8Max Trading is a company that seems too good to be true on a first glance. And since the first impressions count, in this case, we had to wonder how 8Max manages to achieve so much in such little time. As a result, this 8Max Trading review was created. We should note that we are not at all satisfied with what we discovered. 8Max Trading definitely tries hard to hide many suspicious facts about its origin and daily business operations.
The company is based in Vanuatu, which is an off-shore area popular among unregulated brokers. They also claim to provide the trading services for the clients across the globe, which is quite strange considering the lack of any type of licencing. In this review, we will list this and other important features that seem suspicious to us.
Quality of Service
One of the clearest signals of the good quality of service of any trading company is its platform. In the case of 8Max Trading, the platform is MT4 and customizable to any operating system or device, which is a must in this day and age. Also, the platform outlook is quite appealing and user-friendly, without unnecessary clutter or flashy ads.
At this platform, you can trade around 100 CFDs, currency pairs, commodities and energies. The leverage can go up to 1:1000 depending on the account type that you have. Also, the spreads are promised to go as low as 0 pips, which is great! A bit too great, if you ask us. The huge leverage compared with low spreads is quite a big risk to take. And although that could pay out quite well, it can create big damage to your account in case you lose.
Speed of Response
At a very first glance, it is quite clear to us that 8Max Trading does not care that much about keeping in touch with the clients. Namely, there is only one option of contacting them and that is by writing them an e-mail. There is no live chat option or even a phone number. This way, the response can take twice as long to be received, since there is only one channel of communication available, after all. They could definitely use some improvements in the customer support area.
When you wish to deposit or withdraw your money from your account at 8Max, you will be quite discouraged when you learn about the waiting times for these requests. First, there is a 24 hour waiting period for any request that you make. Their team takes this time to verify your information and confirm your identity, which is standard. However, the processing times can vary depending on the payment method you choose, and they are quite disappointing, to say the least.
There is a clear difference between the domestic and foreign requests for transactions. While the first ones take around 1 to 5 business days, the overseas ones take a lot longer – from 2 to 10 business days. Furthermore, the withdrawals are only possible through a single payment method and take up to 12 days to be processed. Overall, this is not at all efficient.
The commissions and fees are a standard due that you will have to pay for different moves that you wish to make while trading. At 8Max Trading, however, these fees are a lot bigger without any valid reason. Namely, the biggest soar in our eyes is the fact that you are required to pay 50% of your monthly profits in case you are using JPY as you base currency! This is quite ridiculous and unnecessary. Especially when you think about the fact that different account types here do not require any additional payment, even the larger ones.
Since 8Max Trading is based in a well-known off-shore area, it is pretty evident what their regulation and licencing information are. Namely, the company only lists Red Blue Systems Ltd. as the company of their origin. There is no other data available about their licencing or the regulatory body that is assigned to guide them, which sends a pretty clear message. And the message is – you can never know what you’re in for with an unregulated broker such as 8Max.
Variety of Payment Options
If you wish to fund your account, you can only use two options – credit cards or the bank wire transfer. We should also note that the minimum deposit amount for credit cards is $500, which is quite a lot. As for withdrawals, there is only one option available, which is the telegraphic transfer.