Q8Trade Review 2019 – Are They a Scam?

Want to know the bottom line? Here it is:

Overall, Q8Trade offers a competitive package for traders who are looking for an excellent platform for investing in the financial markets.

There’s no doubt that this is a regulated and transparent brand that caters not just for beginners but advanced traders as well.

And another thing…

If you want to improve your trading knowledge and skills then we strongly recommend that you utilize the free educational resources including the demo account.

Their platforms come with a range of features and is a great place to dive into forex and CFD trading.

So let’s get to the point:

Q8Trade is a solid broker with fair trading conditions, an excellent credibility and a competitive offering.

So take the next step and get started with it!

Final Score: 92/100
Read the full review…

 

Q8Trade Overview

Founded2017
PlatformWeb Trader, MetaTrader, Mobile Trader
Minimum account size250
Minimum lot size0.01
Tradable assets300+
Maximum margin1:400
Spread on EUR/USD0.00015 pips
Payment methodsKNET, MasterCard/Visa, American Express, Wire Transfer
Demo accountUnlimited time
Accepts US tradersNo
RegulatedMinistry of Commerce and Industry (Kuwait)
SupportPhone, Email, Live Chat
Websitewww.q8trade.com

 

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Pros

  • Trading platforms for web, mobile and desktop
  • Over 300 instruments available including cryptocurrencies
  • Islamic account
  • Extensive trading tools and education
  • Superb customer service in Arabic and English
Cons

  • US traders are not accepted

Introduction

If this will be your first time to try online trading then you might have the notion that it is a complex process and that you need to have advanced experience or skills.

Let us say this straight:

It’s not that complicated as long as you’re registered with a trusted online service provider that offers a user-friendly platform.

This service is via contracts for difference (CFD) which is a form of derivative wherein you will be able to take positions on the value of various markets and make profits not only when the prices are rising but also when they are falling.

Among the brands that continue to dominate this industry is Q8Trade which is operated by Q8 Securities, a company that has been active and highly recognized in the GCC (Gulf Cooperation Council) region since 1985.

So is their online platform recommended for trading? Are they trustworthy or should you stay away from them?

Let’s find out!

3/3

Registration

Signing-up for a Q8Trade account is pretty easy since the details that they would require are very basic and this can be done by just around a minute.

Via the online registration form, you need to supply them the following information:

  • First and last name
  • Email address
  • Country
  • Preferred currency
  • Phone number
  • Preferred password
Q8Trade registration page
Q8Trade registration page

It sounds simple. And it is.

In case you want to register now with Q8Trade now, there’s no need to go anywhere because you just need to click the button below and you will be taken instantly to the sign-up page:

Go to the Q8Trade registration page

The next step to complete the registration process which is composed of three basic steps via the verification portal.

  • Financial Suitability – These are composed of questions about your financial background and trading experience.
  • Terms and Conditions agreement – Be sure to read the terms and conditions and if you agree, provide your manual signature on this section.
  • Proof of Identification – You’ll need to submit a copy of any of the following:
    • Driver’s license
    • ID
    • Passport
Q8Trade verification portal
Q8Trade verification portal
4/4

Account Types

Q8Trade offers 4 types of accounts and each comes with its own benefits. Your initial deposit will be the basis of your account type so be sure to check the perks first before you sign-up:

  • Bronze
  • Silver
  • Gold
  • Platinum

All accounts get to enjoy access to the exclusive trading tools, ebook, daily market review, Islamic account and hedging.

And here’s the deal:

If you’re a Gold or Platinum user, you’d get to enjoy a welcome bonus on your first deposit and even an upgrade bonus as well.

The thing is, majority of brokers in the market today are no longer offering such credit so this is actually something that you shouldn’t want to miss!

If you’d like to know more about these bonuses, be sure to discuss this with their customer support after you finished the registration.

Q8Trade account types
Q8Trade account types

In addition to that…

If you’re a member of the Muslim faith and would like to have an account that is fully fatwa-compliant then you’d be glad to know that Q8Trade offers this as well.

An Islamic account can easily be activated with Q8Trade by getting in touch with the customer service department via email and making a request.

