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    Q8 Trade Review

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    Q8-Trade

    In a nutshell

    Q8 Trade is an online broker, specialized in trading with Contracts for Difference (CFDs). The assets, available for trade, consist of currencies (forex), indices, stock and commodities.

    It currently operates in the countries of the MENA regions – Middle East and North Africa.

    Q8 Trade doesn’t have any trading fees other that the ones associated with the difference between the buy and sell prices, known as the spread.  

    The minimum deposit varies between $250 and $1000. There are no deposit fees while withdrawals cost $30.

    The product catalogue is decent, and it includes around 50 currency pairs and 150 stock CFDs. 

    The trading platform is innovative and provides a wide variety of assets.

    The brokers also has a number of account and plans to choose from. The choice depends on the experience level of the trader and his trading budget. 

    Good:

    • One of the big Arabic brokers
    • Islamic account
    • Demo Mode
    • Responsive Customer Support
    • Regulated in Jordan

    Bad:

    • Withdrawal fee
    • Only in English and Arabic 
    • Limited number of instruments
    • No crypto assets 
    Overall score: 7,5/10

    Q8 Trade Review and Insights

    Q8 Trade is licensed by the Jordan Securities Commission. It has been founded in 2017 by Al-Manara financial consultations. Q8 is one of the few brokers physically located in the Middle East and North Africa (MENA) area.

    The licensing authority and laws in Jordan are considered among the best and most effective licensing systems in the MENA area.

    Customer service offices also operate in Jordan, with the website available in both Arabic and English. 

    Q8 Trade tries hard to empower its clients to enter the markets on a studied basis. One project initiated by Q8 Trade to help reach this goal is called “The Educational Empowerment Broker Project” which provides original texts and video educational materials. 

    The online broker is suitable especially for beginners and intermediate traders, less for the experienced ones:

    Beginners (8/10)
    • fast registration
    • smooth verification
    • demo mode
    • decent educational material
    • limited number of deposit methods 
    • withdrawal fees
    • relatively high min. deposits for beginners
    Mid-level traders  (8/10)
    • demo mode
    • technical analysis tools
    • decent number of currency pairs
    • comprehensive economic calendar
    • lack of a newsfeed
    • withdrawal fee
    • limited deposit methods
    Advanced traders (6,5/10)
    • technical analysis tools
    • regulated by state authority
    • under-average reports
    • lack of a newsfeed
    • limited deposit methods
    • limited number of financial instruments
    • trading signals available only to Gold members

    Costs

    You PAY:

    • spreads
    • withdrawal fees
    • inactivity fee
    • overnight fee

    You Don't PAY:

    • trading fees
    • deposits
    • using the platform

    1. Fees and Spreads  

    The spreads are often wider in comparison to the competition; Q8 Trades also charges an inactivity and withdrawal fees.

    Good

    Bad

    • no commission on trading
    • competitive spreads on some assets
    • not all spreads are competitive
    • inactivity fee
    • withdrawal fee

    Q8 Trade does not have any fees or commissions that are associated with the trading itself.

    They make money by the so called “spreads” which is the difference between the BUY price and the SELL prices for positions that are closed before the end of the trading day. This means that spreads can incur a mark-up and are thus larger than the spreads that you could find on some other broker platforms.

    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

    Along with the spreads, there is also an overnight charge for non-Islamic accounts and a $25 withdrawal fee.

    The broker also has an $50 monthly fee for inactive account. Inactive accounts are accounts that have not opened or closed positions for more than 90 days. In case of a one-year inactivity, these accounts will be charged with $250for each year of inactivity.

    Leverage is flexible and varies by the currency pair. The maximum, however, us 1:400. Note that the leverage does not guarantee better results and can lead to big losses. 

    2. Withdrawals and Deposits

    Deposits and withdrawals are straightforward; one big negative side is the withdrawal fee of $30 which is usually not the standard among online brokers.

    Good

    Bad

    • Credit/Debit card deposits and withdrawal 
    • free deposit
    • user-friendly
    • minimum deposit min. $250 
    • withdrawal fee of $30
    • no Paypal or Neteller

    Deposits:

    You can fund your trading account with Q8 Trade through credit cards and a wire transfer. In comparison to the competition, the options are limited and they don’t include popular solutions such as PayPal, Neteller and Skrill.

    The deposits itself are free of charge, however, the credit card company or the bank might impose their fees.

    The minimum deposits depend on the method. They go as follows: 

    • MasterCard/Visa: $250
    • American Express: $350
    • Wire transfer: $1000

    Withdrawals

    To initiate a withdrawal process, you have to log into your account, then click on “my account”, and choose “withdraw”.

    Afterward, choose the amount you want to withdraw from the account while taking into consideration the balance limit.

    The usual time of processing withdrawal requests, reviewing and approving them, is 5-10 working days.

    Q8 Trade charges $30 for each withdrawal. There is also a minimum withdrawal threshold; it is set at $25 for credit cards and $100 for wire transfers. Platinum & Diamond accounts are not subject to withdrawal fees.

    3. Account opening

    Traders have a number of different account types and levels at disposal.

    Good

    Bad

    • client protection policy
    • easy registration process
    • Islamic account
    • a number of plans to choose from
    • information at times confusing

    Similarly to other brokers, Q8 Trade has also made its account opening procedures easy, fast and straightforward. The broker offers a number of different accounts and plans, each with its own characteristics. Let’s look at them:

    Three different account types:

    Live Real Account: This is the account used for standard international trading with real money. To use this “real account”, you’re first 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.

