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The WikiFX Score of this broker is reduced because of too many complaints!

8BX.COM

United States|5-10 years|
Suspicious Regulatory License|Suspicious Scope of Business|Suspicious Overrun|High potential risk|

https://www.8bx.com/

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https://www.8bx.com/
The WikiFX Score of this broker is reduced because of too many complaints!

Licenses

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

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Broker Information

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Company Name

8BX.COM宝星环球投资

Company Abbreviation

8BX.COM

Platform registered country and region

United States

Company website

Pyramid scheme complaint

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Warning: Low score, please stay away! 7
Previous Detection : 2024-03-28
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
  • The number of the complaints received by WikiFX have reached 6 for this broker in the past 3 months. Please be aware of the risk and the potential scam!

WikiFX Verification

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Others

Fraud platform!!!

Expose 8BX.COM for severe slippage, induced operations and late arrival of deposits. I lost a lot here. And now my account has been closed. It musty be a fraud platform. You should choose formal platform, stay away from this one

2021-01-06 07:59
Others

Fraud platform 8BX.COM ,which deletes clients' accounts information and pockets their losses,as well as giving no access to deposit

On August 21, 2018, I saw the advertisement of HXPM on a stock market software, which showed some account opening bonus and the income doubled things. So I opened an account and deposited. Some time ago my trade was normal and slightly profitable. During the period, the deposit and withdrawal are also normal. Before the deposit was made through some official payment channel, and later the deposit was changed to a private account. During that time, their customer service often called me and said that the investment instructors in their live room were very powerful. I was misled by the so-called instructor in the platform’s live broadcast, causing serious losses. At this time, the platform suddenly issued an announcement, and then transferred my account to another platform called HXPM International and deleted all my original transaction records. During the period, they also opened several new platforms with various names. They open a new platform as simple as a street vendor, and they don't need regulatory supervision because they simply earn customers' losses, so they change their names to attract new incomers. Now that I have lost all my money, so they shut down my account directly for no reason, so that I can't deposit and can't do any search on my account. I asked the customer service why, the explanation he gave was vague. They did not reply to my emails. If you want to earn back the money, or want to make money, they will not give you a chance. All of the things I said have screenshots to testify. Those who want to make money in the forex market should pay attention to see if you are intending to invest in the website of HXPM. I have no way to protect my rights but WikiFX.

2018-12-02 19:30

    8BX.COM · Company Summary

    Company name 8BX.COM
    Registered in United States
    Regulated Not regulated
    Years of establishment 5-10 years
    Trading instruments Forex, Stocks, Commodities, Indices, Cryptocurrencies
    Account Types Standard, Premium, VIP, Islamic
    Minimum Initial Deposit $100
    Maximum Leverage Up to 1:500
    Minimum Spread Average around 1.8 pips (EUR/USD)
    Trading Platform MetaTrader 4 (MT4)
    Deposit and Withdrawal Methods Credit cards, Debit cards, Wire transfers

    Overview of 8BX.COM

    8BX.COM is an online trading platform operating in the United States. Notably, it lacks regulation, potentially exposing traders to higher risks. With a trading history spanning 5-10 years, the platform offers a diverse range of trading instruments, including forex, stocks, commodities, indices, and cryptocurrencies. It features various account types, such as Standard, Premium, VIP, and Islamic, accommodating different trading needs. A minimum initial deposit of $100 allows accessibility to a broad spectrum of traders. While the maximum leverage of up to 1:500 offers potential for amplified gains, it also entails substantial risks.

    The platform boasts an average spread of around 1.8 pips for major currency pairs like EUR/USD. Operating on the popular MetaTrader 4 (MT4) trading platform, it facilitates trading via credit cards, debit cards, and wire transfers. Withdrawals align with the same methods used for deposits. Despite these offerings, the absence of regulatory oversight in the United States warrants cautious consideration and careful evaluation of potential risks associated with trading on 8BX.COM.

    Is 8BX.COM legit or a scam?

    Investors should exercise caution when considering involvement with 8BX.COM due to several concerning factors. The broker lacks valid regulation, exposing traders to potential risks without regulatory protection. With 6 recent complaints reported to WikiFX in the past 3 months, a pattern of negative feedback raises concerns about the broker's services. Additionally, negative field survey reviews contribute to doubts about the broker's legitimacy.

    Claims of regulatory authorization, including the United States NFA regulation (license number: 0515642) and Australia ASIC regulations (license numbers: 001273788 and 001277959), are under suspicion for being cloned or fabricated. Furthermore, the absence of a trading software platform diminishes the broker's credibility.

    Pros and Cons

    8BX.COM offers a range of trading instruments and account types with a low minimum deposit and potential for high leverage. The platform utilizes the widely recognized MetaTrader 4 platform.

    However, its lack of regulatory oversight in the United States, suspicions of cloned regulatory claims, the lack of a strong track record, the presence of negative reviews, and the absence of regulatory oversight all raise red flags about 8BX.COM.

    Pros Cons
    Diverse trading instruments Unregulated
    Various account types Suspicion of cloned regulatory claims
    Low minimum deposit Negative feedback and complaints
    High leverage potential Limited trading history
    Popular MetaTrader 4 platform
    pros-cons

    Market Instruments

    8BX.COM stands as a versatile trading platform, offering an expansive array of market instruments to cater to a diverse range of trading preferences. The platform encompasses the dynamic world of forex trading, enabling investors to engage in speculative transactions involving currency pairs, capitalizing on fluctuations in exchange rates. Simultaneously, traders can delve into the realm of stocks by trading Contract for Differences (CFDs), facilitating speculation on the price shifts of individual company shares without direct ownership.

