24option is a legal and well-regulated broker, making it unlikely that their services are a scam. Another indicator that this isn’t a scam is that their financial claims come with a warning label

Is Q8Trade Legit or a Scam? This Is What We Found Out

About Q8Trade

Q8 Trade was founded in 2017 is located in Jordan and it is licensed by the Seychelles Financial Services Authority and the Kuwait Ministry of Industry and Commerce. It is owned by Q8 Securities, which is recognized by the Gulf Cooperation Council. It offers trading on over 300 instruments and is available to traders in most countries, except in the US and other countries where there are restrictions on CFDs.

Year Created2018
RegulationFSA, Ministry of Commerce and Industry in Kuwait
Minimum Deposit$250
Product TypesCFD trading on forex, stock indices, shares, commodities, cryptocurrencies. 
Products OfferedMore than 300 products to Trade

Is Q8 Trade Regulated?

Q8 Trade has a license from The Financial Services Authority of Seychelles (FSA) which is regulated non-bank financial services and was founded in 2013. The FSA provides licenses and oversight for financial services and deals with customer complaints. Q8 Trade is also regulated by the Kuwait Ministry of Industry and Commerce. 

It is important for every broker to have a license, and Q8 fits this requirement. There are significant dangers working with an unregulated broker because the trader has no recourse if the broker does not return their money or engages in other fraudulent practices. Since Q8 Trade is licensed, it fits the first requirement.

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What About Q8Trade’s Accounts and Fees?

Those who want to open an account with Q8Trade need a minimum of $250. This is high for a regulated broker, but it is not a cause for suspicion. Q8Trade has different types of accounts, including bronze, silver gold, and platinum. Islamic accounts are easy to set up with customer support. 

Q8Trade does not take clients from the US. To open an account, the client must supply identification, a questionnaire about the trading background and a financial picture, and a contract stipulating terms and conditions. There is a demo account through which the client can test out the trading platform with 50,000 virtual funds. 

Spreads and commissions are the way legitimate brokers make money. The spreads offered by Q8Trade are competitive at 1.5 pips for the EUR/USD, and crude oil at 3 pips. There are also swap fees and an inactivity fee of $30 if an account is inactive for 90 days. Q8Trade is clear about its spreads and fees upfront and while they may not be the lowest, they are not unreasonable. 

In addition, withdrawals are said to take just three business days and the first two withdrawals for the month will cost $20 each if they are done through a credit card. A withdrawal fee is not necessarily something to be concerned about as long as the amount is relatively low. With higher-level accounts, Q8Trade suspends the withdrawal fee. Scam brokers, on the other hand, do not agree to withdrawals unless clients make a huge amount of transactions or pay very high fees of $100. 

One possible drawback to Q8Trade’s service is it only allows deposits and withdrawals through Visa, Mastercard, and American Express, and withdrawals must be made in the exact same form as deposits. The limited funding options may seem like a disadvantage for a number of clients.

What About Q8Trade’s Trading Platform and Trading Products?

Q8Trade offers the state of the art MetaTrader 5 platform, MetaTrader 4 as well as WebTrader and MobileTrader. For beginners, WebTrader can be a good place to start and MobileTrader is a convenient way to execute trades on the go. Advanced traders usually prefer MetaTrader for its customizable features and a multiplicity of charts for full information that can make trading more effective. In addition, the platforms offer features that can minimize your losses and can stop trading when it falls to a certain amount. 

In addition to providing an impressive selection of user-friendly platforms, Q8Trade offers a broad selection of tradable assets, including CFDs that allows clients to trade commodities, cryptocurrencies, indices, shares and currencies. They offer 40 currency pairs, over 30 indices, 140 stock options and the most popular cryptocurrencies. 

Q8Trade clearly offers high-quality platforms with the latest trading technology to clients as well as a huge selection of trading products.

What Do Customers Say About Q8Trade?

Although it should be no mystery to anyone who has spent time on the internet that not all online reviews are authentic, it is easy to spot fake ones because they contain promotional materials recommending products or services. There were a few reviews that alleged that Q8Trade took their money, but these almost always contained some advertisement for a service. 

The vast majority of the reviews for Q8Trade were positive. Clients were happy with the easy sign-up, the attentive and helpful customer service and the ease with which they received their funds. The issue of easy withdrawals was emphasized several times, and this is noteworthy, since one of the signs of a reliable broker is efficient release of funds when requested.

Is Q8 Trade Safe or Is It a Scam?

After investigated Q8Trades sites, services and reviews, FundRecall experts have determined that Q8 Trade seems like a legitimate broker. It is licenses, fully discloses spreads and fees, has state-of-the art trading platforms and many clients who comment on quality service and ease of fund withdrawal. 

However, do not take these findings as a promise that you will never have a problem trading with Q8Trade. There is no 100% guarantee with trading and it is important to stay alert, even with legitimate brokers. Even the best brokers may fall under new management or can make mistakes. If you have any issues with Q8 Trade or any scam brokers, ask for assistance from the Fund Recall team.

If You Have Lost Money to a Scam Broker Talk to Fund Recall Today

If a Scam broker will not return your money, contact experts at Fund Recall today. Our team has extensive experience helping clients report scams, track down fraudsters, and seek a refund. Fund Recall has close contacts with major banks, regulators, and organizations that can help stop scam brokers. Contact us immediately so we can get started helping you recover from losing money to a scam broker.

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