Q8Trade is a relatively new broker to hit our radar. The company is located at Mubarak AlKabeer St. Sharq 15301, Boursa Kuwait 5th Floor. Kuwait City 15301, Kuwait. It is also regulated by the Kuwait Capital Markets Authority and the only broker (so they say) regulated to operate in the MENA region (Middle East & North Africa). Q8Trade is full-service forex and CFD broker offering contracts on forex pairs, stocks, commodities, indices, and cryptocurrency.
Is Q8Trade A Scam?
Q8Trade does not at first appear to be a scam, but you never know. They are a regulated broker, the only question is how much oversight the Kuwaiti CMA has of the company. Until we establish that this is truly a broker you can rely on, we urge caution.
Why Q8Trade Might Not Suck in 50 Words?
Q8Trade might not suck because they are a full-service CFD broker with a nice platform, plenty of assets and at least a veneer of respectability.
Why Q8Trade Might Suck in 50 Words?
Q8Trade might suck because they are still using a sign-up bonus to attract big deposits. While this is not a definite deal-breaker it does raise questions about their integrity.
Should I Open An Account With Q8Trade?
Q8Trade is a newer CFD broker based in Kuwait and under the jurisdiction of the Kuwait Capital Markets Authority. It is a full-service broker offering multiple account types including VIP and Islamic. The minimum deposit size is $250 which is a little high but you can trade with as little as $2.50 per trade. Depositing is easy but there is a fee of $20 per withdrawals with a $40 per month limit.
The platform can be accessed through MT4 or using their web-based trader. The asset list is impressive; they list dozens of forex pairs, at least a dozen commodities, hundreds of stocks and all the world’s major stock indices. They only allow spot-style trading but there is leverage available.
The platform itself is rather simplistic, it’s the Scipio platform if you want to know, if you are looking for a high-end broker this is not the one for you. When you log on you will find the basic set-up with assets listed to the right, a chart in the middle and a trade window on the right. The charts are pretty good but, now that TradingView charts can be embedded in any website, that’s not so hard to accomplish.
This broker, believe it or not, has not racked up a lot of complaints, possibly because it is a regulated broker and possibly because the parent company, Q8 Securities, is an established securities dealer.
Q8Trade Regulatory Warnings
Q8Trade is a regulated broker registered with the Kuwait CMA license #AP/2013/0012.
Trading Bitcoin With Q8Trade
You can trade Bitcoin and dozens of other cryptocurrencies at Q8Trade. The catch is that you will be trading CFDs based on cryptos, not the actual cryptocurrencies themselves. The asset list is pretty good and includes all pairs matched against the dollar.
User Friendliness 15/20
The platform is decent but nothing a serious trader is looking for. The amateurish layout of the website is enough to get the job done.
Number of Assets And Expiry 19/20
They have a wide range of assets, and cryptocurrency, so they score points here. Expiry is open-ended on spot positions and spreads are tight.
Commissions, Support And Effective Return 14/20
The spreads are fairly tight so not too much worry there, the problem is the withdrawal fees which could cost you $40 per month. It’s not a lot I know, it’s the principle of the matter.
Deposit, Payment and Bonus 12/20
Deposit is easy and can be done by wire or card. Kuwaiti’s may also use the KNET system. Payments will take the standard 7-10 days to show but are reliably paid. They also have a bonus for big clients, the terms vary so be wary when taking one. The good news is that they don’t tie up your withdrawals and the bonus balance converts to real money as you make trades.
Website Extra’s 10/20
Nothing is extra, we’ve seen all this before.