    Moreover, the platform extends its reach to the commodities market, empowering users to trade in commodities like gold, oil, and agricultural products, providing a means of diversification and a hedge against economic uncertainties. Beyond this, the opportunity to engage in CFD-based trading of indices permits investors to track and analyze the collective performance of stock market indices, thereby gleaning insights into broader market trends.

    Account Types

    8BX.COM offers a variety of account types to cater to different trading needs and preferences:

    Standard Account: This account has a lower minimum deposit requirement but comes with higher spreads, which can impact trading costs.

    Premium Account: Designed for traders seeking better trading conditions, the Premium Account likely offers lower spreads and potentially additional features.

    VIP Account: Geared towards experienced traders, the VIP Account requires a higher minimum deposit but offers the advantage of lower spreads and access to advanced features.

    Islamic Account: This type of account adheres to Islamic principles, complying with Sharia law requirements by avoiding interest-based activities.

    How to Open an Account?

    To create an account on 8BX.COM, you need to provide essential information, including your personal details such as name, email address, phone number, date of birth, address, citizenship, and preferred funding method. This information is crucial for account verification and security purposes.

    Leverage

    8BX.COM offers traders the opportunity to utilize leverage up to a ratio of 1:500. Leverage is a powerful tool that enables traders to control positions that are significantly larger than their initial investment. For instance, with a leverage ratio of 1:500, a trader could control a position worth $50,000 with just a $100 deposit.

    However, it's essential to exercise caution when using leverage. While it has the potential to amplify profits, it also magnifies the risks. Trading with high leverage can lead to substantial losses if the market moves against the trader's position. Therefore, prudent risk management strategies are crucial, such as setting stop-loss orders to limit potential losses.

     Leverage

    Spreads & Commissions

    8BX.COM employs a variable spread model for its trading instruments. The average spread for popular pairs like EUR/USD is approximately 1.8 pips. Spreads represent the difference between the buying (bid) and selling (ask) prices of a currency pair or other instruments. Lower spreads can enhance trading profitability by reducing the cost of entering and exiting positions.

    One notable aspect is that 8BX.COM does not charge commissions on trades. This means that the main cost of trading primarily comes from the spreads. Traders should consider both spreads and potential market volatility when planning their trading strategies.

    Trading Platform

    The MetaTrader 4 (MT4) trading platform is the backbone of 8BX.COM's trading infrastructure. MT4 is renowned for its widespread use among traders globally, owing to its comprehensive features, advanced charting tools, technical indicators, and automated trading capabilities through Expert Advisors (EAs).

    However, it's worth noting that MT4 might pose challenges for beginners due to its complexity. Navigating through its various functions and tools might require a learning curve. Nevertheless, the availability of online tutorials, guides, and practice accounts can assist newcomers in mastering the platform over time.

     Trading Platform

    Deposit & Withdrawal

    8BX.COM facilitates deposits in several major currencies, including USD, EUR, and GBP. The minimum deposit requirement is set at $100, making it accessible to traders with varying capital sizes. This lowers the entry barrier, enabling traders to participate in the markets.

    For funding convenience, the platform supports multiple deposit methods such as credit cards, debit cards, and wire transfers. This variety ensures that traders from different regions can easily fund their accounts.

    When it comes to withdrawals, they can be processed in the same currencies used for deposits. The minimum withdrawal amount is $100, allowing traders to access their funds without being limited by excessively high thresholds. The commitment to processing withdrawals within 24 hours adds an element of efficiency and convenience for traders looking to access their profits or funds.

    Risk Warning

    Investors should exercise extreme caution and be fully aware of the potential risks associated with 8BX.COM in light of the disclosed information. The NFA ID: 0515642 attributed to 8BXVN.COM, previously associated with website domains like 8bx.com and 8bxa.com, has been identified by the U.S. National Futures Association (NFA) as fraudulent retail forex trading entities.

    The issuance of false NFA licenses and the subsequent invalidation of the mentioned websites raise significant concerns about the credibility and legitimacy of 8BX.COM. With all mentioned domains rendered inactive and numerous adverse online reports, potential investors are cautioned against engaging with this platform. This caution is underscored by the fact that the disclosed NFA IDs have been debunked as fraudulent, underscoring the importance of conducting thorough due diligence and seeking reliable and regulated alternatives to safeguard against potential financial risks and losses.

    Conclusion

    8BX.COM presents a trading platform that offers a diverse range of market instruments, catering to various trading preferences. While its accessibility through a low minimum deposit and the provision of multiple account types may attract traders, the absence of regulatory oversight in the United States raises significant concerns. Coupled with suspicions of cloned regulatory claims and negative feedback, potential investors should exercise caution.

    The platform's use of the widely recognized MetaTrader 4 trading platform and the availability of multiple deposit and withdrawal methods add to its appeal.

    FAQs

    Q: Is 8BX.COM regulated in the United States?

    A: No, it is not regulated.

    Q: How long has 8BX.COM been operating?

    A: Around 5-10 years.

    Q: What account types does 8BX.COM offer?

    A: Standard, Premium, VIP, Islamic.

    Q: What is the minimum deposit on 8BX.COM?

    A: $100.

    Q: What is the maximum leverage on 8BX.COM?

    A: Up to 1:500.

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    Bee
    more than one year
    The site is closed and the place of registration does not exist, and the online reviews of the brokerage company are all negative, which indicates that the company may be a scam company. Therefore, I strongly advise everyone to be careful and avoid any transactions with this company. When choosing a brokerage firm, it is important to do thorough background checks and research to ensure the safety of your funds and personal information.
    2023-03-29 11:32
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