Kwakol Markets foreign exchange brokers specializing in providing foreign exchange trading services, the company's official website https://my.kwakolmarkets.com/en/register, about the company's legal and temporary regulatory information, the company's address 652 57th St 2F Brooklyn, New York, USA.
Kwakol Markets Forex Broker
Basic Information
United States
2-5 years Suspicious Regulatory License Suspicious Scope of Business Australia Appointed Representative(AR) Revoked High potential riskCompany profile
Rating Index
VIP Account
No-Swap (Islamic Account)
Kwakol Markets Forex Broker - Complete Information Guide
1. Broker Overview
Kwakol Markets is a multi-asset online brokerage firm founded in 2021. The company is headquartered in Abuja, Nigeria, and operates through various regional offices, including locations in the United States, Hong Kong, and Australia. As a privately held entity, Kwakol Markets aims to provide a comprehensive trading experience for both retail and institutional clients. The broker primarily serves traders in the forex, commodities, cryptocurrencies, and CFDs markets, offering a diverse range of financial instruments.
Since its inception, Kwakol Markets has focused on leveraging innovative technology to enhance the trading experience. The broker has achieved several milestones, including regulatory approvals from reputable authorities such as the Australian Securities and Investments Commission (ASIC) and the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). These developments have positioned Kwakol Markets as a competitive player in the global brokerage landscape, catering to a growing number of clients seeking reliable trading solutions.
Kwakol Markets operates under a business model that encompasses retail forex trading and institutional services, ensuring that various trading strategies can be accommodated. The brokers commitment to transparency and customer-centric services has made it a notable option for traders looking to navigate the complexities of the financial markets.
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2. Regulation and Compliance Information
Kwakol Markets operates under strict regulatory oversight, ensuring a secure trading environment for its clients. The broker is regulated by the following authorities:
- Australian Securities and Investments Commission (ASIC) - License Number: AFSL 435746
- Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) - License Number: M22600427
- National Futures Association (NFA) - Although Kwakol Markets claims to be regulated by the NFA, it is not currently listed as a registered entity.
The regulatory licenses held by Kwakol Markets are crucial for establishing trust and credibility. Each license signifies adherence to stringent standards aimed at protecting investors and ensuring market integrity.
Kwakol Markets maintains a policy of segregating client funds, ensuring that traders' capital is kept separate from the broker's operating funds. This practice enhances security and minimizes risks associated with fund mismanagement. However, it is important to note that there is currently no investor compensation fund associated with Kwakol Markets, which means clients may not be entitled to compensation in the event of the broker's insolvency.
The broker also implements robust Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures to verify the identity of its clients and prevent fraudulent activities. This includes collecting identification documents and proof of address during the account registration process.
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3. Trading Products and Services
Kwakol Markets offers a wide array of trading products, catering to diverse trading preferences. The broker provides access to over 1,000 financial instruments, including:
Forex: Kwakol Markets supports a variety of currency pairs, encompassing major, minor, and exotic currencies. This allows traders to engage in speculative trading based on currency fluctuations.
CFDs: The broker offers CFDs on various asset classes, including indices, commodities, and stocks. This enables traders to speculate on price movements without owning the underlying assets.
Cryptocurrencies: Kwakol Markets allows trading in popular cryptocurrencies, such as Bitcoin and Ethereum, providing traders the opportunity to capitalize on the volatility of digital assets.
Special Products: The broker also offers synthetic products, which simulate market conditions and are unaffected by typical market events, providing consistent trading opportunities.
Kwakol Markets regularly updates its product offerings, ensuring that traders have access to the latest financial instruments. The broker also provides retail trading services, focusing on individual traders, while institutional clients can benefit from tailored services and solutions.
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4. Trading Platforms and Technology
Kwakol Markets supports several advanced trading platforms, providing traders with the tools they need to execute their strategies effectively. The primary platforms offered include:
MetaTrader 4 (MT4): A widely-used platform known for its user-friendly interface and robust trading capabilities. MT4 supports various technical indicators and automated trading through Expert Advisors (EAs).
MetaTrader 5 (MT5): The successor to MT4, MT5 offers enhanced features, including additional technical indicators, more timeframes, and an integrated economic calendar. This platform is suitable for more experienced traders seeking advanced analytical tools.
Web Trader: Kwakol Markets provides a proprietary web-based trading platform that allows users to trade directly from their browsers without the need for software downloads. This platform offers similar functionalities to MT4 and MT5.
Mobile Applications: Both MT4 and MT5 are available as mobile applications for iOS and Android devices, enabling traders to monitor their accounts and execute trades on the go.
Kwakol Markets employs an Electronic Communication Network (ECN) model, ensuring fast order execution and tight spreads. The broker's servers are strategically located to facilitate optimal trading conditions, and the technology infrastructure supports automated trading and API access.
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5. Account Types and Trading Conditions
Kwakol Markets offers a variety of account types, each designed to meet different trading needs and preferences. The available accounts include:
Standard Account: Requires a minimum deposit of $1, with floating spreads starting from 0.8 pips and no commissions. Leverage is available up to 1:200.
Pro Account: Designed for experienced traders, this account requires a minimum deposit of $10,000 and offers tighter spreads from 0.01 pips, with commissions starting at $5 per standard lot.
ECN Account: This account type is intended for professional traders, requiring a minimum deposit of $100. It provides ultra-tight spreads starting from 0.0 pips, with a commission of $4 per standard lot.
Cent Account: Ideal for beginners, this account allows trading in cents, making it accessible with a minimum deposit of just $1. Floating spreads start from 1 pip.
No Swap (Islamic) Account: This account complies with Islamic finance principles, allowing Muslim traders to engage in trading without incurring swap fees. It requires a minimum deposit of $1, with spreads starting from 1.6 pips.
VIP Account: For high-net-worth individuals, this account type requires a minimum deposit of $1,000,000 and offers the best trading conditions, including spreads from 0.0 pips and leverage up to 1:1000.
Kwakol Markets also provides demo accounts for traders to practice their strategies without financial risk. The leverage offered varies by account type, with options up to 1:1000, allowing traders to amplify their positions.
6. Fund Management
Kwakol Markets supports a variety of deposit and withdrawal methods, making it convenient for traders to manage their funds. The available funding options include:
Deposit Methods: Traders can deposit funds using bank transfers, credit/debit cards, electronic wallets, and cryptocurrencies such as Bitcoin and Ethereum. The broker accepts a minimum deposit of $1 for cent accounts and $250 for standard accounts.
Processing Time: Deposits are typically processed within the same business day, allowing traders to quickly fund their accounts and begin trading.
Deposit Fees: Kwakol Markets does not charge fees for deposits up to $5,000. However, third-party transaction fees may apply.
Withdrawal Methods: Withdrawals can be made through the same methods used for deposits. The minimum withdrawal amount is $10, and processing times range from 24 to 48 hours, depending on the method used.
Withdrawal Fees: A fee of $25 is charged for withdrawals over $5,000, which is considered reasonable compared to industry standards.
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7. Customer Support and Educational Resources
Kwakol Markets offers a range of customer support options to assist traders with their inquiries. The support channels include:
Email Support: Clients can reach out to the support team via email for assistance with their accounts and trading queries.
Live Chat: The broker provides a live chat feature on its website, allowing for real-time communication with support representatives.
Telephone Support: Traders can contact Kwakol Markets through provided phone numbers for direct assistance.
Service Hours: Customer support is available during business hours, but response times may vary, especially during peak periods.
Kwakol Markets also offers educational resources to help traders improve their knowledge and skills. These resources include:
Free E-books: Covering various trading topics, these materials are designed to educate beginners and experienced traders alike.
Market Analysis: The broker provides market news and insights to keep traders informed about current trends and developments.
Trading Tools: Kwakol Markets offers various tools, including calculators and economic calendars, to assist traders in making informed decisions.
8. Regional Coverage and Restrictions
Kwakol Markets primarily serves traders in Nigeria, with local offices established to provide customer support. The broker also has a presence in other regions, including the United States and Australia. However, certain countries are restricted from opening accounts with Kwakol Markets due to regulatory limitations.
Prohibited countries include:
- United States
- Canada
- Japan
- North Korea
- Iran
- Syria
- Cuba and several others.
This means that traders from these regions will not be able to access the services provided by Kwakol Markets.
In conclusion, Kwakol Markets presents a range of trading opportunities and services for both novice and experienced traders. While the broker has received some criticism regarding customer support and regulatory transparency, its competitive trading conditions and diverse product offerings make it a viable option for many traders seeking to engage in the financial markets.
Kwakol Markets Similar Brokers
Latest Reviews
faizansabir
Pakistan
Very bad experience with this company. Trust me all the positive reviews here are fake. I have the my original my own deposit balance of 650 USD in my mt4 account. I have not traded in my account. I requested for the withdrawal of 100 USD. Which their account manager Silva released after so many emails. After this horrible experience i want to withdraw my other 550 USD. Its been more than a week. Neither the customer support reply to my email nor the account manager. I have tried on their phone numbers as well. But they are not responding. My amount supposed to be come in my wallet by Monday . But now it’s Thursday 02 November 2023. At least they should reply or update me about my withdrawal. Scammers
Exposure
2023-11-03
Rekha P
India
I got some AD on Robotic trading and clicked on link, immediately got call from Kwakol (phillip.williams@kwakolmarkets.com) and person asked me to invest refundable deposit of $250 where robot will do its job of trading will have every day profit as they scheduled and programmed. I was also assigned Finance advisor called Alexandar who said will teach me trading. Few trades they did where my account showed profit of $50+ profit and later there were some trades that were going negative, and they were positions were not stopped. I followed up and there was no response. I left for month due to my exams this happened DEC2022 month. Later person named Mathew called me on Jan 26th 2023 (Mathew.Jefferson@kwakolmarkets.com). He introduced himself well and said he is 10-15 yrs experienced in this field and can teach me trading and I will also earn profit and will withdraw twice a month etc. He also told he has never traded with $250 and would need more than $1K in my account. He convinced me to put $1750 where he said will add some bonus that I can use for trading. First thing he asked me to trade was WTI, most volatile and risky instrument. I was completely newbie and it was my first time in trading. He showed me Inventory report and asked me to trade accordingly. Few trades worked and few did not. I also made some test withdrawal of $300+$100.Later all my trades started going in negative. He asked me to open WTI trades with volume 100 max, told not to be afraid and keep opening the trade till my margin is 200%. I just followed and later when trades went opposite direction margin started going down and some I closed loss trades against profits. I approached Mr.Mathew for help and he advised me not to close with losses instead to deposit more. In order to save $1750, I deposited $2250 and till e assured he will work and save my account. Did not turn up after several emails. He replied saying he is busy with his new position would assign someone to help me and never did. I have his email where he clearly says he has been ignoring his clients due to his new role and responsibility else my account could have been recovered with minimal help. After point he stopped replying and I again got margin call :-( I can't explain the stress I went through, and I have 3 yrs old kid to look after. By then I had deposited $10,028 to recover my capital :-(. Trust me I did not have any withdrawal apart from the test withdrawal of $300+$100=$400. Later person called Robert pitched in "robert.brent@kwakolmarkets.com" said he is recovery manager for Kwakol and they are only 4 people in entire company and will help me recover my account as it was in RED Alert. He spoke for more than 2hrs and end of conversation same thing, asked me to deposit more to recover :-(. He suggested 3K deposit I did not have and he put some $500 as bonus and kept insisting me to deposit. He took one week showing his expertise, skills, placed some trades and showed me how profit can be made. He said Mr.Mathew was sales agent whose job is to get more deposits from client while Mr.Robert is permanent employee and very senior person. He assured these things will not happen and I will recover my account if I listen to him. It was so stressful, and I did not want to loose $10,028 so I had to deposit $3K(First I did 1K and after seeing he has tine for my account, I did 2K) to save my account. Started doing small trades where my margin moved to 400%. Equity started showing 40 to 50% recovery. Robert kept believing only one thing that is US Recession is coming and Gold will move up and Nasdaq will drop down. He showed some web links which did not clearly say though. Also he said never trade on WTI and half hedged WTI positions (Bought when it was 80+) and told not to trade on WTI as its volatile. Did not allow me to close BUY positions even though WTI was moving down. All he said was we will make good profit and then close the trades with losses :-( Slowly he started saying as am recovering my account I will be handed over back to someone and he is afraid I will get back to same situation. For that I told I will close my account once I recover my capital, I am not even looking for single dollar profit. I said I will come back only when I learn. He said, "He does not want to lose such potential client like me and showed how much Gold can make for me and I will be out of this mess in month if I listen to him". His proposal was to put 5K more when I had already put 15K+.He said I will be assigned to someone else as he handles people only with 50K+ deposits as he being senior account manager and told I would continue with his account ship if my total deposit is 10K under him.He kept calling me, following up. I denied over call, over emails and stopped picking few times, gave some excuses too. Finally, one fine day he gave written confirmation that by June 10th I will withdraw 10K amount and my equity will be 30K. He also ensured over call I will not have single trade in Loss (Kwakol has recorded calls they can always review). He also gave me confirmation that apart from 10K I will withdraw twice month, I will be completely out of this mess. I had second baby plan hence me and my husband took call to get over this mess as Robert seemed genuine, God believing person, told he would swear on his daughter etc. He also advised to use credit card or do loan as its matter of just one month. So I went extreme closing my bank account, one of fixed deposit, borrowed from my mom and my husband made some personal loan as well. We accumulated and did multiple deposits. USD to my country currency is 82.X hence its huge huge amount I risked. I still remember Robert was awake around 2.30am of his time until I made my last deposit :-( ($20452 is the total deposit I made till now apart from my initial $250 refundable deposit)This dedication was never there after I deposited. He asked me to open Gold BUY position when it was already at its resistance. He kept saying its recession time, keep buying on dips (I have emails). Asked me to SELL Nasdaq as recession would make companies fall, kept saying its similar to 2008 recession etc :-(. He also said he has witnessed 2008 recession and spoke for hours until I am convinced. Gave me Google hang out Chat and asked me to keep updating my account with screen shot, assured me he is closely watching my account, asked me not to hedge, not to take any position in opposite direction, not to close any position. I did everything he said. One fine day I got margin call again where new person called and told in absence of Mr.Robert he is handling, asked me for one more deposit. I broke down emotionally and wrote back to Robert. Next day Mr.Robert called me saying saying he was unwell,so it was temporary person who called and would not happen again as he is one of the Boss and nothing will happen to my account. The person who told not to hedge and not to take any trades in opposite direction he himself asked me to open hedge position to save my account, it was already June 10th, promised day where I was supposed to recover my account :-(. He asked me again 3k I started crying, so he said he will put from his bonus and made me feel guilty and he put some 3K+1K bonus opened some trades on hedge. Told he is monitoring again. Now I see all my trades closed, my all capital is GONE :-( He was not even aware that my account is washed out, said sorry and told me to come back fresh. There is interest rates coming in US and he will open trades on GOLD sell asking me to deposit again :-( I have put everything I had listening to these people advise who claim to be professionals, god believers, competent and gave me written assurance. Please help me to get my deposit as its not my fault. I have put everything I had where I can survive($20.452k capital) more than 7yrs in my country without earning anything. Please help me to fight against the fraud. I got my case reviewed from expert traders and academy they said its a trend and totally scam. They said any professional or real finance broker will never advise first trade on WTI, will never buy when instrument is already priced, will never do biased trading (Believing on recession etc). He asked me to keep selling Silver as GOLD was going down, but Gold and Silver dont necessarily move in same direction.
Exposure
2023-07-25
Kwakol Markets
News
Exposure Warning Against Kwakol Markets
Avoid Kwakol Markets or you will lose your valuable money! This broker is on the Financial Conduct Authority's radar. The authority recently issued a warning against Kwakol Markets.
Exposure Stay away from Kwakol Markets
“They are mentally harassing me by saying that they will freeze my account if I do not give them 2000 USD.” User said in his complaint. WikiFX received a complaint recently against Kwakol Markets from India.
Exposure Kwakol Markets reportedly disables clients’ accounts and blocks withdrawal requests.
In recent weeks, a wave of discontent has swept across social media platforms in Nigeria as investors voiced their frustrations over alleged account disabling and withdrawal issues with an investment platform called Kwakol Markets.
Exposure One more person duped in forex fraud
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Kwakol Markets takes pride in its young, dynamic and highly qualified leadership team.
RMNAYAK
India
On 21st May XAUUSD with volume 0.01 bought at 2423.24 and 2430.80. On 17 th June the losses were about 218 dollars.But Mr David Miller of Kwakol market increased VOLUME 10 times to 0.10 .LOSS JUMPED TO MORE THAN 2000 DOLLARS.Harassed to freeze my account if $2000 is not deposited. Refusing to change Volume even after showing screen shot .
Exposure
2024-07-03