Available Platforms, Tools, and Learning material
EightCap provides its clients with the option to trade using the popular MT4 and MT5 platforms and the trading-view charting solution. Tradingview is an online charting platform that offers a variety of tools for analyzing charts and making informed trading decisions. Having integration with TradingView, clients can even trade directly through their EightCap account using this platform.
In addition to the various trading platforms offered, EightCap provides a range of tools and resources for both beginner and advanced traders. For example, with an EightCap account, you can access Capitalise.ai, an automated solution that allows you to create your trading robot without any programming experience. This can be a valuable resource for those new to trading or wanting to automate their trading strategy.
Cost of Trading
Trading costs are essential for any trader, as they can significantly impact overall profitability. While it’s common for brokers to charge a commission for each trade, this is not the only cost of trading that traders need to be aware of. In addition to the commission, traders may incur other fees, such as swap charges and spreads.
Swap charges, also known as rollover fees, are applied when a trader holds a position overnight. These fees are based on the interest rates of the currencies being traded. They are typically calculated as the difference between the long currency’s overnight interest rate and the short currency’s overnight interest rate. Swap charges can add up over time and be a high cost for traders who hold positions for an extended period.
The spread is another high cost to consider when trading. The spread is the difference between a currency pair’s bid price and the ask price. While spreads can vary significantly depending on the broker and the currency pair being traded, they can dramatically impact the overall cost of a trade. For example, a wide spread can make it more expensive to enter and exit a trade, as the trader will have to pay more to buy at the asking price and receive less when selling at the bid price. The spread can sometimes be a higher cost than the commission, especially for traders who trade frequently.
In conclusion, traders need to be aware of all the costs associated with trading, including commission, swap charges, and the spread. By understanding these costs, traders can better assess the overall costs of their trades and make informed decisions about their trading strategies.
Please find below a comparison of the EightCap RAW account’s cost of trading with other brokers:
Based on the comparison, it is clear that EightCap is one of the most affordable brokers to open an account with. In some cases, they offer extremely competitive spreads that are even better than the spreads of the underlying markets. Additionally, their swap charges appear among the industry’s best. Overall, EightCap’s low costs make it an attractive choice for traders looking to minimize their trading expenses and maximize their profitability.
