Updated on April 26, 2024
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In our rigorous review process, a team of seasoned financial specialists, boasting more than 20 years of experience in Forex trading, carries out an exhaustive evaluation of various trading services. Our team delves deep into the investigation of fees, assesses the trading platforms, and verifies adherence to regulatory standards. We also interact directly with customer support and conduct actual trades to gain a real-world understanding of the trading conditions. This comprehensive approach enables us to provide informed insights and advice on why we recommend avoiding 8inFX due to the issues we've identified.
Is 8inFX Scam or Legit Broker? ▲
8inFX emerges as a non-regulated entity, casting doubts on its legitimacy and raising significant safety concerns for traders. Our thorough investigation reveals that the broker lacks proper authorization, and its claimed address remains unverified. This discrepancy suggests that 8inFX may operate from a location entirely different from what is stated, pointing to a high level of suspicion around its operations. The absence of regulation and the potential for misleading information regarding its operational base render 8inFX an unsafe choice for trading activities.
8inFX, operating under the ownership of 2dots Limited, is registered in Vanuatu and holds an offshore license from the Vanuatu Financial Services Commission. The broker offers a range of trading options, including approximately 50 forex currency pairs, equity indices, futures, CFDs, energy contracts, and metals. Despite the allure of quick and cost-effective licensing in Vanuatu, the reality is that a significant portion of Forex companies initiate operations without proper licenses, choosing instead to base themselves in offshore locations such as Vanuatu or Nevis. This practice introduces a layer of risk for traders considering offshore brokers. As a precaution, we strongly advocate for traders to opt for brokers regulated by reputable authorities like the UK’s Financial Conduct Authority (FCA), where client protections, including the Financial Services Compensation Scheme, offer up to GBP 50,000 per person in the event of a broker’s insolvency.
Pros
None identified.
Cons
Lack of reputable regulation.
Unclear operational base.
Risk associated with offshore licensing.
Absence of client protection measures.
Given the findings of our extensive analysis, we advise traders to seek alternatives to 8inFX. The broker’s lack of regulation by globally recognized authorities, coupled with the ambiguity surrounding its location, casts doubt on its trustworthiness and safety as a trading platform. For those seeking a secure trading environment, it is prudent to consider brokers regulated by esteemed bodies such as the UK’s Financial Conduct Authority (FCA) or the Australian Securities and Investments Commission (ASIC). Ultimately, selecting a well-regulated broker is crucial for ensuring the security of your investments and a fair trading experience.
Recent checks have revealed that access to the 8inFX website is no longer possible, indicating that the broker has ceased operations. This development underscores the importance of exercising caution and remaining vigilant against any future proposals that may emerge from this entity. The discontinuation of 8inFX’s online presence serves as a further reminder of the risks associated with unregulated brokers and reinforces our recommendation to avoid such platforms. Traders are advised to prioritize safety by choosing brokers under the oversight of respected regulatory authorities.
When considering alternatives, brokers like Interactive Brokers, City Index, and AvaTrade stand out. They not only offer the security of stringent regulation but also bring to the table comprehensive trading solutions that can meet the needs of both novice and seasoned traders.
8inFX Review 2024