What is Q8Trade’s Islamic account?

This account type allows you to execute trades without incurring any swap or rollover charges in accordance with the Sharia law should you decide to hold your positions overnight.

But remember this:

With an Islamic account, cryptocurrencies and exotic pairs are not accessible.

3/3

Demo Account

Q8Trade provides a free demo account which comes with $50,000 virtual funds that can be used to test and explore their platform.

This is a great feature that you can utilize especially if you’re a newbie or you have no actual trading experience at all.

Q8Trade demo account
Q8Trade demo account

With the platform in demo mode, you’d get to experience live market conditions and execute various trading strategies without using the real funds from your account.

This is an excellent way to determine the best strategies that are suitable for you and prepare yourself for live trading.

How to open a Q8Trade demo account?

  • Open an account with Q8Trade.
  • After completing the registration process, you will be taken directly to the platform which is in demo mode.
  • Start exploring the demo account!
5/5

Payment Methods

Funding your Q8Trade account is pretty simple and fast.

Have you tried online shopping or any service online and paid for it? That’s practically the same process and the only difference is that you’re transferring money from a payment service into your Q8Trade account.

All you have to do is enter your payment details via their secured page and wait until the funds are reflected.

It’s easy isn’t it?

Q8Trade deposit page
Q8Trade deposit page

So what payment methods can you use?

Below are the current options that you have in funding your online trading account:

  • KNET (for Kuwaiti nationals only)
  • Visa/MasterCard
  • American Express
  • Wire Transfer

And take note:

For deposits, there are no fees for all the payment methods.

4/6

Minimum Deposit

If you wish to start live trading then your account needs to be funded and, as of press time, the minimum accepted amount is $250.

Here’s the point:

$250 is not the lowest minimum deposit requirement for a broker in this industry but certainly, this is not the highest as well.

In fact, some brokers require much higher initial deposits so we still consider this to be on the average side.

By default, the US dollar is the base currency but if you wish to change it, you can make a request and have the option to use British Pound, Euro, Kuwaiti Dinar, Emirati Dirham or Saudi Riyal.

How to deposit on your Q8Trade account?

  • Log-in to your Q8Trade account.
  • Click on Deposit and you will be taken to the Transaction Portal.
  • Choose from one of the available payment methods.
  • Enter your payment method details.
  • Choose your preferred currency (AED, BHD, EUR, KWD, QAR, SAR or USD).
  • Enter the amount that you wish to deposit.
  • Click on the Deposit Now button to continue.
8/8

Platforms

You would be able to access the markets in various ways via Q8Trade’s multiple platform options. This is definitely an advantage since you will be given with more opportunities to trade.

Currently, the following platforms are available for trading:

  • WebTrader – This web-based platform allows you to access your account and trade from any browser and operating system.
  • MetaTrader – You can trade using the industry’s leading trading platform and you have the choice of using the classic MetaTrader 4 (MT4) or the latest MetaTrader 5(MT5).
  • Mobile Trader – If you prefer to trade on your smartphone or tablet then you can install their mobile apps for Android and iOS (iPhone/iPad).

Any of these platforms offer benefits to traders of all experience levels but if you consider yourself in the advanced category and would like to use advanced functionality such as indicators and plugins then the MetaTrader is the way to go.

And speaking of plugins, Q8Trade is among the very few brands that we know of that offers the Trading Central plugin which is compatible with MetaTrader 4 and 5 applications.

Note:

You will only be able to use this feature if you have a minimum deposit of $5,000 in your account.

Q8Trade MetaTrader plugin
Q8Trade MetaTrader plugin

The integrated risk management tools are highly recommended so you can protect your profits and limit your losses.

Customization is also possible so you can view the information you’re primarily looking for such as specific charts and historical data, and tailor the platform to meet your own trading needs.

It all boils down to this:

All of their platforms have a suite of unique features and tools that can help enhance your trades.

Such versatility and definitely deserves a perfect rating in this category.

4/4

Design

Similar to most brokerages that offer the downloadable MetaTrader platforms, Q8Trade decided to keep the very basic user interface.

