Q8Trade Review

Review

Q8 Trade, launched in 2017, is a market maker Forex and CFD broker, headquartered in Kuwait, and regulated in Kuwait under the Ministry of trading and commerce. There are few notable Forex brokers truly domiciled in Middle Eastern financial centers such as Kuwait, which is one thing that really makes this broker stand out from the crowd. The parent company, Q8 Securities, was established in 1985 as Al-Arabi and rebranded in 2017. This successful brokerage firm facilitated investments in equities and derivatives both inside Kuwait and in international markets. They provide a trading platform that offers traders a very wide range of assets for trading across Forex currency pairs, commodities, indices, and individual stocks wrapped as CFDs across both major and minor financial markets. 

Accounts

There are four different account types to choose from with Q8 Trade. The Bronze account can be opened with a deposit of as little as $250, and it offers a minimum Forex spread of 3 pips. The Silver account can be opened with a deposit of as little as $1,000, and it offers a minimum Forex spread of 3 pips, but also includes a 5% welcome or upgrade bonus and a personalized account manager. The Gold account requires a minimum deposit of $10,000, and offers a minimum Forex spread of 2 pips, but also includes a 10% welcome or upgrade bonus and free trading alerts.  The Platinum account requires a minimum deposit of $50,000, and offers a minimum Forex spread of 1.5 pips, but also includes a 20% welcome or upgrade bonus and a free direct line to the trading room. All accounts come with several free perks: Q8 Trade’s proprietary “power to grow” trading tools, unlimited access to the company’s eBook library, and a daily market review email at the start of every trading day.  A total of 49 Forex currency pairs may be traded, as well as several spot commodities including gold and silver. As many as 38 leading individual global shares and several major share indices can also be traded, as can a selection of major futures contracts. Commodities offered are not restricted to precious metals, with softs such as sugar and cotton also listed.

A demo account is available, as is typical with nearly all spot Forex brokers.

Islamic accounts are also offered.

Features

Probably the most notable feature of this broker, in addition to the unusually wide range of assets offered for trading, is its free proprietary “power to grow” technology which is provided to all traders as a tool.

Q8 Trade also offers educational content about trading in general and about Forex trading which can be useful to clients, particularly for beginners or less experienced traders concerned about their ability to navigate the market successfully.

Education

Q8 Trade’s educational offering is centered on an education section contained within its website. The section includes 5 trading guides and a Forex glossary. Advanced trading strategies may be provided by account managers or personalized trading advisory teams.

Bonuses and Promotions

A bonus equal to 5% of the deposit is awarded to clients depositing sufficient funds to open a Silver account, 10% to clients opening a Gold account, and 20% to clients opening a Platinum account. Equivalent upgrade bonuses are offered to holders of lower-level accounts when they deposit sufficient funds to secure an upgrade to a high-level account.

Deposits/Withdrawals

Depositing funds into a Q8 Trade account is an easy and secure process. Deposits may be made in four currency denominations: USD, EUR, GBP, and Kuwaiti Dinars. Funding can be made using a range of methods, including KNET, credit cards, bank wire transfer, and a wide range of E-Wallets. Withdrawals can be made through the same methods, except withdrawals cannot be performed by KNET and so are instead processed by wire transfer.

The minimum deposit is $250 by KNET and credit card, and $500 by wire transfer. The minimum withdrawal is $250 by wire transfer and $25 by credit card.  Withdrawals should be processed within 3 to 5 working days.

Customer Support

Customer support is based in Kuwait. Clients can contact a Q8 Trade representative by telephone during business hours and can use email anytime of the day.

Conclusion

Q8 Trade seems to have a very well-rounded offering for traders looking to trade a mixture of major and minor Forex currency pairs, as well as the most popular global individual shares, commodities, indices and futures. Retail and higher net worth traders based in the middle east are likely to find this broker especially attractive.

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Features

Q8 Trade has many attractive features including the website itself which includes a simple set-out of crucial information regarding their offer and easy access to vital information. In terms of features, the stand-out strengths of this broker’s offerings are:

• A “market-maker” dealing model.
• A wide choice of account types, although only market-maker type accounts are available, plus an Islamic option.
• A minimum deposit of $250.
• Very generous maximum leverage of 400 to 1.
• Provision of the most popular trading platform in the industry: Metatrader 4 and its online equivalent, Web Trader.
• A range of instruments available for trading: all the major and minor Forex currency pairs, as well as a few exotics; also, an unusually wide range of commodities and futures, including softs, as well as a large selection of major individual global shares.
• Regulated directly by the financial authority of a major offshore financial center (Kuwait).
• Trading signals will be offered directly through the platforms, and by SMS.
• Free proprietary trading technology.
• A comprehensive educational offering.

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Platforms

MetaTrader4

The MetaTrader 4 is an independent trading platform, developed for trading FX, commodities and other products and is one of the most advanced and easy platforms to use. It remains the gold standard of trading platforms.

In addition to the wide range of markets available to trade, the MT4 platform provides traders with a multilingual interface, instant execution, built in help guides for MT4 and MetaQuotes Language 4, a complete technical analysis package including a wide range of in-built indicators and charting tools, various custom indicators and time periods and more.

Automated trading is also offered through the MetaTrader 4 platform where traders can create and test their automated trading strategies by using the MetaEditor, Strategy Tester and Compiler tools within the MT4 platform.

With this automated trading system traders can create Expert Advisors, software programs enabling traders to constantly monitor the markets. Custom Indicators help traders to predict future price movements by analyzing past and current price information. And the Scripts feature gives traders the opportunity to set up an automatic repetition of specific operations such as closing all positions with a single keystroke.

Web Trader

The Web Trader platform offers access to a sophisticated, fully customizable trading suite, without the need to install any software on your PC. Web Trader guarantees secure access to your account by making use of state of art Web technologies. It is simply the online version of the tried and tested, eternally popular Metatrader 4 trading platform.

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Crypto

Most Forex and CFD brokers do not offer trading in cryptocurrencies, but Q8 Trade are an exception. Additionally, unlike most brokers which do offer cryptocurrencies, they do not offer only Bitcoin or Ethereum. With Q8 Trade, clients have access to Ripple, Litecoin, and Bitcoin Cash, as well as Bitcoin and Ethereum, all of which are paired against the U.S. Dollar, as it typical in the cryptocurrency market. So, with Q8 Trade, you have the option to trade any of the top 5 cryptocurrencies by market capitalization!

Mini-contracts are offered in Bitcoin, Ethereum, and Bitcoin Cash. What this means is that it is possible to trade position sizes as small as one micro-lot in any of the five cryptocurrency pairs on offer. This is another impressive feature of Q8 Trade’s cryptocurrency offering, as many other brokers impose far higher trade minimums.

As cryptocurrencies are extremely volatile, Q8 Trade impose a few restrictions on cryptocurrency trading which are designed to protect both themselves and the client:

1. No client may have more than 50% of their account equity in an open cryptocurrency position at any time.
2. The maximum position size is set at $100,000 nominal meaning that no client may have greater than this amount at risk in a cryptocurrency trade at any time, regardless of their total account size.
3. A daily “storage fee” of 0.25% of the nominal amount of any open cryptocurrency trade is charged. This is relatively high. It would be a major obstacle for anyone planning to hold an open cryptocurrency trade for a long time.

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User Reviews

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