Eightcap Withdrawal at a Glance
Withdrawing your profits should be as simple as making a deposit, but notable differences in the ease of withdrawal exist between brokers. Traders must carefully consider the available payment processors, which are often geographically limited, alongside internal processing times, and fees including currency conversion costs.
Every broker offers expensive and slow bank wires, and many restrict credit/debit card withdrawals. However, traders can benefit from a total of 13 Eightcap withdrawal methods, including cryptocurrencies, and 17 withdrawal currencies, including no currency conversion fees for its primary markets.
Withdrawals must follow the deposit path in compliance with AML regulations, covering the deposit amount. Therefore, if you made a $2,000 deposit using your credit/debit card, you must request $2,000 as a withdrawal to the same card used for the deposit. Thereafter, excess amounts can go to any available payment processor if the name matches that of the Eightcap trading account.
Eightcap offers same-day withdrawals if it receives requests by 01:00 PM AEST/AEDT between Monday and Friday. Otherwise, it will process them the following business day.
Most payment processors have instant or near-instant processing times after Eightcap releases funds, ensuring traders get their Eightcap withdrawal as fast as practical. Eightcap does not levy internal withdrawal fees, but third-party payment processor costs may apply. The minimum withdrawal amount is $100 for ten out of the thirteen Eightcap withdrawal methods.
Eightcap Withdrawal Option
Internal withdrawal fees
No (third-party fees and currency conversion costs may apply)
Eightcap Withdrawal Options
The availability of the 13 Eightcap withdrawal methods depends on the geographic location of a trader. Bank wires and credit/debit cards are available to everyone, and the secure back office, which manages all financial transactions, will list every payment processor a verified client may use.
Many traders prefer e-wallets due to their low transaction costs, fast processing times, and usage for follow-on transactions. Eightcap features eleven e-wallets, including cryptocurrencies.
Eightcap supports the following withdrawal options:
- Bank wires (domestic and international)
- Credit/debit cards (Visa and Mastercard)
- POLi Payment
- China UnionPay
- PSP Virtual Account
- Pay Retailers
Ten of the thirteen Eightcap withdrawal options feature instant processing once Eightcap honors the withdrawal request. Eightcap does this on the same day if received by 01:00 PM AEST/AEDT Monday to Friday.
Excluding bank wires and cryptocurrencies, where no minimum withdrawal amount applies, and Pay Retailers, which has a $50 minimum, all Eightcap withdrawal options require a $100 minimum.
Eightcap Withdrawal Fees
Deposits are usually free of charge, but withdrawals can incur fees; Eightcap does not levy internal withdrawal costs. However, third-party payment processing charges and potential currency conversion fees, depending on the account base currency and the currency of the payment processor, may apply. Traders using bank wires or credit/debit cards must check with their bank to receive a cost breakdown.
Traders who want to use their Eightcap withdrawal for follow-on transactions, like paying bills or for general consumption, should also check transaction costs or fees from their e-wallet to the destination of funds.
This will allow them to calculate the most suitable and cost-efficient option.
Below are the Eightcap withdrawal fees for each withdrawal method (excluding third-party costs and currency conversion fees):
- Bank wires - Bank-dependent, no withdrawal limit
- Credit/debit cards - $0, withdrawal limit between $100 to $4,000
- POLi Payment - $0, withdrawal limit between $100 to $10,000
- BPAY - $0, withdrawal limit between $100 to $10,000
- China UnionPay - $0, withdrawal limit between $100 to $3,000
- Skrill - $0, withdrawal limit between $100 to $10,000
- Neteller - $0, withdrawal limit between $100 to $10,000
- Cryptocurrencies - $0, no withdrawal limit
- PayPal - $0, withdrawal limit between $100 to $4,000
- Worldpay - $0, withdrawal limit between $100 to $50,000
- FasaPay - $0, withdrawal limit between $100 to $10,000
- PSP Virtual Account - $0, withdrawal limit between $100 to $3,000
- Pay Retailers - $0, withdrawal limit between $50 to $4,000
The average withdrawal time for the Eightcap withdrawal methods (excluding internal withdrawal times, which can be same day):
- Bank wires - One to three business days
- Credit/debit cards - Instant
- POLi Payment - Instant
- BPAY - One to two business days
- China UnionPay - Instant
- Skrill - Instant
- Neteller - Instant
- Cryptocurrencies - Instant
- PayPal - Instant
- Worldpay - Instant
- FasaPay - Instant
- PSP Virtual Account - Instant
- Pay Retailers - One to two business days
Eightcap supports the following withdrawal currencies:
- Bank wires - AUD, USD, GBP, EUR, NZD, CAD, SGD
- Credit/debit cards - AUD, USD, GBP, EUR, NZD, CAD, SGD
- POLi Payment - AUD
- BPAY - AUD
- China UnionPay - RMB
- Skrill - USD, EUR, CAD
- Neteller - USD, EUR, CAD
- Cryptocurrencies - USDT(TRC20), USDT(ERC20), BTC
- PayPal - AUD, USD, GBP, EUR, NZD, CAD, SGD
- Worldpay - AUD, USD, GBP, EUR, NZD, CAD, SGD
- FasaPay - USD
- PSP Virtual Account - THB, VND, MYR, IDR, PHP
- Pay Retailers - BRL, USD
Steps for Sending the Minimum Withdrawal
Requesting an Eightcap withdrawal takes a few moments and is hassle-free. However, only verified accounts may request withdrawals, and the payment processor must match the name on the Eightcap trading account.
Below are the Eightcap withdrawal steps:
1. Log into your secure client area.
2. Click on “Deposit/Withdraw” in the left-hand menu.
3. Select the trading account from where you wish to withdraw and enter the withdrawal amount (make sure you have sufficient free margin to cover your withdrawal).
4. Specify the payment processor which will receive your Eightcap withdrawal, confirm the details, and click on “Request Withdrawal.”
5. Eightcap processes all withdrawal request on the same day if received by 01:00 PM AEST/AEDT between Monday and Friday and will send an e-mail once processed. The payment processor will send a notification via e-mail, text message, or app, once funds arrive.
Eightcap Withdrawal Conclusions
The Eightcap withdrawal process is efficient, offering same-day withdrawals if traders submit a request before the cut-off time. Most e-wallets have instant processing times, and Eightcap does not charge an internal withdrawal fee. However, third-party payment processing costs and currency conversion fees may apply.
With 13 withdrawal methods supporting 17 currencies, Eightcap ranks among the best brokers for ease of withdrawing profits. The key drawback is that the EIghtcap withdrawal minimum for most payment processors is $100 for an otherwise excellent withdrawal process from a trustworthy and secure broker.
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