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Kwakol Markets-review

Kwakol Markets Review

Overall, Kwakol Markets is the best broker that offers local customer support to Nigerian traders. Kwakol Markets features a diverse and impressive portfolio of retail investor accounts including a Cent Account and Islamic Account. Kwakol Markets is currently not regulated by the CBN.

Louis Schoeman

Updated : March 27, 2022

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Overall Rating

Min Deposit

USD 100 / 41450 NGN

Regulators

Not Regulated

Trading Desk

MetaTrader 5, MetaTrader 4

Crypto

Yes

Total Pairs

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

Kwakol Markets At a Glance

🏛️ HeadquarteredThe United States, Hong Kong, Nigeria, Australia
🏛️ Nigerian Based OfficeYes, in Abuja
👍 Accepts Nigerian Traders?Yes
📅 Year Founded2021
📱 Nigerian Office Contact Number+234 (0) 13 438 969
📱 Social Trading PlatformsLinkedIn
Twitter
Facebook
Instagram
⚖️ RegulationASIC, FINTRAC
🔎License NumberAustralia – AFSL 435746
Canada – M22600427
⚖️ CBN RegulationNone
✴️ Regional RestrictionsBahamas, Botswana, Burma (Myanmar), Cambodia, Democratic Republic of Congo, Cuba, Ethiopia, Ghana, Iran, Iraq, Japan, Lebanon, Libya, Malta, North Korea, Pakistan, Panama, Republic of the Congo, Somalia, Sri Lanka, Sudan, Syria, Trinidad and Tobago, Tunisia, Vietnam, Yemen, Zimbabwe.
☪️ Islamic AccountYes
📈 Demo AccountYes
📈 Retail Investor Accounts6
📊 PAMM AccountsNone
📊 Liquidity ProvidersUnknown
👍 Affiliate ProgramYes
👍 Order ExecutionMarket
📈 Average spread0.0 pips EUR/USD
📊 Margin Call100%
📊 Stop-OutUnknown
📈 Maximum Leverage1:1000
📈 Crypto trading offered?Yes, on the Elite Account only
📈 Offers a Nigerian Account?No
👨‍💼 Dedicated Nigerian Account Manager?No
📈 Leverage Restrictions for Nigeria?No
💳 Minimum Deposit (₦)400 NGN or an equivalent to $1
💳 Nigerian Naira Deposits Allowed?No
💰 Active Nigerian Trader Stats1.3 million
💰 Active Nigerian-based OctaFX customersUnknown
💰 Nigeria Daily Forex Turnover$1.25 million+
💳 Deposit and Withdrawal OptionsDollar Bank Transfer
Flutterwave Dollar Deposit
💰 Segregated Accounts with Nigerian Banks?No
💻 Trading PlatformsMetaTrader 4
MetaTrader 5
💰 Tradable AssetsForex
CFDs
Stocks
Commodities
Indices
Cryptocurrencies
🌐 Offers USD/NGN currency pair?No
🌐 USD/NGN Average SpreadN/A
📈 Offers Nigerian Stocks and CFDsNo
👨‍💼 Languages supported on WebsiteEnglish
👥 Customer Support LanguagesMultilingual
👥 Customer Service Hours24/5
👥 Nigerian-based customer support?Yes

💰 Bonuses and Promotions for NigeriansNo
✴️Education for Nigerian beginnersNo
📊 Proprietary trading softwareNo
💰 Most Successful Nigerian TraderUche Paragon ($20 million net worth)
✔️Is OctaFX a safe broker for Nigerians?Yes
✔️Rating for OctaFX Nigeria6/10
✔️Trust score for OctaFX Nigeria74%
👉 Open an account👉 Open Account

Kwakol Markets Overview

Kwakol Markets Overview

 

👉 Global multi-asset broker Kwakol Markets helps investors achieve the future they deserve by opening new possibilities in the financial markets throughout the world. Transparency and innovative technology are the keys to the broker’s trading success, and we strive to provide just that.

