What is 8xTrade？
8xTrade is an online trading platform that is designed to cater to the needs of professional traders. It offers a wide range of trading tools and features to support effective trading. With 8xTrade, traders have access to financial news directly on the platform. The platform aims to provide unlimited earning opportunities for traders by offering a diverse range of trading instruments.
While 8xTrade emphasizes its commitment to safety and security, it's important to note that currently, it does not have a valid regulation in place.
If you are interested, we invite you to continue reading the upcoming article where we will thoroughly assess the broker from various angles and present you with well-organized and succinct information. By the end of the article, we will provide a concise summary to give you a comprehensive overview of the broker's key characteristics.
Pros & Cons
Pros of 8xTrade:
- Range of trading instruments: 8xTrade offers a diverse selection of trading instruments, including currency pairs, stocks, and commodities. This allows traders to diversify their portfolios and explore various market opportunities.
- Multiple trading platforms and mobile apps: 8xTrade provides traders with the flexibility to access their trading accounts through various platforms and mobile apps. This enables them to monitor their positions and make trading decisions on the go.
- Demo accounts available: 8xTrade offers demo accounts, which allow traders to practice their trading strategies and familiarize themselves with the platform without risking real money. This can be beneficial for novice traders or those looking to test new strategies.
- Acceptable minimum deposit: 8xTrade has an acceptable minimum deposit requirement of $10, which can be advantageous for traders with limited capital or those who prefer to start with smaller investments.
Cons of 8xTrade:
- Not regulated: 8xTrade currently lacks valid regulation, which raises concerns about the platform's credibility and oversight. The absence of regulation means there may be limited investor protection and recourse in case of issues or disputes.
- Regional restrictions: 8xTrade has regional restrictions including the citizens and/or residents of the USA and to the residents of the following countries: Canada, Switzerland, Australia, Israel, Palestine, Japan, Sudan, Syria, Iran, North Korea, Republic of the Marshall Islands, Puerto Rico, Liberia, New Zealand, the Russian Federation and/or any country of the European Economic Area (EEA), preventing some potential traders from accessing their services. This can limit the platform's availability to a specific geographical area.
- Limited communication channels: 8xTrade has limited communication channels (email and Facebook) for customer support or inquiries. This can make it challenging for traders to seek assistance or resolve any issues they may face.
Is 8xTrade Safe or Scam？
8xTrade asserts that it implements Anti Money Laundering (AML) and Know Your Customer (KYC) policies to safeguard trading safety. However, the absence of valid regulation means that there is no governmental or financial authority overseeing their operations, posing potential risks for investors. Before considering investment with 8xTrade, thorough research and careful consideration of the potential risks versus rewards is crucial.
Generally, it is advisable to invest with well-regulated brokers to ensure the protection of funds. Without regulation, those managing the platform can potentially abscond with investors' funds without being held accountable for their actions, and they could potentially vanish without warning.
Market Instruments
The trading instruments offered by 8xTrade include a variety of options across different asset classes.
Currency Pairs: 8xTrade provides trading opportunities for currency pairs such as EUR/USD, GBP/AUD, and CAD/CHF. These pairs allow traders to speculate on the exchange rate movements between two different currencies.
Stocks: 8xTrade offers stocks from popular companies like Tesla, Spotify, and Alibaba. Traders can buy or sell shares of these companies in order to profit from changes in their stock prices.
Commodities: 8xTrade provides trading opportunities for commodities such as gold and oil. Traders can take positions on the price movements of these commodities, allowing them to potentially profit from changes in supply and demand dynamics.
Accounts
8xTrade offers two different types of accounts, live accounts and demo accounts.
Live Accounts:
Traders can open live accounts with 8xTrade on their official website. To create an account, traders need to input their email, country, and a password. The minimum deposit required to open a live account is $10. With a live account, traders can start trading with real money and access the full range of trading instruments offered by 8xTrade.
Demo Accounts:
8xTrade also provides demo accounts for traders who want to practice and familiarize themselves with the platform before trading with real funds. Demo accounts simulate real market conditions using virtual funds. These accounts can be used to practice trading strategies, test the performance of the trading platform, and gain experience in executing trades. Unlike live accounts, demo accounts do not require any deposit or involve any real money risk.
