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8inFX Review - is it scam or safe?

8inFX Review - is 8infx.com scam or good forex broker?

RATING: 1 / 7 REVIEWS 8inFX
8inFX is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


 Trading Accounts and Conditions

 

Account type

Min. deposit

Min. trade size

Max. leverage

Spread (& commission)

Micro

$100.00

0.01

1:500

From 1 pip

Standard

$500.00

0.01

1:300

From 1 pip

Premium

$25 000

0.1

1:100

From 0.6 pips + $6 / lot

VIP

$100 000

0.1

1:100

From 0.2 pips + $6 / lot

 

8inFX is a forex and CFD broker that offers the above account types, plus an Islamic swap-free one. All of them provide variable spreads on the MetaTrader 4 platform.

 


8inFX Advantages

 

Competitive trading cost

When we tried out the broker’s demo accounts, the spreads were floating around 1.2 – 1.4 pips on EUR/USD, with no commission fees (as indicated in the table above for Micro & Standard accounts). Such trading costs are considered average for the forex industry. Of course, there are brokers that offer better spreads, and you can find further information below.

 

 

>> Compare the real-time spreads of top forex brokers <<

 

 

However, the spreads are not the most important criterion when choosing a forex broker. It is reliability and regulation. Keep in mind that 8inFX is not a properly licensed broker and is not to be trusted.

 

MT4 available

Like most brokers, this one also uses the most popular forex trading platform, MetaTrader 4 (MT4). The advantages of trading on MT4 are its top-notch charting, ease on the hardware, automated trading systems (EAs) and the great mobile app version. Besides, there is the MQL marketplace, an online shop for technical analysis indicators, and Expert Advisors, regardless of his broker. Here is a screenshot of the platform provided by 8inFX:

 

 

8inFX's MT4. Click on the image to zoom in.



CFDs on wide range of assets

8inFX offers trading in many currency pairs, as well as various CFDs – on indices, commodities, stocks and cryptocurrencies. The latter include a number of digital assets - Bitcoin, Ethereum, Ripple, Dash, and Litecoin.

 

If you are keen on trading in Bitcoin, you’d better choose among some of the brokers listed below, as they are duly licensed.



>> Bitcoin trading with a reliable forex broker<<

 



8inFX Disadvantages


Poor corporate presentation

The website of 8inFX does not share much about the company with the public. The About us section on their website contains only vague thoughts on the broker’s mission, goals, as well as some promises about security, ECN execution, etc. Nothing is mentioned about license, nor regulation, so obviously 8inFX operates without a valid forex broker license. Even the headquarters of the company behind the brand, 2dots limited, are not specified.

 

Registered offshore, CONSOB warning

Our google search on the company revealed that it is registered in Vanuatu. We generally advise traders to avoid offshore brokers because of all the risks involved. Furthermore, the Italian financial regulator, CONSOB, has issued a warning against it. This is definitely a red flag, so you’d better avoid 8inFX.

 

The 2dots limited company operates several other brands – INVfinance, as well as Xtradefx (formerly 24stox). As you can see, there are a negative reviews on our website (and other sites and forums as well) regarding 24stox. Changing the names of existing brands and creating new ones is a common practice among fraudster brokers.

 


Conclusion


Although forex and CFD broker 8inFX may seemingly have a couple of strong sides (many financial instruments available, MT4 supported, competitive spreads), it is unregulated and unreliable. The company behind it is registered offshore, and operates several other brokerage brands that also seem dubious.

 
Still, our biggest concern when it comes to 8inFX is the lack of regulatory oversight. We generally encourage our readers to trade with companies licensed by reliable governmental agencies, because it is safer. Regulated brokers are required to meet certain requirements. For example, all brokers licensed in the European Union should report their transactions, keep clients’ money in segregated accounts in order to guarantee their security, follow certain AML and KYC procedures and more. We like to give the United Kingdom’s Financial Conduct Authority (FCA) as an example of a solid regulatory agency.

 



>>FCA-regulated brokers<<

 

 

One of the most important things about regulation in the UK is the coverage by the Financial Services Compensation Scheme (FSCS). If a FCA-regulated entity becomes insolvent, the FSCS may compensate up to GBP 50 000 per client.



Here are, once again, the strong and weak sides of 8inFX:

 

 

Pros

Cons

Spreads seem good

Registered offshore

MT4 platform available

CONSOB warning against the company

High leverage levels

Poor corporate presentation

Many financial instruments

 

 

Latest news about 8inFX
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Traders` reviews for 8inFX

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

8inFX are crooks

They have looted 12 K capital. With fake trading they have increased the balance to 41K. when i tried to with draw the capital they have requested initially to deposit another 12 K. Request became demand and when i was not ready to put in more money they traded negative and lost all the money n 10 minutes. They are crook and the relation ship manager is Simon Jansen. Dont trust them

Ganesh Kumar 01/08/2019

8infx - un broker falso

8infx è un broker falso non iscrivetevi,non hanno licenza perciò non sono in regola...fregano soldi ti fanno caricare e poi spariscono, operano anche loro con il vostro stesso account e ti mandano in negativo...i presunti assistenti erano come choen Andrew e Ilaria Marini sicuramente dei nomi falsi come falso è il tutto...raccomando a tutti di stare lontano dal 8infx e auguro che qualcuno faccia qualcosa per questi scellera

Translated by Google:

8infx is a fake broker do not sign up, they do not have a license so they are not in good standing ... they screw money they make you load and then they disappear, they too operate with your same account and they send you in negative ... the presumed assistants were like choen Andrew and Ilaria Marini certainly the false names as false is all ... I recommend everyone to stay away from 8infx and I hope someone does something for these scellera

Roberto Bianchi 12/05/2018

8 infx are scammers

I deposited 1000 euros with them in January 2018. They never respond to my emails and withdrawal requests after that.

Ambikapathi 11/30/2018

Unresposive to withdrawal requests

I have sent several emails requesting deposit refund and have had no response - the brokers who signed me
up also are not responding to calls only a message saying they have been involved in fraudulent activity.

Anna Bogdal 09/13/2018

8infx withdrawal

am writing to know when the money will be in my bank account. i want you to let me know when you will be sending the money to my bank account and i would appreciate if you send it as soon as possible because am in great need of it. Hope to hear from you soon

Cheryl Mcintosh 08/18/2018

8infx is a scam

High warning for everybody, they are scammers! They work in very clever way, they don't ask to invest more money, but when you try to make withdraw everything change. I think they keep all money themselves. When i tried to withdraw, they just make a trade in my account, without any permission, and then account went on minus. So i lost everything what i had there. Simon Jansen was my account manager and they co-operate with 24stox, where the guy is Frank Carbone. Also they tell people that they are part of Nasdaq, just to try people to trust them. High warning for everybody, don't loose your money with them, as i did.

Risto Painio 06/30/2018

How to withdraw from 8infx

I have invested some money in 8infx, can you suggest how can I withdraw, my withdrawal request declined by them.

Muhammad Tariq 04/27/2018
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