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88traders.com Review - Is it scam or safe?

88 traders Review - is 88traders.com scam or good forex broker?

RATING: 1.5 / 0 REVIEWS
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Trading Accounts

 

Account type 

Minimum deposit 

Maximum leverage

Spread

Mini

$50

1:500

Unknown

Standard

$1,000

1:500

Unknown

ECN

$5,000

1:500

Unknown

Pro

$10,000

1:500

Unknown

 

 

88traders is a broker, which offers forex and CFD trading via multiple account types, as described above. As you can see, the deposit requirements jump fairly drastically from one level to the next. The company either has technical difficulties or has yet to set-up its servers properly, but you can’t currently download their trading platform. 

 

The Company. Security of Funds

 
 

Company

Country

Regulation

88 Traders Ltd.

Vanuatu 

VFSC

 

88 Traders Ltd. is the company behind 88traders.com. It is registered in Vanuatu and falls under the regulatory oversight of the local VFSC, which is known for its loose standards. Usually the risks involved with off-shore brokers are enough for us to avoid trading with such a company.

 

Vanuatu in particular has attracted lots of dishonest forex brokers (and outright scammers) due to its low regulatory demands – a company needs to have only $2,000 in capital, in order to get the license. Compare that with the Australian Securities and Investments Commission (ASIC)’s demand of AUD 1 million, for instance, and you would get the picture. Furthermore, ASIC forces brokers to implement the segregated accounts principle. This is a measure, which ensures companies can not mix their own funds with their clients’ investments (and then “accidentally” spend some of the latter). In essence, this prevents the most simple form of fraud – a company not being a broker at all, and refusing to allow “clients” to withdraw anything. Vanuatu and Australia both lure forex brokers, but for different reasons, hence different types of companies register with each.

 

If the VFSC regulation wasn’t dubious enough, 88traders also heavily emphasizes on offering its clients Expert Advisors and Managed Accounts. Both of these practices are not often used by credible brokers, as they create a massive potential for conflict of interest. If a company operates with a STP/ECN model, they have the hidden incentive to offer strategies which trade more frequently, providing more commissions in the process. On the other hand, if a company is a Market Maker, the catch is even more obvious.

 

Trading Conditions

 

Minimum Initial Deposit

88traders.com has set a minimum initial deposit of $50. This is quite normal, when compared with other brokers. That being said, some go even lower, like FXTM, who only require $5 for a cent account.

 

The minimum requirement should only be an important factor for new traders, who are willing to step it up after months of demo trading. Serious (and well capitalized) traders do not consider this as an important factor, when comparing brokers.

 

Average spreads & Commissions

There is no information regarding spreads at 88traders. We couldn’t even download the trading platform, in order to see their offer. This is a rather unusual situation, which may be indicative of a serious technical issue. While we can’t really tell you what the conditions at 88traders are, we have set-up a real-time comparison of the spreads offered by some of the world’s leading forex brokers here. Feel free to check it out. 

 

Leverage

88traders offers leverage up to 1:500. This may seem like quite a lot if you are used to trading other asset classes, but is not that uncommon for the forex market.

 

Do keep in mind, higher leverage only gives you the ability to take bigger positions. This can lead to massive gains, but also greater losses (in relation to your account balance). Do not invest money you can not afford to lose without having a solid trading plan, involving strict risk management. 

 

Trading Platforms

 

88traders provides its services via MetaTrader 4 (MT4). Although we have some issues with this broker, this trading platform is one of the best. That being said, you can not currently download it. Again, this may be due to a temporary technical glitch or a sign of a more serious issue. 

 

MT4 has great charting capabilities, can handle a lot of instruments at the same time (depending on your hardware, of course) and has an easy to learn programming language. The latter, combined with its popularity, has led to development of many custom add-ons. They are mostly new technical indicators and automated trading systems (called Expert Advisors). The coolest thing about them is the fact they are broker independent. Basically, if you choose to switch to a different MT4 broker, you can easily transfer your entire collection. 


Methods of Payment

 

V88traders provides a few payment options. The funding methods include Credit Card, Skrill, Neteller and eHKonnect. 

 

Conclusion

 

88traders is an off-shore forex broker. The company is registered and regulated in Vanuatu, which is notorious for its loose standards. Furthermore, at the time of writing of this review, we couldn’t download the platform from the website. If this wasn’t enough to turn you away, we have some other issues with the broker. Here is a summary of this broker’s pros and cons:

 

Pros Cons
MetaTrader4 Platform Off-shore regulation
  No clarity on spreads
  Also offering EAs and Managed accounts
  Platform not downloadable (may be temporary)

 

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Spread

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Slippage

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Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Traders` reviews for 88traders.com

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