May a broker licensed by the offshore regulator Vanuatu Financial Services Commission (VFSC) operate in Europe and onboard clients in Germany, France, Spain, or Italy? Of course not. Apart from the fact that the VFSC is nowhere near European regulators’ standard, its licenses do not allow a financial firm to operate in Europe. Eightcap Global Ltd has a VFSC license and operates two broker brands with it, Eightcap (www.eightcap.com) and Blueberry Markets (www.blueberrymarkets.com). Eightcap works with BridgerPay as a payment processor.
Blueberry Markets and Eigthcap are trading styles of the Australian Eightcap Pty Ltd, licensed in Australia by ASIC. Besides, international clients are operated through Eightcap Global Ltd, registered as an International Company in Vanuatu, which has obtained a Dealer License from the VFSC. Virtually anyone can buy these. These licenses are en vogue in the scene.
Eightcap is not necessarily a scam, but in any case, the broker is operating illegally in Europe. European clients of Eightcap are not eligible to participate in investor protection programs such as the MiFID Investor Protection Framework and national investor protection programs. Clients should generally avoid offshore brokers and, therefore, also Eightcap and Blueberry Markets. The risk is not worth it!