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  • #13,621
  • Jan 26, 2023 7:43am Jan 26, 2023 7:43am
Quoting Eren10
{quote} They explain it in a very difficult way. The one that wrote it doesn’t understand it I guess. But what was your situation then?
Hi,

Well it gets worst, the guy that i talk to, today he tried to convice me that I was wrong and that the account was correctly cancel because on their website says " let's say you gained $5,000 in profit in a single day" and a single day means the same day. I mentioned to him if he was taking the piss, that english was not my firts language but I clearly understand that single day is not = same day and what he was talking about was rubisss and lame excuse.

Basically they are not going to refund the money or reset the test. I told them that I did not care about the money anymore and I certainly did not want to do a retest with them.

I also mentioned to them that I will talk to their broker Eightcap and that I will posted on here so everyone knows what they are doing.

So during the weekend I will post the conversation that I had with them, screenshots of my account and so on to prove that what Im saying is true.

I als mentioned that what he was talking about was completely absurd since with the example that they provided in a 100.000 usd dollar account loosing 10.000 usd is ok which is 10% but on a 200.000 dollars account loosing 10.000 which is 5% not ok did not make sense.

So basically they are scammers that do not even know what are they talking about

Kind regards
  • #13,622
  • Jan 26, 2023 3:41pm Jan 26, 2023 3:41pm
Quoting EnoFX
Is there a list of all the firms that use EightCap?
Several listed & I suspect more this guy does not know about
https://forexpropreviews.com/which-p...-use-eightcap/
Investment Trading
  • #13,623
  • Jan 26, 2023 4:06pm Jan 26, 2023 4:06pm
theres new eightcap ones every other day. Usually some 20 yr old behind them promising something different but still more of the same really. I haven't had good experiences with the eightcap firms, i haven't had awful experiences but i have had some irregularities.

I do not like eightcap as a broker in general, so strangeness doesn't surprise me.
  • #13,624
  • Jan 26, 2023 4:18pm Jan 26, 2023 4:18pm
There is a user here posing as a normal user who is actually the owner of an affiliate site for prop firms. I reported him to admins now, every now and then he posts the link to that site that rates prop firms but it is actually them paying for their marketing. He also posts youtube videos in here.
  • #13,625
  • Jan 26, 2023 7:17pm Jan 26, 2023 7:17pm
Quoting Doubla
{quote} Several listed & I suspect more this guy does not know about https://forexpropreviews.com/which-p...-use-eightcap/
That’s a handy list. Thanks for pointing it out.
  • #13,626
  • Jan 27, 2023 1:00am Jan 27, 2023 1:00am
Quoting EnoFX
{quote} That’s a handy list. Thanks for pointing it out.
Like Takisd, I also do not like the 8cap prop firms. Wide spreads & high commissions.
Investment Trading
  • #13,627
  • Jan 27, 2023 1:34am Jan 27, 2023 1:34am
Quoting HengkiTjen
anyone pass this challenge ? if pay out you will get example 100k account phase 1 =8k phase 2 =5k profit 15% profit from phase 1 and 2 = 13k x 15% = $1950 ? {image}
I bought one of those. I'm not sure if I contacted support at that time of if I found this in Discord but I have a file with the clarification of the 15% profit rule:

Quote
EXAMPLE: You will be eligible for the 15% profits from phase 1 and phase 2 once you accumulate 10% in lifetime earnings on your account. This means that if you are trading a $100k standard challenge you will be entitled to 15% of the $15,000 you made during the challenges which is $2,250 + $604 that you paid for the challenge. This will be paid once you achieve a cumulative profit of 10% on your account. It can be achieved on any withdrawal. If you amke $5,000 on your first payout and $5,000 on your second payout then you will be given the bonus...
  • #13,628
  • Jan 27, 2023 1:41am Jan 27, 2023 1:41am
Quoting Capablanca
{quote} I bought one of those. I'm not sure if I contacted support at that time of if I found this in Discord but I have a file with the clarification of the 15% profit rule: {quote}
that why i tough to good to be true
anyway i have passed phased 2
waiting funded account

so that being said i have to make 10% ? well i do not care that 15% then let it flow
  • #13,629
  • Jan 27, 2023 1:51am Jan 27, 2023 1:51am
Quoting Doubla
{quote} Like Takisd, I also do not like the 8cap prop firms. Wide spreads & high commissions.
According to 8cap website there raw spreads are low with commission of 3.5 dollar for normal clients. Maybe prop firms add then extra spreads.
  • #13,630
  • Jan 27, 2023 8:20am Jan 27, 2023 8:20am
Quoting Eren10
{quote} According to 8cap website there raw spreads are low with commission of 3.5 dollar for normal clients. Maybe prop firms add then extra spreads.
the commission is what makes 8cap nearly useless for trading indices, esp. SP. Much like E8, which is still even worse however
Money is made by sitting, not trading
  • #13,631
  • Jan 27, 2023 10:40am Jan 27, 2023 10:40am
Evertrader already changed their rules, after only 2 weeks ! Read below :

" We would like to make you aware of some very important news and changes taking place at EverTrader.

