Q8 Trade Review Q8Trade Forex Broker, Reliable or Scam

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Q8 Trade Review – is q8trade.com scam or good forex broker?

Trading Accounts

Account type Minimum deposit Maximum leverage Spread
Standard Unknown 1:100 Fixed, from 3 pips

Q8 Trade is a forex and CFD broker from Kuwait (as the name implies in a way). The company appears to be focused mostly focused on the local market. Islamic (swap-free) accounts are available, for this purpose.

The Company. Security of Funds

Company Country Regulation
Q8 Securities Kuwait CMA

Q8 Trade is owned by Q8 Securities. They are regulated by Kuwait’s Capital Markets Authority (CMA). This is a rather exotic jurisdiction, which we do not know much about. It should definitely be more strict than that in off-shore zones, but maybe slightly looser than the one provided by reputable watchdogs, like the United Kingdom’s FCA, for instance.

The Financial Conduct Authority (FCA) monitors the activities of brokers who are registered with it very strictly. Furthermore, it applies rules, which these companies must follow. There are many of them, like the ones guaranteeing the best possible execution, but two stand out the most, when it comes to the security of your funds.

First of all, client funds must be kept in segregated accounts. This means, the broker can not freely access your trading funds and spend it for marketing campaigns, paying salaries or “corporate bonuses”. The second key rule is the mandatory participation in the Financial Services Compensation Scheme (FSCS). This is a mechanism, which collects small payments from participating companies and keeps them in a collective pool. If one of these brokerages were to go bankrupt the mechanism will be used to pay back traders who have funds with it. In essence, this is similar to an insurance company. If you trade with an FCA-regulated broker, your account will be covered up to £50,000.

As we noted in the beginning Q8 Trade appears to be focused on local clients. Other than that the company’s website appears to be missing some information, like a clear specification of trading conditions. Opening a demo account also doesn’t happen with a single click – you have to go through the process of creating a real account. These are slight oversights, which still leave a negative impression.

Trading Conditions

Minimum Initial Deposit

Q8 Trade does not mention a minimum deposit requirement on their website, which is not the usual practice. Most brokers state it clearly, while some even have account types, based on your initial deposit. Some have even removed the entry barrier, in pursuit of new clients. For instance the FCA-regulated industry pioneers at IG do not have a minimum – you can open an account for as low as you want.

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Average spreads & Commissions

Spreads at Q8 Trade are fixed and start from 3 pips. This is not competitive, when compared with current offerings by other fixed spread brokers. As an example, HYCM offers a 1.8 pips spread on EUR/USD.

The maximum leverage at Q8 Trade is 1:100. This is a sufficient level for most traders, although some brokers offer much higher levels nowadays. For instance, XM allows clients to trade with 1:888.

Keep in mind, higher leverage does not equate better trading conditions. It only allows traders to take bigger risks. There is a huge difference between the two.

Trading Platforms

Q8 Trade provides its services via MetaTrader4(MT4), a Web-based platform. If you have any sort of interest in the forex trading you probably know about MT4 already. It is the most popular currency trading platform in the world and there is a reason for that. In fact the reasons are probably several – form the outstanding charting package, to the automated trading system environment, MetaTrader is the current industry staple. Here is a screenshot of the MT4 provided by Q8 trade:

The web based platform is not as sophisticated. While it may appear to be more visually appealing than MT4, especially to people who are not that experienced in trading, it lacks a lot of the functionality. No technical indicators are available, let alone more complicated tools or automated systems. That being said beginners will probably enjoy learning on it. Here is what it looks like:

Methods of Payment

Q8 Trade offers a few payment methods. They are Bank Transfer, Credit/Debit Card and Knet – a local bank payment system. International clients can not use popular wallets, such as Skrill or Neteller.

Conclusion

Q8 trade is a Kuwait-based forex and CFD broker. The company is regulated by the local Capital Markets Authority. That being said trading conditions are not competitive with the contemporary development of the industry. There are a couple of issues with the company’s website. In summary, here are Q8 Trade’s pros and cons:

Pros Cons
CMA Regulation High fixed spreads
MetaTrader4 and Web platforms available Poor presentation of trading conditions on the website
Demo accounts not easy to create
Broker Advantages

FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.

Trading212 is a European broker with an excellent proprietary trading platform, which is now available as an iPhone app as well (we tried it out and we loved it). Trading 212’s customers enjoy fast execution a vast selection of trading instruments.

XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.

FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.

FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.

FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.

FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.

HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.

Q8 Trade Review: Q8Trade Forex Broker, Reliable or Scam?

Q8Trade Review: Q8 Trade is a forex and cfd broker that offers trading in a huge range of assets spanning commodities, indices, stocks and currencies including cryptocurrencies like bitcoins. They have a registered address at Boursa Kuwait, 5th Floor, Mubarak AlKabeer St., Sharq, 15301. and they are owned and operated by Q8 Securities Company. Their contact phone number is +965-22265577.

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Q8 TRADE TRADING PLATFORM

This broker offers the MT4 Trading platform for CFD and Forex trading. Custom Indicators and Expert Advisors are supported.

DEPOSIT AND WITHDRAWAL METHODS

The available methods are Bank Wire transfer, MasterCard, Visa, Knet. The minimum deposit is $1,000

Is Q8TRADE LICENSED?

YES! Q8 Trade broker is LICENSED. They are authorised and regulated in Kuwait by Capital Markets Authority (CMA) with Registration number AP/2020/0012

SUPPORT

This broker offers support to its traders, they could be reached through phone calls or emails, whichever you prefer.

CONCLUSION

Q8 Trade is one of the best forex and cfd brokers in the industry. Our team of professional traders rates them the best in the Arab world.

they deliver what they promised about their speed and power i love it

do they have problems with withdrawals? are they honest?

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RISK DISCLOSURE

Trading binary options may not be suitable for everyone and may also not be legal in your jurisdiction,make sure you are aware of the risks involved as there could be total loss of capital. Don’t trade with money you cannot afford to lose. Binary Options is prohibited by the ESMA. BestBinaryOptionsWatch.com cannot be held liable for any damage resulting from use of information on this website. The FTC Required Affiliate Disclosure: BestBinaryOptionsWatch.com is a professional review site that is independently owned and as such, opinions expressed here are our own. We receive compensation from companies whose products we review. However our professionals test each products thoroughly and recommend the best.

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