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, 2023
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Overall Rating
- 4.1/5
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
| 🏛️ Headquartered | The United States, Hong Kong, Nigeria, Australia |
| 🏛️ Nigerian Based Office | Yes, in Abuja |
| 👍 Accepts Nigerian Traders? | Yes |
| 📅 Year Founded | 2021 |
| 📱 Nigerian Office Contact Number | +234 (0) 13 438 969 |
| 📱 Social Trading Platforms | LinkedIn |
| ⚖️ Regulation | ASIC, FINTRAC |
| 🔎License Number | Australia – AFSL 435746 Canada – M22600427 |
| ⚖️ CBN Regulation | None |
| ✴️ Regional Restrictions | Bahamas, 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 Account | Yes |
| 📈 Demo Account | Yes |
| 📈 Retail Investor Accounts | 6 |
| 📊 PAMM Accounts | None |
| 📊 Liquidity Providers | Unknown |
| 👍 Affiliate Program | Yes |
| 👍 Order Execution | Market |
| 📈 Average spread | 0.0 pips EUR/USD |
| 📊 Margin Call | 100% |
| 📊 Stop-Out | Unknown |
| 📈 Maximum Leverage | 1:1000 |
| 📈 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 Stats | 1.3 million |
| 💰 Active Nigerian-based OctaFX customers | Unknown |
| 💰 Nigeria Daily Forex Turnover | $1.25 million+ |
| 💳 Deposit and Withdrawal Options | Dollar Bank Transfer Flutterwave Dollar Deposit |
| 💰 Segregated Accounts with Nigerian Banks? | No |
| 💻 Trading Platforms | MetaTrader 4 MetaTrader 5 |
| 💰 Tradable Assets | Forex CFDs Stocks Commodities Indices Cryptocurrencies |
| 🌐 Offers USD/NGN currency pair? | No |
| 🌐 USD/NGN Average Spread | N/A |
| 📈 Offers Nigerian Stocks and CFDs | No |
| 👨💼 Languages supported on Website | English |
| 👥 Customer Support Languages | Multilingual |
| 👥 Customer Service Hours | 24/5 |
| 👥 Nigerian-based customer support? | Yes |
| 💰 Bonuses and Promotions for Nigerians | No |
| ✴️Education for Nigerian beginners | No |
| 📊 Proprietary trading software | No |
| 💰 Most Successful Nigerian Trader | Uche Paragon ($20 million net worth) |
| ✔️Is OctaFX a safe broker for Nigerians? | Yes |
| ✔️Rating for OctaFX Nigeria | 6/10 |
| ✔️Trust score for OctaFX Nigeria | 74% |
| 👉 Open an account | 👉 Open Account |
Kwakol Markets Review – 15 key points quick overview:
Kwakol Markets Overview- Kwakol Markets Regulation and Safety of Funds
- Kwakol Markets Account Types and Features
- Kwakol Markets Account Registration
- Kwakol Markets Vs eToro VS OANDA – Broker Comparison
- Kwakol Markets Trading Platforms
- Kwokal Markets Range of Markets
- Kwokal Markets Broker Comparison for Range of Markets
- Kwakol Markets Trading and Non-Trading Fees
- Kwakol Markets Deposits and Withdrawals
- Kwakol Markets Education and Research
- Kwakol Markets Affiliate Program
- Verdict on Kwakol Markets
- Kwakol Markets Pros and Cons
- Frequently Asked Questions
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.