We are the first and only ones who refund the registration fee after the first stage

Two weeks ago we became the first and only prop company ever to introduce a registration fee refund immediately after completing Phase 1 and we are literally overwhelmed by your enthusiasm and feedback. Although it is absolutely not easy (as many have started to use this to their mathematical advantage), we will do our best to keep this benefit for you. We refund the registration fees to the traders as quickly as possible. Traders at EverTrader get their registration fee back right after Phase 1 and in the next phases they literally have nothing to lose.

Easier payout requests

Payouts are completely new. We have also implemented an easy and one of the fastest payouts right in our client section at app.evertrader.com. Today we launched a new version of the application where you can change the payout interval with one click. In addition, you can see in real time what your profit split and balance are. This is a big advantage not only for you but also for our team, because now we no longer have to communicate via e-mail the payment methods.

Current challenges and their solutions

So far, we have managed to find a very interesting number of traders who have successfully passed our EverTrader Evaluation program. However, as it turns out, their results after getting an EverAccount are not so successful anymore. As this puts our capital at risk, we as a prop firm need to react on this. Starting with the new accounts, we have decided to implement a few rule changes . We hope these adjustments will lead to better overall results:

Consistency rule: traders who pass Evaluation based on only a few large trades (even one or two) typically lose their EverAccount extremely fast (surprisingly, sometimes in a matter of hours). Because of this, from now on, we are increasing our focus on this. During the manual review, our review desk will closely monitor your trading and will focus on your consistency throughout the entire program
Profit target: we have decided to follow the standard of the entire market and will increase the profit target in the first phase to 10%

Trading is not gambling. We are looking for traders who can trade our capital with consistency.

However, we still maintain unlimited repeats of Phase 1, if your account is positive and if you make more than 5% profit, you can extend the phase by 14 days and thus have up to 44 days to fulfill the conditions. "
  • #13,632
  • Jan 27, 2023 10:57am Jan 27, 2023 10:57am
When a firm decides to implement a review process for consistency, it is usually seen as a negative thing that will eventually be abused by the firm. Many traders will automatically consider a firm as blacklisted if they have such processes in place.

This all circles back to the discussion of firms wanting their cake and eating it. If a firm wants conservative traders, then they should have a conservative screening process. They do not want to do that because they know how profitable it is to force traders to try to flip an account in less than 30-days.
  • #13,633
  • Jan 27, 2023 11:01am Jan 27, 2023 11:01am
Quoting Nsak3y
When a firm decides to implement a review process for consistency, it is usually seen as a negative thing that will eventually be abused by the firm. Many traders will automatically consider a firm as blacklisted if they have such processes in place. This all circles back to the discussion of firms wanting their cake and eating it. If a firm wants conservative traders, then they should have a conservative screening process. They do not want to do that because they know how profitable it is to force traders to try to flip an account in less than...
Yes exactly. The rules of consistency here are totally subjective and allow the prop firm not to pay its members on the basis of personal considerations. Extremely dangerous.
  • #13,634
  • Jan 27, 2023 11:09am Jan 27, 2023 11:09am
Quoting Nehemah
{quote} Yes exactly. The rules of consistency here are totally subjective and allow the prop firm not to pay its members on the basis of personal considerations. Extremely dangerous.
So sad. I was seriously considering them as another prop firm in my portfolio, now I just put them on my black list instead
Money is made by sitting, not trading
  • #13,635
  • Jan 27, 2023 12:00pm Jan 27, 2023 12:00pm
Quoting Vitore
{quote} So sad. I was seriously considering them as another prop firm in my portfolio, now I just put them on my black list instead
Agreed, time will tell if they have a successful business model to compete in this space.
Trade with confidence, trade without fear.
  • #13,636
  • Jan 27, 2023 12:02pm Jan 27, 2023 12:02pm
Instead of me making a statement, I would like someone - if they could be so kind - explain to me how a prop firm in retail FX can make money if they refund after phase 1.
  • #13,637
  • Jan 27, 2023 12:32pm Jan 27, 2023 12:32pm
OK Evertrader is going to the blacklist, is there any serious company besides MFF and FTMO on the market?
  • #13,638
  • Jan 27, 2023 1:03pm Jan 27, 2023 1:03pm
Quoting zozon99
OK Evertrader is going to the blacklist, is there any serious company besides MFF and FTMO on the market?
For me it's TFF and E8 but the latter is so expensive on indices that I'm moving away from them
Money is made by sitting, not trading
  • #13,639
  • Jan 27, 2023 1:03pm Jan 27, 2023 1:03pm
Quoting Takisd
Instead of me making a statement, I would like someone - if they could be so kind - explain to me how a prop firm in retail FX can make money if they refund after phase 1.
Maybe they just consulted Jessica FatCow since she had a winning model?
Trade with confidence, trade without fear.
  • #13,640
  • Jan 27, 2023 1:08pm Jan 27, 2023 1:08pm
Quoting Takisd
Instead of me making a statement, I would like someone - if they could be so kind - explain to me how a prop firm in retail FX can make money if they refund after phase 1.
-I can only speculate. Maybe if someone can recall the statistics that MFF published a while back regarding failure rates for each phase, we could have some better idea about it.
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