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8888Markets Review - is it scam or safe?

8888Markets Review - Is 8888markets.com scam or good forex broker?

RATING: 1.2 / 2 REVIEWS ForexBrokerz 8888Markets
8888Markets is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


8888Markets is a Dublin based, unregulated forex and CFD broker that offers 6 account types on a web based trading platform.

 

Account type Min. deposit Max. leverage Spreads
Opening Account 1000 EU 1:200 3,7 pips, floating
Horizon Account 5000 EUR 1:200 n/a
Heritage Account 15 000 EUR 1:200 n/a
Fortune Account 50 000 EUR 1:200 n/a
Great Fortune Account 150 000 EUR 1:200 n/a
Infinite Account 300 000 EUR 1:200 n/a

 

8888Markets Advantages:

 

Variety of trading instruments

 

8888Markets offers trade with 51 forex pairs, including exotic currencies such as Hong Kong Dollar,  Norwegian Krone, Swedish Krone, Danish Krone, Hungarian Forint, Israeli Shekel, Mexican Peso, Polish Zloti, Russian Rubla, Chinese Yuan, Singapore Dollar and  South African Rand, as well as CFDs on indices, spot metals, bonds, stocks and commodities such as oil, sugar, coffee, corn and orange juice. 8888Markets also offers CFDs on crypto currencies such as Bitcoin, Litecoin, Ethereum, Dash and Ripple. Still you may want to check our list of brokers trading with Bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

Good maximum leverage

 

8888Markets offers leverage of up to 1:200 which is enough to satisfy most traders. Yet keeping in mind that higher leverage means higher risk you may want to check our list of brokers, offering leverage levels of up to 1:500 and above:

 

>> Brokers offering at least 1:500 in leverage <<

 

Various payment methods

 

With 8888Markets you can deposit and withdraw funds via Visa, MsterCard and American Express, as well as with Skrill. Other popular e-wallets such as Neteller an PayPal however are missing. Here is a list of brokers that offer PayPal as a payment method:

 

>>PayPal Forex Brokers<<

 

8888Markets Disadvantages:

 

Lack of regulation

 

8888Markets is an unregulated forex and CFD broker and that alone make us suspicious about its credibility. Unregulated brokers are not bound by any financial or ethical rules.

 

On the other hand brokers, regulated by one of the well respected international financial authorities, such as CySEC in Cyprus, the Financial Conduct Authority (FCA) in the UK and the Australian Securities and Investment Commission (ASIC) have to follow a very strict and transparent code of conduct. 

 

Apart form the obligation to keep all clients funds in a segregated, trust account, FCA and CySEC brokers for example have to participate in client compensation schemes, where investors can receive back part of their trading capital in case their broker goes insolvent. With CySEC the compensation is up to 20 000 EUR, while with FCA it can reach 50 000 GBP. Here you can check our list of FCA regulated brokers:

 

>>Find FCA regulated Brokers here<<

 

Uncompetitive spreads

 

When tested on the 8888Markets platform the spread on the UERUSD pair was between 3,7 and 3,9 pips, which is about three times higher than what we expect to see with a standard account. Here you may check our list of brokers offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

No information about the trading conditions on the different accounts

 

8888Markets offers its clients 6 different account types – Opening Account, Horizon Account, Heritage Account, Fortune Account, Great Fortune Account, and Infinite Account. However no information about spreads and minimum trading size is freely available on their web site. In addition 8888Markets does not offer a Demo account and that is a clear disadvantage.

 

Excessive minimum deposit requirements

 

To open an Opening Account with 8888Markets you need to deposit at least 1000 EUR, which is excessive as with most brokers the minimum deposit for a standard account is not more than 100 USD, while with some brokers, such as XM and FXTM the minimum deposit is just 5 USD. 

 

We should note also that with 8888Markets the deposit to open a Horizon Account is 5000 EUR, to open a Heritage Account – 15 000 EUR, for a Fortune Account – 50 000 EUR, for a Great Fortune Account – 150 000 EUR and for an Infinite Account – 300 000 EUR.

 

MetaTrader 4 not available

 

The most widely used trading platform the MetaTrader4 is not supported by 8888Markets. 8888Markets provides a web based platform that is usually offered for both forex and binary options trade.

 

 

The platform looks rather cheap and does not have the functionalities of MT4, which besides its excellent charting and analytical tools has the option for algorithmic trading via customizable Expert Advisor bots. Here you can check our list of brokers also offering MetaTrader4:

 

>>Find other MT4 brokers here<<

 

Conclusion:

 

8888Markets is an unregulated forex and CFD broker offering uncompetitive spreads on a lousy web based trading platform. Besides, its minimum deposit requirements are excessive.

Latest news about 8888Markets
Forex
Broker Country Regulation Platform Min Deposit Review
US CFTC, NFA MT4, Web,
in-house
$50 Review Website
US NFA, CFTC MT4 $250 Review Website
Cyprus, UK, Mauritius CySec, FCA, FSC MT4, MT5, Web $10 Review Website
Australia, Cyprus ASIC, CySEC MT4, MT5, Iress $100 Review Website
Cyprus, Australia CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia, South Africa FCA, ASIC, FSCA MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
UK FCA MT5 $5 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website

Traders` reviews for 8888Markets

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Getting money out of 8888markets

I try to get my money out of the 8888markkets account ....impossible.
500 us dollars !

Fredrik vedel 03/22/2019
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