Just look at the screenshot below:

Q8Trade MetaTrader 5 platform
Q8Trade MetaTrader 5 platform

As you can see, this is pretty much the standard and uncomplicated MetaTrader layout and although it is very basic, the silver lining is that you will be able to focus on your trades.

By contrast:

Their WebTrader and mobile platforms have a fresh modern look and the uniform colors on the easy-to-use trading interface are definitely a welcome sight.

It’s a perfect balance form and function for a better trading experience.

Here’s a preview of the WebTrader platform and their mobile Android app:

Q8Trade WebTrader platform
Q8Trade WebTrader platform
Q8Trade Android mobile app
Q8Trade Android mobile app

Since these specific platform technologies allowed operating brokerages to apply full customization on the user interface, Q8Trade managed to do an excellent job in making it visually pleasing and intuitive.

5/8

Tradable Assets

One of the advantages of trading CFDs is that you will be able to invest on a diverse selection of markets.

The number of markets that you can access however would depend on the broker that you’re signed-up with.

Here’s the good news:

Q8Trade won’t disappoint you because their platforms have over 300 instruments which are divided into the following classes:

Currencies

There are more than 40 choices and this includes major currency pairs, crosses and exotic pairs (not accessible for Islamic accounts).

Commodities

They have a diverse selection for this asset class and this includes soft commodities like cocoa, coffee, corn, orange, soybean and wheat. Precious metals including gold, silver, palladium and platinum are also available and the commonly traded instruments in the energy markets such as Brent oil, crude oil, natural gas and RBOB Gasoline.

Indices

As of this writing, there are 30+ indices including global indices like the NIKKEI and NASDAQ. But what makes Q8Trade better than other brokers out there is that they also included the most popular indices in the Middle East including Saudi Arabia’s TADAWUL and Israel’s TA35.

Shares

There are over 140 stock options with the most popular companies such as Apple, Coke and Facebook. What’s even more interesting is that they also have newly-listed brands like Uber, Beyond Meat, Lyft, Snapchat, Line and Spotify.

Cryptocurrencies

This new asset class includes highly popular digital coins like Bitcoin, Ethereum, Ripple, Litecoin, Dashcoin and Stellar Lumens. This category however is not accessible for Islamic account holders.

Q8Trade tradable assets
Q8Trade tradable assets

Since Q8Trade’s platform will give you access to a wide spectrum of financial markets, you’ll have the freedom and opportunity in diversifying your investment portfolio as you explore and test out other instruments.

4/4

Minimum Lot Size

We can’t emphasize enough:

The size of your lot will directly influence your risk management and the smaller the lot, the better you can control your risk.

Most retail brokerages allow their clients to trade with micro lots which means a Buy or Sell order will be placed for 1,000 units.

The fact of the matter is…

Micro lots are the smallest tradable lot size that are usually allowed by most brokers. Fortunately, Q8Trade follows this trend as it allows opening positions with a minimum lot size of 0.01.

6/6

Spreads

As with majority of brokerages, Q8Trade makes money from the spreads and commissions.

And don’t forget:

With tight spreads, you will be able to minimize the losses on price differences and reduce the trading costs so as a trader, you need to find a broker with the best lowest spreads.

In comparison with other brokers in the industry today, the spreads offered by Q8Trade are quite competitive not just on the most popular assets but over a wide range of markets.

For example, the EUR/USD has a spread of 0.00015 pips in real market conditions.

7/8

Quotes Accuracy

Let’s not forget:

In this industry, anything slow is not good particularly in displaying the prices of the assets that you are trading.

If there’s latency or time lag with the platform you are using, then this is a disadvantage for you especially when markets are moving incredibly fast.

What it means is this:

You need to choose a stable and lag-free platform that can react faster to the actions of the market.

Q8Trade quotes accuracy
Q8Trade quotes accuracy

So how’s the performance of Q8Trade’s platforms?

Based on the extensive tests that we’ve done, Q8Trade’s quotes were accurate and in real time. Their platforms have ultra-low latency and in most cases, execution speeds were really fast.

6/7

Withdrawal Time

Similar to how uncomplicated the process it for depositing money into your online trading account, you’ll also be able to withdrawing the funds with ease and as long as you follow their instructions and requirements.

