Eightcap Challenges: A Broker-Backed Prop Firm, Open Worldwide and in the US

Eightcap Challenges is the prop trading arm of Eightcap, a broker group based in Melbourne. It launched on 17 November 2025, and it sells to almost every country: its FAQ restricts 27, and the United States isn't one of them.

That makes it one of the few forex and CFD challenges that says yes to Americans in plain words, on its own site. Here's what it sells, who's behind it, and what to check before you pay.

Who's behind it

Eightcap's Australian company dates to 2009 and has held an ASIC licence since 2011. The group is also authorised by the FCA in the UK and licensed by CySEC in Cyprus, and we found each of those on the regulator's own register. Eightcap says it holds further licences in the Bahamas, Seychelles and Mauritius.

The challenges are sold by Eightcap International Ltd in Seychelles. Eightcap's own footer says they're simulated, educational products that fall outside its licences, which is true of every prop challenge. What the broker adds is experience: before launching its own brand, Eightcap supplied MetaTrader access to other prop firms, and it says it powered more than 300,000 challenges for 40 brands between 2021 and 2024.

The challenges

There are three kinds. Two Phase and One Phase are classic evaluations: hit a profit target within the loss limits, then trade for payouts. Both are one-time fees, with no monthly charge and no time limit, for $5K to $200K accounts.

• Payouts every 14 days, or every 7 or 3 days with paid add-ons. The profit split is 80%, or 90% with an add-on, and the minimum payout is $100.
• Leverage is 1:100 on forex, 1:30 on indices, 1:20 on commodities and 1:3 on crypto.
• No time limit. The only clock is the inactivity rule: 30 days without a trade closes the account.

The third is unusual. Day Trader Challenges give you a fixed $10K simulated account for 1, 2, 4 or 8 hours. You pick a stake from $5 to $500 and a multiplier of 2x, 5x or 10x, then try to reach a dollar profit target before you hit a dollar drawdown. On the 1-hour 10x version, for example, you need $99 of profit before you lose $17. Pass, and you're paid your stake times the multiplier, up to $5,000, in crypto.

What's new in 2026

• February: Two Phase targets dropped to 9% and 5%, from 10% and 8%, for accounts opened from 23 February.
• July: the challenges went live on TradingView, alongside MT4, MT5 and TradeLocker.
• Day Trader: the maximum stake is now $500, up from $250 at launch.
• Next: in a May 2026 interview, the head of Eightcap Challenges, Adam Bock, said futures are coming, calling them "a big priority for our US market". They aren't on the site yet.

Where you can buy it

Americans can buy One Phase and Two Phase on TradeLocker or TradingView. Eightcap's FAQ rules out MT4 and MT5 for US residents, and the checkout enforces it: from a US connection on 1 October 2026 it listed all 50 states plus DC and offered only those two platforms. Switching the country to the UK added MT4 and MT5.

The Day Trader FAQ lists MT4, MT5 and TradeLocker only, so if you're in the US, check which platform you're offered before you pay.

Outside the US, the restricted list is short: 27 countries, mostly sanctioned or high-risk ones such as Russia, Iran and North Korea.

The code: USA20

USA20 takes 20% off One Phase and Two Phase. We applied it at Eightcap's checkout on 1 October 2026: the $5K Two Phase went from $59.00 to $47.20. We also tried every bigger code Google suggests. None beat 20%: the 24% code has expired, and the one sold as 25% gives 20%.

Before you buy

• Each payout has a cap: 5% of the account per cycle on One Phase, 10% on Two Phase. Profit above it is forfeited when the account resets.
• One big day doesn't count in full: on Two Phase, no single day may exceed 50% of the target or payout request. On One Phase, the limit is 30% of the payout request.
• No trading around high-impact news: trades within 10 minutes either side of a high-impact release lose their profit.
• ID check once your payouts pass $1,000 in total.

Bottom line

A broker-run challenge with one-time fees, no time limit and a short restricted list. For Americans, it's one of the best-verified forex options we list, as long as TradeLocker or TradingView suits you. The full review has every rule.