 

👉 Kwakol Markets is not regulated or authorized by the Central Bank of Nigeria (CBN), but the broker has local offices based in Abuja, which means that Nigerian traders have local customer support, amongst several other benefits.

 

👉 Kwakol Markets’ primary focus is on offering great investing options, advice, research, and services to individuals, retail traders and investors, and institutions. Online investing options, educational resources, and innovative insights into the conventional and digital asset markets are available on the official website of the broker, accessible by all traders.

 

👉 This Kwakol Markets review will provide traders with the details that they need to consider whether the broker is suited towards their unique trading objectives and needs.

 

Distribution of Traders

👉 The distribution of traders for Kwakol Markets is currently mostly in Nigeria, with insufficient information on other regions that use this broker.

 

Popularity among traders who choose Kwakol Markets

🥇 Kwakol is a local Nigerian broker that offers its services to retail traders and institutional investors, making it one of the Top 10 forex and CFD brokers for Nigerian traders.

Popularity among traders who choose Kwakol Markets

 

Kwakol Markets Regulation and Safety of Funds

Kwakol Markets Regulation and Safety of Funds

 

👉 According to the official website of Kwakol Markets, the broker is registered in the following regions:

 

➡️ Kwakol Markets (USA) Limited is based in New York.

➡️ Kwakol Markets (HK) Limited is registered in Hong Kong.

➡️ Kwakol Markets (NGN) Limited is registered in Nigeria.

➡️ Kwakol Markets (AU) Pty Ltd is registered in Australia.

 

👉 According to the official website of Kwakol Markets, the broker has regulation and authorization through FINTRAC in Canada, ASIC in Australia, and NFA in the United States. However, while the ASIC regulation (AFSL 435746) and FINTRAC (MB22600427) can be confirmed on the regulatory entities’ websites, according to the NFA, Kwakol Markets is not a registered entity.

 

👉 Clients can choose to keep their money in their own name, or Kwakol Markets can keep their money for them in a separate bank account. Kwakol Markets is always looking for, analysing, and controlling the risks that come with its day-to-day business.

 

👉 Kwakol Markets’ payment service providers guarantee fast and faultless deposits and withdrawals, according to the broker’s official website.

 

Kwakol Markets Account Types and Features

Kwakol Markets Account Types and Features

 

👉 Kwakol has a broad variety of account kinds to accommodate traders of all experience levels and preferences.

 

👉 Currently, the Kwakol Markets platform offers six distinct sorts of accounts. Each of these accounts has its own unique set of features. Account types have different commissions, margin calls, and leverage requirements, among other things, depending on the account type.

 

➡️ Standard Account

➡️ ECN Account

➡️ Professional Account

➡️ Cent Account

➡️ No-Swap(Islamic) Account

➡️ VIP Account

 

Live Trading Accounts

Standard Account

Kwakol Markets Standard Account

 

👉 For those who want a more conventional trading experience, a standard account is the best option. There are no fees associated with the Standard account, which provides very cheap spreads.

 

💳 Minimum Deposit400 Nigerian Naira or an equivalent to $1
📈 Average SpreadFloating, from 0.8 pips
✴️ Commissions charged on tradesNone
📊 Maximum LeverageUp to 1:1000
🌐 Market ExecutionFrom 0.1 seconds

 

ECN Account

Kwakol Markets ECN Account

 

👉 Traders who want the best possible trading circumstances will use an ECN (Electronic Communication Network) account. The ECN account eliminates the need for an intermediary between buyers and sellers.

 

👉 To create an ECN account, Nigerians must deposit $100 as a start-up fee. The ECN account’s major advantages are quick to market execution, minimal spreads, and the finest quotations available without any latency.

 

👉 Because the spread on an ECN account is so narrow, Kwakol Market charges $4 for each standard lot traded. Trading in currencies, metals, energies, commodities, and stocks is possible with an ECN account from several different providers.

