If you are looking for a reliable and trustworthy online broker, you might have come across Kowela. Kowela is a forex and CFD broker that claims to offer competitive trading conditions, a user-friendly platform, and a variety of assets to trade. But is Kowela a scam or a legit broker? In this review, we will examine the features, pros and cons, and reputation of Kowela to help you decide if it is worth your time and money.
What is Kowela?
Kowela is an online broker that was founded in 2019 and is based in St. Vincent and the Grenadines. According to its website, Kowela is regulated by the Financial Services Authority (FSA) of St. Vincent and the Grenadines, and operates under the company name Kowela Group Ltd. Kowela offers trading in forex, commodities, indices, stocks, cryptocurrencies, and ETFs, with over 200 instruments available. Kowela also claims to provide low spreads, fast execution, no commission fees, and 24/7 customer support.
What are the features of Kowela?
Kowela offers four types of accounts for its clients: Basic, Silver, Gold, and Platinum. The minimum deposit for the Basic account is $250, while the Platinum account requires $50,000. The accounts differ in terms of leverage, spreads, margin call level, stop out level, swap discount, and access to educational materials and webinars. Kowela also offers a demo account for beginners who want to practice trading with virtual funds.
Kowela provides its clients with the MetaTrader 4 (MT4) platform, which is one of the most popular and widely used trading platforms in the industry. MT4 is compatible with Windows, Mac, iOS, and Android devices, and offers advanced charting tools, indicators, expert advisors, and automated trading options. Kowela also has a web-based platform that can be accessed from any browser without downloading any software.
Kowela supports various payment methods for deposits and withdrawals, including credit cards, debit cards, wire transfer, Skrill, Neteller, WebMoney, Perfect Money, and Bitcoin. The minimum withdrawal amount is $100 for wire transfer and $50 for other methods. Kowela does not charge any deposit or withdrawal fees, but third-party fees may apply depending on the payment provider. The processing time for withdrawals is up to 5 business days.
What are the pros and cons of Kowela?
Pros:
- Regulated by the FSA of St. Vincent and the Grenadines
- Offers trading in a wide range of assets
- Provides the MT4 platform and a web-based platform
- Supports multiple payment methods
- Does not charge deposit or withdrawal fees
Cons:
- Based in an offshore jurisdiction with low regulatory standards
- Has a high minimum deposit requirement for some accounts
- Has a high minimum withdrawal amount for wire transfer
- Does not accept clients from the USA, Canada, Japan, Iran, North Korea, and some other countries
- Has received some negative feedback from online users
Is Kowela a scam or a legit broker?
Kowela is a regulated broker by the FSA of St. Vincent and the Grenadines, which gives it some credibility and legitimacy. However, this regulator is not very reputable or strict compared to other regulators such as the FCA in the UK or ASIC in Australia. Therefore, traders should be cautious when dealing with brokers based in offshore jurisdictions like St. Vincent and the Grenadines.
Moreover, Kowela has received some complaints from online users who claim that they have experienced issues with withdrawals, customer service, account verification, and trading conditions. Some users have even accused Kowela of being a scam that manipulates prices and refuses to process withdrawal requests.
Therefore, we advise traders to do their own research before signing up with Kowela or any other broker. It is important to check the broker’s reputation, regulation, terms and conditions, fees, and customer reviews before making a decision. It is also advisable to start with a small amount of money and test the broker’s services before investing a large sum.
Conclusion
Kowela is an online broker that offers trading in various assets with the MT4 platform and a web-based platform. Kowela is regulated by the FSA of St. Vincent and the Grenadines but is based in an offshore jurisdiction with low regulatory standards. Kowela has some advantages such as low spreads, no commission fees, and multiple payment methods but also has some drawbacks such as high minimum deposit and withdrawal amounts for some accounts and negative feedback from online users.
Therefore, we recommend traders to be careful when choosing Kowela or any other broker as their trading partner. It is always better to trade with brokers that are regulated by reputable authorities such as the FCA or ASIC and have a good reputation in the industry. Traders should also verify the broker’s features, fees, and customer service before opening an account and depositing money.
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