How to Verify An Eightcap Account: Full Tutorial
To verify your account with Eightcap broker, you will need to create a personal account. During the process of creating an account, the system will automatically redirect you to the application form required for verification. After uploading the required documents, your application will be sent to Eightcap for review, and soon you will receive a notification about successful account confirmation or problems that need to be fixed for verification.
Verification is the confirmation that the account with a broker belongs to you, a real person, and is a mandatory requirement for most brokers. Brokers require verification of a trader's profile to ensure security, comply with regulatory requirements, prevent fraud and protect the interests of both traders and the financial markets as a whole. In this review, Traders Union experts have gathered everything a trader needs to know about profile verification with an Eightcap broker and created a detailed guide on how to pass it.
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What do you need to verify your profile on Eightcap?
To verify your profile on Eightcap, you will need to provide certain documents such as identification (passport, driver's license, etc.) and proof of your residence (copy of your utility bill, bank statement, etc.). These documents need to be uploaded to your user account on the platform by following the instructions on the Eightcap website.
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Do I need to verify my Eightcap account?
Yes, verification of your Eightcap account is required to comply with regulatory requirements and to ensure the security of your funds and transactions on the platform. It is also important for using Eightcap trading signals.
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How long does it take to verify an account on Eightcap?
The time it takes to verify an account can vary depending on the documents uploaded and the overall workload of the system. Typically, the verification process takes anywhere from a few hours to a few business days.
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How can I verify my Eightcap payment account?
To verify your payment account on Eightcap, you will also need to upload certain documents to verify your bank details or other payment methods. This may include copies of bank statements, screenshots of payments, etc. Detailed instructions are provided in your user account on the Eightcap website.
How to verify my account on Eightcap?
Let's start with step-by-step instructions on how to register and then verify an account on Eightcap.
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Log in to the broker's official website and select the interface language you are comfortable with in the upper right corner. Click “register” or “open an account”.
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Specify the country you are a resident of, your first name, last name, e-mail and phone number for communication. Next, the system will prompt you to create a password. Remember this password and do not give it to third parties under any circumstances. Once you have created a password, click “Open an account”.
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Check the mailbox that was specified during registration. Eightcap will send you an e-mail with a link that will take you to myAlpari and your registration will be completed.
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Now you need to select your account type and fill in more details about yourself - date of birth, place of registration, and tax ID number or its equivalent for your country. Click “Next”.
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Select the trading platform, spread Eightcap option, account currency and leverage size. Click “Next”.
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Agree to the terms of service by checking three boxes. Click “Confirm completely”.
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You will automatically be placed in the verification block. Provide scans/images of the required documents. Carefully read the comments on the screen.
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Once verification is complete, go to the Deposit/Withdrawal section and deposit funds following the instructions on the screen. Now you can download the selected trading platform and start working.
Registration on Eightcap
Create an account on Eightcap
Eightcap user email confirmation
Eightcap Overview - Additional Personal Data
Eightcap Overview - Account Opening
Eightcap Overview - Account Opening
Eightcap Overview - Client Agreement
What documents do you need?
As part of your application, you will need to upload valid documents proving your identity and residential address. The information on these documents must match your Eightcap application. Here is a list of documents that will be suitable for verification:
Valid identification documents:
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Passport
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National ID card
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Driver's license
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Bank statement.
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Receipt for utilities.
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Driver's license (with address and expiration date).
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A document issued by a government or financial institution.
A document confirming your residential address:
All of these documents do not need to be uploaded; two documents will suffice - one to choose from each list.
Other documents may be requested at Eightcap's discretion. If your ID document is written in a language other than English, the broker may request an English translation certified by the National Accreditation Agency for Translators and Interpreters (NAATI).
How long does Eightcap take to verify
The time it will take to verify with the Eightcap broker depends on the workload of the system and staff at the time you fill in the required data. It usually takes from a couple of hours to several working days. It is also important that the documents are provided in good resolution, the data on them are clearly visible, and the information specified corresponds to reality. If the company has questions, they may take longer to review your application or ask for additional documents.
Can you use Eightcap without verification?
All real accounts on Eightcap, where real assets are traded, require mandatory verification. Without verification, you can only use a demo account where you trade with virtual funds and cannot withdraw profits or use them in trading on the real market. Learn also about Eightcap deposit.
Why you should verify your Eightcap account
Eightcap requires account verification from customers for the following reasons:
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Account security.
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Security of funds.
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To establish the legitimacy of Eightcap customers' identity under AML/CTF legislation.
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Identifying and mitigating the risks of fraud, money laundering and terrorist financing.
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Securing the account against financial crime.
The main problems with verification on Eightcap
When verifying on the Eightcap platform, the broker may refuse to confirm the account. This can happen for several reasons, including the submission of incomplete or invalid documents, non-compliance of the submitted data with the platform requirements, or lack of the necessary documents to verify identity.
In case of verification rejection, the user should first of all carefully study the message explaining the reasons for the rejection, which is provided by the platform. Then steps should be taken to correct the identified problems, including providing additional or corrected documents, contacting the support team for additional information or assistance in resolving the problem. It is also important to pay attention to the deadlines and requirements for resubmission to avoid delays in the verification process and start using the Eightcap platform.
Expert Opinion
According to Eightcap reviews, verification on the platform plays a key role in ensuring security and compliance with legislation. It is not only a process to confirm identity, but also a means to protect against fraud, money laundering and terrorist financing. Confirming a customer's identity is an integral part of any trusted financial platform's operations, especially in the context of regulation and compliance requirements. Proper verification helps to build customer trust and enables the platform to operate in compliance with the law, ensuring safe and secure financial transactions.
Conclusion
Brokers require verification of a trader's profile to ensure security, comply with regulatory requirements, prevent fraud and protect traders' interests. At Eightcap, the verification process is quite comfortable and simple - the system automatically transfers to the verification page when registering an account. The client only has to upload documents and wait for a notification that the procedure has been successfully completed or the verification has been rejected for the specified reasons.
To verify your account, you will need two types of documents - ID and residence/residence. However, in case of doubt or additional questions, Eightcap may require additional documents at its discretion. If the verification is rejected, the client should fulfill the requirements specified in the letter of explanation as to why the verification was rejected and resubmit the documents. The entire procedure may take from 1-2 hours to several business days, depending on the system load and the correctness of the data provided by the trader.
Team that worked on the article
Anastasiia has 17 years of experience in finance and content marketing. She believes that informational support and expert opinion are greatly important for novice investors’ and traders’ success. She is ready to share her knowledge of Forex, stock, and crypto trading and help select proper investment products and strategies for active/passive earning.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).