A comprehensive 8MAX trading review
8MAX is Forex and CFDs broker registered offshore, in Vanuatu. It offers trading currency pairs and CFDs on various assets such as commodities, equity indices, precious metals, and energy on the MT4 trading platform. Anyone willing can open an account with 8MAX Forex broker as it accepts traders all around the world. There are only three countries where the broker is not operating – The United States, Canada, and Israel. With just one glance traders might think that the broker is offering the best conditions possible, the minimum deposit as low as 5 USD, leverage as high as 1:1000, and 100% + 20% bonus on deposit. But before you will be amazed by this offerings and decide to start trading with the broker it is worth to read this detailed 8MAX review as the reality behind this offerings is not as good as it seems on the front page of the broker.
Is 8MAX legit broker?
The main question you should ask yourself when you want to choose the broker is how legit it is. According to the information given on the website, 8MAX is the trading name of the company Red Blue Systems Ltd. The company is registered in Vanuatu, an offshore country which is a long time known as the haven of the scam brokerages. 8MAX claims to be regulated by the local financial authority, but there is no license number mentioned on the website which makes us doubt the information. Moreover, the website of the Vanuatu Financial Services Commission does not allow visitors to check information about regulated entities, which underlines how bad the regulator itself is. Hence, there is a big probability that the broker is giving false information about being licensed and regulated and 8MAX scam might be real.
I cannot think of any trader that might have a good first impression on the broker based on its website. Let’s start from the beginning. The design of the website looks very sketchy and poor with black, blue, and red colors. It seems like the broker has dedicated too little time on developing it. The technical side of the website is not impressive as well, the arrangement does not make sense and the navigation is pretty hard. The content placed on the website is very limited. The offerings and features of the broker are not described well which leaves a lot of questions. The broker’s website can be viewed either in English or in Japanese, it makes us think that the broker is mainly targeting traders from the European countries and Japan. However, 8MAX is not authorized to provide services to any of these countries and hence is operating illegally. When making 8maxtrading.com review I came across to multiple pages where some of the content in English and some of them is Japanese. Some of the pages are unfinished and some does not work at all. It once again states that 8MAX does not really care for creating a good website for itself.
Trading with 8MAX FX brokerage
On the first page of the website, the broker showcases “why 8MAX is chosen.” According to the broker it is licensed and regulated, is commission free, has leverage up to 1:0000, offers MT4 trading, negative balance protection, trading products, a variety of platforms, and bonus up to 5000 USD. Some of them are true, but some of them is misleading information that points out 8MAX trading fraud.
We have already found out that 8MAX does not have a license as if it had one it would showcase the number of it on the website. Even if it is regulated the regulator would be the financial authority of Vanuatu which is considered to be the least trustworthy regulator.
There is no information about negative balance protection and the link directs one to the account type description. Traders are not able to check it and need to trust the broker on the word. But can 8MAX be trusted when it simply claims something on the website?
8MAX does offer MT4 platform for trading but does not have any other platform available and “a variety of platforms” simply refers to MT4 compatibility with multiple devices.
As for the leverage, it is as high as 1:1000, however, the broker allows limited leverage for MAM account, where traders can only use 1:100 leverage.
There is no indication on the website that the broker has any commissions on trading. The only commission is for the MAM account. The commission is higher than one can find with other brokerages as it is 50% of the profits made during the month. There are commissions on deposit and withdrawal as well.
8MAX withdrawal and payment methods
The broker has a strangely designed deposit and withdrawal policy. There are more payment methods available for depositing funds than for withdrawing them. The brokers usually do not allow traders to deposit and withdraw money with the different payment methods, however, it is impossible with 8MAX. It significantly lowers 8MAX rating. One can deposit funds on the trading account using a debit/credit card, wire transfer, Bitcoin, and i-Account. While the minimum deposit is 5 USD, it is only possible to deposit 5 USD if one is using a VISA card. Otherwise, a minimum deposit limit is higher. There are transfer fees, exchange fees, remittance fees and broker’s commission applied on almost every payment method.
As for the 8MAX withdrawal, the only possible ways to withdraw the money is to use telegraphic transfer or i-Account. For the bank transfer, the withdrawal commission is up to 30 USD and the processing time is up to 12 business days which is a very long period for withdrawal. Withdrawing money using i-Account is faster, it takes 3 business days as the broker claims and there is 3 USD commission.
8MAX bonus offerings
Another thing that the broker is showcasing a lot is bonuses. 8MAX offers a deposit bonus up to 5000 USD and 5000 Yen welcoming bonus which is 46 USD. Unfortunately, there is no additional information about the 8MAX welcome bonus. The link to the bonus redirects to the bonus page which is in preparation.
Another bonus that the broker is offering is the deposit bonus. Traders can get 100 percent bonus if they will deposit up to 500 USD, and an additional 20% if they will deposit more. However, there is no information about the bonus policy or withdrawal of it. There is terms and conditions link on the same page but it is not working hence traders cannot check what the broker is offering and how legitimate it is.
Can 8MAX trading be trusted?
Unfortunately, 8MAX trading is not a legit broker. It is an offshore brokerage that is not regulated and offers services in the countries where it does not have a license to operate. The brokers have put a lot of misleading information about the features and services to somehow trick traders into investing with the broker. It claims to be customer oriented but both the website and the services are designed in a very bad way. There are no 8MAX opinions made by customers that would show how trading is like with the broker. It is not worth your time and money to trade with 8MAX as you might find yourself scammed.