Launched in 2017, Q8 Trade specializes in CFDs and is licensed by the Jordan Securities Commission. Run by Al-Manara financial consultations, Q8 is one of the few brokers physically located in the Middle East and North Africa (MENA) area.
This is a significant benefit because the licensing authority and laws set out in Jordan are considered among the best and most effective licensing systems in the MENA area.
Q8 Trade offers online services in Forex and CFD trading. Customer service offices are available in Jordan, with the website available in both Arabic and English. They’re easy to use trading platform is innovative and provides a wide variety of assets to clients. Some of these assets include commodities, indexes, Forex pairs, international stocks, and local stocks. Each of these assets can be traded using CFDs.
The main goal is to provide their clients with the best trading tools and reliable advice so that their clients can become the best traders they can be. The trading styles supported encourage clients to enter new markets on a systematic structure. Within the trade system, this is known as the “broker educational project.” Over time, the database of information that they have accumulated aims to increase each trader’s ability to achieve profitability through visual education as well as text-based instruction. There are also free training webinars and interactive educational programs available to active clients.
Types Of Accounts
Live Real Account: This is the account used for standard international trading with real money. To use this “real account,” the applicant is required to upload proof of identity, answer a series of financial solvency questions, provide electronic agreement to terms and conditions, and provide a cash deposit. All information provided during the application process is maintained private.
Q8 Trade Islamic Account: Islamic trade accounts are designed for individuals who wish to participate in Forex trading while avoiding the interest rates that are commonly associated with trading. As a 100% interest-free account, the Q8 Trade Islamic account was designed to comply with several conditions of the Islamic faith. While owners of these accounts can trade without interest fees, there are restrictions on which instruments that can be traded.
Q8 Trade Demo Account: this provider also offers a demo account which carefully mimics the live money account in all aspects. When a new client opens a demo account, the account is immediately provided with US$50,000 in virtual money. Many professional traders use these demo accounts for training purposes as well as to test new trading strategies. Demo accounts are also ideal for new traders as they can test their new strategies and skills in the real world without risking their capital. The Demo Account includes:
- A virtual balance of $50,000
- Financial instrument tracking
- Educational tools
- Free training webinars
- Access to the MetaTrader 5 platform across 12 time frames
Q8 Trade offers five different account levels within both the Real Live account and the Islamic account. Those levels are:
Bronze level: The Bronze level account has an initial deposit requirement of $250. This initial investment allows full access to all educational and reading materials.
Silver level: Silver account requires an initial deposit of $1,000. Privileges include everything that’s available inside of the Bronze level as well as an individual account manager.
Gold level: The Gold level account has an initial deposit requirement of $10,000. For people who sign up for the Gold level and occasional 5% welcome bonus may be included. The Gold level is the most popular level from this provider. Designed to meet the needs of expert and novice traders, the Gold level provides access to all of the tools and privileges available in the Silver and Bronze levels. It also adds daily market analysis emails and SMS trading signals from the Q8 Trade Trading Central platform.
Platinum level: Platinum level accounts require a minimum deposit of $50,000, along with a possible welcome bonus of approximately 10% of the initial deposit. They also provide the possibility for bonuses on future deposits. The Trading Central platform is also open for access to Platinum member holders, including personalized financial planning from certified professionals.
Diamond level: At the Diamond level, an initial minimum deposit of $250,000 is required. Deposits of this size are often awarded massive bonuses, and future bonuses may also receive extra bonuses. Diamond level account holders receive access to all tools and services available at QA trade as well as individualized attention and care from a dedicated account manager.
Q8 Trade initiated its services supporting the MT4. However, as the case with all technological development, the MetaTrader 4 reached a point where it cannot serve the best interest of traders in a modern manner compatible with 2020 needs.
By the end of February 2020, Q8 Trade will no longer support the MetaTrader4 and will swill to the natural development of it; the MetaTrader 5.
If you would prefer to avoid installing software on your computer, then the Web Trader platform is probably best for you. Web Trader is an online trading platform that is fully customizable and provides you with sophisticated tools to secure access to your account and complete your trades online. But simply, the Web Trader platform is a simplified online version of MetaTrader 5.
The MetaTrader 5 is the natural development of the MetaTrader 4 technology. The MT5 is an independent trading platform and is considered the “gold standard” of trading platforms. Using MetaTrader 5, you can trade virtually any financial instrument, in any market, in any way that your broker supports. This extends beyond simple functionality to intuitive usability.
For example, MT5 offers instant order execution, indicators, drawing tools, and technical analysis, all through a multilingual interface that is supported by a multilingual help guide. CFD trading is fully supported by a wide range of globally tradable instruments.
MT5 also supports automated trading through its built-in MetaEditor, Compiler, and Strategy Tester tools.
Q8 Trade provides for its VIP clients a trading signals plugin that can be added to the MetaTrader 5 that elevates the uniqueness of this platform to a new level.
A common challenge for most Forex and CFD brokers is that traders have different levels of experience and come to the platform with diverse backgrounds and perspectives. At Q8 Trade, the established way of resolving this challenge is found in the “Hawks Trading Academy”. The academy is an online segment of the Q8 Trade website that instructs clients in the principles of Forex trading from a holistic perspective. That means the hawks academy provides a solid foundation of strategies as well as a wide variety of trading tactics (found in the “Education” section). The academy includes online courses, that helps traders pass a certain field of expertise and get certified in the matter. As well as online webinars on weekly bases.
Passing the courses successfully entitles you to receive a “Competent Trader Certification” in addition to receiving an “Educational Bonus” to assist you Start Right.
Beyond this holistic education, Q8 Trade also offers a “Articles” section on their site where you can read more about trading strategies and tradable assets in the market. There is also an economic calendar, educational library, ebooks, brochures, lectures, videos, interactive seminars and trading signals through their Trading Central service.
Deposits and Withdrawals
This platform allows for a variety of payment methods including credit cards, direct debit cards, bank transfers, FastBay, FXBay 88, and local bank payments. Surprisingly, Q8 does NOT support Neteller nor Skrill, which may be a deal-breaker for some clients. The minimum deposit with Q8 Trade is $250.
Interestingly, Q8 does NOT list their minimum initial deposit on their website. This is standard practice for CFD and Forex brokers, so the decision to not publish that information may be a cause for concern.
Margin and Leverage
Q8 Trade starts as low as 0.00014 on the GBPUSD, which is considered significantly low compared to other brokers. Leverage is flexible and varies by currency pair, but the maximum is 1:400. For comparison, the maximum leverage allowed to EU-based brokers is 1:30. However, increased leverage does not guarantee better results.
Below is a chart explaining the fees and requirements for deposits and withdrawals.
Bonuses and Promotions
While the rules are complex (so be sure to read the fine print carefully), Q8 offers a unique bonus based on deposits and re-deposits. For each deposit you make into your account, Q8 Trade may bonus an extra 5% to your account for trading purposes. Under certain conditions, that extra percentage may be increased to as much as 30%.
With a wide variety of services directed toward Forex traders, Q8 is an excellent choice. They also offer stocks, commodities, futures contracts, and indices. Q8 Trader focuses on Middle Eastern traders to whom their Islamic account is particularly attractive.
Q8 Trade is one of the more expensive brokers and does not support some of the more popular payment methods. These fees and limitations will reduce Q8 Trade’s future growth outside of the region. Their website also seems to be lacking some information, which may be a deterrent to some traders. Furthermore, Q8 Trade is not regulated by any of the global regulatory bodies. This weakens the trust of potential clients and certainly causes many to avoid this broker.
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