    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: Q8 also offers a comprehensive 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 $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 account levels

    Q8 Trade offers five different account levels within both the Real Live account and the Islamic account. These 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. Besides all the options of the Bronze level, the Silver account also includes an individual account manager and a 10% welcome bonus.

    Gold level: The Gold level account has an initial deposit requirement of $10,000. For people who sign up for the Gold level receive a 15% welcome bonus may be included. The Gold level provides access to 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. The level offers a 20% welcome bonus and an 15% Upgrade bonus. The members receive access to the Trading Central platform as well as a personal certified financial planner. The withdrawals are free of charge.

    Diamond level: At the Diamond level, an initial minimum deposit of $250,000 is required. Deposits of this size are often awarded a nice 25% bonus. Diamond level account holders also receive access to dedicated account manager. The withdrawals are free of charge.

    4. Markets and products

    We especially liked the diversity of the forex instruments; overall, the product catalogue is under average.

    Q8 Trade features a limited number of financial assets that are available for trade. They include currencies (forex), indices, stock and commodities. All of them can be traded as Contracts for Difference (CFDs). See below the complete breakdown of Q8 Trade’s product catalogue in comparison to some other well-known online brokers:


    Q8 Trade

    Plus500

    IQ option

    Commodities

    16

    25

    4

    Crypto

    -

    12

    12

    ETF CFDs

    -

    80

    24

    Forex

    45

    50

    49

    Stock CFDs

    155

    1800

    168

    Indices CDFs

    30

    30

    -

    Q8 Trade still gives you access to some of the most popular global stocks, such as 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.

    Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Around 73 % of retail investor accounts lose money when trading CFDs with Q8 Trade.

    At this point let us explain what CFD are:

    CFDs are financial derivatives which allow investors to bet on the price of an asset without ever owning it. You can speculate whether the price will go down (short) or up (long). If you’re right, you profit, if not, you lose.

    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. Trading Platforms

    Q8 Trade supports popular MetaTrader 5 platform. It also has its own web trading platform and an app.

    Good

    Bad

    • easy and straightforward
    • integration with MT5
    • decent mobile app
    • support only in English and Arabic

    Q8 Trade offers three platforms that nicely cover beginner and intermediate levels. We explain the platforms in detail:

    MetaTrader 5

    The MT5 is an independent trading platform and is considered the “gold standard” of trading platforms. Using the platform, 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.

    MT5 offers instant order execution, indicators, drawing tools, and technical analysis, all through a multilingual interface that is supported by a multilingual help guide. MT5 also supports automated trading through its built-in MetaEditor, Compiler, and Strategy Tester tools.

    q8 platform

    Web Trader

    If you would prefer to avoid installing software on your computer, you might want to use Web Trader platform. Web Trader is an online trading platform that is fully customizable and provides a plethora of sophisticated tools, including free real-time quotes. The platform has been built using proprietary algorithms. It is user-friendly experience and easy-to-use. It also provides daily news and technical analysis.

    Q8 Trade mobile application

    The trading app is free and available for Android and iOS devices. It allows most of the functions that are found on the web platforms, customized for the mobile use. The app is decent but not comparable with some other brokerage apps. The platform and support is available in Arabic and English.

    8. Research Tools and Educational Program

    The online library includes webinars, online courses, articles and eBooks. We would like to see more, however. 

    Good

    Bad

    • extensive library of technical indicators
    • demo account
    • no educational videos
    • poor tutorial

    Q8 Trade’s educational resources are accessible through their own “Hawks Trading Academy”.

    The academy is an online segment of the Q8 Trade website that provides different educational material, including 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 Candlesticks
    • Understanding Technical Indicators

    The research tools are average but good enough to satisfy beginners and intermediate traders. They include market tools, economic calendar, market scanner and Trading Central Signals, available to Gold account members.

    q8-trading-platform

    9. Safety

    Q8 Trade is regulated in Jordan, but not in the EU or the UK. 

    Al Manara Capital Services, which owns and operates Q8 Trade, is a company authorized, regulated, and licensed by Jordan Securities Commission (JSC) registered 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 not offer services to US, Australian and Canadian residents. For more information, take a look at their Terms and Conditions.

    9. Customer service

    The support is bilingual and is available in Arabic and English. The company is available 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 expect Saturday which is a day off.

    Q8 Trade UAE Final Verdict

    Q8 is a decent choice, especially if you’re a resident of one of the MENA region countries. The broker, regulated by the Jordanian authorities, offers a decent numbers stocks, commodities, futures contracts, and indices over Contract for Difference (CFD).

    Q8 Trade, however, is also one of the more expensive brokers and does not support some of the more popular payment methods. Traders incur a $25 withdrawal fee which is not something all the brokers impose.

    One big downside for international brokers is the fact that Q8 Trade is not regulated by any of the reputable regulatory agencies in the UK, EU or Australia. We advise these traders to first check other alternatives. Take a look at our reviews of Plus500, eToro and Swissquote for some possible ideas.

    Methodology 

    The mission of Business24-7 is to provide comprehensive, unbiased ratings and reviews of online providers. User experience, the mobile experience, customer service, costs and fees, security, the quality of trade executions, the products available on their platforms are all part of our six-month evaluation of a providers’s platform. The rating scale was based on thousands of data points that have been weighted into the scoring system.

    Providers were also required to fill out a multi-point survey regarding every aspect of their platform. In-person demonstrations and evaluations were provided by the majority of the online providers we reviewed.

    Stefan Grasic, along with our team of industry experts, conducted our reviews and developed this methodology for ranking what form is used in online investing.

    Business24-7 maintains high editorial standards and provides the best advice and recommendations. The products and companies that we review may compensate us when you click on the links on this website. Click below to find out more about our review process and methodology.

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