How to withdraw your funds from Q8Trade?

  • Log-in to your Q8Trade account.
  • Click on Deposit and you will be taken to the Transaction Portal.
  • Click on Withdrawal
  • Enter the amount that you wish to withdraw.
  • Select one of the following reasons:
    • I am withdrawing profits
    • I am transferring funds to another broker
    • Unsatisfied with the service
    • I have limited funds
    • I do not have enough trading experience
    • Other reason
  • Click on the Deposit Now button to continue.

Once you complete these steps, the processing time may take a maximum of 3 business days and if we compare that with other brokerages, they are quite faster since it takes a lot longer for their competitors to handle the withdrawal request of their clients.

Remember:

Each withdrawal will incur you with $20 on your first 2 requests for the month for MasterCard/Visa, American Express and Wire Transfer.

You’ll be exempted from these withdrawal fees if you’re a Platinum account holder.

And keep in mind:

Depending on the policies of your bank regarding inbound transfers, you may incur fees so be sure to clarify this with your service provider.

11/12

Customer Support

The quality of customer service that a broker provides is one of the most essential factors that you need to determine prior to signing-up with them.

As a client, you need to ensure that any of your concerns and issues are addressed quickly by a knowledgeable member of their support department.

Most of all:

You’d want to have an empathetic ear and be assured that you’re in good hands.

There are 3 ways for you to contact Q8Trade’s customer service team: phone, email and live chat.

As for availability, do take note that you will only be able to get an agent from 6:30 am to 7:00 pm (GMT+3), Sundays to Fridays. They do not provide support on Saturdays.

Q8Trade customer support
Q8Trade customer support

Should you decide to contact them via phone, you have the option to dial their local numbers in Kuwait, United Arab Emirates, Cyprus and Bahrain.

To fully test their customer service quality, we tried contacting them via all the possible methods of communication.

Via phone and live chat support, it only took a few seconds for us to get a representative on the line. Email responses on the other hand were received in less than an hour.

Q8Trade live chat
Q8Trade live chat

And the best part?

Q8Trade’s customer service was able to provide us with ample information and assistance. All in all, we were very satisfied and impressed on how fast, professional and courteous they are in resolving client issues.

11/13

Credibility

And since we’re talking about trustworthiness, we did an extensive background check about this service provider to see if they are indeed trustworthy.

So how did it turn out?

First, they are among the very few companies in the MENA (Middle East and North Africa) region that have a license to offer CFD and forex trading services online. That alone is a huge advantage especially if you’re based in the GCC region.

How about actual user feedback?

We’ve consolidated all the verified and professional user comments and reviews that we found from various review sites, forums, trading sites and social networking sites and overall, it was highly satisfactory.

Here are some of them:

Q8Trade real user comment
Q8Trade real user comment
Q8Trade real user comment
Q8Trade real user comment
Q8Trade real user comment
Q8Trade real user comment

Of course, there will always be negative comments as for any brand but these are very minimal compared to the numerous positive reviews that we found.

The good news is:

They have a good standing in the GCC region and are among the top picks of users for trading forex and CFDs.

9/9

Regulation and License

Q8Trade is a brand that is owned and operated by Q8 Securities, a company that is authorized and regulated in Kuwait by the Ministry of Commerce and Industry under license #1986/352.

Conclusion

Overall, Q8Trade offers a competitive package for traders who are looking for an excellent platform for investing in the financial markets.

There’s no doubt that this is a regulated and transparent brand that caters not just for beginners but advanced traders as well.

And another thing…

If you want to improve your trading knowledge and skills then we strongly recommend that you utilize the free educational resources including the demo account.

Their platforms come with a range of features and is a great place to dive into forex and CFD trading.

So let’s get to the point:

Q8Trade is a solid broker with fair trading conditions and a competitive offering.

So take the next step and get started with it!

Final Score: 92/100

 

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*Risk Disclaimer: Forex and CFD trading can be profitable but there is a high risk of losing your investment which may increase if you’re using leverage. Please practice due diligence whenever you’re making a trading decision.

Summary
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