Q8 Trade Review 2020

Q8 Trade is a regulated STP trading broker offering CFD trading online via a choice of powerful and sophisticated trading platforms for desktop, web and mobile devices (iOS & Android). The broker also provides clients with a comprehensive trader’s academy and additional tools to assist them with their trading. However, the trading brokers team believe that they do not have the tightest spreads when compared to other brokerage firms and could also lower the additional fees that they charge. They may also benefit from incorporating a social trading platform within their services.

Q8 Trade Review 2020, Pros & Cons
  • Regulated broker
  • Trading Central
  • Education Center
  • Advanced MetaTrader 5 platform
  • Forex Market Scanner
  • Hawks Trading Academy
  • Daily Market Review
  • Minimum $250 deposit
  • Limited funding options
  • Withdrawal fees
  • Not the lowest spreads
  • Account inactivity fees
  • No US clients

In this detailed Q8 Trade review, our online broker research team have covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.

Q8 Trade is not ranked in our best forex brokers, best stock brokers, best cfd brokers, best crypto brokers or best online brokers categories. You can use our free broker comparison tool to compare online brokers including Q8 Trade.

Q8 Trade Review: Summary

Q8 Trade is a well-established, fully licensed and regulated trading broker that offers clients across the Middle East and North Africa with Contracts for Difference (CFDs) on 5 asset classes: forex currency pairs, cryptocurrencies, stocks, commodities, and indices. The broker operates using a straight through processing (STP) execution model with no-dealing desk (NDD) and thus there should be no conflict of interest between broker and trader.

Q8 Trade was founded in 2016 and owned by Kuwait-based Q8 Securities, financial industry professionals with 30+ years of experience. They aim to become the biggest trading platform in the MENA region and to expand to many other countries within the Middle East and North Africa Region as well.

The broker operates with a customer-centric approach and provide innovative online trading platforms that ensure they can offer traders intuitive user-friendly trading platforms for web, mobile, and desktop.

They have won awards including for the “Best Regional Forex Trading Platform 2018 Region: MENA” (Global Brand Magazine) and “Fastest Growing Forex Brand 2018 Region: MENA” (International Business Magazine).

Q8 Trade Review: Regulation

Q8 Trade is a brand operated by Al Manara Capital Services. The Company Al Manara Capital Services is a company authorized, regulated, and licensed by Jordan Securities Commission (JSC).

The Jordan Securities Commission (JSC) was established in 1997 as a public institution with financial and administrative autonomy to develop, regulate and monitor Jordan’s capital market to maintain a sound investment environment and protect investors. The JSC is entrusted with developing the capital market in accordance with international standards to secure fairness, safety and attract domestic and foreign investors.

Q8 Trade Review: Countries

Q8 Trade accept clients primarily from MENA and North Africa. They cannot accept clients from some countries where strict rules and regulations do not allow them to do so, including the United States. Some Q8 Trade broker features and products mentioned within this Q8 Trade review may not be available to traders from specific countries due to legal restrictions.

Q8 Trade Review: Trading Platforms

The brokers fully digitized trading platforms grant traders simple and quick online access to all of their services, while they continuously invest in their technology to continue improving the client experience and ensure the trading experience is easier, safer and more enjoyable.

MetaTrader Platforms

Q8 Trade Review: MetaTrader Desktop Platform

Q8 Trade Review: MetaTrader Desktop Platform

Q8 Trade provides its clients with some of the most advanced and cutting-edge technologies for trading including the widely respected and powerful MetaTrader 5 (MT5) platform that is accessible on desktop, web and most smartphone and tablet devices, including iOS and Android. The popular MetaTrader 4 (MT4) platform is also available. The MetaTrader platform features includes:

  • Real time bid/ask price quotes in the market watch window
  • Fully customisable user interface
  • Multiple chart types & timeframes
  • Support for multiple order types & one-click trading
  • Vast array of technical indicators & drawing tools for market analysis
  • Automated trading through expert advisors (EAs)
  • Strategy tester to back test EAs over historical data
  • MQL community to share ideas & tools with other traders
  • MetaEditor to create your own custom indicators, scripts & EAs
  • Alert notifications via email, SMS & platform pop-ups
  • Available for desktop web & mobile devices (iOS & Android)

Q8 Trade Platform

Q8 Trade Review: Q8 Trade Platform

Q8 Trade Review: Q8 Trade Platform

The Q8 Trade mobile app ensures that you can always have your eye on the markets even when you’re on the move. Along with the Q8 Trade mobile app that they provide free to their customers, the broker also give access to their very own Web Trader platform that allows you to trade wherever in the world you might be, provided you have an internet connection.

