Everything you need to know about EightCap Vanuatu and Account Transfer

Traders Moving to Eightcap Global in Vanuatu

Due to new regulation being introduced by the Australian Securities and Investments Commission (ASIC), Eightcap Pty Ltd (Eightcap) will soon cease providing services to clients who are located outside of Australia.

To ensure the continuation of your trading experience with EightCap, the broker has arranged for Eightcap Global Ltd (Eightcap Global) to provide services to clients located outside of Australia, such as yourself.

Eightcap Global is a related Eightcap entity located in Vanuatu, you can find more information about this below.

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What action do you need to take?

This decision affects your account and so you need to decide what you would like to do.

You may choose to:

1. Transfer your account and open positions to Eightcap Global; or
2. Close your account and all of your open positions (note you will no longer be able to trade with Eightcap if you choose this option).

If you do not inform EightCap of your decision by 29 January 2021, they will automatically and without further notice to you, transfer your account and all your open positions in accordance with clause 22 of the Eightcap Client Agreement.

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What will these options mean for you?

1. Transferring your account and open positions to Eightcap Global

If you choose to transfer your account and open positions to Eightcap Global, you need to be aware that you will lose all protections under Australian law that you currently have.

You will also be bound by the Terms and Conditions of Eightcap Global.

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2. Closing your account

If you choose to close your account and open positions, Eightcap’s Client Agreement with you will be terminated.

EightCap will need to close your account and all your open positions in accordance with the terms and procedures set out in the Eightcap Client Agreement on Thursday 25th March 2021.

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What is Eightcap Global in Vanuatu?

Eightcap Global is located in Vanuatu.

The laws of Vanuatu do not provide the same protections that you have under Australian law.

Under Australian law, ASIC has the authority to regulate Eightcap’s conduct and the power to protect consumers (like you) against misleading or deceptive, and unconscionable conduct in respect of the products and services Eightcap provides to you.

Under Australian law, the Australian Financial Complaints Authority (AFCA) has the authority to resolve any complaints about the products and services Eightcap has provided to you.

If you transfer to Eightcap Global, you will no longer have access to these Australian law protections.

In its place, Eightcap Global will be regulated by the Vanuatu Financial Services Commission (VFSC ) and the Financial Centre Association (FCA) who hold the power to regulate Eightcap Global and manage complaints received in relation to its Financial Dealers License.

For more info, please check the FAQs for transferring your account to Eightcap Global.

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1. Who is Eightcap Global Ltd?

Eightcap Global Ltd (Eightcap Global) is registered with the Vanuatu Financial Services Commission (VFSC) and holder of a Financial Dealers License 40377.

2. If I transfer my account to Eightcap Global, will I be protected under Australian law?

No. If you transfer to Eightcap Global, you will no longer have access to Australian law protections.

In its place, Eightcap Global will be regulated by the Vanuatu Financial Services Commission (VFSC) and the Financial Centre Association (FCA) who have the authority to regulate Eightcap Global and manage complaints received in relation to its Financial Dealers License.

3. Will my account leverage change if I decide to transfer my account?

No. Your leverage and trading conditions will remain the same.

4. Will there be any interruptions when transferring my account?

No, EightCap does not anticipate any interruptions.

5. Will my open positions be closed and reopened when I transfer my account?

No, the transfer will not result in the closing and reopening of your positions.

6. Will I still be able to call and discuss my account with a client services representative or account manager?

Yes, of course! Eightcap services its clients from all over the world, and they are always there to help.

7. If I decide to close my account, when will I need to close all of my positions?

If you decided you do not want to transfer your account, all your open positions will need to be closed by 25 March 2021.

8. I am an Australian resident; can I transfer my account to Eightcap Global?

No. The option to transfer accounts is not available to Australian residents.

9. What will happen to my funds if I transfer to Eightcap Global, and how do Eightcap Global’ handle client funds more generally?

Client funds will be transferred to banking facilities designated for Eightcap Global.

All funds will continue to be held in segregated bank accounts and handled in accordance with internal policies and procedures that are developed based on best practice standards.

Client funds are reconciled daily, and not used for operational purposes, and are subject to external audit on an annual basis.

10. Is Eightcap Global insured?

Yes, Eightcap Global maintains professional liability insurance that is issued by Agile Underwriting Services Pty Ltd, the cover holder at Lloyds.

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