Exclusive: Arab focused Retail FX broker Q8Trade gets South Africa license
FNG Exclusive… FNG has learned that Retail FX brokerage group Q8Trade, which runs the offshore q8trade.com website, has received a license from the South Africa FSCA. Q8Trade is controlled by Kuwait based brokerage Q8 Securities (formerly known as Al-Arabi).
Seychelles incorporated Marketfinancials which operates Q8Trade offers MT4/MT5 platform based trading in forex and CFDs on stocks, commodities and indices, and services primarily an Arabic speaking clietele. The company also offers Islamic accounts, and auto trading using the DupliTrade system. The company’s website is available in English and Arabic. Q8Trade is managed mainly from Amman, Jordan.
The South Africa license doesn’t really seem to be aimed at bringing on board South Africa based traders to Q8Trade, but rather looks to be used as a marketing tool by the company to help assure its core Arabic speaking client targets from around the MENA region and beyond that the company is indeed “properly regulated” – something that a Seychelles license doesn’t really confer.
There has been a lot of increased competition for MENA based forex trading clients in recent months, with a number of international brokers establishing a physical and licensed presence in the region (usually the UAE) such as TeraFX, Pepperstone, and GO Markets. Arab/MENA forex traders are becoming more educated and sophisticated, typically searching out brokers with not just a local touch and offering Shari’ah compliant accounts but also offering the protection of a recognized license from a respected regulator.