Exclusive: Eightcap cutting brokerage service to all prop trading firms

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Breaking News

February 15, 2024

FNG limited…FNG has learned that retail FX and CFD broker Eightcap has informed prop trading clients that it will cease brokerage services for all prop trading firms as of the end of February.

The move by Eightcap comes as Cyprus-based trading platform company MetaQuotes, developer of the popular MetaTrader family of platforms, has told several of its brokerage clients that they will have their MT4/MT5 licenses revoked if they do not block the prop firm. This was done in response to a notification that there was a possibility that the

This move appears to be an effort by MetaQuotes to gain greater control over how (and by whom) MT4 and MT5 are used. In particular, we are trying to ensure that MT4 and MT5 are used only by brokers (and those who refer clients and trading activity to brokers). (as a prop firm) and execute transactions on behalf of its customers in jurisdictions in which it is appropriately licensed.

Many prop companies accept clients from the United States, and brokers (or those providing referral services to brokers) must obtain formal licenses from U.S. regulators.

Prop trading companies served by Eightcap include Blue Guardian, Funded Trading Plus, Glow Node, Lark Funding, Skilled Funded Traders, Smart Prop Trader, The Funded Trader, and UWM.

This move by Eightcap comes as other brokers such as BlackBull Markets and Purple Trading have effectively ceased operations with their respective prop trading clients Funding Pips and Funded Engineer. True Forex Funds, another prop firm popular with retail traders, has also been forced to close and aims to reopen next week.

In response, prop firms are rushing to add new intermediary relationships with brokers operating on platforms other than MT4 and MT5. Many companies are telling their customers about their plans to switch to a broker that runs cTrader.

Matt L., CEO of Lark Funding, previously stated (February 2nd) that “Lark has no problem with MetaTrader. This is business as usual, and if our US customers are restricted, I’m going to find an alternative.”

Eightcap announced this morning that it will cease providing services to props as of February 29th. But there’s no need to worry. ThinkMarkets has reassured us numerous times over the past few weeks that its operations and his relationship with MetaQuotes are strong. But, of course, we are not going to rely only on his one broker. We are already looking into working with other brokers who can offer additional options to traders. The good news is that he has two weeks to complete the migration, making it seamless for traders currently using Eightcap. For now, Eightcap traders can continue trading valuations. We will post announcements and updates along the way as we finalize the details of the transition. Never be left in the dark. This is all part of a rapidly changing industry, and while it can be a headache, rest assured we’re working overtime to make sure everything runs smoothly. Thank you for your support!

UWM Trading tweeted the following to customers over the past 24 hours:

We are planning to introduce many new platforms for trading!…CTrader, DXTrade, they will all be offered on UWM. Of course the normal ones too.

Eightcap (website Eightcap.com) is a Melbourne-based online brokerage brand that operates licensed subsidiaries in Australia, Cyprus (in the EU) and the UK, as well as offices in the Bahamas and Seychelles. We also carry out offshore operations. We believe they serve prop trading clients through offshore operations. Eightcap is run by Australian businessmen Joel Murphy and Joseph Jeffries.