SS8FX Review – Regulatory Rules Do Not Apply To This One!
SS8FX makes a bold claim about being able to make you rich thanks to their better-than-market conditions and trading tools that make other brokers envious. Naturally, we did due diligence on their background and ownership. What we found out has instantly alarmed us to put together the following SS8FX review to warn traders and investors to stay away from this offshore scheme with nothing valuable to offer.
|Is This Company Safe?||Offshore illicit brokers are not safe!|
|Have Warnings from:||N/A|
|Registered in:||Saint Vincent and the Grenadines|
|Deposit Bonus:||Not available|
|Trading Assets:||Forex and CFDs on crypto, indices, stocks, metals, energies|
|Free Demo Account:||Not available|
|How to Withdraw from This Company?||Legal support will be necessary in order to withdraw from SS8FX!|
Anonymous and Unlicensed
SS8 Wealth LLC, which is the company behind the SS8FX website, doesn’t operate under legal supervision. You see, mention a Securities Commission and Financial Services Authority to be supervising them, but which one, we do not know.
Several regulators around the world carry these names and SS8FX doesn’t list license numbers or the jurisdictions where they were supposedly regulated. This lousy attempt at sounding legitimate has provoked us to look further. Another pseudo-regulated entity is ZES Forex.
The search results that returned after going through the databases of FCA, CySEC, ASIC, NFA and FINMA were all negative. We also looked through the registers of several institutions named Financial Services Authority, like the one in Malta, SVG, Indonesia and Seychelles. The record about SS8FX doesn’t exist anywhere.
Secondly, emails were all in Thai, the second website language is Thai, and only phone numbers from Thailand are accepted. We suspect the broker is actually a Thailand scam. The Securities and Exchange Commission – Thailand hasn’t regulated them either, though.
Investing here is pointless as the conditions are false and the actual ones are only profitable for the swindler. Deposits are unsafe as there’s no segregation of funds, negative balance protection and compensation funds.
Asian Traders as Majority of Victims
At some point everyone gets in touch with a suspiciously friendly and nice sales agent that tries to propose a deal to make us rich overnight. To support their efforts to convince us, they have a fancy looking website with seemingly exceptional conditions and low deposit requirements.
Once you start investing, those requirements increase until you can’t invest further and ask for a withdrawal. That is when you learn the horrible truth about being scammed.
Do not fall into despair too quickly. We’re notorious for forcing scammers to process payouts and return money to victims. Call us for help at any hour or day.
In the meantime take a look at what nations have suffered the most from the fraudulent activities of SS8FX in the past year and a half:
- South Korea
Real and Fake Costs at SS8FX
SS8FX doesn’t shy away from offering the most affordable trading conditions, attractive leverage and tightest spreads included. However, nowhere does this scam site specify what those exact parameters are. While attempting to open a Demo account, we found an option to choose leverage of 1:500.
Legal docs give hints about transaction and trading fees occurring, but they’re completely concealed. ChaseTrades is one similar entity that doesn’t reveal such parameters.
Trading Tools Don’t Meet Expectations
From a promise of trading on MT5, you won’t even get to see the trading platform. Account types are also advertised as prestigious, yet a single one of them to choose. This pathetic set of lies instead of genuine service are nothing new, but still a disappointment, nonetheless.
Where Is the Promised MT5?
Few magical words like tight spreads and MT5 are always used by financial swindlers to attract victims. SS8FX doesn’t provide the popular software, and neither do they have any other terminal available.
The site forces you to first open an account to access the software. But even after going through the registration troubles, we couldn’t locate the terminal. The download button only provides the Demo version from the MetaQuotes site directly, without the connection to the SS8FX server.
Tradable Assets Offered
SS8FX has a brief list of what financial instruments are allegedly available for trading. The absence of a platform makes that completely irrelevant whatsoever. Still the list goes as the following:
- Stock CFDs (BMW, Ferrari, AstraZeneca, Johnson and Johnson)
- Indices CFDs (Dow Jones, Nikkei, Nasdaq)
- Forex (EUR/USD, AUD/USD, CHF/EUR, EUR/JPY)
- CFDs on Cryptocurrencies (BTC, BNB, ADA, DOGE, DOT, ZEC, SOL)
- CFDs on Precious Metals (Silver and Gold)
- CFDs on Energies (Gas and Oil)
Account Types – Only One
The single account type called Standard is available to traders registering with SS8FX. Besides the leverage it offers, none of the other particularities are disclosed. None that matter anyway.
No Demo Access
Although you can allegedly register for risk-free trading, during the verification process, we weren’t allowed to choose Demo account type. That means that SS8FX only lies about having this option available. You can still trade with a virtual margin of up to $100 000 on MT5, but not provided by SS8FX.
The client area at SS8FX doesn’t give a thorough walkthrough on how to perform a withdrawal of funds. As a matter of fact, you first have to go through KYC verification and give away your bank info.
As if that’s not enough, there’s also quite the possibility of being asked for additional docs, like your ID, passport, utility bill. That’s how defrauders gather enough info to steal your identity and drain your other accounts of cash. Your withdrawal will, naturally, never be processed, and you will be left empty handed.
Contacting Support is Futile
Either via email or online chat is how you can supposedly get in touch with the SS8FX customer service. However, only automatic emailing works, as none of our concrete emails weren’t responded to. Also, the promised 24/7 online chat feature was nowhere to be found, as if it doesn’t exist!
As evident from our SS8FX summary, any kind of investing with this faux broker is pointless. No trading to be done on no platform and the fake trading conditions do not help in profit-making.
We strongly advise you against accepting any similar deals with suspicious profitability. Rather call us for help in restoring your initial investment before it’s too late and the swindler rips you off.
Is SS8FX a scam or legit?
SS8FX is a SVG-based Thai fraudulent brokerage business without a Tier 1 license or any other regulation.
How Does SS8FX Work?
Boiler room agents ask for a small investment at first while promising you riches. Then the demands increase until you can’t invest anymore and you find out you can’t withdraw anything. Call us in case that happens to you.
What Are SS8FX Trading Platforms Available?
SS8FX account supposedly features MT5, but the download is linked from the MetaQuotes site for a Demo version, so SS8FX has no terminal at all.