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We published a first report on the activities of the CySEC-regulated investment firm (CIF) Eightcap EU Ltd in January 2022. Until August 2021, the CIF was called R Capital Solutions Ltd and was the owner and the operator of MXTrade until 2015. Then the broker was transferred to the infamous Lau Scheme in Belize. However! Now Eightcap operates the CySEC-approved domain www.eightcap.eu. Besides, as usual with many CySEC CIFs, offshore broker activities are conducted through www.eightcap.com and Eightcap Global Limited in the Bahamas.
Place a Trade
|Legal entities||Eightcap Pty Ltd, Australia|
Eightcap EU Ltd, Cyprus
Eightcap Global Ltd, Bahamas
Eightcap Global Ltd, Vanuatu (old)
Blueberry Markets Pty Ltd, Australia
Focus Markets LLC, SVG
|Related individuals||Joel Murphy, Tina Glinton,|
|Regulators||ASIC (AFSL 391441)|
|Related brands||AnzoFX, Focus Markets|
We published our first brief report on Eightcap in March 2021. At that time, Eightcap Global Ltd was still licensed by the Vanuatu Financial Services Commission (VFSC). Through Joel Murphy, the CySEC-regulated, as well as the offshore entity, are under common control. The offshore entity is therefore not managed separately. We found that Eightcap is related to and/or operates the Place A Trade broker, which we have also found as an Introducing Broker in the AnzoFX and Focus Markets environment.
Read the AnzoFX and Focus Markets report here.
In our review, registration with the offshore entity via Blueberry Market as a UK or EU resident was possible without any problems. However, no deposits were possible before completing the KYC/AML check. In this respect, the onboarding seems to be carried out with proper procedures.
Customers of the offshore broker should be aware that they are not entitled to Investor Compensation Schemes or to the assistance of a Financial Ombudsman. Furthermore, disputes arising from the Client Agreement are also subject to the exclusive jurisdiction of the courts in the Bahamas. There they can hardly sue as a private person. Offshore entities of ESMA or CySEC-regulated firms are not automatically authorized to operate in Europe. Especially not if the offers do not comply with the regulatory requirements of ESMA.
If you have any information about the Eightcap Group and its affiliates, we would be grateful if you could share it with us via our whistleblower system, Whistle42.