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 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
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 Deposit | 400 Nigerian Naira or an equivalent to $1 |
| 📈 Average Spread | Floating, from 0.8 pips |
| ✴️ Commissions charged on trades | None |
| 📊 Maximum Leverage | Up to 1:1000 |
| 🌐 Market Execution | From 0.1 seconds |
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 Deposit | 41,600 NGN or an equivalent to $100 |
| 📈 Average Spread | From 0.8 pips |
| ✴️ Commissions charged on trades | None |
| 📊 Maximum Leverage | Up to 1:1000 |
| 🌐 Market Execution | From 0.1 seconds |
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 Deposit | 410,000 NGN or an equivalent to $1,000 |
| 📈 Average Spread | From 0.0 pips |
| ✴️ Commissions charged on trades | $5 per standard lot (100,000 base currency units) |
| 📊 Maximum Leverage | Up to 1:1000 |
| 🌐 Market Execution | From 0.1 seconds |
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 Deposit | 400 NGN or an equivalent to $1 |
| 📈 Average Spread | From 1 pip |
| ✴️ Commissions charged on trades | None |
| 📊 Maximum Leverage | Up to 1:1000 |
| 🌐 Market Execution | From 0.3 second (STP) |
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 Deposit | 400 NGN or an equivalent to $1 |
| 📈 Average Spread | From 1.6 pips |
| ✴️ Commissions charged on trades | None |
| 📊 Maximum Leverage | Up to 1:1000 |
| 🌐 Market Execution | From 0.3 second (STP) |
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 Deposit | 4,160,000 NGN or an equivalent to $10,000 |
| 📈 Average Spread | From 0.0 pips |
| ✴️ Commissions charged on trades | $2 per standard lot |
| 📊 Maximum Leverage | Up to 1:1000 |
| 🌐 Market Execution | From 0.3 second (STP) |
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
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.
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.
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 Markets | eToro | OANDA | |
| 🔥 Regulation | ASIC, FINTRAC | CySEC, FCA, ASIC, FinCEN, FINRA, SIPC, DNB, FSA | IIROC, ASIC, CFTC, NFA, FCA, FFAJ, MAS, MFSA |
| 📱 Trading Platform | MetaTrader 4 MetaTrader 5 | eToro proprietary platform | MetaTrader 4 MetaTrader 5 OANDA Web OANDA Mobile |
| 💰 Withdrawal Fee | No | Yes | No |
| 💳 Minimum Deposit | 400 NGN | 83,000 NGN ($200) | 0 NGN |
| 📊 Leverage | 1:1000 | 1:30 (Retail) 1:400 (Professional) | 1:200 |
| 📈 Spread | From 0.0 pips | From 1 pip | Variable, from 0.1 pips |
| 💰 Commissions | From $2 | None | 40 USD / 16,680 NGN |
| 📊 Margin Call/Stop-Out | 100%/no Stop-out | None indicated | Stop-out of 50% |
| 📊 Order Execution | Market | Market/Instant | Market |
| 💰 No-Deposit Bonus | No | No | No |
| 📊 Cent Accounts | Yes | No | No |
| 📈 Account Types | Standard 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 Regulation | No | No | No |
| 💳 NGN Deposits | Yes | No | Yes |
| 🖥️ Nigerian Naira Account | No | No | No |
| 👨💼 Customer Service Hours | 24/5 | 24/6 | 24/5 |
| 📈 Retail Investor Accounts | 6 | 1 | 3 |
| ☪️ Islamic Account | Yes | Yes | Yes |
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
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
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
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
- 4.1/5
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
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 Markets | eToro | OANDA | |
| ️Forex | Yes | Yes | Yes |
| Precious Metals | Yes | Yes | Yes |
| ETFs | No | Yes | No |
| CFDs | Yes | Yes | Yes |
| Indices | Yes | Yes | Yes |
| Stocks | Yes | Yes | Yes |
| Cryptocurrency | Yes | Yes | No |
| Options | No | No | No |
| Energies | Yes | Yes | Yes |
| Bonds | No | No | Yes |
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 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 offers the following deposit and withdrawal methods:
Forex
CFDs
Stocks
Commodities
Indices
Cryptocurrencies
How to 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
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
- 4.1/5
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
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.
Step 2 – Activate Affiliate Program
Sign into the account, select “Refer a Friend,” and choose “Activate IB”
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 ASIC | Kwakol 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 crypto | Traders 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.
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