Q8 Trade Review: Mobile Trading App

Q8 Trade Review: Mobile Trading App

Built using proprietary algorithms, the Q8 Trade web platform is fully responsive and runs on a range of devices, meaning that as well as being accessed on a personal computer, you’ll encounter a user-friendly experience when using the platform on mobile phones and tablets too (iOS and Android). Some of the Q8 Trade platform features include:

  • Minimal clicking to optimize user-efficiency & ensure reliable executions
  • Innovative trading tools, including free real-time quotes
  • Daily news & technical analysis
  • Unlimited demo account access, allowing you to practice your trading strategies
  • Advanced risk management tools
  • Customer support channels via phone, email & live chat

Q8 Trade Review: Trading Tools

Forex Market Scanner

Q8 Trade Review: Forex Market Scanner

Q8 Trade Review: Forex Market Scanner

The forex market scanner tool on the brokers website gives an overview of forex currency pairs including the current prices, change in prices, high/low prices and rating for the direction the pair is moving in. It should be noted that this should not be taken as financial advice nor as a signal to trade a currency pair based on the direction indicated.

Forex Economic Calendar

Q8 Trade Review: Forex Economic Calendar

Q8 Trade Review: Forex Economic Calendar

The forex economic calendar displays the time/date of the latest news releases along with the previous, expected and actual impact of each news release. This can be filtered to only display news that is relevant to you and is often part of the fundamental analysis of a trading strategy.

Trading Central Signals

Q8 Trade Review: Trading Central

Q8 Trade Review: Trading Central

Q8 Trade clients get access to Trading Central Signals. This service is exclusively available to Gold VIP account members. The Trading Central Signals can provide daily trading signals on a host of different assets. Clients are also able to build their own personal portfolios and receive signals on their chosen preferred assets.

The broker also enables you to add a Trading Central plugin to your MetaTrader platform if you have a minimum of $5,000 (or currency equivalent) in your account. The plugin includes Analyst Views, Adaptive Candlesticks and Adaptive Divergence Convergence.

Market News

The broker has a selection on the website with articles covering some of the latest market news. These are updated frequently and can be used to help keep you up to date with some of the latest market movements although not all assets are covered.

Q8 Trade Review: Education

The Q8 Trade Education Center provides all clients with various educational tools, free of charge. They include both audio-visual (video) and written materials, as well as interactive webinars. The broker also offers 1-on-1 personal training. The brokers comprehensive Education Center aims to further improve trader’s knowledge and skills, with Q8 Trade working alongside clients to help them become better traders.

The Hawks Trading Academy

Q8 Trade Review: Hawks Trading Academy

Q8 Trade Review: Hawks Trading Academy

The broker has its very own trading academy which is aimed at helping clients along the road to becoming a professional trader. The certification program will allow you access to videos and articles that can help to put you on the right track to start your trading journey. The academy includes trading articles, webinars, online presentations and eBooks. These cover a wide range of different trading topics for traders of all experience levels, including trading strategies, money management, market analysis, trading platform tutorials and much more.

Q8 Trade Review: Trading Instruments

Q8 Trade offers traders Contracts for Difference (CFDs) on 5 asset classes: forex currency pairs, cryptocurrencies, stocks, commodities, and indices.

Forex Trading

Forex, short for Foreign Exchange and also known as FX or currency trading, is the largest market in the world in terms of volume, with a daily trading volume of over $5 trillion. With Q8 Trade, you can diversify your trading tactics by trading a wide portfolio of pairs including major, minor and exotic currency pairs.

