GKFX Review 03/2018 | Forex broker ratings

Testing GKFX
Founded in 2009, GKFX Financial Services Ltd is a London-based global forex and CFD broker. Private investors can trade 50 currency pairs as well as over 350 CFDs via the MT4 or the in-house platform. Many traders who have had experience with GKFX appreciate the functional extension for MT4 (MyFX.) Beginners benefit from an above-average range of analysis and market assessments.

GKFX is regulated by the Financial Services Authority (FCA) and is also registered with BaFin. Client funds are held in segregated individual accounts at GKFX. As a result, FSCS is protected by law for all deposits not tied up in open trades. Customers who have had experience with GKFX appreciate the extensive support offers via telephone, chat, and e-mail.

The facts at a glance
Office and regulation in the UK
Forex and CFDs trading
MT4 with extended functionality (MyFX)
Good support
Extensive FAQs and training offers
Maximum leverage 400:1
Broker Name: GKFX
Website www.gkfx.com
Broker type: Market Maker
Established in 2009
Regulated by FCA (UK)
Account Currencies EUR, GBP, USD
Account from $0
Payment Methods Credit Card, Debit Card, Bank Transfer, etc.
Max. Lever 400:1
Margin from 0.25%
Spread on majors EUR/USD:1.4, GPB/USD: 1.9 USD/JPY: 1.8
Min transaction size: 0.1 lot
Number of currency pairs: 50
Trading Platforms GKFXWeb, MYFX Trading Platform, MT4, & MT4 Mobile
Mobile Trading: Yes
Bonus: Variable
Demo account: Yes
Languages English, French, Spanish, and many more.
Support phone, chat, & email

Trading with GKFX
Trading platform GKFX provides all customers beside the MT4, an in-house mobile application and with MyFX an extension for MT4. MyFX is offered to customers with a minimum balance of $2000. After releasing the license, customers must trade at least 50 FX lots within three months – otherwise the license expires. MyFX will be integrated into MT4, significantly extending the functionality of the platform. Extras include customizable SL/TP and lot sizes, one click trading, one click break even, free selectable layouts, access to the community, and other features. It is an external tool that is now supported by several forex brokers.

The platforms trade 50 FX pairs and over 350 CFDs on commodities, indices, and equities. Commissions are not charged by this broker. The transaction costs are incurred in the form of spreads. In EUR/USD, the spread is usually 1.4 to 1.9 pips. Even with other major currency pairs, the bid/ask spread is slightly more the industry average.

Account opening and extras
The account management is free of charge and it is possible to open one in EUR, USD, or GBP. As part of the opening of the account, details of employment, income, and assets as well as previous experience in the trading of securities and derivatives are requested. This is due to the specifications of the relevant regulatory authority. Deposits are possible via bank transfer, credit card, and some online payment services. A minimum deposit is not necessary. The administration of the account is possible via a separate account without direct access to the platform.

Customers of GKFX have access to an above-average range of training videos and other useful materials as well as extensive research and analysis. Among others, technical analysis of Trading Central and market commentaries are provided by in-house experts.

Account opening at GKFX in a few steps
On the one hand, the forex broker GKFX already has many regular customers who regularly use the opportunity to trade FX or CFDs. On the other hand, there are always new customers who want to open a trading account with this forex broker due to its numerous advantages. Anyone who goes to the website of this broker for the first time, will find relatively quickly, what steps are to be taken when a trading account is to be opened. In the following short guide, we would like to give you an overview of how easy and quick an account opening with the broker is.
The first step is to register an account with GKFX. The corresponding menu item in different languages can be found on the top right of the Broker’s homepage, where only the inscription “Register Now” has to be followed. Registration as such is divided into three sub-areas, namely the collection of personal data, financial status, and the experience already gained when trading foreign exchange or other products.

Details on the respective information
The fields for the personal information are those, which one finds also with other Forex brokers. This means that the customer must enter numerous personal data, such as the name, address, telephone number, and other details. Furthermore, the trader must also provide information on the financial status, which is certainly not necessarily possible in the form of any forex broker. For example, it asks what capital is available for investment on average. The third sub-page of the registration form should set out the experience that you may already have with foreign exchange or other speculative financial products. This ultimately serves to help the broker gauge whether it is a beginner or an advanced trader.

Submit and confirm e-mail
The third step of the registration is simply to send the completed online form. A short time later, the trader receives an e-mail from the broker, which he only has to confirm in order to open the account. However, an identification has to be made, which can take place in several ways. One possibility is, for example, to send a copy of your ID card to GKFX by fax or via an e-mail attachment. Once this step has been completed, the registration process is completed.