 

💳 Minimum Deposit41,600 NGN or an equivalent to $100
📈 Average SpreadFrom 0.8 pips
✴️ Commissions charged on tradesNone
📊 Maximum LeverageUp to 1:1000
🌐 Market ExecutionFrom 0.1 seconds

 

Professional Account

Kwakol Markets Professional Account

 

👉 This is a more advanced account that is best suited for more experienced traders. It may be used for any kind of trading strategy, from day trading to automated trading.

 

💳 Minimum Deposit410,000 NGN or an equivalent to $1,000
📈 Average SpreadFrom 0.0 pips
✴️ Commissions charged on trades$5 per standard lot (100,000 base currency units)
📊 Maximum LeverageUp to 1:1000
🌐 Market ExecutionFrom 0.1 seconds

 

Cent Account

Kwakol Markets Cent Account

 

 

👉 With the Cent Account, the balance is shown in cents, and all transactions are also carried out in cents on a cent account. It means that if Nigerian traders deposit $10, they have 1000 cents in the trading account.

 

👉 Low-risk trading can be carried on the Cents account, which makes it a great option for newcomers to the Forex market. Additionally, experienced traders who wish to test out new methods can find this sort of account appealing.

 

👉 The Cent account enables traders to create an account with a lesser initial investment and trade smaller lot sizes than any other account.

 

👉 There are five trading products available on the Cent account: Forex, metals, energy, commodities, and equities. In addition, the Cent account can be opened in MetaTrader 4 or MetaTrader 5, according to the trader’s preference.

 

💳 Minimum Deposit400 NGN or an equivalent to $1
📈 Average SpreadFrom 1 pip
✴️ Commissions charged on tradesNone
📊 Maximum LeverageUp to 1:1000
🌐 Market ExecutionFrom 0.3 second (STP)

 

No-Swap(Islamic) Account

Kwakol Markets No-Swap(Islamic) Account

 

👉 The Kwakol Islamic account is an account with a set charge rather than a swap developed for traders of the Islamic religion. The charge is not an interest and is subject to change based on the nature of the order being placed.

 

👉 The charging and receipt of Riba, or interest, is prohibited under Islamic law in any contract or company. Muslims, however, are permitted to trade cash under this system. Created by Kwakol to allow traders of all faiths to trade with each other, Swap-Free accounts allow for this.

 

💳 Minimum Deposit400 NGN or an equivalent to $1
📈 Average SpreadFrom 1.6 pips
✴️ Commissions charged on tradesNone
📊 Maximum LeverageUp to 1:1000
🌐 Market ExecutionFrom 0.3 second (STP)

 

VIP Account

Kwakol Markets VIP Account

 

👉 For the most discerning clients, Kwakol Markets offers a VIP account with unbeatable trading conditions. Members of Kwakol Markets’ VIP program get access to exclusive prices and a slew of other benefits.

 

💳 Minimum Deposit4,160,000 NGN or an equivalent to $10,000
📈 Average SpreadFrom 0.0 pips
✴️ Commissions charged on trades$2 per standard lot
📊 Maximum LeverageUp to 1:1000
🌐 Market ExecutionFrom 0.3 second (STP)

 

Demo Account

Kwakol Markets Demo Account

 

👉 A demo account is a practice account that offers traders a certain amount of virtual funds that they can use, allowing them to enter the live market without risking their capital. 

 

👉 There is a certain degree of risk involved when trading financial markets and Kwakol Markets offers its clients a risk-free platform where they can test strategies, practice trading, and explore what the broker offers in a safe trading environment with real market conditions.

 

Islamic Account

Kwakol Markets No-Swap(Islamic) Account

 

👉 Depending on the trading style and the trading strategy of the forex trader, they may keep their trading positions open for longer than 24 hours on a trading day.

 

👉 This means that the trader could incur an overnight or rollover fee. This is a type of interest that is prohibited by Riba principles of Sharia law, which means that Muslim traders are often restricted in forex trading.

 

Kwakol Markets Account Registration

👉 Step 1 – Go to the Kwakol Markets Website

 To register an account with Kwakol Markets, traders can visit the official website and select the option to register by clicking on “Start Trading. This can be found on the homepage, and it will redirect traders to member registration. Here, traders can provide a valid email and a user-selected password to sign in.

