General Information & Regulation
8888FX is an online broker saying it is registered in UK, with the founding time, actual address, and the company behind it unknown to all. There is no regulatory license details displayed on the 8888FX website, which means this broker is an unregulated one, and the safety of client found cannot be guaranteed.
Market Instruments
Tradable financial instruments available on the 8888FX include some currency pairs only. Other popular trading assets like indices, commodities, stocks, metals are not available.
Minimum Deposit
In terms of minimum initial deposit, 8888FX does not make this part clear. In most cases, brokers would ask traders to deposit at least $100 or even less to start trading.
Leverage
With respect to trading leverage, the maximum leverage level for forex trading is up to 1:500, which is considered high. Since leverage can amplify gains as well as losses, inexperienced traders are not advised to use too high leverage in case of fund losses.
Spreads & Commissions
8888FX advertises that it offers super low spreads, but it does not specify spreads on particular instruments. This is the widely used tactic by unregulated brokers, trying to attract new traders an then scam them.
Trading Platform Available
What 8888FX offers to its traders is not the MT4 or MT5 trading platform. Maybe some web-based or mobile app platform, we have no clue about it.
How Does Scams Work？
The scam really works when the reps of the broker contact the user, either through a phone call or an email address. They will start asking for deposits all the while promising super profit gains. Those that deposit might even get a taste of false gains, whose true purpose is to compel the client to deposit more. These scammers know very well how to manipulate users. Their catalogue of psychological trickery is vast, and their patience is unbreakable.
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