Kwakol Markets offers commission-free trading on 1000+ instruments with leverage options of up to 1:1000. The broker was titled the Most Innovative Broker Africa in 2023.
Kwakol Markets: An Introduction to the Broker and Its Regulatory Status
Kwakol Markets (AU) PTY Ltd is a brokerage company registered in Victoria, Australia, and regulated by the country’s Security and Investment Commission (ASIC).
Key features of Kwakol Markets:
- Micro lot trading (0.01 lots)
- Minimum deposit requirement of $1
- Leverage options of up to 1:1000
- More than 1000 trading instruments
Kwakol Markets Table of Specifications
The Forex Broker has implemented various measures to insure client funds’ safety, including segregated accounts and negative balance protection.
Let’s take a quick look at what the company has to offer.
Broker | Kwakol Markets |
Account Types | Standard, ECN, Pro, Cent, No Swap, VIP |
Regulating Authorities | ASIC |
Based Currencies | USD |
Minimum Deposit | $1 |
Deposit Methods | Crypto, Bank Cards, Bank Transfer, Help2Pay, Match2Pay, Ozow, PayPal, Sticpay, UPI |
Withdrawal Methods | Crypto, Bank Cards, Bank Transfer, Help2Pay, Match2Pay, Ozow, PayPal, Sticpay, UPI |
Minimum Order | 0.01 lots |
Maximum Leverage | 1:1000 |
Investment Options | None |
Trading Platforms & Apps | MT5 |
Markets | Forex, Indices, Commodities, Crypto, Stocks, Synthetics |
Spread | From 0.0 pips |
Commission | Variable based on the account type |
Orders Execution | Market, STP |
Margin Call / Stop Out | N/A |
Trading Features | Mobile Trading, Economic Calendar, Profit/Loss Calculator, Currency Convertor, Micro Lot Trading |
Affiliate Program | Yes |
Bonus & Promotions | IB, Affiliate, Royalty |
Islamic Account | Yes |
PAMM Account | No |
Customer Support Ways | Email, Live Chat |
Customer Support Hours | 24/7 |
Account Types
The broker provides 6 account types, from ECN to Cent, with different commissions and entry barriers.
Features | Standard | ECN | Pro | Cent | No Swap | VIP |
Min Deposit | $1 | $100 | $1,000 | $1 | $1 | $10,000 |
Spread From (Pips) | 0.8 | 0.0 | 0.0 | 1.0 | 1.6 | 0.0 |
Commission | $0 | $4 | $5 | $0 | $0 | $2 |
Max Leverage | 1:1000 | 1:1000 | 1:1000 | 1:1000 | 1:1000 | 1:1000 |
Market Execution From | 0.1 s | 0.1 s | 0.1 s | 0.3 s | 0.3 s | 0.1 s |
Registration and KYC Process
Getting started with Kwakol Markets is a breeze, thanks to their streamlined registration and Know Your Customer (KYC) procedure.
However, at the time of writing this article, The broker’s servers are under maintenance and the sign up page is not available.
As soon as the website is fully functional, we’ll update this Kwakol Markets review with a registration guide.
Kwakol Markets Apps and Platforms
The broker utilizes the robust MetaTrader 5 platform through partnership with MetaQuotes software company.
The Kwakol MT5 is available across various devices, including:
Trading Fees Explained
The company implements a simple fee structure, mainly consisted of spreads and commissions, which vary based on the account type.
Account Type | Spreads From (Pips) | Commission (per lot) |
Standard | 0.8 | $0 |
ECN | 0.0 | $4 |
Pro | 0.0 | $5 |
Cent | 1.0 | $0 |
No Swap | 1.6 | $0 |
VIP | 0.0 | $2 |
Kwakol Markets Broker Payment Methods
The company has partnered with top tier payment service providers to offer fast and smooth transactions, including:
Method | Min Deposit | Min Withdrawal |
Bank Card | $10 | $10 |
Bank Transfer | $1 | $10 |
Help2Pay | $10 | $10 |
Match2pay | $10 | $10 |
Ozow | $10 | $10 |
PayPal | $10 | $10 |
Sticpay | $10 | $10 |
UPI | $10 | $10 |
Crypto (USDT, LTC, BTC, and ETH) | $10 | $10 |
Is Copy Trading Available?
The broker doesn’t mention anything about copy trading, social trading, PAMM, or MAM accounts on its website.
The lack of such services is a potential letdown for investors seeking to earn passive income on their assets.
Partnership Program
Offering multiple partnership plans, including IB, affiliate, and loyalty, is one of the bright points in this Kwakol review.
- Introducing Broker (IB): Up to 60% or $15 per lot revenue share
- Affiliate: Up to $25 per referred client and up to $2,000 in commissions
- Loyalty: Premium prizes for partners, including a luxury super car, motorcycle, watch, and a $500 bonus
Customer Support Channels
The broker boasts 24/7 support through 2 main channels, including online chat and email.
However, in our queries, we couldn’t get an answer or even connect to an agent through the live chat feature.
support@kwakolmarke.com | |
Live Chat | Available on the official website |
Address | Mall 169, Adetokunbo Ademola Crescent, Wuse ll, Abuja, Nigeria |
Trust Score and User Ratings
Kwakol Markets reviews on reputable websites like TrustPilot, Forex Peace Army, and Reviews.io don’t paint a good picture.
3.4/5 based on 273 comments | |
Forex Peace Army | Not officially rated (two 1-star reviews) |
Reviews.io | 1.1/5 based on 14 ratings |
While 52% of user comments on The broker’s TrustPilot profile are positive (4-star and 5-star), less than 43% of them are negative (1-star and 2-star).
Conclusion and Final Words
Kwakol Markets provides access to CFD products across 6 asset classes, including Forex and Synthetics. The company offers trading services through its 6 account types (e.g., Cent, and ECN) with a minimum deposit requirement of $1.
Mixed user reviews (TrustPilot score of 3.4), restrictions in certain countries like Cambodia and Tunisia, and a non-responsive live chat support are the biggest weaknesses in this Kwakol Markets review.
