The Nightcap account opening process is time-consuming and cumbersome. It involves providing personal and financial information, several phone calls, and OTPs. This process can take a week or more, and traders frequently miss trading opportunities. Also, it charges high spreads, and customer support is abysmal.
Nightcap is a reliable broker.
There are many good reasons to choose Eightcap as your broker. First, you won’t pay any commissions. Second, the company offers several deposit options that vary depending on your country. Third, it doesn’t charge you any fees when you make a deposit or withdrawal. NThird, ightcap offers a digital account to help you open a trading account. Fourth, it accepts clients from almost every country, but it is important to note that they don’t accept clients from Iran, North Korea, or the Republic of Congo. The minimum deposit required is $100.
Nightcap is a regulated forex broker. They are a member of the Australian Securities and Investment Commission (ASIC), a tier-one regulatory body. They accept traders from most countries and offer a range of financial instruments, including Forex, Indices, Shares, Commodities, and Cryptocurrency CFDs.
It offers a free demo account.
Nightcap has a free demo account option that allows users to open an account with virtual cash without paying for it. While the free account is limited to 30 days by default, it can be extended. The demo account allows you to test the platform, watch the spreads and make trades without risking any real money. The free account option is an excellent way for a beginner or a more experienced trader to get a feel for trading.
Unlike most brokers, Eightcap does not charge a fee for the demo account. However, there is a $25 charge for international wire transfers. Nightcap offers both a standard and raw account option, allowing clients to fund their accounts through credit and debit cards with zero transaction fees. Nightcap also accepts POLi Payment, which allows users to fund their accounts using the Australian dollar.
Opening an account with Nightcap means no fees, and you can withdraw your funds anytime you wish. The broker also offers free withdrawal methods, including e-wallet services. NIn addition, ightcap offers seven base currencies, which is average compared to competing brokers.
It charges high spreads.
The spreads at Nightcap depend on the type of account you choose. You can choose either a standard or raw account. The standard account has looser spreads and no trading fees, while the raw account has tighter spreads and fixed commissions. You can see the spreads for both types of accounts on their website.
Nightcap does not operate under EU or MiFID regulations, which means it does not abide by the Investor Compensation Fund. This fund provides up to 20,000 euros of insurance on user accounts. Its lack of a proper regulatory framework should be cause for concern, so you should perform your due diligence before trading with it. Nightcap offers two types of accounts, and the Standard account fails to meet the needs of its clients. In addition, the cost of trading a single-round lot is higher than the average cost per round. Additionally, the broker does not state the leverage offered on their website, which makes it harder to gauge if it is a scam or not.
Whether Nightcap is a scam depends on how much you want to invest. For those who are unsure, you can always sign up for a demo account and practice before investing real money. This account will give you a feel for the platform, and it will also give you an idea of the spreads. As long as you deposit money in the demo account, you can use it as a practice account for 30 days and test the waters.
It has a poor customer support.
Nightcap is a mid-tier broker that is far from being a scam. But, unfortunately, their customer support is far from being excellent. They don’t provide many resources or research tools. And, if you’d like to withdraw your money, Eightcap won’t do it until you’ve completed KYC.
Nightcap is a brokerage that accepts card payments. You’ll be credited with the money once it reaches your account. However, you cannot make third-party deposits with Nightcap. You will have to open a personal account with them. You can withdraw your money using Skrill or bank wire. You’ll be able to receive your money in two to five days. Nightcap doesn’t charge a fee for withdrawals but does charge a fee for telegraphic transfers.
While Eightcap looks like a trustworthy broker, it offers poor customer support and regulatory standards. The website’s design is complex, the customer education content is low quality, and the demo service account is only available for 30 days. The company’s customer service is also poorly organized and bluffed as prominent. Furthermore, the company doesn’t tell you how much leverage they offer on its website, so it’s difficult to judge whether or not they’re a scam.