Hi everybody, Valentin is here with GKFX review. 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. I would also like to mention that GKFX is proud to be a global market maker and official sponsor of Italian football club AC Milan.
Let’s take a look at what questions I answered in this 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?
I reviewed GKFX based on the following criteria.
- Regulated by FCA
- MT4 supported
- Low leverage
Regulation of GKFX
GKFX enables you to make your investments safely. GKFX guarantees your security under legal terms. The broker is duly regulated by one of the major regulators.
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 offers a wide range of account types, all of which have been designed to allow its clients to trade according to their individual needs.
There are four account types offered by GKFX. These are Spread Betting Fixed, Fixed, Variable, and Corporate Account.
Spread betting fixed account is commission free and spreads are fixed from 0.6 pips. The minimum deposit with a credit or debit card is 20 EUR/GBP/USD. The maximum leverage is up to 1:30.
The fixed account is also a commission-free account type and spreads are fixed from 0.6 pips. The minimum deposit amount is the same. Account base currencies are EUR, USD, GBP. The max. leverage is 1:30.
The variable account is another commission-free account. Spreads are from 1.0 pips but variable. The maximum leverage is 1:30. The minimum trade size is 0.01 (Number of standard lots per one single trade).
The last one is Corporate account. Spreads are from 0.3 pips and variable. The leverage is 1:30. Minimum trade size is 0.01.
If I summarize, there are trading accounts with both fixed and floating spreads in the broker’s trading accounts. Spreads are competitive. But there should be more information about the minimum deposit.
GKFX offers the most popular trading platform MetaTrader 4. There is also Sirix webtrader. Also, Multi-Terminal option is available for traders working with multiple accounts simultaneously.
MT4 is fast and reliable, it has comprehensive charting capabilities and sophisticated technical analysis capabilities. The platform offers its users multilingual trading experience.
In addition, Traders can use MT4 on desktop, smartphones and web browsers. The platform has automated trade options with Expert Advisor strategies (EA) and extensive back-testing environment. Because of all these features, this platform is globally popular.
GKFX provides trading with Cryptocurrency, FX, equities, indices, commodities, and CFDs. There are over 50 FX pairs, commodity trading services including oil, gold and silver.
GKFX offers Bitcoin, Ethereum, Litecoin, Dash and Ripple quoted against the US Dollar. I can say that the broker is successful in product variety.
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.
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.
GKFX is a duly regulated global forex broker. The broker is regulated by FCA (one of the most regarded brokers around the world).
Trading conditions are well. The minimum deposit is low but the leverage is also low this is a disadvantage for this broker.
Nonetheless, if you didn’t like this broker, you can check my top forex brokers list and find a better forex broker.