Does GKFX offer a demo account?
Many traders who are trading for the first time on GKFX face the exciting question of whether the broker is among those forex brokers who have a demo account on offer. In fact, such a testing account can easily be opened, as our GKFX review has shown in the past. One advantage is that by far less information is required than is the case with the registration or opening of the real trading account.

Instead, the trader only needs to give his name and phone number, and the demo account can then be opened. The whole process takes little more than a minute, making it quick and easy to opt for a demo account at GKFX. Furthermore, the customer has the opportunity to choose which virtual play money should be booked on the demo account. There are a total of five choices, with amounts ranging from 5,000 to 100,000 US Dollars.

It is also positive that the use of the demo account is not tied to any specific time, so that the trader is not pressured to quickly get to know the trading platform via the demo account. The broker complemented its training offering with the 50 videos to provide even more educational opportunities to budding and experienced traders.

How many currency pairs can be traded through GKFX?
The number of currency pairs that a broker provides to its customers, is particularly important for those traders who want to once operate outside of the most traded currency pairs, which mainly include Euro, US dollar, Swiss franc, and British Pounds. The combination of these currencies alone makes up more than 80 percent of total foreign exchange trading, so professional traders in particular like to switch to more exotic currencies in order to achieve even higher profits. With GKFX, the choice of currency pairs is particularly large. There are now +52 different pairs that the trader can speculate on. This means that in addition to the standard currencies numerous currencies can be traded, moving in a tight market because the trading volume is simply much lower than for example in euros or US dollars.

Is the broker GKFX safe?
On the one hand, foreign exchange trading is, of course, a speculation in which the trader can not only win, but lose all of his capital. Yet, on the other hand, it is important to many customers that at least the trade as such is secure and the broker can be distinguished by trustworthiness. This is definitely the case with GKFX, which is highly likely because the broker did not opt for an office on some Island outside of Europe; the head office is in London. GKFX Financial Services Ltd. was founded. over five years ago, so that the company already has a lot of experience.

The regulation is regulated by the UK-based regulator FCA and, in addition, the broker is still licensed by numerous agencies in other countries. As a location is also located in Europe (Frankfurt am Main,) broker GKFX has also registered with BaFin. Also contributing to security is that the client funds are kept in individual accounts, which are of course separate from the assets of the broker. For all non-open transactions, therefore, there is the deposit insurance, which exists both in UK.

What is Social Trading at GKFX?
So far, there are not many brokers who provide their customers the so-called social trading. GKFX is no exception. The individual customer gains access to a system through social trading with other brokers, which allows him to communicate with other traders.

What are the contact options at GKFX?
Among other things, the comprehensive service of broker GKFX includes that the customer service is very easy to reach, which is also confirmed by our GKFX review. The trader also has several options if he wants to contact an employee. Not only the usual contact paths are available here, for example by telephone, e-mail, and fax, but there are also two other options available. Customers can also opt to connect with employees via live chat.

The use of the callback service is also possible, so that the customer can practically leave a message on which day and at what times he would like to be called back by a customer service employee. Support is often highlighted in reviews and awards. For example, the customer support area was only rated 5 stars in a DIK survey in May 2016 and GKFX was voted best CFD broker 2016.

Is GKFX a trusted broker?
Under the supervision of British FCA, GKFX is under the jurisdiction of one of the world’s strictest regulators. Regulatory structures were adapted to the needs of the market in the years of the financial crisis – regulators are as attentive and rigorous today (worldwide) as ever. For that reason alone, it is extremely unlikely that any kind of fraud is involved in GKFX. The black sheep in the forex retail segment have meanwhile moved to remote (supervisory) locations in the South Seas or in Africa.

If individual users in any internet forums talk about GKFX being a rip-off, it is mostly about the variable spreads. Especially newcomers often believe this is an unfair method, even if the average spreads are narrower than with brokers with fixed bid/ask spreads. GKFX uses qualitative price feeds to determine the spreads that dynamically derive the spreads from different variables. The broker is self-reported to be convinced to offer this method one of the world’s best FX rates. Against the background of the mentioned regulation, this seems credible.

GKFX Conclusion
GKFX convinced us with a clear regulation, a wide range of tradable underlyings and powerful trading platforms. The broker is also at least competitive in terms of support. By eliminating a minimum deposit, the hurdle for traders with any background is low. Both beginners and advanced can therefore use GKFX with a clear conscience. Using GKFX, which may have been initially put to the test, is especially worthwhile for MT4 fans, who want to extend a familiar platform with new features. Due to the strict regulation of the FCA and the consistently professional appearance, fraud and customer strife are almost excluded at GKFX.

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