Q8 Trade is closing its operations world wide. If you are looking for a reliable broker in UAE and Dubai check out our list of the best brokers in UAE here.
Q8 Trade is a regulated online broker specialized in trading with CFDs. It currently operates in the countries of the MENA region. Their trading platform is available as web trader, desktop version and mobile app.
Q8 Trade is an online broker specializing in Contracts for Difference (CFD) trading. Traders can trade up to 50 currency pairs and 150 stock CFDs. The assets offered on the Q8 Trade platform include currencies like forex, indices, stocks, and commodities.
Founded in 2017 by Al-Manara financial consultations Q8 Trade is regulated by the Jordan Securities Commission. Q8 is one of the few online brokers physically located in the Middle East and North Africa (MENA) area. Customer service offices also operate in Jordan, with the website available in both Arabic and English.
The smallest deposit at Q8 Trade varies between $250 and $1000. There are no deposit fees. Withdrawals from your account cost $30. Q8 Trade does not charge commissions. We can recommend Q8 Trade for beginner and intermediate traders.
In this Q8 Trade review we reveal all the details you need to know about this online broker before trading.
1. Fees and Spreads
Spreads on the Q8 Trade platform are often wider in comparison to the competition. This broker also charges an inactivity and withdrawal fee.
Q8 Trade does not have any fees or commissions associated with trading itself. They make money by the so called “spreads”. This is the difference between BUY and SELL prices for positions closed before the end of a trading day. This broker charges an extra mark up on those spreads. Compared to other brokers the spreads on Q8 are much higher.
That doesn’t mean that some of the spreads are not competitive. Spreads for a popular currency pair GBP/USD start as low as 0.00014. Below is a spread list for some of the most popular currency pairs on Q8 Trade:
Q8 Trade has an overnight charge for non-Islamic accounts and a $25 withdrawal fee.
Q8 Trade charges a $50 monthly inactivity fee. These accounts have no trades for more than 90 days—the fee increases to $250 in case of no activity for one year.
Leverage is flexible and varies by the currency pair. The biggest leverage on the Q8 trade platform is 1:400.
2. Withdrawals and Deposits
Q8 Trade charges a regular withdrawal fee of $30, which is not the standard among online brokers.
You can fund your Q8 Trade account through credit cards or wire transfer. They provide few options compared to the competition. They don’t include popular solutions such as PayPal, Neteller, and Skrill.
The deposits are free of charge; yet, the credit card company or the bank might impose their fees.
The smallest deposits depend on the method. They go as follows:
- American Express: $350Wire transfer: $1000
- Wire transfer: $1000
- MasterCard/Visa: $250
Q8 Trade charges $30 for each withdrawal. There is also a withdrawal threshold of $25 for credit cards and $100 for wire transfers. Platinum & Diamond accounts are not subject to withdrawal fees.
To start a withdrawal, you have to log into your account, click on “my account,” and choose “withdraw.” Choose the amount you want to withdraw from the account. Withdrawals take 5-10 working days.
3. Account opening
Q8 Trade has made its account opening procedures easy, fast, and straightforward. The broker offers many different accounts and plans, each with its characteristics. Let’s look at them:
Three different account types:
Q8 Trade Live Real Account: This is the account used for trading with real money. To use a “real account,” you need to:
- upload proof of identity
- answer a series of financial solvency questions
- provide electronic agreement to terms and conditions
- provide a cash deposit.
Q8 Trade Islamic Account: Q8 Trade Islamic accounts have trading restrictions. Owners of these accounts can trade without interest fees. There are only a few available trading instruments.
Q8 Trade Demo Account: Q8 offers a demo account that mimics the live money account. When a new client opens a demo account, the account is immediately provided with $50,000 in virtual money. Many traders use these demo accounts to test trading strategies.
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. These levels are:
Bronze level: The Bronze level account has an initial deposit 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. The Silver account provides an individual account manager and a 10% welcome bonus.
Gold level: The Gold level account has an initial deposit of $10,000. People who sign up for the Gold level receive a 15% welcome bonus. The Gold level provides daily market analysis emails and SMS trading signals.