Commodities Trading

Commodities are common products of uniform quality that can be traded across various markets. Commodities such as natural gas, gold, sugar, cotton, coffee, cocoa, and oil can be used to effectively diversify a portfolio. Through Q8 Trade’s CFD trading you can trade all key commodities via the brokers cutting-edge platforms.

Stocks Trading

Stocks, also called equities, allow investors to buy a share of a public corporation, which can be bought or sold on the stock market. Q8 Trade give you access to hundreds of the most popular global stocks, including Apple, Google, Facebook, and Amazon.

Indices Trading

Indices, also known as Indexes and Stock Indices, are assets grouped together in a defined portfolio representing global markets, national markets or specific sectors. Major financial indexes include the S&P 500, FTSE 100 Dow Jones and NASDAQ. Q8 Trade’s trading platform gives access to all major indices.

Q8 Trade Review: Trading Accounts & Fees

Q8 Trade Review: Broker Account Plans

Q8 Trade Review: Broker Account Plans

Q8 Trade have a variety of account types to cater to different investment sizes and trader needs. The minimum deposit is $250, however, if you are going to use bank wire, the minimum amount to be deposited is $500. The more you deposit into you trading account, the more account benefits you qualify for. The trading brokers review team prefer it when all clients get the same benefits regardless of their investment amount.

Trading with Q8 Trade does not entail any costs or commissions other than those associated with the difference between the BUY price and the SELL prices, known as “Spread”, for positions that are closed before the end of the trading day. This does mean that spreads can incur a mark-up and are thus larger than the spreads that you could find on some of our best forex brokers who offer raw spreads from just 0 pips. There is also an overnight charge for non-Islamic accounts that you should be aware of.

Q8 Trade will deduct $30 for dormant (inactive) accounts for each month in which no investment activity is involved. Inactive accounts are accounts that have balances that have not opened or closed positions for more than 90 days. Past the 90-day period, dormant accounts will be charged a fee of $30 each month, but we will not charge past the amount available in the balance. In the event of consecutive inactivity for more than one year, Q8 Trade shall be entitled to deduct $200 for each year of inactivity, with a condition not to deduct amounts exceeding the available balance in the trading account.

Bronze Account

  • Up to $999
  • Trading Tools
  • Daily Market Review email every morning
  • eBook Access
  • Video Access

Silver Account

  • $1,000 – $9,999
  • Trading Tools
  • Daily Market Review email every morning
  • eBook Access
  • Video Access
  • Account Manager

Gold Account

  • $10,000 – $49,999
  • Trading Tools
  • Daily Market Review email every morning
  • eBook Access
  • Video Access
  • Account Manager
  • Trading Central SMS Alerts (up to 5 per day)
  • Trading Central Signals portal

Platinum Account

  • $50,000 – $249,999
  • Trading Tools
  • Daily Market Review email every morning
  • eBook Access
  • Video Access
  • Dedicated Senior Manager
  • Trading Central SMS Alerts (up to 8 per day)
  • Trading Central Signals portal
  • Long-term financial plan
  • Direct line to Trading Room Team

Diamond Account

  • + $250,000
  • Trading Tools
  • Daily Market Review email every morning
  • eBook Access
  • Video Access
  • Dedicated Senior Manager
  • Trading Central SMS Alerts (up to 8 per day)
  • Trading Central Signals portal
  • Long-term financial plan
  • Direct line to Trading Room Team

Islamic Accounts

The Q8 Trade Islamic account lets you trade in the global financial markets with 100% interest free positions. Sharia infringements occur in regular trading accounts through the usury interest fees that apply to open positions.

Because the Forex market is decentralized, its trading hours are available 24 hours a day, 5 days a week. Each trading day at midnight KSA (or 5 pm EST), trading platforms charge a fee for open positions, known as SWAP or Rollover interest.

This constitutes an infringement of Sharia provisions, as it is forbidden for Muslims to deal with riba-based benefits according to the noble Quran. This deters many Muslim traders from participating in Forex trading.

Consequently, Q8 Trade has established an Islamic trading service that excludes this interest-free completely, and does not compensate it in any other form or name in an attempt to circumvent the Sharia provisions.

With Q8 Trade Islamic trading accounts, you can avoid these infringements, and trade 100% interest-free on any of the account levels offered by Q8 Trade, without losing any benefits.

