard accounts come with zero commission and they offer 5 base currencies as opposed to 4 with the Raw account.

Finally, you will need to upload your proof-of-identity and proof-of-address to complete the KYC process.

Spreads, Commissions, and Leverage

Let’s look at the spreads, commissions, and leverage factors in Eightcap.

#1 Spreads

Let’s look into bid-ask spreads, aka the difference in the prices quoted for an immediate sale and an immediate purchase. Spreads for traditional investments are as follows:

  • Starts at 0.0 pips for major forex pairs.
  • It’s around 0.5 pips for major indices such as SPX500.
  • 1.0 pips for gold and 0.5 pips for silver.
  • Around 1.0 pips for oil spreads.

The spreads in crypto are a lot more than the spreads seen in these traditional investments due to the volatility inherent in crypto markets. The spread for BTC can reach as much as 20 pips or even less. The spreads can get higher or lower during illiquid day periods.

#2 Commissions

Commissions are charged at $3.50 per standard lot on the Raw account, and swap rates are applied for positions kept overnight.

#3 Leverage

Margin trading means you borrow funds from a broker to purchase financial assets or assets in a larger volume. Traders can use margin to buy more assets than they would normally be able to. Leverage is the multiple of exposure to account equity. The maximum leverage provided by Eightcap Pty Ltd is 1:30. Maximum leverage for Eightcap Global Ltd is 1:500.

What is Capitalise.ai?

Eightcap also has an automated trading tool called Capitalise.ai. The tool lets clients program instructions using plain English. This empowers normal, everyday users without much technical knowledge to trade on the platform. You don’t need any coding skills and traders can develop simple, complex algorithms completely free of charge. Capitalise.ai has a series of pre-programmed strategies that the clients can use or tweak slightly for making their trades.

Why Did Eightcap Launch Crypto Services?

Currently, one of the main problems that retail clients face with crypto exchanges is the reduced withdrawal limits due to regulatory issues. With Eightcap, not only will clients be able to buy and sell a wide range of crypto CFDs, but their clients will also have multiple funding options and be able to make quick withdrawals. Crypto derivatives traders can have a seamless experience from the moment they open an account to when they want to withdraw their funds.

Marcus Fetherston, Director of Operations at Eightcap, said:

“The Eightcap offering focuses solely on creating regulated leveraged derivative trading opportunities for Cryptocurrency traders, that offers more security than traditional offshore exchange platforms. We are thrilled to provide a solution that meets the needs of crypto derivative traders so that they can gain the best possible trading experience.”

Conclusion

Use the table below to compare Eightcap with other crypto brokerages.

Eightcap provides a slick and professional interface wherein you can trade crypto CFDs with ease. However, it’s essential to know both the pros and cons of cryptocurrency CFDs before ending things.

Pros

  • Crypto volatility gives you plenty of trading opportunities.
  • Crypto CFDs give you exposure to the most innovative and exciting asset class in the world right now.
  • You can open both short and long positions with your capital.
  • Leverage margin trading to exponentially increase your exposure.

Cons

  •  Crypto volatility is a double-edged sword and can lead to losses.
  • Margin trading can be highly detrimental if the market moves against you.

Eightcap empowers its derivative traders to choose from the largest crypto offering, experience tight spreads, and deposit and withdraw with ease, with a regulated broker. If you want to know more then create your account here.

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