Platinum level: Platinum accounts have an initial deposit of $50,000. This account receives a 20% welcome bonus and a 15% upgrade bonus. These members receive access to a personal certified financial planner. The withdrawals are free of charge.
Diamond level: At the Diamond level, an initial deposit of $250,000. Diamond level receives a 25% bonus. Diamond level account holders also receive access to a dedicated account manager. The withdrawals are free of charge.
4. Markets and products
Q8 Trade features a limited number of financial assets. They include currencies (forex), indices, stocks, and commodities. All instruments are Contracts for Difference (CFDs). Q8 Trade offers the most popular global stocks, including Amazon, Google, and Facebook. Commodities include cocoa, copper, and crude oil. The indices (assets grouped together in a defined portfolio) include CAC, DAX, FTSE, and NSDQ.
See below the Q8 Trade product catalog in comparison to some other well-known online brokers:
At this point, let us explain what CFDs are:
CFDs are financial derivatives. You can speculate whether the price will go down (short) or up (long). You do not own the underlying instrument.
An investor can speculate on a whole host of financial assets. Most common are shares, stocks, cryptocurrencies, and forex. Learn more about CFDs from our dedicated series:
5. Q8 Trading Platform
Q8 Trade supports the popular MetaTrader 5 platform. It also has its own web trading platform and an trading app. Q8 Trade offers three platforms that cover beginner and intermediate levels.
The MT5 is a trading platform. It is the “gold standard” of trading platforms. MT5 offers instant order execution, trading indicators, drawing tools, and technical analysis. The platform has a multilingual help guide. MT5 supports automated trading through software MetaEditor, Compiler, and Strategy Tester tools.
The Q8 Trade Web Trader platform is a browser-based product. The platform has proprietary algorithms. It also offers daily news and technical analysis.
Q8 Trade mobile application
The Q8 trading app is free and available for Android and iOS devices. It allows most of the functions found on web platforms, customized for mobile use. The app is decent but not comparable with some other brokerage apps. The trading platform and support are available in Arabic and English.
6. Research Tools and Educational Program
Q8 Trade’s educational resources are accessible through “Hawks Trading Academy.” The academy is an online segment of the Q8 Trade website. It provides online courses, weekly webinars, articles, eBooks, lectures, videos, and seminars. The broker also designed its own “Competent Trader” certification.
The webinars, for instance, include:
- Trading Strategies for Beginners
- Charts and Trading Patterns
- The Basics of Japanese CandlesticksUnderstanding Technical Indicators
The research tools are average. They include:
- Economic calendar
- Market scanners
- Trading Central Signals available to Gold account members.
Q8 Trade is a safe and regulated CFD broker. Al Manara Capital Services owns and operates Q8 Trade. The company is, regulated and licensed by the Jordan Securities Commission (JSC). The company registration is under Company national number 200173579.
Its main office is in Jordan, and they have local branches in other MENA region countries. Please note that Q8 trade does trade with US, Australian and Canadian residents. For more information, please take a look at their Terms and Conditions.
8. Customer Support
The customer support at Q8 Trade is bilingual and is available in Arabic and English. Q8 Trade support is reachable through email, telephone, and online chat. They also have an online complaint form. The working hours are from 7:30 or 9:00 until 00:00 except Saturday.
Q8 Trade Final Verdict
Q8 is a decent choice, especially if you’re a resident of one of the MENA region countries. Jordanian authorities regulate the company. Q8 offers Contract-for-Difference (CFD) on stocks, forex, and commodities.
Q8 Trade does not support the more popular payment methods. It has wider-than-average bid/offer spreads. Traders incur a $25 withdrawal fee, which is unusual.
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- 1 1. Fees and Spreads
- 2 2. Withdrawals and Deposits
- 3 3. Account opening
- 4 4. Markets and products
- 5 5. Q8 Trading Platform
- 6 6. Research Tools and Educational Program
- 7 7. Safety
- 8 8. Customer Support
- 9 Q8 Trade Final Verdict