T

The offshore activities of CySEC-regulated Eightcap!

Spread financial intelligence

Until Aug 2021, the CySEC-regulated investment firm (CIF) Eightcap EU Ltd 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.

Key data

Trading namesEightcap
8Eightcap
Blueberry Markets
Place a Trade
Domainswww.eightcap.eu
www.eightcap.com
www.placeatrade.com
Legal entitiesEightcap 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 individualsJoel Murphy, Tina Glinton,
Andrew Rolle
JurisdictionsAustralia, Cyprus
Bulgaria, Bahamas
RegulatorsASIC (AFSL 391441)
CySEC (246/14)
SCB (SIA-F220)
Related brandsAnzoFX, Focus Markets

The narrative

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, has also been 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.

Share information

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.

Leave a Reply

Your email address will not be published.