8Max Trading is a company that was established just over 2 years ago, in 2018. It is based in Vanuatu, which is a largely popular off-shore area for brokers that are trying to use loopholes and other tricks to scam their clients. 8Max is no different, which is evident for many reasons.
The broker is owned by a private company called Red Blue Systems Ltd. This company is relatively unknown, and we couldn’t find any specific information about it, which is another sign of trouble. That’s why we created this 8Max review, so we could present you with all the important features of this broker and you can make a smart trading decision based on the facts.
Quality of Service
The quality of service of any broker company can be determined through many features. For starters, let’s take a closer look at the trading platform and see what it is all about. The platform is MT4, which is somewhat strange for an unregulated broker. It is customizable to any device or operating system, which is quite encouraging. Next, it loads quickly and runs smoothly without any delays, which is also necessary.
On 8Max Trading platform, you can find around 100 assets including CFDs, currency pairs and commodities. The spreads could go as low as 0 pips, depending on the account type that you choose, of course. There are also many trading and analytic tools available, such as charts, trading signals and indicators. This type of platform promises the utmost security for you and your funds.
Speed of Response
The customer support at the 8Max Trading is organized quite poorly. Namely, they can only be reachable through the e-mail. That’s right! It seems that they didn’t even try to bother to include the live chat or the telephone option, which gives the clients a much wider selection. Also, there is the Frequently Asked Questions page, where you can try and find the answer you are looking for in the absence of a friendly and efficient customer support team.
The speed of processing your deposit and withdrawal request is not at all admirable. Their team takes about 1 to 5 business days for domestic requests, while the overseas transfers could take much longer – from 2 to 10 business days. The only option for withdrawals is to wait up to 12 business days since there is only one payment method available.
There is also a 24 hours waiting period for any payment option that you choose. Their team takes this time to verify the accuracy of your identity and information, which is standard.
The commissions and fees that come with trading with 8Max are quite high if you ask us. First, there is a standard minimum deposit amount, which in this case is quite low – only $5. However, they take a 50% commission on your trading profits a month! This is quite disgraceful and unnecessary. It seems to us that generosity at 8Max goes only to a certain extent, and they take a lot more than they give.
Also, we should note that there are different fees which come depending on the account type of your choosing. Namely, the MAM account is the only one that comes with outrageously large commissions, which the standard and the 8MaxZero account come with no ridiculous fees of any kind.
First, we should note that the company claims that it provides services to the clients worldwide, with the exclusion of the United States, Canada and Israel. This is a huge red flag, especially considering how strict and demanding the US market is. There is no licencing information available, which makes us conclude that this company does not own any type of licence at all.
This is quite a concerning fact which you should always keep in mind since trading with an unregulated broker is always a gamble. If the worst happens during your trading, there is no regulatory body to turn to and get justice.
Variety of Payment Options
There are only 2 payment options available for making a deposit to your account at 8Max Trading. Those include credit cards and bank wire transfer. Each comes with different strings attached, which you should also watch out for. For credit cards, the minimum deposit amount is $500 and there are only 2 currencies available – USD and JPY.
On the other hand, the bank wire transfer option takes quite a lot of time to be processed. Finally, the withdrawals only give you a single banking option, which is the telegraphic transfer. The wait is quite long here – from 1 to 12 business days, and the fees go between $5 and $30 based on the amount you wish to take from your account.