Eightcap Review Scores
Overall Score: 2.9 / 5
Total Votes: 4
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Eightcap Discussion

Member Since Feb 19, 2018  2 posts mikefrochter Feb 17 at 09:16
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.
Thankyou Mike F.


Member Since Feb 19, 2018  2 posts mikefrochter Sep 06 at 03:56
Retraction of Previous Review regarding Eightcap
To All potential clients of Eightcap
I would like to retract my review as a satisfactory finalization has occurred regarding my case with AFCA against Eightcap.
The dispute is now resolved and the case between myself and Eightcap and AFCA has closed
Mike Frochter

Account Numbers 713069 and 713070

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