Kwakol Markets Account Registration 1

 

👉 Step 2 – Fill Out Your Details

 Once the information has been processed, traders can expect an email on the address that they provided, which will verify their contact information. Traders can enter the 5-digit code in the field provided.

Kwakol Markets Account Registration 2

 

👉 Step 3 – Your Account Is Now Active

 Once the trader’s email has been verified, they can sign into their trader’s dashboard and select the main menu option on the left-hand side of their screen. Here, traders can select “Trading Accounts” and choose between MT4 or MT5.

 

👉 Traders can deselect “Demo” from the righthand side of the screen to open a Live Account and complete the following fields:

 

➡️ Platform – VIP Account, ECN Account, Standard Account, Pro Account, Islamic Account, or Cent Account.

➡️ Currency – USD is the only account base currency

➡️ Hedging is automatically selected

➡️ Leverage – from 100 up to 1000

 

👉 Once these fields have been specified, traders can select “Open Account.” Traders will be notified that their account has been created and they can proceed to deposit the minimum amount to start trading.

 

Kwakol Markets Vs eToro VS OANDA – Broker Comparison

Kwakol MarketseToroOANDA
🔥 RegulationASIC, FINTRACCySEC, FCA, ASIC, FinCEN, FINRA, SIPC, DNB, FSAIIROC, ASIC, CFTC, NFA, FCA, FFAJ, MAS, MFSA
📱 Trading PlatformMetaTrader 4
MetaTrader 5
eToro proprietary platformMetaTrader 4
MetaTrader 5
OANDA Web
OANDA Mobile
💰 Withdrawal FeeNoYesNo
💳 Minimum Deposit400 NGN83,000 NGN ($200)0 NGN
📊 Leverage1:10001:30 (Retail)
1:400 (Professional)
1:200
📈 SpreadFrom 0.0 pipsFrom 1 pipVariable, from 0.1 pips
💰 CommissionsFrom $2None40 USD / 16,680 NGN
📊 Margin Call/Stop-Out100%/no Stop-outNone indicatedStop-out of 50%
📊 Order ExecutionMarketMarket/InstantMarket
💰 No-Deposit BonusNoNoNo
📊 Cent AccountsYesNoNo
📈 Account TypesStandard Account
ECN Account
Professional Account
Cent Account
No-Swap(Islamic) Account
VIP Account
Retail Account
Professional Account
Standard Account
Core Account
Swap-Free Account
🔥 CBN RegulationNoNoNo
💳 NGN DepositsYesNoYes
🖥️ Nigerian Naira AccountNoNoNo
👨‍💼 Customer Service Hours24/524/624/5
📈 Retail Investor Accounts613
☪️ Islamic AccountYesYesYes

 

Kwakol Markets Trading Platforms

Kwakol Markets Trading Platforms

 

👉 Kwakol Markets offers the following trading software that can be used to connect Nigerian traders to global financial markets:

 

➡️ MetaTrader 4

➡️ MetaTrader 5

 

Desktop Platforms

Kwakol Markets Trading Platforms

 

➡️ MetaTrader 4

➡️ MetaTrader 5

 

👉 Any trading strategy may be implemented using the robust MetaTrader 4 trading system for Windows, macOS, and Linux computers. Instant Execution, trading from the chart and stop orders and trailing stops are all available to Nigerian traders who use the desktop platform, alongside a plethora of other features and functions.

 

👉 MetaTrader 5 is a multi-asset trading platform that supports forex, stocks, and futures trading. It provides greater capabilities for doing in-depth price research, using algorithmic trading programs (trading robots, expert advisors), and performing copy trading.

 

👉 MetaTrader 5’s multi-asset platform offers the hedging strategy, which allows for the simultaneous establishment of numerous positions in the same financial instrument, either in the opposing or same direction. This is a frequently utilized feature in Forex trading.

