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EightCap Ltd

  • #1
  • First Post: Aug 17, 2023 2:49pm Aug 17, 2023 2:49pm
I have been using EightCap for a year now. I recently started receiving monthly statements and on these statements there were a number of cancelled transactions.
I asked for details about the cancelled transactions and was given details of unrelated transactions.
I asked how the transactions had been cancelled and was told that I had inadequate margin in my account yet the statements showed that the cancelled transactions were profitable.
I asked for copies of missing monthly statements and my request was ignored.
I asked that these issues be addressed again because they had not been resolved and was told that my issues had been resolved and was asked to rate the staff.
Hopefully this information will help someone else avoid having this type of problem with this broker in future.
  • #2
  • Aug 17, 2023 3:39pm Aug 17, 2023 3:39pm
Has anyone else had any trouble withdrawing funds or getting transaction details?
  • #3
  • Aug 17, 2023 5:32pm Aug 17, 2023 5:32pm
Are these questions in regard to LIVE account(s)?

If so, this is the wrong place to find the answers you want; the issue is with the broker, not random people on the internet.

There is a reason it is also known as eightcrap...

It takes a lot for me to IGNORE you, but you can try.
  • #4
  • Aug 17, 2023 7:26pm Aug 17, 2023 7:26pm
Quoting Erebus
Are these questions in regard to LIVE account(s)? If so, this is the wrong place to find the answers you want; the issue is with the broker, not random people on the internet. There is a reason it is also known as eightcrap...
Thanks for the input.
This is information about a live account to hopefully protect the next guy from eightcrap.
  • #5
  • Aug 18, 2023 12:35pm Aug 18, 2023 12:35pm
An update. The transaction journal that EightCap provided / provides does not contain the cancelled transactions but the statements that they provide do contain these transactions.
  • #6
  • Aug 23, 2023 2:52pm Aug 23, 2023 2:52pm
Quoting Erebus
Are these questions in regard to LIVE account(s)? If so, this is the wrong place to find the answers you want; the issue is with the broker, not random people on the internet. There is a reason it is also known as eightcrap...
Ah ! I was looking at the 5%percenters prop firm. Hopefully they don't use them albeit they don't say who their broker is on their site
every Saint has a past. Every Sinner has a Future
  • #7
  • Edited 7:09am Sep 5, 2023 6:54am | Edited 7:09am
Eightcap is refusing to refund me the balance of the account. They indicate that since the funds were contribute by credit card they have to be returned by credit card. The problem is that there is no way to return the funds by credit card. Have the credit card company involved.
  • #8
  • Sep 5, 2023 6:59am Sep 5, 2023 6:59am
Quoting dantpm
Eightcap is refusing to refund me the balance of the account. They indicate that since the funds were contribute by credit card they have to be returned by credit card. The problem is that there is no way to return the funds by credit. Have the credit card company involved.
Try sending your bank account details that prove the credit card is linked to your bank and name
  • #9
  • Sep 5, 2023 7:02am Sep 5, 2023 7:02am
Quoting T721
{quote} Try sending your bank account details that prove the credit card is linked to your bank and name
They specifically ask for the bank details of the credit card company (swift account, etc.), details that the credit card company does not provide.
  • #10
  • Sep 5, 2023 8:44am Sep 5, 2023 8:44am
Quoting turnip15
{quote} Ah ! I was looking at the 5%percenters prop firm. Hopefully they don't use them albeit they don't say who their broker is on their site
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Success = Practice + Patience + Persistence
  • #11
  • Sep 5, 2023 9:18am Sep 5, 2023 9:18am
Quoting fxpider
{quote} {image}
Can we believe it ?
MFF told also we win when traders win. But we know what happend.
I might be wrong , I have been wrong before
  • #12
  • Sep 5, 2023 11:20am Sep 5, 2023 11:20am
Quoting Mandariin
{quote} Can we believe it ? MFF told also we win when traders win. But we know what happend.
Well, one way or another we need to test the water in order to find the least bad one!! What else options do we have?
Success = Practice + Patience + Persistence
  • #13
  • Sep 5, 2023 11:59am Sep 5, 2023 11:59am
Quoting fxpider
{quote} {image}
The "Conscious Trader" Youtube site states it might be Interactive Brokers !!
every Saint has a past. Every Sinner has a Future
  • #14
  • Sep 17, 2023 2:42pm Sep 17, 2023 2:42pm
An update.
Eightcap has never acknowledged or responded to my request for a refund after I identified the questionable account activity that they could not explain.
I checked today (a month later) and all of the account activity has been removed from their website and the account balance has been reduced to 0.
The credit card company still shows the refund request as pending.
  • #15
  • Sep 17, 2023 9:34pm Sep 17, 2023 9:34pm
Quoting dantpm
I have been using EightCap for a year now. I recently started receiving monthly statements and on these statements there were a number of cancelled transactions. I asked for details about the cancelled transactions and was given details of unrelated transactions. I asked how the transactions had been cancelled and was told that I had inadequate margin in my account yet the statements showed that the cancelled transactions were profitable. I asked for copies of missing monthly statements and my request was ignored. I asked that these issues be addressed...
Sounds like normal metatrader behavior to me. When you don't have margin, you receive a cancelled transaction on the history report. It's impossible to have a "profitable" cancelled transaction. I guess you are saying, "if I had money in my account, my trade would be profitable". Sure. But hindsight is 20/20.

