I don't know how much more clear I can say it. If you wire this up without understanding whether it's prepared for 110 volt or 220 volt, you run the risk of at minimum damaging the machine. I've spent my fair share of time working on Chinese import project machines over the last fifteen years. You should not expect anything to be logical or make sense. I've done a reasonable amount of research on these, and the quality is reported to be all over the map, with very little consistency between distributors.
Personally, I would not put 240 volts to this if it was labeled as a 110v machine, without disconnecting everything and measuring voltage out from the transformer, and ensuring that it is correct to match up to the component it plugs in to.
The one that Lou has was purchased for around $5000 by a mutual friend, about five years ago. The price has come down considerably, but that same machine still costs around $3500 from the same distributor. It may have (and likely has) considerably better parts than the one sold for $900 on Ebay. Further, the quality of these machines varies wildly between those sourced by american distributors that offer post purchase support (such as the case in Lou's), and those that are just sold by drop shipping distributors on American soil (which seems to be the case in yours)
You need to learn about your specific machine, and what it has inside of it, not what similar machines have, as they may not be the same. You will, at some point be doing repairs on it. This is a promise.
For what it's worth, a 40 amp breaker on 240 volts is providing 9.6 kW maximum input, and after losses, as Lou explains, you'll get a max around 7-8 kW at the coil. A 20 amp breaker on 110 volt provides a maximum of 2.2 kW input, output would be pretty low. So no, a 20 A breaker on 110 volt will not suffice.
