Eight Max Trading is a Forex broker located in Port Vila, the harborside capital and main hub of Vanuatu, on Efate Island. There is not much information about this broker on the website, except that it is a part of Red Blue Systems Ltd.
What it aims to achieve is meet the needs of clients, share knowledge and ideas to help you make progress and continuously improve service. With this broker, you can trade currency pairs and CFDs, commodities, indices, precious metals, and energies. So, if 8Max Trading managed to achieve everything, we will have one good broker.
The first thing is a responsive website. The design is just fine, it has everything clients need and that is enough. But there are some errors. You can choose between three languages — English, Japanese and Chinese. The thing is when you choose English half of the website will still be in Japanese. So, good luck with finding all the necessary information if you are not familiar with this language.
When it comes to accounts, there are three of them. Standard Account, MAM Account (Multi Account Manager), and 8MAXZero Account. There are three things that are the same for each account. Contract size is 1Lot = 100,000. Maximum open/pending orders per client are 200 positions and the minimum trade volume is 0.01Lot.
Now, let’s see what you get within each of these accounts. With Standard one, you can 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. Spread on all majors are as low as 1 Pip and you don’t have any commission. Lot restriction per ticket is 100Lot and the minimum deposit is $5.
MAM Account is a little bit different. First of all, you can use the only JPY as a base currency. The leverage is 1:1000 no matter the amount you deposit, and the commission is 50% of trading profit every month. Lot restriction per ticket is 50Lot and the minimum deposit is ¥30,000.
Lastly, we have an 8MAXZero Account that accepts USD, EUR, and JPY. The leverage is the same as with Standard Account and spread on all majors is as low as 0 Pip. You will have to pay commission, but 8Max Trading did not point out how much. Lot restriction per ticket is 50Lot, the minimum deposit is $100, and the transaction fee will be charged (the amount is not specified).
This account selection sounds excellent. You have enough options and trading conditions are good. But there is one problematic thing. The minimum deposit for the Standard Account is $5. At least that’s what Eight Max Trading wrote on the Account page.
Things are a little bit different when you go to the deposit section. You will see that 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.
The only way to deposit $5 is with Domestic Wire Transfer. So, that minimal deposit amount from the beginning is just a psychological marketing trick, that will influence people to open accounts.
What 8Max Trading also offers are bonuses. The opening account bonus is still in preparation, so you cannot count on it. There is a Deposit Bonus, that is applicable to deposits from $5, but you cannot receive this bonus with Standard Account. So, in other words, they are not applicable to $5 deposits and this is another trick.
Trade bonus is the third one and it is also still in preparation. Lastly, there is a Zero Fees on Deposit Bonus. This is an automatically applied bonus and there isn't any particular information regarding it, so I can only assume it is applicable to every deposit, no matter the amount.
Platform and Execution SCORE: 90%
An excellent thing about Eight Max Trading is that it provides an MT4 platform. This is not the most innovative solution, but it is one of the best choices brokers can make. MetaTrader is customisable platform that always works flawlessly.
Besides, you can choose where you want to trade. There is an option to download it for PC/MAC, Apple/Android, or iPad/Android Tablet. This way you can trade no matter the place or time.
Withdrawal Speed SCORE: 60%
As a deposit method, you can choose several options. Credit Card (base currency options are USD and JPY), the minimum deposit amount is $300 and there are charges for remittance in USD. There is a possibility to use Wire Transfer, also. For domestic transfers, the minimum deposit amount is $5, and you pay for transfer fee only. The waiting time is 1 to 2 business days.
For overseas remittance, the minimum deposit is $300, and you have to pay a $3 fee to 8Max plus charges for remittance. The waiting time is 2 to 10 business days. This is a lot, I have to say since deposits are usually instant.
When it comes to withdrawals, the only option you have is Telegraphic transfer. Base currencies are USD and JPY, the commission is from $5 to $30, the minimum withdrawal amount is $5, and the waiting time is 1 to 12 business days.
Of course, you will have to upload all documents for verification before you request a withdrawal. The process is easy. Once you upload documents, you have to select the desired amount and send a request. Eight Max Trading needs 24 business hours to approve your request.
This is a lot since we are talking about business hours (ordinary business hours at 8Max Trading are from 09:00 to 21:00 (Japanese time) and the broker is closed on Saturday, Sunday, and public holidays). That is basically two or more days of waiting just for approval.
I cannot say I am fully satisfied with this part since the withdrawal speed is not good at all. But, on the other hand, this broker provided different deposit methods, so I have to take that into consideration also.
Support and Assistance SCORE: 10%
So far, this is the part that I dislike the most. In the beginning, there was a statement that Eight Max Trading always provides high-quality service. I assumed this service includes support and assistance, but apparently, I was wrong.
There aren’t many ways to contact them. The only method is email. So, you can forget about instant answers with phone calls or Live Chat. There is a FAQ page, but it doesn’t have a lot of information. So, the only thing you can do is send an email and hope someone will reply fast.
Education and Tools SCORE: 20%
Education is something every broker has to provide to its clients. Since Eight Max Trading said they share knowledge and ideas so people can progress, I expect to see a lot. There is a section called For Beginner and inside you can find some educational articles that cover the most basic things like what is FX, how to start a transaction or you can do a free demonstration of the MT4 platform.
This is a good start, but unfortunately, this is also the end when it comes to the education section. Eight Max Trading does not provide anything else. There is a News part, but it is useless since the latest post was published in 2018.
Unfortunately, this broker did not fulfill my expectations. This Eight Max Trading review started good, but soon after the irregularities appeared. Also, this broker doesn’t have a license, customer support is not on a satisfying level and there is no proper education. So, I am sure you can find a better broker who will respect your time more.