Demo Accounts

Q8 Trade provides demo accounts if you want to know how it feels to trade without risking your own capital. Trading with Q8 Trade’s demo account is a way to practice your trading strategies and sharpen your trading skills with virtual funds of up to $50,000. You will also gain access to the brokers educational materials and can practice trading on all financial instruments offered by Q8 Trade.

Trading on the demo account provided by Q8 Trade can be essential for every trader to help prepare them for a real trading environment, regardless of their current level of experience.

Q8 Trade Review: Customer Service

The broker has a team of customer service representatives and professional account managers on hand to provide expert support during working hours, from Sun to Thu: 06:30 – 19:00 KSA and Friday: 06:30 – 18:00 KSA. They can be reached via online chat, telephone and email. You should consider any time zone differences there may be between your location and the brokers. Q8 Trade welcomes its clients to visit the local offices and conduct face-to-face meetings with professional trading advisors. Local offices are in the GCC and MENA.

Q8 Trade Review: Deposit & Withdrawal

You can fund your trading account with Q8 Trade through bank transfer and credit/debit card. It should be noted that although there are no costs to deposit into your trading account, it is important to check the entity that supports all your financial transactions, such as the credit card company or bank, to know the value of the costs associated with the financial transactions.

There are also costs associated with withdrawing from your account that you need to be aware of. Withdrawal fees start from $30 and there is a minimum withdrawal of $25, depending on the method used. The minimum deposit is $250 via card and $1,000 via wire transfer. We actually found the account funding options currently very limited compared to other online brokerages who offer online payment processors such as PayPal, Neteller, Skrill and some who even support Crypto funding.

The main currency of trading accounts with Q8 Trade is the US Dollar. However, you can request to open a trading account with us in Euro, Kuwaiti Dinar and Saudi Riyal. The different currency options are beneficial as currency conversion fees do not apply when using an account in your own currency.

Q8 Trade Review: Payment Options

Q8 Trade Review: Payment Options

As broker fees can vary and change, there may be additional fees that are not listed in this Q8 Trade review. It is imperative to ensure that you check and understand all of the latest information before you open a Q8 Trade broker account for online trading.

Q8 Trade Review: Account Opening

There is an online application form on the brokers website to open a real trading account with Q8 Trade. During the process you will need to provide some personal and financial information along with proof of identification (e.g. passport or drivers license) and proof of address (e.g. utility bill no older than 3 months). This is a normal part of KYC procedures. You will also need to complete the Financial Suitability Form to make sure you are eligible for their services. Once your account has been verified you will be able to fund it and commence trading online. It is imperative that you make sure you read, understand and agree to all of the brokers terms and conditions before proceeding.

Q8 Trade Review: Trading Account Registration

Q8 Trade Review: Trading Account Registration

Q8 Trade Review: Conclusion

Q8 Trade provides its clients with professional access to various international financial markets via intuitive trading platforms and a range of training and educational resources to support clients of all experience levels to deal with the data and volatility of financial markets effectively. The broker gives traders full access to useful tools and information to help them make informed decisions about financial investments. Despite this, the spreads are not the lowest that we have seen whilst there are additional fees that some other online brokers do not charge. Overall, the trading brokers team consider this particular broker to have a solid offering but you may wish to see our best online brokers for some alternative options.

Even though local, international stocks, FX, or CFD trading can be profitable, it is, associated with a high risk of losing your investment. The risk will increase when trading on margin carriers. Clients must impose due diligence and be careful when taking their trading decisions. It is the sole responsibility of the client to learn and gain the knowledge and experience required to use the trading platform and whatever would be needed to trade properly. Clients must know that the risks of trading may sometimes overcome the whole capital invested. Clients must also know that knowledge and experience do not necessitate making profits since the markets can be affected by other unexpected factors that may lead to clients ‘losses such as economic and/or political crises etc.

Min $250 Deposit

Q8 Trade is a regulated STP trading broker offering CFD trading through powerful & flexible trading platforms. The broker provides clients with a useful trader’s academy & additional tools. However, they could lower their spreads & fees.