Eightcap Islamic Account Review

Eightcap Islamic Forex Broker

Eightcap is a financial services company that was established in Melbourne, Australia in 2009. Its core mission is to provide outstanding services to its clients, and this principle guides all its operations. In this Eightcap Islamic account review, we will explore the features of the platform and see why it is considered one of the best online trading platforms.

A highly reputable online trading platform, Eightcap provides a specialized Islamic Account for its Muslim clients. This type of account is fully compliant with Sharia law, which prohibits usury or the charging of interest, a common practice in traditional trading accounts. The Eightcap Islamic forex account, therefore, does not incur any swap or rollover charges on overnight positions, making it an ideal solution for Muslim traders. This account type allows traders to engage in the financial markets while adhering to their religious beliefs. It offers all the features and benefits of a regular trading account, including access to multiple markets, advanced trading tools, and excellent customer support.

Free Demo
Min $100
MT4 & MT5
FxPro Review

Eightcap Account TYpes

TradingView Account

Enjoy the benefits of the world’s largest trading network:

• Access a sophisticated charting package to analyze the market trends.
• Customize indicators and strategies with the proprietary Pine-Script language.
• Start trading with a minimum deposit of only $100
• Pay no commission and get competitive spreads from 1.0 pips
• Trade flexibly with a size of 0.01/100 lots

Eightcap Islamic Account Advantages

• Interest-Free Trading: One of the primary benefits of an Eightcap Islamic account is that it provides interest-free trading. This means that account holders can trade without paying or receiving any form of interest, which aligns with the principles of Islamic finance.
• No Requotes or Rejections: Eightcap guarantees no requotes or rejections on trades, ensuring that Islamic account holders have a seamless trading experience.
• No Hidden Charges: In keeping with the principles of transparency and fairness, Eightcap does not charge any hidden fees on Islamic accounts. This includes no commission fees or swap charges.
• Swap-Free: An Eightcap Islamic account is a swap-free account, meaning that there are no swap or rollover interest on overnight positions, which is in compliance with Islamic law.
• Wide Range of Trading Instruments: Eightcap Islamic accounts offer a wide range of trading instruments, including forex, indices, commodities, and shares. This gives Islamic traders a variety of options to diversify their portfolio.
• Access to Advanced Trading Platforms: Islamic account holders at Eightcap have access to advanced trading platforms such as MetaTrader 4 and MetaTrader 5. These platforms offer advanced charting tools, real-time market updates, and other features that can enhance trading performance.
• Leverage: Eightcap platform offers competitive leverage to Islamic account holders, allowing them to maximize their potential profits.
• Compliant with Sharia Law: Perhaps the most significant advantage is that Eightcap Islamic accounts are fully compliant with Sharia law, making them suitable for Muslim traders who wish to ensure their trading activities align with their religious beliefs.
• No Time Limit for Holding Positions: With an Eightcap Swap-Free account, there are no time limits for holding positions. This means traders can hold their positions indefinitely without incurring any charges.

Instruments Tradeable with Eightcap Islamic Account

Eightcap Islamic Account Review – Trading Platforms

MetaTrader 4

Trade CFDs with Eightcap MetaTrader 4, a flexible platform that supports up to 6 types of pending orders and Market execution. You can also use trading robots to monitor financial instruments 24/7. Take advantage of MT4’s powerful Expert Advisors (EAs) to never miss a market opportunity. Explore MT4’s analytical functions with technical analysis tools that include 30 built-in indicators, 2,000 free custom indicators, and over 700 paid ones, allowing you to analyze markets of any complexity level.

The Eightcap MT4 platform ensures the highest security standards by encrypting the data exchange between the client terminal and platform servers with 129-bit encryption. The platform also uses RSA digital signatures and an advanced SSL certification process. MetaTrader 4 offers 24 analytical objects, such as lines, channels, the Gann and Fibonacci tools, shapes, and arrows. You can download MT4 for Windows, Mac, iOS, and Android. 

MetaTrader 5

Create trading robots that monitor financial instruments and follow your script 24/7. Automate your trading and analytical operations with MetaTrader 5’s Expert Advisors (EAs) and their user-friendly MQL5 Wizard interface. Eightcap MetaTrader 5 offers a powerful and flexible trading system, enhanced by advanced market depth features such as separate accounting for orders and trades, and full support for trading orders and execution modes. Analyze short-term price fluctuations and long-term trends.