Trading Platforms
8xTrade offers a variety of trading platforms to cater to the diverse needs of its clients. The trading platforms provided by 8xTrade are designed to offer a seamless and user-friendly trading experience.
Windows Application:
The Windows application is a downloadable software that can be installed on computers running Windows 7, 8, 8.1, or 10 operating systems. It provides a comprehensive trading environment with advanced features and tools. Traders can access real-time market data, execute trades, analyze charts, and manage their accounts efficiently using this platform.
macOS Application:
The macOS application is specifically designed for Apple users and can be installed on computers running OS X 10.10 Yosemite or newer versions. Similar to the Windows application, it offers a range of functionalities tailored to meet the requirements of macOS users. Traders can monitor market trends, execute trades, and access various trading tools seamlessly through this platform.
Mobile App for Android:
8xTrade also offers a mobile trading app for Android devices. This app is compatible with Android 4.4 or newer versions, allowing traders to access their accounts and trade on-the-go. The mobile app provides a user-friendly interface, real-time market data, advanced charting tools, and order management capabilities, enabling traders to stay connected and make informed trading decisions at any time.
Web-Based Platform:
Apart from the desktop and mobile applications, 8xTrade also provides a web-based platform that can be accessed directly through a browser. This platform offers the flexibility to trade without the need for any software installation. Traders can log in to their accounts, access real-time market quotes, place trades, and manage their portfolios from any compatible browser with internet access.
Fees
8xTrade charges various fees for different services and circumstances.
Withdrawal (Bank Transfer) Fee:
When you withdraw funds through a wire transfer, there will be a fee of $31 or the equivalent in another currency, depending on the country. It's important to note that you cannot withdraw less than 2 euros or the equivalent in another currency.
Withdrawal Fee for Payment Systems:
Depending on the country, there are additional fees for withdrawing funds via payment systems. These fees can vary, so it's advisable to check with 8xTrade or refer to their documentation or support resources to learn more about the specific fees associated with your chosen payment system.
Inactive Account Fee:
8xTrade reserves the right to charge an Inactive Account fee of EUR 10 if a client's account remains inactive for 90 consecutive calendar days or more. This fee is deducted monthly from the client's account balance until the account becomes active again.
Deposits & Withdrawals
8xTrade offers a range of convenient and secure deposit and withdrawal methods for its clients. Traders can choose from various funding options offered by 8xTrade, including popular banks in Thailand such as Krung Thai Bank, Bank of Ayudhya, Bangkok Bank, Siam Commercial Bank, Kasikorn Bank, Thanachart Bank, UOB, and CIMB Thai Bank. It also supports VISA and mastercard.
Each funding method has different minimum deposit and withdrawal amounts, as well as varying commission fees. To get detailed information about the specific details for each funding method, traders can visit the 8xTrade website and go to the “Deposits & Withdrawals ”section. There, they will find comprehensive information regarding the minimum deposit/withdrawal amounts, commission fees, and any additional instructions or requirements for each funding method. Trader also can directly click: https://8xtrade.com/en/payment-methods/deposits and learn about the details of each funding method.
Customer Service
Customers can visit their office or get in touch with customer service line using the information provided below:
Email: support@8xtrade.com (24/7)
Address: Lighthouse Trust Nevis Ltd, Suite 1, A.L. Evelyn Ltd Building, Main Street, Charlestown, Nevis
Moreover, clients could get in touch with this broker through the social media, such as Facebook.
Conclusion
In conclusion, 8xTrade is an online trading platform that offers a range of products and services for professional traders. Traders can benefit from low minimum deposits and financial news on the platform.
However, it's important to note that 8xTrade currently lacks a valid regulation, which may raise concerns about its credibility and oversight. While the platform claims to have Anti Money Laundering (AML) and Know Your Customer (KYC) policies in place, it's advisable for traders to exercise caution and thoroughly assess the risks associated with trading on an unregulated platform.
Frequently Asked Questions (FAQs)
Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.
In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.
