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Kwakol Markets Review 2024

Written By

William Berg

Written By

William Berg

William contributes to several investment websites, leveraging his experience as a consultant for IPOs in the Nordic market and background providing localization for forex trading software. William has worked as a writer and fact-checker for a long row of financial publications.

» William Berg Profile Page

Fact Checked By

Tobias Robinson

Fact Checked By

Tobias Robinson

Tobias is a partner at DayTrading.com, director of a UK limited company and active trader. He has over 25 years of experience in the financial industry and contributed via CySec to the regulatory response to digital options and CFD trading in Europe. Toby’s expertise and dedication to financial education make him a trusted voice in the industry, including a BBC investigation into digital options.

» Tobias Robinson Profile Page

Updated

Feb 9, 2024

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Available in United States

Overall Rating

1 / 5

Kwakol Markets is #14 in our CFD broker rankings.

No Customer Reviews Yet

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Customer Reviews

Regulation & Trust

3.8 / 5

Accounts & Banking

3 / 5

Assets & Markets

3.8 / 5

Fees & Costs

3.3 / 5

Platforms & Tools

4.5 / 5

Customer Support

3 / 5

Minimum Deposit $1

Trading Platforms MT4, MT5, cTrader, AutoChartist

Instruments CFDs, Forex, Stocks, Indices, Commodities, Crypto

Regulators ASIC, FINTRAC

Account Currencies USD

Payment Options Debit Card, Credit Card, Wire Transfer, Bitcoin Payments

Awards

• Best Broker Africa 2022 - UF Awards
• Most Trusted Broker Nigeria 2022 - UF Awards
• Best Emerging Broker 2022 - - UF Awards

Pros

• Kwakol Markets offers a comprehensive charting environment for active day traders, including 70+ pre-installed indicators in cTrader
• You can access 1000+ short-term investments, including cryptos and synthetic products
• All third-party terminals support trading bots which will serve experienced algo traders

Cons

• There's a limited range of funding methods, with just bank transfers, card payments, and PayPal available - many top brands like AvaTrade offer 10+ methods
• The only base currency available is USD
• You must deposit at least $10,000 to access the best trading conditions

Kwakol Markets is a multi-asset broker that operates using the MT4 and MT5 platforms, giving traders a range of analysis tools. 1000+ assets are available with up to 1:500 leverage and ECN connectivity. This review will go over what Kwakol Markets offers, the pros and cons of using the platform, and give a verdict of whether or not it is worthwhile for traders.

Company Details

Kwakol Markets Limited is a Nigeria-based brokerage that offers a variety of asset classes on the MetaTrader platforms, including forex, stocks, commodities, indices, and cryptocurrencies.

The brand provides competitive trading conditions, with spreads as low as 0.0, ultra-fast executions, and micro-lot trading. New users can get started with a $250 minimum deposit and a free demo account and copy trading service are available for beginners.

Kwakol Markets is an authorized finance company by the Australian Securities and Investments Commission (ASIC) and has a Foreign Exchange Dealer License from FINTRAC Money Services Canada.

Platforms & Tools

MT4 & MT5

Kwakol offers MetaTrader 4 and MetaTrader 5 so that traders of all experience levels can use the broker.

MT4 and MT5 are the most popular retail trading platforms, with instant and pending orders, one-click trading, multiple indicators and drawing tools, plus support for automated trading through Expert Advisors (EAs). There are also in-built stop orders and fully-functioning demo accounts so that traders can try the terminals before depositing funds.

MetaTrader 5 is the better option for advanced traders with more indicators, technical overlays, and timeframes, plus a market depth feature and an economic calendar.

How To Place A Trade

Clients can open a trade on the MetaTrader terminals in a few steps:

1. Log in to the MT4 or MT5 platform
2. Click on ‘Tools’ in the top menu
3. Select ‘New order’
4. In the pop out display, select the asset you wish to trade on
5. Choose between instant and pending order
6. Enter the order volume
7. Input any risk management alerts
8. Confirm the trade

Web Trader

Kwakol Markets also offer a Web Trader platform so that investors can access the same trading conditions and functionality without downloading an external platform.

The browser-based terminal can be opened directly through the broker’s official website.