 

WebTrader Platforms

Kwakol Markets Trading Platforms

 

➡️ MetaTrader 4

➡️ MetaTrader 5

 

👉 Any online browser and any operating system (Windows, Mac, Linux) can use the MetaTrader 4 web platform to trade Forex. Simply log into a trading account and begin trading in just a few seconds.

 

👉 Because it is an integral element of the desktop platform, the MetaTrader 4 web client offers all the benefits of the native client. Web platform stability and interoperability with the MetaTrader 4 ecosystem are ensured as a result. Encrypted data is sent and received securely via the application.

 

👉 Forex, exchange and futures markets may all be accessed using the MetaTrader 5 Web interface on a variety of different computers and operating systems.

 

👉 Since the MetaTrader 5 desktop platform’s robust range of features can be accessed through the web, traders can carry out financial quotation analysis and trading without needing to download or install any software.

 

Trading App

Kwakol Markets Trading Platforms

 

➡️ MetaTrader 4

➡️MetaTrader 5

 

👉 The MetaTrader 4 mobile apps are available for iOS and Android-powered smartphones and tablets, allowing users to trade on the financial markets. As with the desktop version, the mobile apps contain interactive quotes, complete trading orders and the most popular analytical tools.

 

👉 With a single click, Nigerian traders can check the status of their trading account, see the history of all transactions, and purchase and sell financial products. Besides allowing traders to talk with other traders and get push alerts, the mobile apps also have extra features such as quick chat and push notifications.

 

Overall Rating

Min Deposit

USD 100 / 41450 NGN

Regulators

Not Regulated

Trading Desk

MetaTrader 5, MetaTrader 4

Crypto

Yes

Total Pairs

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

 

Kwokal Markets Range of Markets

Kwokal Markets Range of Markets

 

👉 The range of Markets that Nigerian traders can expect include:

 

➡️ Forex

➡️ CFDs

➡️ Stocks

➡️ Commodities

➡️ Indices

➡️ Cryptocurrencies

 

Kwokal Markets Broker Comparison for Range of Markets

Kwakol MarketseToroOANDA
️​ForexYesYesYes
Precious MetalsYesYesYes
ETFsNoYesNo
CFDsYesYesYes
IndicesYesYesYes
StocksYesYesYes
CryptocurrencyYesYesNo
OptionsNoNoNo
EnergiesYesYesYes
BondsNoNoYes

 

Kwakol Markets Trading and Non-Trading Fees

Kwakol Markets Trading and Non-Trading Fees

 

Spreads

👉 The spreads that Nigerian traders can expect from Kwakol Markets will depend on the financial instrument they trade, the account they use, and the live market conditions when they trade. Some typical spreads are as follows:

 

➡️ Standard Account – from 0.8 pips

➡️ ECN Account – from 0.8 pips

➡️ Professional Account – from 0.0 pips

➡️ Cent Account – from 1 pip

➡️ No-Swap(Islamic) Account – from 1.6 pips

➡️ VIP Account – from 0.0 pips

 

Commissions

Kwakol Markets commissions

 

👉 Kwakol Markets charges the following commissions:

 

➡️ Professional Account – from $5 per standard lot, which is 100,000 of the base account currency

➡️ VIP Account – from $2 per standard lot traded

 

Overnight Fees, Rollovers, or Swaps

👉 Kwakol Markets charges overnight fees on all account types except the Islamic Account. The overnight fees that traders pay/receive will depend on their position (buy or sell), their position size, and the financial instrument that is being held.

 

Kwakol Markets Deposits and Withdrawals

Kwakol Markets Deposits and Withdrawals

 

👉 Kwakol Markets offers the following deposit and withdrawal methods:

 

➡️ Forex

➡️ CFDs

➡️ Stocks

➡️ Commodities

➡️ Indices

➡️ Cryptocurrencies

 

How to Deposit Funds with Kwakol Markets

Deposit Funds with Kwakol Markets

 

👉 Traders can log into their trading account from the Kwakol Markets website and select “Funds” from the main menu. Traders can select “Deposit” and select a wallet (between Fiat, Stablecoins, and Crypto Coins).

