ForexChief vs Kwakol Markets

ForexChief vs Kwakol Markets Comparison Table 2023
ForexChief Kwakol Markets
3.3

ForexChief is #8 in our CFD broker rankings.

4.5

Kwakol Markets is #2 in our CFD broker rankings.

United States Flag Traders from US accepted
United States Flag Traders from US accepted

ForexChief is a foreign exchange and CFD broker, established in 2014. The company is based offshore and registered with the VFSC and FMA. Users can choose between a wide selection of accounts and base currencies, making ForexChief accessible to global traders. The brand also stands out for its no deposit bonus and fee rebates for high-volume traders.

Kwakol Markets is a Nigerian headquartered broker with strong regulatory oversight in Australia and Canada. A great selection of asset classes are available, including synthetic products that simulate realistic market activity. Clients can trade on the MT4, MT5 and cTrader platforms, as well as a copy trading solution whereby a fee is only paid on profitable trades.

Bonus Offer
$100 No Deposit Bonus
Comment by Reviewer
"ForexChief will prove popular with investors looking to trade highly leveraged CFDs on the popular MetaTrader platforms. The large welcome bonus and low starting deposit will also appeal to new traders." "Kwakol Markets is a good option for newer traders with a dedicated learning academy, copy trading and a choice of reliable charting platforms. New clients can also sign up and start trading in four straightforward steps."
Pros
  • High leverage up to 1:1000 is available
  • A welcome deposit bonus is offered to new users
  • The low minimum deposit of $10 will appeal to beginners
  • 8 account types to suit different strategies and requirements
  • Full range of investments including popular cryptos
  • STP/ECN execution with low spreads from 0.0 pips
  • Turnover rebates for active traders
  • Copy trading solution with signals
  • MT4 and MT5 integration
  • Low margin rates
  • MetaTrader 4 and MetaTrader 5 integration with top-rate charting tools
  • Full range of investments with 1000+ assets including cryptos
  • Excellent market research tools to support trading decisions
  • Wide range of free learning resources such as an eBook
  • Account manager and client support functions
  • 2FA login security
Cons
  • Weak regulatory oversight
  • Limited market research
  • Withdrawal fees on several payment methods
  • Regional restrictions in certain countries
  • Lack of deposit and withdrawal methods
  • High deposits for premium features
  • The only base currency is USD
Awards
  • Best Broker Africa 2022 - UF Awards
  • Most Trusted Broker Nigeria 2022 - UF Awards
  • Best Emerging Broker 2022 - - UF Awards
Instruments
CFDs, Forex, Metals, Commodities, Stocks, Indices CFDs, Forex, Stocks, Indices, Commodities, Crypto
Demo Account
Yes Yes
Minimum Deposit
$10 $1
Trading Platforms
  • MT4
  • MT5
  • MT4
  • MT5
  • AutoChartist
Payment Methods
Minimum Trade
0.01 Lots 0.01 Lots
Regulator
VFSC ASIC, FINTRAC
Margin Trading
Yes Yes
Margin Rate
0.1%
STP Account
Yes Yes
ECN Account
No Yes
DMA Account
No No
MAM Account
No No
PAMM Account
Yes No
LAMM Account
No No
Demat Account
No No
AI / Machine Learning
No No
Robo Advisor
No No
Negative Balance Protection
No Yes
Market Maker
No No
P2P Trading
No No
Spot Trading
Yes No
Mobile Apps
iOS & Android iOS & Android
Auto Trading
Expert Advisors (EAs) on MetaTrader Expert Advisors (EAs) on MetaTrader
Copy Trading
Yes Yes
Copy Trading Platform
Clients can follow copy trading signals on the MetaTrader platform. Alternatively, signal providers can generate extra income by selling their positions. You can start copy trading in a few easy steps. Kwakol Invest offers straightforward copy trading, connecting newbies with experienced traders. The leaderboard makes it easier to find suitable strategy providers with insights into the number of followers, total returns and more. You also only pay a fee on profitable positions.
Social Trading
No No
Trade Signals
Yes
VPS Hosting
No No
Tournaments
No Yes
Demo Competitions
No No
Ethical Investing
No No
Custodial Account
No No
Guaranteed Stop Loss
No No
Inactivity Fee
$10
Islamic Account
Yes Yes
Account Currencies
  • USD
  • EUR
  • GBP
  • JPY
  • CHF
  • USD
Stock Exchanges
Commodities
CFD Trading
ForexChief offers a competitive range of CFDs, encompassing crypto, indices, energies and metals. A clear pricing schedule is available to clients with no hidden charges. Traders can also access very high leverage up to 1:1000. CFDs are available on a breath of underlying assets, including stocks, indices, commodities, forex and cryptos. High leverage up to 1:500 is available alongside a 0.01 minimum lot size and award-winning software. For the tightest spreads from 0 pips, opt for the Premium account.
Leverage
1:1000 1:1000
FTSE Spread
70 From 0.8 pips (Standard Account)
GBPUSD Spread
0.9 From 0.8 pips (Standard Account)
Oil Spread
12 From 0.8 pips (Standard Account)
Stocks Spread
50 From 0.8 pips (Standard Account)
Forex Trading
ForexChief supports spot foreign exchange trading on all account types for 40+ major, minor and exotic currency pairs on the leading MT4 and MT5 platforms. Spreads are tight starting from zero and there are no dealers or requotes. Kwakol Markets offers a wider range of forex pairs than most competitors, with 90+ assets available. Users get fast execution speeds through the ECN model and competitive spreads. On the negative side, not all currency pairs are available on MT4.
GBPUSD Spread
0.9 From 0.8 pips (Standard Account)
EURUSD Spread
0.4 From 0.8 pips (Standard Account)
EURGBP Spread
0.9 From 0.8 pips (Standard Account)
Assets
40 90+
Cryptocurrency
ForexChief supports crypto trading with five major digital currencies paired against the US dollar. Traders can bet on rising and falling prices with leveraged CFDs and market-leading trading software. Trade cryptos against fiat currencies, other cryptocurrencies and metals like gold. This separates the broker from many alternatives that only offer cryptos paired with the USD. High leverage up to 1:20 on cryptos is available, plus support for Expert Advisors and copy trading.
Spread
Variable From 0.8 pips (Standard Account)
Coins
  • BTC
  • BCH
  • ETH
  • LTC
  • XRP
  • BTC
  • BCH
  • ETH
  • LTC
  • XRP
  • BNB
Crypto Lending
No No
Crypto Mining
No No
Crypto Staking
No No
Auto Market Maker
No No
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