GKFX

Is GKFX scam or not? What are the account types offered by the broker? What are the trading conditions such as spreads, minimum deposit, and leverage? Is GKFX regulated? You must read this GKFX review 2022 before opening an account! You can find the minimum deposit spreads and leverage in this review.
5.8/10 (Expert Score)
Product is rated as #43 in category Forex Brokers

GKFX is a global online trading provider established in 2010, offering its clients a wide range of trading products.

GKFX is a registered trademark of GKFX Financial Services Limited. GKFX Financial Services Ltd is located in Bevis Marks House, 24 Bevis Marks, London, EC3A 7JB

The broker has also offices in Frankfurt, Madrid, and Dubai. GKFX is represented all over the world.

International award-winning broker over the years including the best forex broker in Europe 2021, best retail CFD broker in Europe 2021, and more, GKFX is making sure to prove its place in the forex market through its continuous developments.

The broker is having one of the most trusted and dependable customer services as well as providing that service 24/5 in 5 different languages which include English, Deutsch, Spanish and more.

Let’s take a look at what questions I answered in this GKFX review: Is GKFX scam or not? What are the account types offered by the broker? What are the trading conditions such as spreads, minimum deposit, and leverage? Is GKFX regulated?

5.8Expert Score
Average

I reviewed GKFX based on the following criteria.

TRUST
5
COMMISSIONS AND FEES
6.5
CUSTOMER SERVICE
6
PLATFORM & TOOLS
5.5
PRODUCT PORTFOLIO
6
PROS
  • Regulated by FCA
  • MT4 supported
CONS
  • Low leverage

Regulation

Regulation of GKFX

The ground basis of any broker in the forex industry is the regulation considering the great importance the license holds in providing reliability and trust between the broker and the trader.

Regulatory organizations require special requirements to be met in order to give their license to any broker, those requirements and rules undergo continuous updates and the brokers must adhere to them otherwise the license is withdrawn. In other words, it’s not a walk in the park to get one of the financial regulatory organizations’ licenses.

GKFX here has one of the major regulatory organizations’ licenses and that in itself is a great sign of the level of trust the broker is worthy of.

GKFX is authorized and regulated by the Financial Conduct Authority (FCA) with FCA Register number 501320 and the company number 6837942. You can check the license in the picture below.

Therefore the broker is required to adhere to the regulator’s rules and obligations. The FCA performs frequent checks to ensure businesses are fully compliant.

To get this license from the FCA, UK-based brokerages must hold a minimum of €730 000 net tangible assets to prove their financial stability.

Under FCA client money rules, GKFX is required to segregate all its retail clients’ funds from its own funds. All the client funds are held in separate bank accounts with the world’s top tier one banks including Barclays and BNP.

Moreover, in the unlikely case GKFX cannot uphold its financial obligations, you as a retail client can submit a claim to the Financial Services Compensation Scheme (FSCS) which was set up under the Financial Services & Markets Act 2000.

Besides, this compensation scheme allows all retail clients to claim up to £50,000 should GKFX have any financial difficulties and is not able to repay what it owes to clients.

Also, GKFX is registered with a number of EU regulators, including Bafin, CNB, Národná Banka Slovenska, and CNMV.

Account Types and Spreads

Account Types and Spreads

GKFX presents 3 account types with different features to match the different trading styles of different traders and investors.

These account types are :

Classic account: spreads here stars from 0.7 pips. You can trade with the classic account on MT4 and MT5 via phone or web or desktop. There is no minimum deposit required nor any commission applied. Here you can trade indices as low as 10 cents per point. For beginners in the forex and CFDs market, this seems to be the favorite account to trade with.

Prime account: here the spreads start from 0.5 pips and you can trade with the base currency which is the Euro. The minimum deposit for the prime account is €2500. Considering the average minimum deposit in the forex market is $100. The amount is considered a bit extra. No commission is added when trading with prime accounts and you can trade the DAX from as little as 0.5 points. As well as the inclusion of trading and analysis tools. The prime account is more suitable for frequent traders

Prime PLUS account: this account is having low spreads that can reach as low as 0.1 pips. €5 as a commission per lot is applied. The minimum deposit in the prime PLUS account is quite high reaching €15.000. Trading tools & analysis tools are also included, In addition, this account is more directed to professional forex investors. You can trade with a mini lot here as the minimum traded volume.

Both the classic and the Prime accounts have a minimum trading volume of 0.01 which means a micro lot can be traded.

All accounts have the same maximum leverage offered of 1:30. Along with having the same level of stop out which is 50% on all accounts.

Trading Platforms

Trading Platforms

GKFX offers the most popular trading platform MetaTrader 4 in addition to the next-gen platform that originated from the same baseline, that’s called MT5. Furthermore, GKFX trader and webtrader are also options.

