Kwakol Markets Review 2023 | The Good & Bad Uncovered

Company DetailsPlatforms & ToolsMT4 & MT5Web TraderAcuityAutochartistKwakol InvestAssets & MarketsFees & ChargesPayment MethodsAccount TypesCent AccountStandard AccountNo-Swap (Islamic Account)Pro AccountGold AccountPlatinum AccountDiamond AccountPremium AccountVIP AccountDemo AccountKwakol AcademyRegulation & LicensingPros Of Kwakol MarketsCons Of Kwakol MarketsCustomer ServiceSecurity & SafetyKwakol Markets VerdictAccepted CountriesCompare Kwakol MarketsKwakol Markets Comparison TableCompare Trading InstrumentsKwakol Markets vs Other BrokersFAQWhat Trading Platform Does Kwakol Markets Use?What Assets Are Available On Kwakol Markets?What Are The Fees For Kwakol Markets?What Payment Methods Are Available At Kwakol Markets?Is Kwakol Markets Regulated?

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.

MetaTrader 4

How To Place A Trade

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

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

Kwakol Invest

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

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.

Pros Of Kwakol Markets

Negative balance protection
MetaTrader 4 and MetaTrader 5 platforms
Wide range of free learning resources such as a free eBook
Account manager and client support functions
Excellent market analysis tools
2FA login security

Cons Of Kwakol Markets

Regional restrictions on certain countries
Lack of deposit and withdrawal methods
High deposits for premium features
The only base currency is USD
Limited online information
No bonuses and promos

Customer Service

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

Email –
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.

Accepted Countries

Kwakol Markets accepts traders from Australia, Thailand, Canada, United States, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.

Compare Kwakol Markets

Compare Kwakol Markets with similar brokers that accept traders from your location. Among available brokers these are the most similar to Kwakol Markets:

FXOpen – FXOpen is a highly regulated FX and CFD broker offering multiple trading platforms and spreads from 0.0 pips.

BlackBull Markets – BlackBull Markets is an award-winning forex and CFD broker with beginner-friendly trading tools and 24/7 customer support.

Pepperstone – Pepperstone offers CFD trading to both retail and professional traders. Clients can trade FX, indices, commodities and shares on MT4, MT5 and cTrader platforms.

TP Global FX – TP Global FX is an offshore forex & CFD brokers offering trading opportunities on 200+ instruments. Access MT4 & MT5 platforms, plus copy trading services with spreads from 0.2 pips.

Kwakol Markets Comparison Table

Compare Kwakol Markets With Similar Brokers

Kwakol Markets
BlackBull Markets
TP Global FX



Demo Account

Minimum Deposit

Minimum Trade






Payment Methods

Detailed Comparison



2 3.7 3.7 4.8 3.9
Forex, Stocks, Commodities, Crypto Forex, Stocks, Commodities, Crypto Forex, Stocks, Commodities, Crypto Forex, Stocks, Commodities, Crypto Forex, Stocks, Commodities, Crypto
Yes Yes Yes Yes Yes
$1 $1 $0 $500 recommended $200
0.01 Lots 0.01 Lot 0.01 Lots 0.01 Lots 0.01 lots
Seasonal Bonuses
No No Yes Yes No
MT4, MT5 MT4, MT5 MT4, MT5 MT4, MT5, cTrader MT4, MT5
1:500 1:30 – 1:500 (varies by trading entity) 1:500 1:500 1:500
4 12 10 7 2
Kwakol Markets vs FXOpen Kwakol Markets vs BlackBull Markets Kwakol Markets vs Pepperstone Kwakol Markets vs TP Global FX
Kwakol Markets
BlackBull Markets
TP Global FX

Compare Trading Instruments

Compare Kwakol Markets Trading Instruments

Kwakol Markets
BlackBull Markets
TP Global FX

















Volatility Index

Yes Yes Yes Yes Yes
Yes Yes Yes Yes Yes
Yes Yes Yes Yes Yes
Yes Yes Yes Yes Yes
Yes Yes Yes Yes Yes
Yes Yes Yes Yes Yes
Yes No No Yes Yes
Yes Yes Yes Yes Yes
No No Yes Yes Yes
Yes Yes Yes Yes Yes
No No Yes No No
No No No No No
No Yes No Yes No
No No No No No
No No No No No
No No No Yes No
No No No Yes No

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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 INTRAC Money Services of Canada and the US National Futures Association (NFA).

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