Eightcap.com Eightcap (EightCap PTY LTD) - broker review

Broker name: eightcap. com (EightCap PTY LTD)
Server name: Eightcap

Evaluation is given 1-10 (10 very good):
The total value of the spread for daily trading in comparison with competitors: 6.5
Spread stability during the day: 7
Spreads during strong market movements (strong volatility): 8
The possibility of trading scalping: no
The possibility of trading with middle and long term period only: yes
Weekend Spreads: 5
Bitcoin trading possibilities: no
Overall rating: 6.62

Results of spreads stability rating according pictures:

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Company History
EightCap was incorporated in Melbourne, Australia in 2009 by a group of like-minded professionals with extensive experience in the field of finance and information technology.

The business was founded with a simple, clear mission: to provide exceptional financial services to our clients. This fundamental principle remains at the core of everything we do at EightCap and we believe staying true to it is pivotal to our success.

What We Do
As industry professionals we understand each trader has different needs and we are here to work alongside our clients in order to get them to where they want to be.

We provide clients access to a broad range of global financial markets through our award-winning trading platform and mobile apps, supported with competitive pricing, sophisticated charting and superior execution technology.

Obligations
 
 As an AFSL holder, we adhere to stringent financial requirements set out by ASIC.

Primarily, we are obligated to fulfill strict capital requirements, employ and comply with nationally set standards and procedures including risk management and regular staff training, and undertake a detailed annual audit performed by an independent auditor to ensure compliance.

To ensure we meet and maintain our financial needs at any time, we continually identify, monitor and control every type of risks associated with our operations including assessing the effectiveness of our policies, arrangements and procedures in place continuously. Our staff typically also have a wealth of experience and knowledge about the industry, and are trained to exacting standards on an ongoing basis.

Consumer Reviews

Timothy Pozkusi,
Slovenia, Slovenia,
Apr 22, 2019,
Guest
 
Helpful Australian Company
Nice staff and reasonably tight spreads from an Australian company. First time I have tried with the Australian's but happy with what's on offer.

I trade with other regulations previously but finding some recent restrictions limiting in my strategies. Eightcap gets 4/5 from me.

Stephen Dinsdale,
London, United Kingdom,
Apr 8, 2019,
Guest
 
New Year New Platform and New Broker to add!
Joined these guys three weeks ago trading on MT5. Have been trading through MT4 for the last 2 years but eventually have made the move to MT5 to access some different instruments as well as some new tools. Can not recommend the move more highly! As for 8cap, they've been helpful in getting me set up and no issues finding a few smart positions on EUR / USD recently. I've spent some more time with these guys.

Luka.Alfonsi,
Sofia, Bulgaria,
Mar 25, 2019,
Registered user
 
Good option with MT5
Just switched to MT5 from 4 after 3 years on MT4. Issue with Eightcap currenlty I can not access US shares but I'm told they'll be bringing them on shortly. Eightcap has improved the bit over the years and is now becoming a much stronger option for me. I will still only trade fx pairs and indices with them. I have made strong profits on trading indices with them and now need to continue this on MT5.

Franklin Dudley,
London, United Kingdom,
Mar 4, 2019,
Guest
 
London Trader
Found these guys through some review sites. Demo trading for two weeks before going live. Have dealt with both their Aus support teams and European, no complaints there. Have been scalping live for 3 weeks and making good progress on the gbp/usd.

V Singh,
Australia,
Jan 31, 2019,
Registered user
 
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

Mayayaman,
Brisbane, Australia,
Jan 7, 2019,
Registered user
 
WARNING Keep away from Eightcap - huge Rip Off with manipulated fake pricing.
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.
aussiecitytrader,
Melbourne, Burundi,
Jan 5, 2019,
Registered user
 
Bad Broker - Manipulation of price
Don't go near this broker. Appears to be a Manipulation of price
there are many others brokers . Warning to New and Existing Customers do your research...
I also have had a extremely bad experience with the "bad tick" issue acknowledge by Eightcap and said would resolve . they did not return my calls for a month .!!!
No communication or return calls when they advised they would resolve. I am going to lodge a complaint after understanding that we can . New to this and a genuine concerned customer .

Samuel,
Australia,
Dec 29, 2018,
Guest
 
Good FX broker would recommend
traded with eightcap since 2016 have had no issues with them, and yeh Yasmin is a very helpful account manager (dealt with her alot ). not sure about some of the negative reviews but I find trading off daily charts are staying away from news stops you from getting into bad situations where all you can do is blame your broker, due to not understanding how markets can operate.

one small thing they could improve would be the spreads on some crosses and exotics... but otherwise another good Aussie FX broker.

Daniel Richards,
London, United Kingdom,
Dec 12, 2018,
Guest
 
UK Trading
Eva has been great to deal with so far. I had a little trouble early as I started on MT4 and then wanted to move to MT5 but got my account sorted out within a week. Have been scalping across a few markets with success over the past 2 months. Was able to access 500:1 leverage through EightCap which is a plus but don't know how long this will last.

robbitybob54,
New Zealand,
Dec 5, 2018,
Registered user
 
Excellent Support ,,,Yasmin is brillant account manager , certainly haven't found anything adverse in 2018 compared to who have scammed me before like TRADEINVEST90 & HYBRID RESERVE,,, ,,,,bad news these cowboys

Soysa,
Melbourne, Australia,
Nov 17, 2018,
Guest
 
price manipulation
price manipulation obvious stop hunting broker who scams you and then scams you again by saying they were fixing the price and to be patient this happened 22 days ago now and whilst waiting for them to fix the trades 22 days later refused to fix them and then closed all my trades and blamed the liquidity provider the price was 300- 350 pips away from all brokers

Alex,
Victoria, Australia,
Aug 2, 2018,
Guest
 
Started trading with them in 2016, after issues with a different broker. Newish company based on my research. Find them easy to trade with no issues yet while trading. the client portal is good funding easy.
They could expand on Mt4 markets offered but otherwise a very good Aussie broker to trade with. Agree with comment above Yasmin in support is great to deal with.

Anees Ahmed,
Dubai, United Arab Emirates,
Oct 21, 2015,
Guest
 
I recently opened an MT4 account with them. Spreads are very tight and execution is decent. Funding by skrill was quick and easy. Account Manager Yasmin Pollock is very helpful and keeps in touch regularly and so support is always available.

Foo Yu Tan,
Dublin, Ireland,
Oct 4, 2015,
Guest
 
Opened an account a few months ago, a friend had talked to me about the company. Happy trading so far :) Good cus service and trading conditions. I recommend to everyone

joe,
Geelong, Australia,
Sep 24, 2015,
Guest
 
A new rebranded Aussie broker. Have funded via Poli via their client banking area, so far so good.