With a charting system that provides 21 time-frames and more than 80 pre-installed technical indicators, you can monitor up to 100 charts of your selected instruments. You can also access over 600 macroeconomic indicators that affect the top 15 economies in the world, such as the USA, Europe, Japan, Canada, Australia, China, and others, through MetaTrader 5’s economic calendar. Eightcap MT5 is available for Windows, Mac, iOS, and Android devices.

TradingView

TradingView lets you trade with more than 15 chart types that you can customize, such as Kagi, Renko, and Point & Figure. You can also sync up to 8 charts per tab, with different symbols, time intervals, and over 90 smart drawing tools. You can use a wide variety of technical indicators from the leading ones in the industry, based on standard formulas, or the popular ones built by the community of over 100,000 users. You can also design your own indicators with the easy-to-use Pine-Script language that Eightcap TradingView offers.

You can create alerts for various categories, such as price levels, indicators, and custom indicators. You can choose from at least 10 different alert conditions for each category. To trade on the move, connect your Eightcap Account to the TradingView mobile app, which you can download on iOS and Android devices. You can respond to market changes quickly and easily with the app.

To link your Eightcap account with TradingView, follow these steps:

• When you apply for an Eightcap account, choose TradingView as your platform and create your Eightcap login credentials.
• On TradingView, open a chart and click on the ‘Trading Panel’ tab.
• From the list of brokers, select Eightcap and follow the instructions to enter your Eightcap account details.

Benefits of Downloading TradingView for PC

• Faster Performance: The downloaded version of TradingView runs faster and smoother than the web-based version.
• Offline Access: You can use charts, indicators, and other features of TradingView without an internet connection when you download it, ensuring uninterrupted analysis and trading.
• Dedicated Application for TradingView: The desktop application is tailor-made for TradingView, offering a more customized experience without a web browser.
• Ease of Use and Access: You can access TradingView on your desktop anytime you want to analyze the market or execute trades when you download it, adding to your convenience.

Eightcap WebTrader

The Eightcap WebTrader Platform is an online trading platform that provides a smooth trading experience for users. It lets users trade various financial instruments, such as forex, indices, shares, and commodities, across multiple global markets. The platform has a user-friendly interface, live price feeds, and advanced charting tools that help traders make smart choices. The Eightcap WebTrader platform does not require any software installation and can be used from any web browser, making it ideal for trading on the move. It also has features like stop loss, take profit, and real-time balance check that help users manage their risks effectively.

Eightcap Trading Tools

Acuity Calendar – AI-Powered Economic Calendar

The Acuity Economic Calendar is a comprehensive source of global macro-economic events. It helps you find new trading opportunities quickly and easily from more than 1000 economic events in over 100 countries. This calendar shows you how global events impact financial markets and helps you manage market volatility caused by these events.

You can customize your areas of interest with smart AI filtering and use vivid colors to spot events with different levels of impact. Compare volatility across different time periods after an event to find the best entry and exit points. See how the market might change with charts that show price, sentiment and possible range before, during and after an event.

Get the most recent news from FX Street Newswires, which offers vital information and professional insights for smart decision-making. The Acuity economic calendar can operate as an EA tab on the MT4/5 Research Terminal, enabling you to access news, sentiment data and other features in one window.

Flashtrader

FlashTrader is a tool that simplifies your trading strategy by automatically setting stops and targets for every trade. This way, you can secure profits on half of your position and move the stop to break-even, aiming for a bigger second profit level. FlashTrader also helps you manage your risk by adjusting your deposit size according to the instrument price, whether it is 1 or 10,000. It enables you to trade with equal size and multiple targets with just one click, instantly and automatically.

You can download FlashTrader for lifetime access from your Client Portal if you have a live Eightcap MT5 trading account. This tool is only compatible with the Eightcap MetaTrader 5 platform.

Capitalise.ai

Automate your trading decisions to avoid emotional bias. Follow a solid trading plan that depends on pre-defined criteria, and avoid human mistakes caused by fear, uncertainty, or doubt. Let your trading strategies monitor the markets for you, saving you time and effort. Choose from a variety of templates or create your own automated trading solutions without coding, using simple language. You can base your solutions on macroeconomic events, time-frames, and other technical indicators.