Acuity

Acuity is also supported by Kwakol Markets and can be used to analyze pieces of news that may affect the market. The data is displayed in multiple forms, not just price-related data, such as news sentiment or ‘shock’ ratings per asset, real-time newsletters, and client offerings that help to reveal the truth behind strategies.

This tool is free to use when downloaded with Kwakola Markets and MT4 and is ideal for investors looking to trade on the news.

Autochartist

Autochartist is an analysis tool for charts that helps traders to predict the way that the market is going to move. It allows to traders to recieve price alerts and watch several assets at any given time.

Autochartist can be used when MT4 or MT5 is downloaded from Kwakol, whereby the Autochartist plug-in can be installed and used.

Kwakol Invest

While using Kwakol Markets, we uncovered their copy trading service. This lets users connect with other traders and follow their strategies and trade setups.

Clients keep control over their capital and only pay a fee to the master trader when they generate profits. A leaderboard with traders’ returns, number of followers and other metrics helps users find the right trader for their goals.

Assets & Markets

Kwakol offers more than 1000 instruments:

• Stocks – US, EU, Asian and Russian shares
• Indices – Trade on major exchanges such as the S&P 500
• Commodities – Precious metals like gold plus oil and natural gas
• Cryptocurrencies – Trade digital currencies against other popular crypto tokens and fiat currencies
• Forex – Dozens of major and minor currency pairs including EUR/USD

Fees & Charges

When we used Kawol Markets, we found spreads vary depending on the live account. The minimum spread on the Standard account is 0.8 pips. The minimum spread on the Islamic account is 1.6 pips. The Pro and Gold accounts offer spreads from 0.01 pips. The Platinum, Premium, VIP and Diamond accounts offer spreads from 0.0 pips.

Kwakol Markets also charges low to zero commissions.

There is a $10 inactivity fee after six months.

Payment Methods

Deposits are processed on the same working day, and this can be done by major credit or debit cards with a maximum deposit amount of $600 per transaction.

All deposits made by a particular card can only have up to the same amount withdrawn onto the same card. However, if you deposit funds using crypto then there is no limit to how much you can place onto your account.

There is no charge for making a deposit of up to $5,000.

Kwakol Markets processes withdrawals within the same business day, and this can be requested directly from your trading account.

Profits made from trading can either be withdrawn via bank wire transfer or by Bitcoin. The opportunity to withdraw money via crypto is a benefit, and this can also be processed on the same day with all transactions trackable via blockchain.info.

For withdrawals, there is no charge for anything below $5,000. Upwards of this amount, a fee of $25 will be charged to the trader.

Account Types

Kwakol Markets offers multiple accounts, all offering their own set of features and conditions:

Cent Account

• Minimum Deposit: $1
• Spread: floating from 1 pip
• Commission: $0
• Leverage: up to 1:1:00
• Market Execution: from 0.3 sec, STP

Standard Account

• Minimum Deposit: $250
• Spread: floating from 0.8 pips
• Commission: $0
• Leverage: up to 1:200
• Market Execution: from 0.1 sec

No-Swap (Islamic Account)

• Minimum Deposit: $1
• Spread: floating from 1.6 pips
• Commission: $0
• Leverage: up to 1:1000
• Market Execution: from 0.3 sec, STP

Pro Account

• Minimum Deposit: $10,000
• Spread: floating from 0.01 pips
• Leverage: up to 1:300
• Market Execution: from 0.1 sec
• There is also no limit on the orders that can be opened and orders can be opened with instant execution

Gold Account

• Minimum Deposit: $25,000
• Spread: floating from 0.01 pips
• Leverage: Up to 1:400
• Market Execution: From 0.3 sec, STP

Platinum Account

• Minimum Deposit: $100,000
• Spread: floating from 0.00 pips
• Leverage: up to 1:450
• Market Execution: from 0.3 sec, STP

Diamond Account

• Minimum Deposit: $250,000
• Spread: floating from 0.00 pips
• Leverage: up to 1:450
• Market Execution: from 0.3 sec, STP

Premium Account

• Minimum Deposit: $25,000
• Spread: floating from 0.00 pips
• Leverage: up to 1:500
• Market Execution: from 0.3 sec, STP

VIP Account

• Minimum Deposit: $1,000,000
• Spread: floating from 0.0 pip
• Leverage: up to 1:1000
• Market Execution: from 0.1 sec, STP

Demo Account

Kwakol Markets offers a demo account with virtual funds that traders can use for free. This means users can try the broker’s services without using any of their own funds and taking any risks.

