Minimum Deposit: €1000
Maximum Leverage: 1:200
My Score: 1.5
8888Markets is a Dublin based CFD/forex broker. Their website looks very amateur and live chat option is not available. Also, I couldn’t find company’s address on their website.
There is not much information about 8888Markets on the internet. But I can say the comments that I have found were generally negative comments. You should always think twice before you start working with these kind of brokers. I always warn traders about this kind of situations.
The maximum leverage ratio is 1:200 on 8888Markets and they offer various trading instruments like currencies, indices, commodities and cryptocurrencies.
So, is 8888Markets a regulated broker? What account types are they offering? How can you deposit/withdrawal money to your account? Is 8888Markets scam or reliable broker? You can read my 8888Markets review in this article for all the answers.
The biggest problem of 8888Markets for me: it is an unregulated broker. They don’t have any license from any regulator. Even from any off-shore regulators. I know, it is difficult to obtain licenses from regulators like FCA (Financial Conduct Authority) in UK (Financial Conduct Authority), CySEC (Cyprus Securities and Exchange Commision) in Cyprus or ASIC (Australian Securities and Investment Commission) in Australia. But I do not recommend you to work with forex brokers that are not regulated by any watchdogs.
Minimum deposit is €1000 on 8888Markets. I can say €1000 is very very high first deposit limit when compared to other brokers like XM forex, FxPro or IPT Markets. I don’t know why the minimum deposit is this much but it is too high for an unregulated broker. Also, spreads are very high on 8888Markets.
8888Markets offer 6 different account types. Opening account (€1000 starting capital), horizon account (€5000 starting capital), heritage account (€15 000 starting capital), fortune account (€50 000 starting capital), great fortune account (€150 000 starting capital) and infinite account (€300 000 starting capital). Demo account option is not available and this is another big disadvantage for 8888Markets.
|Account Types||Minimum Deposit||Maximum Leverage||Spreads|
|Opening Account||€1.000||1:200||3,7 pips, floating|
|Great Fortune Account||€150.000||1:200||n/a|
They offer their own web-based forex trading platform. So, the most popular platforms like MetaTrader 4 or MetaTrader 5 is not supported by 8888Markets. I think this is another disadvantage for 8888Trade because their platform is too basic and not suitable for experienced traders.
Bonus & Promotions
8888Trades offers %100 welcome bonus for all account types. So, if you deposit €1000, you can start trading with €2000. I think %100 bonus is a big advantage for all traders but this kind of unregulated brokers try to attract investors with this campaigns. For me, regulation is more important than bonus campaigns.
Payment methods of 8888Trades are Visa, MasterCard and American Express credit cards, Skrill and WebMoney. Other popular payment methods like Neteller, Bitcoin are not available on 8888Trades.
8888Markets’ spreads very high, Metatrader4 is not supported, demo account is not available, minimum deposit limit is too high and the most important thing is they are not regulated by any watchdogs. I don’t recommend you to start trading with this broker.