Also, the problems you have with your withdrawal sounds more like a problem with the credit card company. I've been depositing and withdrawing in crypto at 8cap with absolutely no problems. Some credit card providers just suck. So get on to the crypto bandwagon and don't look back!
  • #16
  • Sep 18, 2023 11:42am Sep 18, 2023 11:42am
Quoting WhoopTrader
{quote} Sounds like normal metatrader behavior to me. When you don't have margin, you receive a cancelled transaction on the history report. It's impossible to have a "profitable" cancelled transaction. I guess you are saying, "if I had money in my account, my trade would be profitable". Sure. But hindsight is 20/20. Also, the problems you have with your withdrawal sounds more like a problem with the credit card company. I've been depositing and withdrawing in crypto at 8cap with absolutely no problems. Some credit card providers just suck. So get...
The account never showed that it didn't have margin available. In any event this explanation was never offered by the broker.
Credit card companies expect deposits and refunds to use the same system. It is how they work on all businesses.
The credit card company doesn't provide its swift banking details because this would make more work for the credit card company.
Still trying to find crypto firm that doesn't change for every transaction or at least has minimal charges for each transaction.
  • #17
  • Sep 18, 2023 6:11pm Sep 18, 2023 6:11pm
Quoting WhoopTrader
{quote} Sounds like normal metatrader behavior to me. When you don't have margin, you receive a cancelled transaction on the history report. It's impossible to have a "profitable" cancelled transaction. I guess you are saying, "if I had money in my account, my trade would be profitable". Sure. But hindsight is 20/20. Also, the problems you have with your withdrawal sounds more like a problem with the credit card company. I've been depositing and withdrawing in crypto at 8cap with absolutely no problems. Some credit card providers just suck. So get...

Small footnote. Many cancelled trades were profitable trades, adequate margin to get into the trade but as the trade gets more profitable somehow it doesn't have adequate margin? That was the type of explanation offered by eightcap.
  • #18
  • Dec 4, 2023 2:59am Dec 4, 2023 2:59am
Small update, EightCap is still refusing to refund the funds in the account to the credit card company.
  • #19
  • Aug 14, 2024 4:21pm Aug 14, 2024 4:21pm
Quoting dantpm
Small update, EightCap is still refusing to refund the funds in the account to the credit card company.
Hi, did they end up doing the withdrawal?

Also, before this problem started, had you been profit and done withdrawal with them?
  • #20
  • Last Post: Aug 16, 2024 2:55am Aug 16, 2024 2:55am
Quoting Onlinepips
{quote} Hi, did they end up doing the withdrawal? Also, before this problem started, had you been profit and done withdrawal with them?
No clue. Credit card company refunded me the balance.
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