The demo account for Kwakol Markets requires a brief registration form but no bank details. Clients can sign up on the official website.

Kwakol Academy

Our experts found that the broker also offers trading courses, free classes and eBooks. Content is primarily aimed at beginners, covering how to speculate on the forex market, potential strategies, and setting up a trading business from home.

Some educational content is free. Traders simply need to enter their personal details on the Kwakol Markets website to get started.

Regulation & Licensing

Kwakol Markets is a Corporate Authorized Representative of HLK GROUP PTY LTD, which holds a Financial Services Licence from the Australian Securities and Investments Commission (ASIC).

In addition, the brokerage has a Foreign Exchange Dealer License from FINTRAC Money Services Canada, (registration number M22600427).

The group also holds an MSB (Money Services Business) license issued by the US Financial System and a National Futures Association (NFA) license.

Customer Service

Kwakol Markets offers three points of contact for customer service which can be reached via:

• Email – info@kwakol.com
• Telephone – +1 (201) 801-4634, +234 (0) 706 172 7177

However, there is no specification on the opening hours of the customer support line, so there is no guarantee that you will receive instant support.

Security & Safety

In terms of safety and security, there is little certainty with Kwakol Markets. Aside from segregated client accounts, there is limited information online about Kwakol Markets, and the brand does not go into much detail about how they keep trader funds safe.

However, it is worth noting that some of the poor reputation that Kwakol Markets received in user reviews was before they became regulated. Their regulatory licenses give them more credibility as a broker.

Kwakol Markets Verdict

Kwakol Markets offers 1000+ assets, award-winning platforms, and high leverage. A free demo account and copy trading service also make the broker a good fit for beginners.

Overall though, there remain better alternatives to Kwakol Markets, offering a wider range of assets and more in-depth educational materials. Negative historical reviews also cause concern.

FAQs

What Trading Platform Does Kwakol Markets Use?

Kwakol Markets offers MetaTrader 4 and MetaTrader 5, available on desktop and mobile. A web trader terminal is also available directly through the broker’s website.

What Assets Are Available On Kwakol Markets?

Kwakol Markets offers CFDs, stocks, commodities, indices, cryptos, and forex trading. In total, over 1000 instruments are available with leverage up to 1:500.

What Are The Fees For Kwakol Markets?

Kwakol Markets charges a floating spread from 0.8 pips on the Standard account. Users that qualify for higher account tiers benefit from tighter spreads that start at 0.0 pips.

There is also a $25 fee for withdrawals over $5000.

What Payment Methods Are Available At Kwakol Markets?

Kwakol Markets accepts debit and credit cards, bank wire transfers, and cryptos for deposits and withdrawals. Payments are processed the same working day.

Is Kwakol Markets Regulated?

Kwakol Markets is regulated by the Australian Securities and Investments Commission (ASIC). The group also holds licenses with the FINTRAC Money Services of Canada and the US National Futures Association (NFA).

Top 3 Alternatives to Kwakol Markets

Compare Kwakol Markets with the top 3 similar brokers that accept traders from your location.

1. IG – Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand-US offers spread betting, CFD and forex trading across an almost unrivalled selection of 17,000+ markets, with a range of user-friendly platforms and investing apps. For 50 years, IG has maintained its position as an industry leader, excelling in all key areas for traders.
   Go to IG
2. Interactive Brokers – Interactive Brokers (IBKR) is a premier brokerage, providing access to 150 markets in 33 countries, along with a suite of comprehensive investment services. With over 40 years of experience, this Nasdaq-listed firm adheres to stringent regulations by the SEC, FCA, CIRO, and SFC, amongst others, and is one of the most trusted brokers for trading around the globe.
   Go to Interactive Brokers
3. World Forex – World Forex is an offshore broker registered in St Vincent and the Grenadines, offering commission-free trading with a $1 minimum deposit and 1:1000 leverage. Digital contracts are also available, offering beginners a straightforward way to speculate on popular financial markets.
   Go to World Forex

Kwakol Markets Comparison Table

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