| Information | |
|---|---|
| Broker | EightCap |
| Company | EightCap Pty Ltd |
| Year since | 2009 |
| Headquarters | Australia |
| Regulation | ASIC (AFSL 391441) |
| Model | ECN & STP |
| US Clients |  |
| Min Deposit($) | 100 |
| ECN Account Min Deposit($) | 100 |
| ECN Commission($)/rtl(Round Turn Lot) | – |
| Offer Fixed Spread | |
| Offer Variable Spread |  |
| EURUSD Lowest spreads (pips) | 1.1 (0.1 -ECN) |
| Account Currency | USD, EUR, GBP, AUD, NZD |
| Max Leverage | 400 |
| Minimal Lot | 0.01 |
| Deposit Method | Bank Wire, Credit Card, Debit Card, -Skrill,, -Unionpay(China) |
| Withdrawal method | Bank Wire, Credit Card, Debit Card |
| Scalping | |
| Hedging | |
| All EAs Allowed | |
| Currency Pairs | 30 |
| Gold | |
| Gold Spread(100oz) | – |
| Silver | |
| Silver Spread(5000oz) | – |
| Oil | |
| CFDs | |
| Other Instruments | Indices, Commodities, Energies |
| MAM/PAMM Accounts | MAM/PAMM |
| Managed Accounts | |
| Swap-free accounts | |
| Segregated Accounts | |
| Interest on Margin | |
| Bonuses & Rewards | |
| Trading contests | |
| Trading platform | MT4(ECN), MT4 |
| Platform Execution | Market execution |
| Platform Time Zone | GMT+3 |
| Trailing stops | |
| OCO orders | |
| One-click execution | |
| Trade with mobilephone | |
| Trade in browser | |
| API | |
EightCap Pty Ltd
EightCap4
Future clients be aware took a month for any formal action to client and is now in dispute ” Bad Tick” issue which also impacted us as a client. Eightcap acknowledged in email and in this transcript of issue . I know this has impacted many others . Make sure you read this if your a new customer…
Below is a copy of transcript for privacy reasons I have removed the names of the account holders client and the person on chat .
Chat started on 22 Oct 2018, 10:32 PM (GMT+0)
(10:32:52) *** Client joined the chat ***
(10:32:53) Client: I’m am registering a complaint with your system which has impacted my accounts this morning. This seems to be a major issue and I would like it investigated. I would like an answer today. I am no doing a comparison against all losing trades. on my accounts
(10:33:01) *** Support Eightcap joined the chat ***
(10:33:26) Support Eightcap: Hi
(10:33:33) Client: GBPNZD pricing spike on your system which is not on the market ?
(10:33:58) Support Eightcap: We have had a bad tick come through and we are in the process of fixing this. Your trades that were affected will be re-instated
(10:34:06) Client: Visitor uploaded: GBPNZDchartEightCap.PNG URL: https://v2uploads.zopim.io/2/z/j/2zjph2vgW2eTcDerCFpRQo1IeuaBcesh/ddaa528cda9f4ea74ccdfa3ec6504b9e76e4bef2.png Type: image/png Size: 14846
(10:34:11) Client: Visitor uploaded: FXStreet.PNG URL: https://v2uploads.zopim.io/2/z/j/2zjph2vgW2eTcDerCFpRQo1IeuaBcesh/f384aa5b8edc66294b648eb68981d089e1e8d2b5.png Type: image/png Size: 23976
(10:35:19) Client: I believe this is not the first time this has happened and I am requesting a full review on all trades for the past month
(10:37:34) Support Eightcap: At rollover we do sometimes experience this type of behaviour which is why we block the first 5 minutes of the trading day on Forex pairs from Tuesday-Friday. Unfortunately as this came through on the 23:59 candle it has affected trades. We understand this and are working to solve the problem
(10:38:57) Client: This has occurred several times in the past month . I will give eight cap the opportunity to review all trades and respond within 5 days. Otherwise, I will be lodging a formal complaint with FOS. I would like a manager to call me today please
(10:41:59) Client: This has now caused a margin call and affected all my accounts . This is not just this pair
(10:43:40) Client: This has occurred previously and has affected my total accounts and I have now lost over 100’K
(10:44:58) Client: more than 150K on my accounts, I am requesting a full review within the next 5 days.
