Eightcap Minimum Deposit

Eightcap Minimum Deposit Editor’s Verdict

The Eightcap minimum deposit is $100 for both its more expensive commission-free account and the competitively priced commission-based alternative.

The Eightcap minimum deposit requirements are:

• Eightcap Standard account (Eightcap minimum deposit of $100, market maker account)
• Eightcap Raw account (Eightcap minimum deposit of $100, ECN account)

The Eightcap Minimum Deposit Overview

Since the Eightcap minimum deposit is $100, or a currency equivalent, for both Eightcap account types, and trading costs in the commission-based Raw account are up to 30% cheaper, the commission-free option is rendered effectively obsolete. While the Eightcap minimum deposit is higher than many competitors, it is within a reasonable range.

The pros & cons of the Eightcap minimum deposit

Traders should also consider that it takes notably more capital than the Eightcap minimum deposit to manage portfolios effectively or warrant the effort to generate sustainable profits. Therefore, they must follow a deposit strategy consisting of follow-on deposits to assist organic portfolio growth until they have sufficient capital to achieve their annual targets within what they consider to be an acceptable risk profile.

Eightcap Deposit Fees and Deposit Methods

Eightcap does not levy internal deposit fees. Therefore, a trader making a $1,000 deposit into an Eightcap trading account will receive $1,000, minus any third-party payment processing costs or currency conversion fees.

Bank wires rank as the most expensive deposit methods and always incur charges. Eightcap supports the AUD, the USD, the GBP, the EUR, the NZD, the CAD, and the SGD as account base currencies, which limits currency conversion fees for its core markets.

Eightcap deposit methods, processing times, and limitations:

Noteworthy:

• The client portal will list all available payment methods, as some are not available to traders in specific geographical locations.

Traders should carefully evaluate potential third-party fees of their preferred payment processor and select the most suitable one with the lowest transaction costs. Since withdrawals must follow the deposit path, traders must also consider withdrawal fees and follow-on transactions, which can complicate this decision.

Eightcap deposit methods vs. similar brokers

Eightcap Deposit Currencies

There is a difference between account base and deposit currencies, and traders should take the time to understand it. The former is the base currency of a trading account (Eightcap features seven currencies), and the latter are currencies available for deposits through payment processors (Eightcap supports 17).

Importantly, a currency conversion fee may apply each time they differ.

Eightcap supports the following account base currencies:

• Australian Dollar
• US Dollar
• British Pound
• Euro
• New Zealand Dollar
• Canadian Dollar
• Singapore Dollar

Eightcap supports the following deposit currencies:

• Australian Dollar
• US Dollar
• British Pound
• Euro
• New Zealand Dollar
• Canadian Dollar
• Singapore Dollar
• Chinese Yuan
• Thai Baht
• Vietnamese Dong
• Malaysian Ringgit
• Indonesian Rupiah
• Philippine Peso
• Brazilian Real
• Tether (TRC20)
• Tether (ERC20)
• Bitcoin

Since over 80% of daily Forex trading volume includes the US Dollar, most traders prefer it as their account base currency. This helps lower currency conversion fees, thus increasing overall profitability.

Traders with a need or desire to transact in multiple currencies may also consider a multi-currency account with an online or brick-and-mortar bank to minimize currency conversion fees. Eightcap supports deposits in desired currencies, while transaction and conversion fees plus exchange rates are usually notably better than online payment processors.

Eightcap trading account currencies vs. similar brokers

Steps to Send the Eightcap Minimum Deposit

Sending the Eightcap minimum deposit is a simple process, but traders must first verify their trading accounts to satisfy regulatory-mandated AML/KYC requirements. A copy of a government-issued ID and one proof of residency document will usually suffice for account verification.

Here is a step-by-step guide for sending your Eightcap minimum deposit:

1. Eightcap’s secure back office manages all financial transactions, including opening an account. The swift online application only requires you to input your country of residence, first and last name, e-mail address, desired password, and a valid mobile phone number. Applicants will then receive a confirmation e-mail from Eightcap with their login details.

2. Traders must verify their account by sending a copy of a government-issued ID and one proof of residency document. While Eightcap may occasionally ask for further information on a case-by-case basis, most traders will pass the verification process after supplying the two aforementioned documents.

3. Verified account will send the Eightcap minimum deposit from the secure back office, which lists all available payment processors. Traders must select their desired payment processor, deposit amount, and currency. Some third-party payment processors redirect to their page and require a login and deposit confirmation.

4. All Eightcap deposit processing times are instant, except for bank wires, BPAY, and Pay Retailers, which can take one to three business days. Eightcap notifies traders via e-mail once it receives a deposit and credits it to the trading account. The payment processor also lists the successful transaction in the payment history and sends a notification.

Eightcap Minimum Deposit Bottom Line

Sending the Eightcap minimum deposit of $100 is a swift and hassle-free process, as the platform supports 13 payment processors, seven account base currencies, and 17 deposit currencies, including three cryptocurrencies. Deposit processing times are instant for 10 payment processors, and Eightcap does not levy deposit fees. However, currency conversion fees may apply. Eightcap is a trusted broker and maintains a swift deposit process.

Learn more about Eightcap by reading their updated broker review.

FAQs

What are Eightcap’s deposit methods?

The Eightcap deposit methods consist of bank wires, credit/debit cards, POLi Payment, BPAY, China UnionPay, Skrill, Neteller, Cryptocurrencies, PayPal, Worldpay, FasaPay, PSP Virtual Account, and Pay Retailers.

What is the minimum deposit for trading with Eightcap?

The Eightcap minimum deposit is $100 for its commission-free Standard account and its commission-based Raw alternative.

Does Eightcap have a no-deposit bonus?

Eightcap does not offer any bonuses or incentives but has done so previously and may introduce them again in the future.

By DailyForex.com Team

The DailyForex.com team is comprised of analysts and researchers from around the world who watch the market throughout the day to provide you with unique perspectives and helpful analysis that can help improve your Forex trading.