 

👉 Next, traders can select their payment method, indicate the amount to be deposited, and upload the proof of payment before selecting “Proceed.”

 

How to Withdraw Funds with Kwakol Markets

Withdraw Funds with Kwakol Markets

 

👉 To withdraw funds, traders must complete the KYC process which consists of three levels.

 

➡️ Level 0 – Traders completed the registration form, verified the email address and phone number provided.

➡️ Level 1 – Traders must upload proof of identity, which can be a driver’s license, international Passport, Voter’s Card, or National ID.

➡️ Level 2 – Traders need Level 1 KYC along with Proof of Residential Address.

 

👉 To withdraw, traders can log into the website and select “Funds” followed by “Withdraw.” Traders can select their preferred payment method, enter the amount, and proceed with any additional instructions according to the payment provider.

 

Overall Rating

Min Deposit

USD 100 / 41450 NGN

Regulators

Not Regulated

Trading Desk

MetaTrader 5, MetaTrader 4

Crypto

Yes

Total Pairs

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

 

Kwakol Markets Education and Research

👉 Kwakol Markets does not offer beginner traders educational materials or any research on their website.

 

Kwakol Markets Affiliate Program

Kwakol Markets Affiliate Program

 

👉 Nigerian traders can start promoting the Kwakol Markets brand, providing them with the perfect opportunity to earn commissions when traders register on the broker’s platform through the Multi-Level Affiliate program.

 

👉 The benefits involved with becoming a Kwakol Markets affiliate include:

 

➡️ A 5-level structure that allows for optimal earning

➡️ Access to a dedicated affiliate manager

➡️ A comprehensive 40% revenue-share model

➡️ Access to crypto deposits as well as withdrawals

➡️ Everlasting commissions

➡️ Weekly pay-outs on commissions

 

👉 To register for the Kwakol Affiliate program, Nigerians can:

👉 Step 1 – Create an Account

Create an account by signing up from the homepage.

Kwakol Markets Affiliate Program 1

 

👉 Step 2 – Activate Affiliate Program

Sign into the account, select “Refer a Friend,” and choose “Activate IB”

Kwakol Markets Affiliate Program 2

 

👉 Step 3 – Complete Registration

Follow the instructions that are emailed to finalize the registration

 

Verdict on Kwakol Markets

👉 Kwakol Markets is an ASIC and FINTRAC-regulated broker that has local offices in Nigeria. However, the fact that the NFA regulation is fabricated is a downside to Kwakol Markets.

 

👉 Kwakol Markets offers a choice between trading accounts but only has USD as the base currency. While traders can choose between MetaTrader 4 and MetaTrader 5 as the trading platform, Kwakol Markets does not offer proprietary trading software, education, or research.

 

Kwakol Markets Pros and Cons

✔️ Pros❌ Cons
Well-regulated by FINTRAC and ASICKwakol Markets is not honest about its NFA regulation
Offers a choice between retail accounts
USD is the only base account currency accepted
Traders can deposit and withdraw funds in cryptoTraders cannot make deposits in Naira and there is no Naira-denominated account
Nigerian traders are accommodated, and the broker has local offices
There is a comprehensive affiliate program offered
Kwakol Markets offers a demo and Islamic account

Frequently Asked Questions

 
 

Is Kwakol Markets regulated and by whom?

Yes, Kwakol Markets is regulated by ASIC and FINTRAC.

Which trading platforms are supported by Kwakol Markets?

Kwakol Markets offers:

  • MetaTrader 4
  • MetaTrader 5

What is the minimum deposit required to register an account with Kwakol Markets?

400 NGN or an equivalent to $1.

What is the overall rating for Kwakol Markets out of 10?

The overall rating for Kwakol Markets is 6/10.

Is Kwakol Markets suitable for beginner and professional traders?

Kwakol Markets accommodates both beginner and professional traders.

 

9.2/10 - (12 votes)

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