Overview of 8UCX
8UCX, founded in China within the last 5-10 years, specializes in futures trading.
Despite being identified as a suspicious clone by regulatory bodies like NFA and ASIC, it offers a range of account types including Standard, Professional, Premium, and VIP. The platform imposes a minimum deposit of RMB 500 with leverage up to 1000 times, and it does not charge spreads on futures products.
Traders access the market via the 8UCX Mobile App and can rely on customer support via email at cs@8UCX.com.
Regulatory Status
8UCX operates under scrutiny due to being flagged as a suspicious clone by both the Australian Securities and Investments Commission (ASIC) and the National Futures Association (NFA).
This dubious regulatory status significantly impacts traders on the platform, as it undermines the platform's credibility and poses potential risks to users' funds and data security. Traders can face difficulties in seeking recourse or protection in the event of disputes or financial loss, given the platform's questionable legitimacy.
Pros and Cons
Pros:
- Fast Transaction Speeds: Orders are completed in just 0.06 seconds, ensuring rapid execution of trades. This quick transaction speed is crucial for traders looking to capitalize on market opportunities swiftly and efficiently.
- Uses Reputable Third-Party Platforms: 8UCX sources its quotes from trusted platforms like Reuters. This ensures that traders receive accurate and reliable market data, enhancing transparency and trustworthiness in trading operations.
- Mobile App Accessibility: The 8UCX mobile app allows users to trade conveniently anytime and anywhere. Optimized for efficiency and user-friendly interface, the app supports trading on the go.
- No Spread or Overnight Interest for Futures Products: Traders on 8UCX benefit from a fee structure that excludes spreads and overnight interest charges for futures products. This transparent pricing model helps traders manage costs effectively and plan their trading strategies without unexpected fees.
Cons:
- Identified as a Suspicious Clone by NFA and ASIC: 8UCX has been flagged as a suspicious clone by regulatory bodies like the National Futures Association (NFA) and the Australian Securities and Investments Commission (ASIC).
- Lack of Transparency on Trading Commissions: The platform does not provide clear information about trading commissions on its website. This lack of transparency can make it difficult for traders to accurately assess the overall cost of trading on 8UCX, potentially leading to unexpected fees or costs.
- Relatively High Minimum Deposit Requirement: 8UCX imposes a minimum deposit requirement of RMB 500, which can be considered relatively high compared to other platforms. This initial deposit amount could deter new or small-scale traders who prefer platforms with lower entry barriers.
Market Instruments
8UCX offers a wide range of futures products, enabling traders to access various sectors and markets. Heres a breakdown of the available trading assets:
Domestic Futures:
8UCX offers a range of popular domestic futures products, providing standardized trading contracts with leverage. Users have access to over 12 domestic trading products, enabling them to participate in local markets efficiently.
International Futures:
In response to the demands of economic globalization, 8UCX provides international futures contracts with smaller face values. This allows users to engage in the competitive global futures market at lower costs. With over 13 globally popular trading products, traders can diversify their portfolios and take advantage of international market opportunities.
Account Types
8UCX provides 4 account types for its users, including:
The Standard Account is designed for conservative trading investors. It provides free access to information provided by Linkex, allowing users to stay informed about market trends and strategies. This account type has no specific net deposit requirement, a minimum order quantity of 1 lot, and offers leverage of up to 1000 times. However, it does not include any birthday gifts or additional benefits. This account type is suitable for beginners or those who prefer a straightforward trading experience without the need for additional features or incentives.
The Professional Account targets experienced traders. It requires a net deposit of RMB 100,000 and also offers free access to Linkex's information resources. Like the Standard Account, it has a minimum order quantity of 1 lot and provides leverage of up to 1000 times. This account type does not offer any birthday gifts or additional monthly benefits, making it appropriate for traders who have a solid understanding of the market and are comfortable with a higher initial deposit without needing extra perks.
The Premium Account is tailored for experienced traders seeking reduced fees and additional benefits. With a net deposit requirement of RMB 500,000, this account type reduces the handling fee by 80% and includes an extra RMB 100 per month. Additionally, it offers a birthday reward worth RMB 130 and free access to information from Linkex. The minimum order quantity remains at 1 lot, with leverage up to 1000 times. This account type is ideal for traders who are looking for cost savings and some added financial incentives.
The VIP Account is designed for high-level investors, often referred to as “Investment Kings.” It requires a substantial net deposit of RMB 1,000,000 and reduces the handling fee by 70%. This account type provides an extra RMB 300 per month and a significant birthday reward worth RMB 650. Users also receive free access to Linkex's information resources. With a minimum order quantity of 1 lot and leverage up to 1000 times, this account is suited for serious investors who prioritize reduced fees, substantial monthly benefits, and significant birthday rewards.
Leverage
8UCX offers a maximum leverage of up to 1000 times for trading. This high leverage allows traders to amplify their positions significantly, potentially increasing both profits and risks.
Spreads & Commissions
At 8UCX, futures traders benefit from a fee structure that excludes spreads and overnight interest charges, enhancing transparency and potentially reducing trading costs.
However, specific commission details are not provided on their official website, which can make it challenging for traders to fully assess the overall cost of trading.
Trading Platform
The trading platform for 8UCX, named Peak Forex, is presented as a professional financial investment platform that integrates account opening, strategy analysis, and market trend monitoring. Notably, it employs an isolated margin mode designed to prevent account capital liquidation and loss. The platform claims to offer the lowest spread in the industry and charges zero handling fees, with no hidden service fees, and provides protection against negative balances.
It includes risk management tools such as stop loss and take profit, and offers flexible leverage ranging from 1x to 500x. It allows users to potentially profit from market fluctuations regardless of price direction. For charting and quotes, Peak Forex emphasizes stability, accuracy, and reliability, with 24-hour uninterrupted trading.
