Q8TradeFX Review: Q8trade-fx.com Forex Scam
Q8TradeFX (Q8trade-fx.com) is a broker who has already faced a backlash from UK authorities. Q8Trade FX is a broker who has been blacklisted by the Financial Conduct of Authority. An alert is a clear indication of the harsh trading conditions the broker offers to members. It is also clear that none of the members have been withdrawing funds based on online complaints. And this is why such a broker must be exposed. Read this detailed Q8TRADEFX Review for more details.
About Q8Trade FX
The broker claims to hail from the United Kingdom and yet, their website default language is Arabic. These are scam brokers who are targeting Arab investors based in Europe. There’s no information regarding the broker’s trading history which is odd. Thanks to our keen eye, we have some damning facts about the broker. These scam brokers want unsuspecting traders to deposit funds with them. Online trading can be risky and the only safe way to trade is using credible brokers.
Q8TradeFX is unclear on their trading history which is not on their website. Based on their about us page, they claim to be innovative brokers. We asked around and none of the UK brokers or traders have heard of the broker. And this is a clear warning sign we are dealing with rogue online brokers. With no credible history and trading reputation, these scam brokers turn to using false claims. It is what scam brokers are all about, using false information to get unsuspecting investors to sign up.
Assets Found on Q8TradeFX
According to their homepage, the broker deals with Bitcoin trading, CFDs, Forex, Indices, and Stocks. They also claim to have one account for multiple markets within the website. Most of their assets include commodities and minerals with Forex and pointers available. Not much has been given to visitors regarding features of these assets. No one knows the leverage and spreads available on the assets. And this leaves a loophole which these scam brokers greatly exploit. It is best to stay away from this platform.
Business Owner
Disclaimer at the footer of their homepage claims Gain Capital UK Limited is behind this website. A closer look at the Company register in the UK reveals no such company exists. These scam brokers are using false company to try and legitimize their website. Further investigation reveals the broker does not have any names posted regarding CEO or CFO. And this is concrete proof we are dealing with an anonymous online trading platform. Such platforms will steal vital information from members and sell them to third parties.
Domain Details
The domain register whois.net reveals the truth about when the website was revealed. Q8TradeFX is claiming to be in the online trading world for over eight years. Records from whois.net reveal the website was created on 3rd November 2019. And this is clear confirmation the broker is barely a year old. Scam brokers post high year numbers to try and sell their online reputation. Thanks to domain registers, we can check when the broker came into existence. Steer clear of any broker who has a rocky online trading reputation.
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License and Registration of Q8TradeFX
Q8TradeFX is NOT LICENSED in the UK or any other part of the world. According to the official regulator in the UK, the broker is banned from offering trading services. The Financial Conduct Authority has posted a warning in regards to this broker. A warning is usually issued after regulators have investigated a broker and found them wanting. In this case, Q8 Trade FX is a broker who is offering harsh trading conditions. They are also using false information to sign up investors.
Other regulatory bodies in the region plan to issue their warning. In line with the FCA’s post, regulators such as CySEC, FINMA, and NFA will ban the broker. Such a ban means anyone who deposits funds with the broker is not covered. Without regulation, the scam brokers waiver this option and offer risky trading conditions. And as a result, members who have deposited funds don’t get any compensation if and when the broker shuts down.
Restrictions of Q8TradeFX
Account Details
Q8TradeFX is furnishing users with six different account types to choose from. The six accounts include Micro, Mini, Golden, Platinum, VIP, and Islamic accounts. Micro account is the most basic account and comes with a high leverage of 1:400. Minimum set deposit starts at $50 and the maximum is $999. The broker is using a lower depository asking price to target newbie traders. The industry has set $250 to be the acceptable minimum deposit. These brokers want to nab unsuspecting online investors.
Bonus Offered
The broker is offering a welcome bonus for every account type. Micro account holders get a 15 percent welcome bonus price. The problem with bonuses is scam brokers use them to block withdrawal attempts. None of the members is withdrawing funds since they have bonus issues pending. The broker will not allow any withdrawals unless the full bonus amount offered is paid. Accounts which have a balance that can pay the bonus are not spared. The broker insists members must pay back the amount via a new deposit.
Contact and Customer Support
One of the main problems with Q8TradeFX is lack of a proper communication channel. With scam brokers, they ensure no one can access them. And this is why the broker fails to have a live chat support channel. Once you click on their contact page, members are directed to a blank page. These scam brokers do not list a phone number of a support email address. It is proof the broker does not want to be contacted.
Deposit and Withdrawing
Q8TradeFX is using American Express, Discover Network, MasterCard, PayPal, and Visa. They are to deposit funds on this account and expect the funds to appear on their accounts. Some of the members get the funds on their trading accounts, others don’t. Those who use PayPal can get lucky when they lodge a complaint against the broker. Others won’t get to withdrawal their funds from the broker.
Educational Tools
The broker claims to have educational tools that help users with their trading. These tools are not listed but none of the members have been lucky to use them. A legitimate broker will use educational materials to try and inform newbie traders. An excellent example of educational materials includes eBooks and Webinars. Without them, newbie traders are going in blind. They don’t know what to expect with the trading platform. And the broker is to blame for this misinformation.
Trading Platform
Q8TradeFX is claiming to have two trading terminals on their platform. They claim to have MT4 trading platform and PT platform. The problem with the PT trading terminal is the security problem they pose. Lack of proper security features on the platform is reason enough to stay away from the platform. These scam artists will expose traders to third party attacks from hackers.
Security of funds with Q8TradeFX
The proof is there, Q8TradeFX is not able to properly safeguard funds. Hackers are finding an easy time stealing credit card information from members. Segregation of funds is also not taking place which is against trading regulations. Stay away from this broker as they fail to offer any meaningful trading services. With a broker who jeopardizes funds, no one should sign up with their platform.
Scam or Legit Q8TradeFX
The writing is on the wall, Q8TradeFX is a scam waiting to pounce on unsuspecting investors. One of the best ways to stay away is to block any communication with the broker. Mark all their promotional emails as spam and don’t click on any links sent by their email marketing team. These are online scam brokers who target unsuspecting investors. It is our fear that they are offshore based and tracking them is a hassle.
Final Thought
Adding this broker to our scam blacklist is proof enough we are dealing with rogue brokers. None of the members we talked to have been able to recover their funds. Stay safe when trading with digital currency and use Innovative brokers backed by experts.
All the best from our team.