Q8 Trade Review: Brokerage Evaluated From Head to Toe
Evaluating the broker head-to-toe in this Q8 Trade review. Learn how a once regulated and transparent broker just disappeared without any trace. A broker old as time, established in 1985, changed a total of three owners and finally became Q8 Trade in 2017.
To stay knowledgeable at all times, read our Isaacs Partners review so you can learn how to recognize and avoid scams in the future. Now without further ado, let’s delve deep into this Q8 Trade review and meet a once-reliable option for trading.
Who Is Q8 Trade? All About q8trade com
Q8 was originally established in 1985 in Kuwait and later bought by Al Manara Capital Services in Jordan. After that in 2017, it was sold to Market Financials Limited in Seychelles, and today, the broker is gone for good.
The broker’s domain has been shut down and accessing your account was impossible after that. There is little to no information as to why the broker ceased its operations, however, we are left only to speculate according to the info we have. Another illegal forex broker that should be avoided at all costs is OneFX Trade.
|Q8 Trade||Reliable Broker Must Have|
|Legal name||Market Financials Limited||Transparently displayed in the disclaimer or legal documents|
|Regulation||Unregulated||Within your legal jurisdiction – local regulator|
||Your country or the country whose license applies in your legal jurisdiction|
|Established||2017||The older the domain – the higher the possibility the company is trustworthy|
|Website||q8trade.com||Domain should be from local or international zones, no .xyz, etc.|
|Financial Authorities Warnings||
|Phone, email, social media, web form|
|If a withdrawal is possible||Highly unlikely||Yes|
||Transparent fees – list of spread and commissions|
|If Active on Social Media||No||Often present on social media|
|Investor Protection||None||Compensation fund|
When they were owned by Al Manara Capital Services they were licensed by the Jordan Securities Commission (JSC) with company number 200173579. Before that, Q8 Securities Company was founded in 1985, and licensed by the Capital Markets Authority of Kuwait, license number: AP/2013/0012.
Their last owner, MarketFinancials Limited, was licensed and regulated by the FSA (Seychelles Financial Services Authority) with license number SD006, and registration # 8413711-1. Q8 Trade Cyprus is not operational, as the broker was only located in Kuwait, Jordan, and Seychelles. As of today, the broker is no longer operating, hence, it is unregulated.
Q8 Trade Broker Profile
Since being launched in 2017, the company had a large client base, offering to trade in forex, stocks, indices, commodities, and cryptocurrencies. The Q8 Trade demo account offered traders unlimited funds and once you were ready, depositing the $250 minimum requirement would gain you access to the MT4, MT5, Q8 app, or the Web trader platform.
Trading on MT4 and MT5 platforms offers security to traders because the platforms are not as easily manipulated as others. Overall, the broker had many benefits, trying their best to cater to their traders’ needs. The Q8 Trade login page is unavailable so accessing the platforms was unfortunately impossible.
|Trading Platform||Meta Trader 4, MT5, Q8 Web Trader|
|Account Types||Bronze, Silver, Gold, Platinum, Diamond|
|Financial Instruments On Offer||
|Commissions/Bonuses||$7 per lot for Majors, $15 per lot for Minors|
|Education or Extra tools||None|
Is Q8 Trade Safe To Trade With?
Once upon a time, Q8 Trade was a great option for traders of all kinds but not long before they were shut down, the brokerage turned from reliable to unreliable in a matter of a couple of days. Reports of withdrawal issues and hidden fees started emerging, and the broker closed soon after.
There are some benefits like the trading platforms, the demo account, competitive spreads, and others, however, as soon as withdrawal issues started, the broker became a bad choice. Surefxway is another scam so make sure to read our in-depth evaluation.
Traders Share Their Experiences
The broker’s Trustpilot reviews are mixed, with both satisfied and unsatisfied traders sharing their experiences. An overall score of 2.2 is earned by the opinions of 32 traders, and 19% of those opinions are unfavorable, expressing their frustration about Q8 Trade.
One trader lost $30,000 while being pushed by his advisor to deposit 20 lots with a high margin. Another one was locked out of his account without any prior warning, while still having a balance. Be careful if you consider trading with Q8 Trade, especially if you receive numerous phone calls pushing you to deposit.
Who Are the Traders They Cater To?
There are complaints that the broker started calling clients, offering some fake profits and high returns. They would ask for more money from anyone wanting to withdraw, which could indicate that they were broke, and on the verge of financial destruction. It’s not surprising that not too long after, the broker ceased operations.
Many traders were left without a chance to get their money back after the broker disappeared. The broker was focused on the Middle East from the moment it launched, so the nations most affected by this were Kuwait, Saudi Arabia, Morocco, Israel, and the UAE.
Deposits and Withdrawal Methods
At Q8 Trade, there were only two payment methods accepted, including bank transfers and cards (Visa, Mastercard, American Express). The minimum deposit amount charged for using cards is $250, however, for bank transfers, it is $1,000. Various currencies were accepted including AED, EUR, USD, and others.
To request a Q8 Trade withdrawal, you must use the same method that the original deposit was made. Unfortunately, a fee of $30 was charged, which is fairly high. The minimum withdrawal for cards is $25 and for bank wire it’s $100. Processing times were between 5 – 10 working days.
Weighing the Pros and Cons
Summing Up Q8 Trade: The Short Version
Overall, the broker was once a reliable choice and then probably due to losing a lot of money, they ceased operations and disappeared. Today, many traders still complain about being locked out of their funded accounts, without any chance of withdrawing their money. May this Q8 Trade review serve as a warning to anyone wanting to use them in case they reappear.
Want a reliable broker by your side? Reach out without any obligation and we will prioritize you and your trading needs. By catering to your preferences, we will find a reliable broker and make sure you have a positive trading experience. Reach out today!
What is Q8 Trade?
Q8 Trade was a brokerage company established in early 2017 and then ceased operations due to an unknown reason.
Is It Safe To Trade With Q8 Trade?
Maybe a while ago we would have said yes, however, the broker started imposing hidden fees and traders reported withdrawal issues right before the broker closed.
What Are The Available Currencies In Q8 Trade?
Currencies available in Q8 Trade were USD, EUR, KWD, and SAR, among many others.