(10:45:40) Support Eightcap: I understand your frustration and as I said we are looking into it
(10:46:20) Support Eightcap: I understand the nature of this and how it has affected your accounts.
(11:01:53) Client: This appears to have occurred on 1st Oct, 8 Oct, 11th Oct ,12, 16th 18 Oct ,22nd Oct, Thanks for understanding the impact and I will allow you to investigate . But I believe now this has been happening for months .
(11:06:03) Support Eightcap: As I said, at this stage we are working to resolve this issue as we speak. It has affected a few clients. I appreciate your patience at this time
(11:18:49) *** Client has commented: Thanks for understanding the impact this has impacted my entire accounts and all my trades and has caused my account to go into margin call closing other trades. I will allow eight caps the time to respond. As identified this is a systemic problem which appears to be a recurring problem ***
(11:18:52) *** Client left the chat ***
(11:01:53) I: This appears to have occurred on 1st Oct, 8 Oct, 11th Oct ,12, 16th 18 Oct ,22nd Oct, Thanks for understanding the impact and I will allow you to investigate . But I believe now this has been happening for months .
(11:06:03) Support Eightcap: As I said , at this stage we are working to resolve this issue as we speak. It has affected a few clients. I appreciate your patience at this time
This has not been resolved by Eightcap despite initial attempts to contact Director of Compliance
Was called a smail client by manager , I had a 600K investment with them
Now under review with AFCA , ASIC
Stay away from eight cap .They r scammers
I m having account with them and lost all my money coz they reckon they had a bad tick on 22 oct 2018 and promised to fix it asap .still waiting nothing happened so far
They dont realise that it’s people hard earned money and we r struggling because of their silly mistake.
currently our case is with Afca hopefully they will fix it soon
Plz stay away from them they r nothing but fraud who don’t care about their clients
Idiots
I am writing this to WARN any prospective users to Keep well away from Eightcap Pty Ltd.
DO NOT USE EIGHTCAP – Can’t Trust Them, Keep far away from them.
I have had accounts with Eightcap Australia for 1 and half years and also recommended around 20 people to use them as well. On 22nd Oct 2018 they say a bad tick happened at midnight on their graphs relating to EURNZD currency pair and the price dropped 3000 points at Eightcap but did not drop on any other brokers world wide, Only Eightcap, which I have proof with over 10 other brokers pricing including Saxobank.
My personal account numbers are 713069 and 713070.
Because of this Fake manipulated price error it caused all accounts to go into margin call and then totally wiped out.
Losses are over $570,000 and currently have a claim with AFCA Australian Financial Complaints Authority Case number 600785. Not counting loss of profit for the past 3 months on top of that as well.
I received emails along with everyone else saying they openly admit the error and accounts will be fixed within 2 days. That was nearly 3 months ago and they have ignored any other requests to rectify the accounts like they promised.
Eightcap representative Lynn Guo in compliance department has given many excuses trying to say anything to get out of repaying the amount they owe including blaming liquidity providers for bad pricing data but they are still responsible to their clients.
They are licenced and regulated with ASIC (Australian Securities & Investments Commission) which I am hoping ASIC will investigate for the NON Compliance.
I will be putting a complaint to ASIC but right now I am waiting for AFCA investigation and their meeting with Ombudsman. I will do an update with the progress of this complaint.
I welcome anyone to contact me anytime for more information on +61 400 921 777.
Thankyou Mike F.
I have been using this company for the past 6 months now. I am very happy with the trading condition and platform, have been issued a account manager who has been very helpful. So far so good!