Kwakol Markets Review 2024

Kwakol have recently frozen a large number of accounts with little or no reason given to clients. This has included removing the ability to make withdrawals. We cannot advise joining Kwakol at this time.
Please see the list of similar brokers or the Best Brokers List for alternatives.

1 / 5
Kwakol Markets is #107 in our CFD broker rankings.

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.

- Daytrading Review Team

Kwakol Markets is a Nigerian headquartered broker with strong regulatory oversight in Australia and Canada. A great selection of day trading assets 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.

MT4, MT5, cTrader, AutoChartist
CFDs, Forex, Stocks, Indices, Commodities, Crypto
Debit Card, Credit Card, Wire Transfer, Bitcoin Payments

Forex Trading

Kwakol Markets offers a wider range of forex pairs than most competitors, with 90+ assets available. Users get fast execution speeds and competitive spreads through the ECN model. On the negative side, not all currency pairs are available on MT4.

Stock Trading

Clients get commission-free exposure to US, EU, Asian and Russian stock markets on both the MT4 and MT5 platforms. Day traders can also save time by utilizing the automated stock market insights in the AutoChartist scanning tool.

CFD Trading

CFDs are available on a breadth 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.

Crypto Trading

You can trade cryptos against cryptos, fiat currencies, and even metals like gold. This separates the broker from many alternatives that only offer cryptos paired with the USD. Additionally, with high leverage up to 1:20, Kwakol Markets is a top choice for crypto day traders.

Copy Trading

Kwakol Invest continues to offer 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, making the service more affordable than some competitors.


  • Best Broker Africa 2022 - UF Awards
  • Most Trusted Broker Nigeria 2022 - UF Awards
  • Best Emerging Broker 2022 - - UF Awards

✓ Pros

  • Kwakol Markets offers a comprehensive charting environment for active day traders, including 70+ pre-installed indicators in cTrader
  • All third-party terminals support trading bots which will serve experienced algo traders
  • You can access 1000+ short-term investments, including cryptos and synthetic products
  • There are excellent market research tools available to support trading decisions, including the Acuity Expert Advisor and AutoChartist
  • There's a wide range of free learning resources for beginners, including an eBook, online courses and a Telegram community channel

✗ Cons

  • There's a limited range of funding methods, with just bank transfers, card payments, and PayPal available - many top brands like AvaTrade offer 10+ methods
  • You must deposit at least $10,000 to access the best trading conditions
  • The only base currency available is USD

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

4.5 / 5

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.

Kwakol Markets platform
MetaTrader 4

How To Place A Trade

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

  1. Log in to the MT4 or MT5 platform
  2. Click on ‘Tools’ in the top menu
  3. Select ‘New order’
  4. In the pop out display, select the asset you wish to trade on
  5. Choose between instant and pending order
  6. Enter the order volume
  7. Input any risk management alerts
  8. 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.

Kwakol trading tools


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 Markets copy trading service
Kwakol Invest

Assets & Markets

3.8 / 5

Kwakol offers more than 1000 instruments:

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

Standard Account

No-Swap (Islamic Account)

Pro Account

Gold Account

Platinum Account

Diamond Account

Premium Account

VIP Account

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.

Kwakol Academy E-Book

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.

Customer Service

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

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.


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

Top 3 Alternatives to Kwakol Markets

Compare Kwakol Markets with the top 3 similar brokers that accept traders from your location.

  1. Pepperstone – Established in Australia in 2010, Pepperstone is a top-rated forex and CFD broker with over 400,000 clients worldwide. It offers access to 1,300+ instruments on leading platforms MT4, MT5, cTrader and TradingView, maintaining low, transparent fees. Pepperstone is also regulated by trusted authorities like the FCA, ASIC, and CySEC, ensuring a secure environment for day traders at all levels.

    CFDs and FX are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs.
  2. FP Markets – Established in 2005 in Australia, FP Markets is an ASIC- and CySEC-regulated broker boasting an extensive suite of tradable assets. Its Standard and Raw accounts cater to day traders at every level, while it packs a punch in the tooling department, from the MetaTrader suite and intuitive TradingView to actionable trading ideas from Trading Central and AutoChartist.

  3. IC Markets – IC Markets is a globally recognized forex and CFD broker known for its excellent pricing, comprehensive range of trading instruments, and premium trading technology. Founded in 2007 and headquartered in Australia, the brokerage is regulated by the ASIC, CySEC and FSA, and has attracted more than 180,000 clients from over 200 countries.

Kwakol Markets Comparison Table

Compare Kwakol Markets With Similar Brokers
Kwakol Markets Pepperstone FP Markets IC Markets
Rating 0.8 4.8 4 4.8
Markets CFDs, Forex, Stocks, Indices, Commodities, Crypto CFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto, Spread Betting CFDs, Forex, Stocks, Indices, Commodities, Bonds, ETFs, Crypto CFDs, Forex, Stocks, Indices, Commodities, Bonds, Futures, Crypto
Demo Account Yes Yes Yes Yes
Minimum Deposit $0 $40 $200
Minimum Trade 0.01 Lots 0.01 Lots 0.01 Lots 0.01 Lots
Education No Yes Yes Yes
Platforms MT4, MT5, cTrader, AutoChartist MT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade Iress, MT4, MT5, cTrader, TradingView, AutoChartist, TradingCentral MT4, MT5, cTrader, TradingView, TradingCentral, DupliTrade
Leverage 1:1000 1:30 (Retail), 1:500 (Pro) 1:30 (UK), 1:500 (Global) 1:30 (ASIC & CySEC), 1:500 (FSA), 1:1000 (Global)
Payment Methods 4 11 15 14
Visit Visit Visit Visit Visit
Review Pepperstone
FP Markets
IC Markets

Compare Trading Instruments

Compare the markets and instruments offered by Kwakol Markets and its competitors. Please note, some markets may only be available via CFDs or other derivatives.

Compare Kwakol Markets Trading Instruments
Kwakol Markets Pepperstone FP Markets IC Markets
CFD Yes Yes Yes Yes
Forex Yes Yes Yes Yes
Stocks Yes Yes Yes Yes
Commodities Yes Yes Yes Yes
Oil Yes Yes Yes Yes
Gold Yes Yes Yes Yes
Copper Yes Yes Yes No
Silver Yes Yes Yes Yes
Corn No Yes Yes Yes
Crypto Yes Yes Yes Yes
Futures No No No Yes
Options No No No No
ETFs No Yes Yes Yes
Bonds No No Yes Yes
Warrants No No No No
Spreadbetting No Yes No No
Volatility Index No Yes Yes Yes

Kwakol Markets vs Other Brokers

Compare Kwakol Markets with any other broker by selecting the other broker below.


Customer Reviews

There are no customer reviews of Kwakol Markets yet, will you be the first to help fellow traders decide if they should trade with Kwakol Markets or not?

Submit Your Own Review of Kwakol Markets

If you have experience trading with Kwakol Markets please share your personal review of the broker and what you think are strong and weak points. Thank you.

Kwakol Markets is a Nigerian headquartered broker with strong regulatory oversight in Australia and Canada. A great selection of day trading assets 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.