Detailed 8MAX trading review shows if the broker is legit or not
We all know the phrase “too good to be true” but have you hear the phrase too bad to be true? This is what can be said about 8MAX trading Forex broker. 8MAX is Forex and CFD’s broker that is offering to trade with currency pairs and CFD’s on commodities, equity indices, precious metal, and energies. The broker provides trading services to the residents of almost every country except the United States, Canada, and Israel. The company that operates brokerage is Red Blue Systems Ltd which is registered in Vanuatu. The broker is offering very low minimum deposit – 5 USD for the standard account and high leverage which is up to 1:1000. This might sound great for some traders out there that can be blinded by the possibility of making profits with such a lot minimum deposit and high leverage. Moreover, the broker offers bonuses up to 5000 USD. While it might sound great one that will be lured with these offerings might find himself trapped in 8MAX trading scam. This review will give you insight into the features of the broker and show you why it cannot be trusted.
Can 8MAX be trusted?
This is truly a rhetorical question. The brokerage is registered in Vanuatu, those who know anything about Forex industry are well aware that it is a country where the majority of scam brokers are registered. On the front page of the website the broker claims to have a license from the financial authority of Vanuatu, however, there is no license number mentioned that indicates that 8MAX is not regulated by any financial authorities. This fact does not stop the broker from offering unauthorized services to the worldwide audience. The main target for the broker is the residents of Europe and Japan as the only two available languages on the website are English and Japanese. Considering that the broker does not have a right to operate on the European or Japanese Forex markets we can confidently answer a question is 8MAX legit broker? Unfortunately no.
Scam brokers do not spend too much time, energy on money in creating a good website, simply because sooner or later when their scam is revealed they will have to rebrand themselves. 8MAX trading website is not an exception. The website does not work well, some of the pages are not available such as “about us” page, the content on the pages are not distributed well and even if you set English as a website language you will still see a lot of Japanese content. While making 8maxtrading.com review I was not pleased with the design as well. The main colors used on the website is black, blue and red and the pages are loaded with stock photos. Contentwise, there is not much to see on the website, there are several general articles about Forex trading and very limited information about the features of the broker. However, 8MAX took its time to showcase the bonus offerings in every possible way and the biggest part of the website is covered with them.
8MAX account types
Traders have the possibility to choose from three types of accounts that 8MAX is offering. The minimum deposit is 5 USD for a standard account and the base currency options is USD and JPY. For the MAM account, the minimum deposit is 30,000 JPY and base currency option is limited to JPY only. The leverage is also lower for this account and is 1:100. The commission for this account is too high, it is charged monthly and is 50 percent of the profits that were made. Such a high commission reduces the 8MAX trading rating significantly. The other type of account is 8MAXZero, it can be opened with a minimum deposit of 100 USD.
8MAX trading bonus offerings
As mentioned above, the broker does not miss a chance to showcase the deposit bonus. At the end of the website, the broker also shows a welcoming bonus, however when you click on it there is no information. Currently, there are two 8MAX trading bonuses available 100% bonus on deposit + 20%. 100% bonus can be acquired by depositing up to 500 USD on the account. If a trader deposits more than 500 USD he will be able to get a 100% bonus on 500 USD and another 20% on the amount left. In total, one can get a 5000 USD deposit bonus if deposits 23,000 USD. According to the broker it takes up to 3 business days for the bonuses to be reflected on the trading account. There is no additional information about deposit bonus such as what are the requirements and so on. 8MAX links the terms and conditions of the bonus, however, the link does not work and returns the visitor on the bonus page again. I would not suggest anyone get a bonus from the broker without knowing what are the conditions of using it. Especially when 8MAX scam seems to be actual.
8MAX has a very badly designed withdrawal policy. First things first, there are more deposit methods available with the broker than withdrawal methods. Usually, the brokers have a strict rule that makes it impossible for the traders to withdraw the money using any other payment methods except the one that was used for depositing the funds. It is restricted due to legal issues. However, it does not seem to be the case with 8MAX. While one can use a debit/credit card, wire transfer, Bitcoin and i-Account for depositing money, the only available payment methods for withdrawal is wire transfer and i-Account.
8MAX withdrawal might take you up to 12 business days if you are not living in Vanuatu. Meaning that it might take you up to 19 days to withdraw your funds if you will make a request on Thursday. As the broker will need one day for processing your request and another 12 business days to transfer the money, in this case, you will receive the money on the third week after making the request. There will also be charges for transfer and the withdrawal fee 30 USD.
Another thing that keeps us thinking about 8MAX trading fraud is the customer support or the absence of it. There is no live chat available on the website which is the most convenient way to get assistance from the broker for all the traders around the globe. You can hardly find a legitimate broker that does not have this feature. 8MAX does not display contact number as well, meaning that the traders are unable to contact the broker directly. The only way to get support is an email. However, you cannot trust it much if you think about the emails you have left unanswered. The broker might simply skip your email and not bother itself if you have any issues and after making an 8MAX trading review it makes me think that customers will have a lot of issues with the broker.
8MAX trading opinion
There is nothing about the brokerage that would make it even a little bit legit. The broker is registered in Vanuatu but does not have a license. It has a poorly designed website and services. There is no information about terms and the conditions of using the bonus that is featured on every page of the website. The withdrawal process is too slow and inconvenient as there is a lack of payment methods. The broker does not give the traders the possibility to contact the support team with more convenient methods rather than an email. The list goes on and on, which gives us a very negative 8MAX trading opinion. Clearly, the broker is not legit, and there is a big possibility that 8MAX is leading a scam. Hence, any trader will be better off avoiding 8MAX at all cost.