Company Profile
Company Profile
Review summary
BASIC INFORMATION:
Q8 Trade is a forex broker based in the Middle East with offices in Limassol and Kuwait City. The broker offers two platforms, including MT4, plus a mobile app and several powerful trading aides. Q8 Trade is the brand name of Market Financials Limited, which is licensed and regulated by the Financial Services Authority (FSA) of Seychelles. Since 2017, the broker has provided multiple instruments, Islamic accounts and cross-platform trading.
Q8 Trade has offices in Kuwait, the UAE, Cyprus, and Bahrain. And with many of its clients from Dubai, Qatar, Saudi Arabia, Amman, and Israel, the broker aims to expand its presence in the Middle East and North Africa.
REGULATORY INFROMATION: LICENSE
No valid regulatory information
Please be aware of the risk!
MARKETS
Q8 Trade offers 45 currency pairs, 1 Bitcoin pair, 16 commodities (agricultural, precious metals, and energies), over 150 global stocks, and more than 25 indices.
SREADS & COMMISSIONS
Q8 Trade does not charge commissions; however, spreads include a mark-up so appear higher than competitors. Spreads on major pairs such as EUR/USD are around 1.5 pips. Crude oil is around 3 pips and the FTSE 100 around 4.5 points.
OTHER TRADING FEES
The broker does charge swap fees (not applicable to Islamic account holders) as well as a $30 inactivity fee on accounts left dormant for over 90 days.
LEVERAGE
The maximum leverage offered at Q8 Trade is 1:400 for forex. Indices and commodities can be leveraged up to 1:100 and stocks up to 1:10.
ACCOUNT TYPES
Q8 Trade offers 5 account types:
· Bronze – $250 minimum deposit, 1.8 pips standard spreads, 0.01 lots minimum order, Hawks Academy basic courses
· Silver – $1,500 minimum deposit, 1.8 pips standard spreads, 0.01 lots minimum order, Hawks Academy basic courses, account manager, 10% welcome bonus
· Gold – $10,000 minimum deposit, 1 pip standard spreads, 0.01 lots minimum order, Hawks Academy basic courses, account manager, 15% welcome bonus, trading signals
· Platinum – $50,000 minimum deposit, 0.7 pips standard spreads, 0.01 lots minimum order, Hawks Trading Academy basic and advanced courses, account manager, 20% welcome bonus, trading signals, exemption from withdrawal fees
· Diamond – $250k+ deposit, 0.4 pips standard spreads, 0.01 lots minimum order, Hawks Trading Academy basic and advanced courses, account manager, 25% welcome bonus, trading signals, exemption from withdrawal fees
PAYMENT METHODS
Deposits
Q8 Trade offers deposits via bank wire transfer and cards (Visa, Mastercard, or American Express) only. There are no fees for deposits but traders should check for any fees charged by their bank or card providers. The minimum deposit for cards is $250 and for bank wire its $1,000.
Withdrawals
Withdrawals must be made via the same method that the original deposit was made. Unfortunately, there is a $30 fee with withdrawals, which is fairly high. Platinum and Diamond account holders are exempt from this fee. The minimum withdrawal for cards is $25 and for bank wire its $100.
Processing times vary between 5 – 10 working days, plus the time it takes for funds to appear in your account, which depends on your bank.
TRADING PLATFORMS
· Meta Trader 5
· Q8 Web Trader
TRADING HOURS
Most forex pairs can be traded between Monday 00:00 and Friday 23:59 KSA. Precious metals are also open Monday to Friday from 01:00 to 24:00 KSA.
CUSTOMER SUPPORT
Help is available Sunday to Friday until 00:00 GMT+2 via telephone, email, or live chat. The live chat logo can be located in the bottom right-hand corner of the website and replies are usually received within 20 minutes. The support email address is support@q8trade.com.
To contact the team via phone:
· United Arab Emirates: +971-45869122
· Kuwait: +96522279506 +96522279507
· Cyprus: +357-25654189
· Bahrain: +973-65009636
ACCEPTED COUNTRIES
Q8 Trade accepts traders from Australia, Thailand, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.Traders cannot use Q8 Trade from United States, Canada.
