Eightcap – what we know and have as facts about it; This is a brand of Eightcap Pty Ltd, which is regulated by the Australian Securities and Investment Commission (ASIC) under license number 391441. In addition, Eightcap Global Ltd (Vanuatu) is regulated by the VFSC under register number 40377. These licenses allow it to conduct various financial services, including receiving, transmitting, and executing customer orders.
We have found in the Product Disclosure Statement document that the company defines itself as a market maker, not a broker, and accordingly will always act as the principal for its own benefit in respect of all transactions with clients – it is the counterparty to every trade. Eightcap may conduct transactions to hedge its liability to clients in respect of their positions. Such trading activities may impact (positively or negatively) the prices at which clients may trade. In general, dealing with market makers involves a conflict of interest because they do not transmit every customer deal and hope that customers will lose. Every loss of customers is their profit.
We also found that there are some posts in forums about terribly slow deposit transfers, price manipulation, unjustified cancellation of profitable trades, poor customer support, and withdrawals issues.
So far, we have not received any complaints from customers of Eightcap. If you have any criticism to share with us or feel annoyed by Eightcap, please fill in the form below, detailing your case. Once we have made your case public, we may attempt to mediate between you and Eightcap if you wish.