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8 CoinMarket Review: A Really Big Scam?

8 CoinMarket Review: A Really Big Scam?

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8 Coin Market, which can be found on this domain, 8coinmarket.com, is masquerading as a legit Crypto currency brokerage. This operation was founded in November 2018, which means that the business is brand new and has not even build their reputation yet. This brokerage is allegedly giving users a wide range of features like an educational center to help traders make even more money and an economic calendar as well. This is something you can find for free on the internet, and we do not think an economic calendar should be considered a unique feature of this brokerage.

Therefore, in this review, we are going to discuss every aspect of this brokerage so that you know what you are dealing with. If you are on the fence and are unable to make a decision, this 8 Coin Market review will help you make up your mind. For those of you who want to get started trading with a professional broker right away, this link offers resources that can be helpful.

8 Coin Market review

8 Coin Market is not regulated, and they are very new. This is enough to ward off those who might be interested in their service. It is illegal to operate an unregulated brokerage platform due to the simple reason that when a broker is not regulated, they can handle their customers the way they wish without fear of any repercussions.

8 Coin Market

8 Coin Market is registered as an off shore broker in Marshall Islands. The company is registered with the reg number 92887. Their address is listed as Premium Technologies LTD Trust Complex, Ajetake Road, Ajetake Island, Majuro, Marshall Islands MH96960. In addition to this, they have also provided a couple of support emails to facilitate easy communication between the company’s representatives and would be clients.

Features

The platform in question is web-based and we do not think 8 Coin Market is offering MT4 platform for trading. That is a setback because most traders now prefer MT4 to any other platform out there. On top of that, the brokerage does not support any expert advisor on their platform. So this means that even if you have the best expert advisors for trading, you still won’t be able to use the platform for trading unless you are very skilled in trading, which can take a long time.

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On the other hand, the charting solution is neat and has every other feature that traders may need. However, it does not support using trading indicators. This means that if you would like to use custom indicators, this platform will disappoint you. You will not have a choice but to look elsewhere because the platform is already not providing the kind of opportunity that people are looking for. In addition to this, they have a social trading platform but we don’t know which traders are using this network and so we cannot trust them blindly on this.

In addition to this, 8 Coin Market does not provide us with their fee structure pertaining to their social trading feature. This information is very important because if we are going to use this social trading feature, it would mean paying a small commission for the people whose trades we will be following. Definitely 8 Coin Market is not transparent on this matter. We hope that they will soon consider adding their fee structure for better clarity.

The other issue which the broker has not addressed is the amount of leverage which they are offering their traders. This information should be readily available on their website and we should not be sending a message to their support team inquiring about leverage. Most brokers have it on their site and we do not have to waste any amount of time trying to figure out what kind of leverage they have for their customers.

Account types

8 Coin Market offers 6 different account types and for traders to access more features, the broker has designed these account types such that the trader who needs these features will have to deposit a bigger amount so that they can sign up for one of the accounts that have the features which they are interested in. Also, the type of trading account that a trader can choose will also depend with their style of trading because not all account types here accommodate the same type of trading methodology.

The features which they are offering are as follows: a financial manager, individual training, no broker fees, interest up to 7%, unlimited trading support, newsroom, investment protection fund, deposit insurance, social trading, robotics, risk management tools and many more. Note that the type of account which you choose will dictate whether or not you have access to all these features at once.

Deposit and withdrawal

They have not stated the minimum deposit requirement on their platform. However, we believe that this amount is probably $250. They also accept payment by Visa and MasterCard including Skrill. Transaction fees may apply or may not apply depending on which method of funding you are using. Finally, 8 Coin Market has not disclosed the length of duration that it takes for payment to be processed.

Is 8 Coin Market a scam?

They are very new to this industry and there are no testimonials yet. In addition to that, they are unregulated, and you know all the risks that come with unregulated brokers. If that is the case, we can only wait and see whether the company in question will attract feedback. And if they refuse to seek regulations, very soon they will be blacklisted.

As to whether or not this is a scam, our advice is that you should generally avoid brokers who are not regulated and especially if there is zero public feedback regarding the kind of service which they are offering.

Our best advice for you

We don’t recommend this broker at this time due to the setbacks which characterize the kind of service they are offering. Instead of using a service like 8 Coin Market, why don’t you stick with highly recommended brokers like the ones found on this page? Some of them even offer trading in Crypto pairs.

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