It also features various chart types, technical indicators, and time frames, and provides functionalities for quick switching between one-click and standard order modes, alongside visibility into other investors' trading directions to aid in market trend analysis.
Deposit & Withdrawal
8UCX exclusively accepts bank transfer as its payment method. This approach ensures secure and reliable transactions for users. Bank transfers are recommended for their straightforward process, allowing users to fund their accounts directly from their bank.
For deposits, 8UCX requires a minimum first deposit of RMB 500. This entry-level requirement makes it accessible for new traders and those starting with a modest investment. Subsequent deposits can be made in smaller amounts, providing flexibility to users.
One notable feature of 8UCX's payment system is the absence of handling fees. Users can deposit and withdraw funds via bank transfer without incurring additional charges, making the platform cost-effective for all types of traders.
Customer Support
8UCX offers customer support through online service via email at cs@8UCX.com.
This service provides users with help and information on account management, technical issues, and trading inquiries.
Educational Resources
8UCX offers a suite of educational resources supporting traders. These include an Information Center, 24/7 News updates, Exclusive Reviews, Market Analysis reports, a Help Center, Account Opening and Access Guides, a repository for Common Problems, and an Announcement Center.
These resources are crucial for both novice and experienced traders alike, providing essential market insights, operational guidance, and troubleshooting support. Compared to other popular brokers, the range and accessibility of these educational tools could enhance user experience, fostering informed trading decisions and operational efficiency.
Conclusion
In conclusion, 8UCX's strengths lie in offering fast transaction speeds (0.06 seconds), no spreads on futures products, and a robust mobile trading app for convenience. However, identified as a suspicious clone by NFA and ASIC, it lacks transparency on trading commissions and imposes a relatively high minimum deposit of RMB 500. While leveraging up to 1000 times can amplify profits, it also escalates risks. Customer support through email and educational resources like 24/7 news updates add value.
FAQ
- What types of accounts does 8UCX offer？
- 8UCX provides Standard, Professional, Premium, and VIP accounts tailored to different trading needs.
- How can users deposit funds into my 8UCX account？
- Funds can be deposited via bank transfer, with a minimum deposit requirement of RMB 500.
- What is the maximum leverage available on 8UCX？
- Traders can leverage their positions up to 1000 times on 8UCX, offering potential for amplified profits.
- How can users contact customer support at 8UCX？
- You can reach 8UCX's customer support team via email at cs@8UCX.com for assistance with account-related inquiries.
Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.
FX1488112816
Vietnam
I made a winning trade but didn't let me withdraw my money, because I cheated. My account is currently 42,000 USD
Exposure
2022-07-03
Mario Balotelli.
Hong Kong
Forcily closed the position when it is not the settle time, which causing the loss.
Exposure
2022-06-07
阿白30216
Hong Kong
All transfers are made via private account. The required transaction data are not there. Later, it was mentioned that if you want to report to the police, they will not reply to the message, which is a fraud platform! All of that are virtue market that deceive investors!
Exposure
2022-04-22
灵智彩印
Hong Kong
I earn 8,000 yuan from a single order, but they do not allow to withdraw the money. It is always under review, and they can increase the handling fee and margin at will. Sometimes it changes every day. fraud company
Exposure
2022-03-16
树木
Hong Kong
I want to withdraw 380 yuan in this operation, the system shows that it exceeds the withdrawal range, and the system writes that the minimum withdrawal is 100. This kind of fraudulent deposit
Exposure
2022-03-11
FX1305625852
Malaysia
8UCX · Global Investment Platform cannot withdraw money. The consulting customer service has always said that it needs to be reviewed first, and it has been delayed for half a month. Now the gold is finished. But I don’t even see where the money is
Exposure
2021-09-15
FX2340228447
Hong Kong
Unable to withdraw money. From the withdrawal of August 12th to the present, 31,700 yuan is still under review. In the early stage, it was said that it was under review, and the later said that the withdrawal was completed. Now the customer service directly closes the chat window. There are more than 80,000 in the account, and it is impossible to withdraw funds directly, and there is a video as evidence.
Exposure
2021-09-14
FX3127373394
Hong Kong
Please report it together. Fraud platform.
Exposure
2021-09-03
Gor
Hong Kong
I was unable to withdraw 120,000. They cheated me. Please report it together.
Exposure
2021-09-01
FX3127373394
Hong Kong
Unable to withdraw for half a month. There remained 50,000 in the balance.
Exposure
2021-08-30
米米呀
Hong Kong
It said the withdrawal was done, but my account did not receive it. Fraud platform. Do not be cheated again.
Exposure
2021-08-30
Rey
Philippines
The broker was a scammer. They said I had to pay more money to withdraw.
Exposure
2021-08-29
米米呀
Hong Kong
They changed the app and UI. The customer service told me to wait for the next orders. Beware of it.
Exposure
2021-08-26
FX1506035102
Hong Kong
I applied for withdrawal for more than half a month. The customer service asked me to wait.
Exposure
2021-08-24
FX1506035102
Hong Kong
Only deposit. Unable to withdraw. Do not be cheated again.
Exposure
2021-08-23
Nirvana81296
Hong Kong
The balance totalled more than 60,000. But I was unable to withdraw.
Exposure
2021-08-23
啊文2647
Hong Kong
I lost 200,000 in July and gain 100,000 in August. But the withdrawal took long time.
Exposure
2021-08-23
海亚
Hong Kong
Clear my account balance for illegal transactions. I called the police. All investors, please polish your eyes. Fraud scams.
Exposure
2020-12-31
FX2529666773
Hong Kong
I set the stop-loss at 106, while it became 86 when the position was closed.
Exposure
2020-05-28