A comprehensive template library lets you apply popular strategies to your trades. You can also create custom smart alerts that notify you in real-time based on pre-set trading conditions and market situations. With authentic historical market data, you can backtest your strategies in a risk-free and swift manner, and see how they perform in a safe environment. You can also access real-time market and strategy performance updates 24/7 with the Capitalise.ai Mobile App. You don’t have to be stuck at your desktop. You can react to market situations and adjust your strategies on the go.

Follow these steps to use Capitalise.ai: 1) Open an MT4 account with Eightcap. 2) Upload the required documents to verify your account. 3) Connect your account with Capitalise.ai.

ForexVPS

ForexVPS offers you the ultimate trading experience with its adaptable and flexible virtual desktop. You can access your trades anytime, anywhere, and on any device with a simple login. You can also execute trades faster and more efficiently with the high-speed connection and extremely low latency levels. Virtual Private Servers eliminate the risk of downtime or disruptions caused by power outages or other issues. You can trade with confidence and peace of mind with ForexVPS.

Eightcap ForexVPS provides a reliable and uninterrupted network connection for your trading activities. You can run your EAs 24/7 on our virtual hosting environment, which is ideal for algo and high-frequency traders, or traders who do not want to manage their own computers. You can also enjoy low and transparent spreads on various markets, which are up to five times lower than other leading forex brokers.

You can enjoy a free VPS from ForexVPS if you follow these steps:

• Open a live trading account with Eightcap and deposit at least $1,000.
• Trade a minimum of 5 lots per month and keep your account active.
• Please be aware that this offer is not valid for Australian clients.

Eightcap Islamic account – Deposit Options

To accommodate the various preferences of its users, Eightcap broker offers multiple deposit options.

• Bank Transfer: This is a common method that involves transferring money directly from your bank account to your Eightcap account. Depending on your bank, it may take 2-5 business days for the transfer to be processed.
• Credit/Debit Cards: This is a convenient option that allows you to deposit money into your Eightcap account instantly using your credit or debit card. However, you may have to pay a small transaction fee for card deposits.
• E-Wallets: This is an alternative option that does not require using your bank account or credit/debit card. You can use various e-wallet services, such as PayPal, Skrill, or Neteller, to fund your Eightcap account. E-wallet deposits are usually processed instantly, making them a fast and easy option.
• Cryptocurrencies: This is a unique feature that distinguishes Eightcap from many other trading platforms. You can use cryptocurrencies, such as Bitcoin, Ethereum, and others, to deposit money into your Eightcap account. Cryptocurrency deposits are typically very quick, often taking only a few minutes to be processed.

Eightcap does not charge any fees for deposits, but your bank or e-wallet provider might. The minimum deposit for any account type is $100. To prevent any problems with your transactions, please use a deposit method with the same name as your trading account.

Eightcap Withdrawal Options

Here are some ways to withdraw money from your Eightcap account:

• Bank Transfer: You can send money directly from your Eightcap account to your bank account. This is a secure way, but it may take different times depending on your bank. Usually, it takes 2 to 5 business days for the money to show up in your account.
• Credit/Debit Cards: You can also use your credit or debit card to withdraw money. This is usually faster than bank transfer, and it may take up to 2 business days. But this also depends on your bank. Remember that you have to use the same card that you used to deposit money into your Eightcap account.
• E-Wallets: Eightcap supports some e-wallets for withdrawals, like Skrill and Neteller. This is the fastest way, and you may get your money within 24 hours. But you may have to verify your e-wallet account before you can withdraw money.
• Cryptocurrencies: You can also withdraw money using digital currencies, like Bitcoin, Ethereum, and Litecoin. The time for this may change depending on the cryptocurrency network, and it can take from a few minutes to several hours.

You should be aware that Eightcap does not impose any fees for withdrawals, but you may incur third-party charges, depending on the withdrawal method used. Moreover, the withdrawal method chosen may affect the minimum and maximum withdrawal amounts. For specific details, please visit the Eightcap website or contact their customer service.

Eightcap Review – Research and Education

Eightcap Labs specializes in trading research and development. It has various resources that enable users to learn and master trading skills more efficiently.

• Study Trading Fundamentals – provides comprehensive information for traders of all levels. It covers the basic principles of trading, such as trading terminology, market trends, economic news, and risk management.
  
• Trading Strategies – offers detailed insights into various trading strategies for different market situations. These include short-term strategies like day trading and scalping, and long-term strategies like position trading and swing trading.
• e-Books and Guides – provide in-depth knowledge about various aspects of trading. These resources are easy to understand and cover topics from basic trading concepts to advanced trading techniques. They are valuable educational materials for both beginners and experienced traders.

Eightcap Trade Zone is an online platform that offers various resources and tools for traders. Some of the features of this platform are:

• Trading week ahead (Live): This feature gives users live updates on the trading week ahead. It covers information such as expected market trends, potential investment opportunities, and upcoming economic events that may affect trading. This live feature helps traders stay informed and make smart decisions in real time.
• Trading Outlook (Video): These videos provide visual and auditory learners with market insights, forecasts, and possible trading strategies. The videos are usually hosted by experienced traders or market analysts who share their expert insights and tips.
• Trading Ideas (Article): Users can read articles that suggest trading ideas based on current market situations and predictions. These articles can inspire trading strategies and help users find potential investment opportunities. The articles are often based on thorough market analysis and expert opinions.

Eightcap Trade Zone aims to provide traders with the tools and information they need to succeed in the financial markets.

Eightcap Islamic broker provides various educational and informational resources for its users. One of these resources is its events and webinars, which aim to give traders insights, strategies, and knowledge to help them deal with the often-complex world of forex trading.

• Events: Eightcap organizes events, both online and offline, for its users from time to time. These events are usually focused on providing practical knowledge about trading, market trends, and new strategies. They also offer a chance for users to network with other traders, exchange experiences, and learn from each other. The events may feature guest speakers who are experts in the field of forex trading or finance, thus offering a valuable learning opportunity.
  
• Webinars: Eightcap also offers online webinars, which are essentially online seminars. Users can access these webinars from the comfort of their homes. Like the events, the webinars are also aimed at imparting knowledge about forex trading. They may cover topics such as trading strategies, risk management, technical analysis, market updates, etc. The webinars are usually led by experienced traders or market experts who share their insights and experiences.

Both Eightcap broker events and webinars are designed to equip users with the knowledge and skills they need to succeed in forex trading. They are a useful resource for both beginner and advanced traders. Users can check the Eightcap website or app for information on upcoming events and webinars.

Is Eightcap Islamic Account Halal?

The Eightcap Islamic Account is a unique financial service that adheres to the principles of Islamic law, which makes it halal in Islam. It is specifically designed to accommodate Muslim traders who want to engage in online trading while being in compliance with their religious beliefs. This account type eliminates the concept of Riba (interest) which is strictly forbidden in Islam, thus ensuring that the trading is interest-free. This compliance with the Sharia law, in terms of business transactions, makes the Eightcap Islamic Account a suitable choice for Muslim traders around the world.

Regulations

• Eightcap Global Limited is regulated by The Securities Commission of The Bahamas (SCB) under the license number SIA-F220.
• Eightcap Pty Ltd, with the Australian Business Number 73 139 495 944, is regulated by the Australian Securities and Investments Commission under the license number AFSL 391441.
• Eightcap Group Ltd is registered in England and Wales with the registration number 12448314 and the registered address 40 Gracechurch Street, London, EC3V 0BT. The Financial Conduct Authority regulates and authorises this company under the FRN 921296.
• Eightcap Limited is registered in the Seychelles with the registration number 196744.
  
• Eightcap EU Ltd is a company registered in Cyprus under the Registration Number HE329922. The Cyprus Securities and Exchange Commission (CySEC) authorises and regulates it under the license number 246/14. The company’s registered office is located at Aiolou & Panagioti Diomidous 9, Katholiki, 3020, Limassol, Cyprus.

Eightcap Islamic Account Review – Conclusion

In conclusion, the Eightcap Islamic Account is designed to cater to the needs of Muslim traders who need to comply with Sharia law. It offers numerous advantages such as zero interest rates, no hidden charges, and no re-quotes. It also provides a wide range of tradable assets and access to the MetaTrader 4 and 5 platforms which are known for their advanced trading tools. However, it’s essential for potential users to fully understand the terms and conditions before opening an account. It is also advisable to seek independent financial advice to ensure this type of trading aligns with individual investment strategies and risk tolerance.

Check out our Islamic Forex Trading Review and list of recommended Islamic brokers.