8 Bitnex Review - Is It Legit and Safe? - WikiFX

8 Bitnex Information

8 Bitnex, a brokerage company who doesn't disclose much information about the background itselft, has Chinese website and mainly targets Chinese investors. It supports trading in more than 110 products including forex, stocks, commodities and indices.

The broker provides 3 tiered live accounts for different client groups, with an affordable minimum deposit of USD 100. Traders can execute trades on its proprietary platform 8BXBTS.

However, the broker is not being well-regulated by any official authorities so far, which degrades its credibility and trustworthiness.

Pros and Cons

Is 8 Bitnex Legit?

The most important factor in measuring the safety of a brokerage platform is whether it is formally regulated. 8 Bitnex is an unregulated broker, which means that the safety of users' funds and trading activities are not effectively protected. Investors should choose 8 Bitnex with caution.

What Can I Trade on 8 Bitnex?

8 Bitnex offers 110+ trading instruments:

Account Type & Fees

Bitnex does not provide demo accounts for practice. To start with the broker, you need to open a Standard account, with a relatively acceptable minimum deposit of USD 100.To go further, you need to invest more in higher tier accounts when gaining enough experience.

Spreads are tight, starting from 0.9 pips for the VIP account, 1.1 pips for the Professional account and 1.5 pips for Standard account.

Leverage

8 Bitnex offers leverage up to 1:500 for all account types. It's always wise to be cautious with leverage since it's a double-edged sword which signifies your profits as well as losses at the same level.

Trading Platform

8 Bitnex offers a proprietary trading platform which can be downloaded on PC, mobile phones on Windows, iOS and Android devices. Traders can also access the platform via web, which has no limitation for devices to traders. The platform is said to have professional chart analysis indicators, efficient order execution.

Deposit and Withdrawal

You can deposit funds via UnionPay debit card through the internet bank with instant arrival.

While for withdrawals, processing time will be around 2 hours and minimum withdrawal should be CYN 1000, with below withdrawal fees charged: