Kwakol Markets is a forex trading broker that claims to offer a variety of services and products to traders. However, there are a number of red flags that suggest that Kwakol Markets is a scam broker.
Company Overview
Kwakol Markets does not provide any information about its establishment date. The company is registered in Nigeria, but it does not have any regulatory licenses. This means that Kwakol Markets is not subject to any oversight or regulation, which makes it a risky proposition for traders.
Team
The team behind Kwakol Markets is anonymous. There is no information available about the company’s management or employees. This lack of transparency is another red flag.
Services or Products
Kwakol Markets offers a variety of trading products, including forex, CFDs, and cryptocurrencies. The company also claims to offer a variety of educational resources and trading tools. However, there is no evidence to support these claims.
License and Regulations
Kwakol Markets does not have any regulatory licenses. This means that the company is not subject to any oversight or regulation. This makes it a risky proposition for traders, as there is no guarantee that Kwakol Markets will protect their funds or interests.
They claim to be regulated by the ASIC, but did not provide any evidence for that.
Why Dealing With An Unlicensed Broker Is Risky?
There are a number of reasons why dealing with an unlicensed broker is risky. First, unlicensed brokers are not subject to any oversight or regulation. This means that they can operate with impunity and there is no guarantee that they will protect your funds or interests.
Second, unlicensed brokers are often involved in scams and fraud. They may use false or misleading information to lure traders into depositing money, and then they may refuse to allow withdrawals or even steal the trader’s funds altogether.
Legal Warning Against Kwakol Markets
The Financial Conduct Authority (FCA) in the UK has issued a legal warning against Kwakol Markets. The FCA has warned that Kwakol Markets is not authorized to conduct regulated activities in the UK and that it is likely to be a scam.
You also can go through our other scammer lists such as the SEC Blacklisted Companies, FCA Unauthorised Firms List, ASIC Blacklisted Companies, & Bank Guarantee/SBLC Review.
Client Feedback
There are a number of negative reviews about Kwakol Markets online. Traders have complained about the company’s high fees, poor customer service, and inability to withdraw funds.
Feedback About Their Trading
Traders who have used Kwakol Markets have complained about the company’s high spreads and hidden fees. They have also said that the trading platform is difficult to use and that the company’s customer support is unresponsive.
Feedback About Their Customer Service
Customers who have tried to contact Kwakol Markets’ customer support have complained about long wait times and unhelpful staff. They have also said that the company has refused to process their withdrawals.
How Can “Reviews Advice” Help You If You Get Scammed?
If you have been scammed by Kwakol Markets or another forex broker, there are a number of things you can do. First, you should report the scam to the relevant authorities. You can also try to get your money back through a chargeback or by filing a lawsuit.
“Reviewsadvice” can help you if you get scammed by providing you with information and resources about how to recover your money. We also offer a free consultation service where you can speak to an expert about your case.
Final Thought
Kwakol Markets is a scam broker that should be avoided. The company is not regulated, has a poor reputation, and has been accused of fraud. If you are considering trading with Kwakol Markets, we advice you to reconsider. There are many legitimate brokers available, so there is no need to risk your money with a scam.
