Eight Max Trading Review 2020

General Information

Website URL: https://8maxtrading.com/

Founded: 2018

Regulation: n/a

Languages: English, Chinese, Japanese

Deposit Methods: Credit/Debit Cards, Wire Transfer

Minimum Deposit: $5

Free Demo Account: No

Types of Assets: Currency Pairs, CFDs, Commodities, Indices, Precious Metals and Energies

Eight Max Trading is a Forex broker from Port Vila and it belongs to the Red Blue Systems Ltd. If you become a registered user, you have a possibility to trade currency pairs and CFDs, commodities, indices, precious metals, and energies.

Trading Platform

Eight Max Trading provides an MT4 platform. This is a platform that you can visually customise and it will always be responsive. Also, there is an option to download it for PC/MAC, Apple/Android, or iPad/Android Tablet. 

So, with MetaTrader you can trade no matter the place, using your phone.

Account Types

At Eight Max Trading, you can choose between three accounts. Standard Account, MAM Account (Multi Account Manager), and 8MAXZero Account. The contract size for each of these accounts is 1Lot = 100,000. Maximum open/pending orders per client are 200 positions and the minimum trade volume is 0.01Lot.

Of course, all other things are different. If you choose Standard Account, you have to use USD or JPY as a base currency. Leverage is different depending on the amount you deposit, for $5 to $20,000 leverage is 1:1 to 1:1000. For $20,001 to $100,000 leverage is 1:1 to 1:1200 and for $100,001 or more leverage is 1:1 to 1:1000. Lot restriction per ticket is 100Lot and the minimum deposit is $5.

With a MAM Account, you can use the only JPY as a base currency. The leverage is 1:1000 always and the commission is 50% of trading profit every month. Lot restriction per ticket is 50Lot and you have to deposit at least ¥30,000.

The third account is 8MAXZero Account and if you choose it, you can use USD, EUR, and JPY. There is a commission for this account, but this broker never specified the exact number. Lot restriction per ticket is 50Lot and the minimum deposit is $100.

I am satisfied with the account selection, but there is one other thing that disappointed me. The minimum deposit for the Standard Account is $5. But the thing is, you can only deposit $5 if you use Domestic Wire Transfer. Due to limitations on the system, in the case of electronic remittance including credit card, Moneybookers, etc., the minimum deposit amount for Standard Account is $300.

So, the actual minimal deposit is $300 and not $5. I wouldn’t mind this if 8Max Trading was honest from the beginning, but since they try to trick potential clients, this is a huge disappointment.

Customer Support

When it comes to customer support, we have to say it is below all of our expectations. The support and assistance section includes just an email. There is no way to get an instant reply since Live Chat and phone lines do not exist.

There is a FAQ page, but the questions are very limited, and chances are low that you will find something there.

Deposits and Withdrawals

There are two deposit methods: Credit Card and Wire Transfer. If you go with a Credit Card base currency options are USD and JPY and the minimum deposit amount is $300.

For Wire Transfers, you have domestic and overseas options. Domestic transfers require the minimum deposit amount of $5 and the waiting time is 1 to 2 business days. On the other hand, overseas remittance requires the minimum deposit of $300, and you have to pay a $3 fee to the broker plus charges for remittance. The waiting time is 2 to 10 business days which is too much since we are talking about deposits.

For withdrawals, there is only one option and it is Telegraphic transfer. Base currencies are USD and JPY, you need to pay a commission from $5 to $30 and the waiting time is 1 to 12 business days.

Once you decide to withdraw funds, Eight Max Trading will ask for some documents. You need to upload them and wait for 24 business hours for the broker to approve them. 24 hours doesn’t sound a lot, but we are talking about business hours (8Max Trading business hours are from 09:00 to 21:00 (Japanese time) and the broker is closed on Saturday, Sunday, and public holidays). This means you need to wait for more than two days just to see if they accepted your documents.

Education

Education is another thing we do not like about Eight Max Trading. In the beginning, this broker claimed that it shares knowledge and ideas so people can progress. Well, the only shared knowledge is in the section called For Beginner. There are three articles inside what is FX, how to start a transaction or you can do a free demonstration of the MT4 platform and that’s it.

Eight Max Trading does not provide anything else. You can find the News section, but don’t get too excited. The last post was published in 2018.

As you can see in this Eight Max Trading review, this is not a broker we can recommend. You can find much better options out there and we advise you to continue your search.