MT4 is fast and reliable. It has comprehensive charting and sophisticated technical analysis capabilities. The platform offers a multilingual trading experience to its users and that’s how it ended up being all the trader needs when trading and ultimately became the most known and popular used trading platform in the forex and CFDs trading market.

With an automated trading system, Expert Advisors (EA) analyze the market and automate your trade so you wouldn’t have to worry about extra analysis. Signals for trading are also one of the features where you get signals from experienced traders about new investment ideas. MT4 can be used on desktop, smartphones and web browsers.

MT5 is all the good things present in MT4 and more. With even better features and functions. MT5 can handle 7 platforms simultaneously! You don’t need need a multi-terminal version anymore.

GKFX trader is an offered platform developed by the broker themselves to provide more options and choices along with trading tools for the trades with the option of being customizable as well as being easy to track, keeping all your traded products in one place. You can download it on your phone for free from both google play or app store.

Trading Instruments

Trading Instruments

GKFX offers a variable collection of trading instruments and products to make sure the traders are having different types of tools in their trading portfolios and that a changeable amount of products is making profits for them not just currency pairs.

These include:

Forex: you can trade over 40 forex currency pairs with GKFX, with deep liquidity, instant orders, and expert customer service with a global broker, you can make sure the experience in trading forex with GKFX is one of a kind. You can also trade major, minor or exotic pairs on the broker’s platform where you can have spreads as low as 0.1 pips and fast order execution that make the trading procedure worthwhile.

Indices: Dow Jones Index in U.S or DAX30 in Germany are examples of the indices you can trade with GKFX. you can trade short or long in the market when trading indices. Shares from large companies are usually the ones with the highest impact on the market movement.

Stocks: here you can trade the shares and stocks of the world’s biggest companies in different sectors. Companies like Apple, Google, and Facebook are available for stock investment with GKFX.

Commodities: a brilliant way to diversify your investments are commodity trading where you get different products to choose from to trade in included within the commodity sector. Metals like gold and silver to be traded with leverage are examples of precious metals you can trade with GKFX. Additionally, you can get into trading Oil and gas in which their prices have significant impacts on the global economy. They are closely related to currency values as well. Even states shape their foreign policies around energy markets. By energy trading, you can trade with Brent oil and natural gas which guarantees competitive rates, and top products offered.

Cryptocurrency: with the well know high volatility and deep liquidity of the cryptocurrency market, make trading cryptos with GKFX much more advantageous. GKFX offers benefits when trading with cryptocurrencies as like benefiting from the increase and the decrease of the price of coins. Crypto prices change dramatically and provide opportunities for traders both going long and short. GKFX offers Bitcoin, Ethereum, Litecoin, and more for cryptocurrency trading.

Payment Methods

Payment Methods

If you are a client of GKFX, you can make deposits to your account via bank wire and debit/credit card (Visa, Maestro, Solo and MasterCard) and Skrill, Sofort, and Neteller.

The quickest and easiest way to deposit funds with GKFX is to use a credit/debit card or E-wallet card. Payments that are successfully authorized will be credited to your account instantly.

With the options to deposit, the options for withdrawal seems to considered in only credit and debit cards and bank transfers. Where Credit cards are still the most convenient method. An alternate channel for withdrawing your funds is to use a bank transfer.

What I like most about the broker is that it doesn’t take any commission when you want to withdraw money. So, there is no transfer cost and it won my heart. The accepted currencies are USD, EUR, and GBP.

Conclusion

Conclusion

This GKFX review discussed the regulation of the broker that ended up with a positive outcome knowing now that the broker is regulated by one of the best in the market which is the FCA which means trading with the broker isn’t only trustable but only protected and secured through the compensation scheme covered by the watchdog.

Trading conditions are well. The minimum deposit is low but the leverage is also low this is a disadvantage for this broker. With 3 different account types and variable spreads according to each account you choose. Variable trading instruments. An award-winning broker to prove that they are worthy of the trust given to them by their traders.

Different channels for funding the account, as well as means of withdrawal, are the easiest and the most used in the market. GKFX also offers the best and the most used trading platforms including MT4, MT5, GKFX trader, and Webtrader.

Customer support is available 24/5 in 5 different languages to adhere to client needs from all over the world.

Nonetheless, if you didn’t like this broker, you can check my top forex brokers list and find a better forex broker.

Valentin Cote

Valentin Cote

I am Valentin Cote, the author and owner of this personal blog. I compare and review forex brokers in my website. I am in the trading industry since 2009 and still learning. I also write useful articles for newbies about forex and investment. I love playing online games and Forex :)

Who Am I?

Hello to everyone. Forexbrokerslab is my personal blog where I compare reliable forex brokers. I’ve been in forex trading since 2009 and I’m still learning. I have traded with the most popular forex brokers, including the most unknown ones in any regulation and many different account types. So I think I have enough knowledge to compare brokers. You can learn about forex brokers by reviewing my blog.

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