GKFX Forex Trade Platform and Broker Review

GKFX Forex Trade Platform and Broker Review

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GKFX Broker Review

GKFX is a forex broker that allows traders to trade more than 200 products, including Forex, CFDs, commodities, equities, indices, and precious metals using several popular trading platforms.

GKFX was established in 2012 and has its headquarters in Tortola in the British Virgin Islands, but has a global presence with offices in China, Malaysia, Indonesia, Thailand, Vietnam, United Arab Emirates, Africa, Asia, Europe, the Americas, and Oceania.

Its number of employees worldwide exceeds 1 000.

Is GKFX Regulated?

Yes, GKFX is regulated. GKFX is headquartered in the British Virgin Islands and thus regulated by the Financial Services Commission (FSC) of the BVI. GKFX is a part of the Global Kapital Group, a reputed financial company with offices in several parts of mainland Europe where it is regulated by other organizations like the BaFin, CONSOB, CNB, and the AMF. 

Brokers located in a tax haven often have bad reputations, due to possible broker scams from relatively unknown jurisdictions. The British Virgin Islands is however currently seen as one of the top investment destinations in the world, and home to an excellent economy and with good financial regulatory status. 

Also, as a brand of London-based GKFX Financial Services Ltd., the broker is authorized and regulated by the Financial Conduct Authority (FCA), which means it is held to high ethical, security, and transparency standards.

The company has an Australian subsidiary, GKFX Financial Services Australia Pty Ltd., which holds an ASIC license.

GKFX’s regulations guarantee the highest standards of safety for clients’ funds, ensuring that they are kept in major international banks and are fully segregated from the company’s own funds. 

Is GKFX Regulated in the United States?

GKFX is not regulated in the United States, since clients from there are not accepted by the broker. GKFX Prime does not provide services for the residents of certain countries, such as the United States of America, Canada, Japan, Indonesia, Turkey, Israel, and the Islamic Republic of Iran.

Is GKFX Regulated in Europe?

Yes. GKFX is regulated in Europe. As a brand of London-based GKFX Financial Services Ltd., the broker is authorized and regulated by the Financial Conduct Authority (FCA), which means it is held to the high ethical, security, and transparency standards of the regulating body.

Is GKFX regulated in a Tier-1 Jurisdiction?

According to the GKFX website, GKFX is regulated under Tier-1 jurisdiction. 

Tier-1 jurisdiction gives GKFX license to operate in specific countries, which consist of Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Israel, Japan, Luxembourg, Netherlands, New Zealand, Norway, Puerto Rico, Singapore, Sweden, and Switzerland.

Is GKFX regulated in Tier-2 Jurisdiction?

According to the official GKFX sources, GKFX is regulated under Tier-2 jurisdiction. Tier-2 jurisdiction gives GKFX license to operate in the following countries: British V.I., Cayman Islands, Cyprus, Italy, Malaysia, Mexico, Poland, Portugal, Spain, and Taiwan.

What are the Platforms and Tools for Forex Trading in GKFX?

GKFX offers traders the MetaTrader4 and MetaTrader5 as main trading platforms, with a mobile app, WebTrader, and the Multi Terminal component, or a trader can also choose Sirix WebTrader, based on the MT4 desktop platform solution. This offers the added flexibility of access from any web-enabled PC.

  1. MetaTrader 4 as the popular full-featured trading platform of the company, allows customers to do transactions in the Forex market. MT4 is seen as the leading global trading platform for clients of different experience levels. GKFX is known as the only broker that provides the MT4 platform for spread betting.
  2. MetaTrader5 built on the solid foundation of its predecessor and comes with better features and functions, like an increased number of instruments (as many as 1 000 CFDs) and the ability to handle 7 platforms simultaneously so that one doesn't need a multi-terminal version anymore.
  3. A mobile app and WebTrader online platform offer further flexibility to GKFX clients on the move.
  4. Another great feature of GKFX trading is the Multi Terminal, which is an additional component with the feature to manage up to 100 MT4 accounts, beneficial to traders working with many accounts simultaneously.
  5. In addition, if you wish you can also choose Sirix WebTrader, based on MT4 desktop platform solution, but with the added flexibility of platform accessible from any web-enabled PC. When using the Sirix WebTrader, you have the option to trade using one-click trading, seamless social trading, black and white in HTML 5, and advanced charting.
  6. Numerous extra useful tools will also make a trader’s task with analyses and every-day-monitoring easier through MarketInsights (ensuring up to date forex news), Economical Calendar, Tradeworks (trade automation), Autochartist, Trading Central, VPS, MT4 Booster (toolkit with a new way of viewing trades), Recognia (expert analyst views and insights) and much more.

Does GKFX Have a News Blog for Forex News?

Yes, GKFX has a free news blog available on its official website. 

GKFX official blog provides every day’s top market selection of major news and articles that may help traders understand the market sentiment. Articles sections are curated to provide traders with the most relevant and independent information on the markets. 

Does GKFX Have a Traders Dashboard?

Yes, the Traders Dashboard from GKFX gives traders an overview of updates and trade possibilities on the currency markets.

Does GKFX Have an Educational Section?

Yes, GKFX has an education system for Forex traders. The educational content is offered for free and can be found on the GKFX website. 

What is the content of GKFX Forex Education?

There are several lectures in the GKFX educational series, which are divided into various categories. These categories consist of video tutorials, articles, and webinars or seminars.

All categories are aimed at beginners, traders, and experts respectively and users can select a level or a topic about which they wish to learn more.

The video tutorials are categorized based on both topics and difficulty levels, for example, tutorials for beginners will cover topics like: 

  1. “What is a pip in Forex trading?”, 
  2. “What is a ‘Lot’ in Forex Trading?” and 
  3. “An introduction to currency trading and Forex market in general” and more.

Video tutorials aimed at trader level include topics like:

  1. “What is Currency Trading?”
  2. “Order Types – How many types of Forex orders are there in MetaTrader software?” and 
  3. “Deciding to Open a Position” and more.

Video tutorials aimed at the expert level include:

  1. “Chart Patterns Simplified”
  2. “How to Draw Trend Lines”
  3. “Economic Indicators”
  4. “Fundamental Analysis in Forex”
  5. “Support and Resistance”
  6. “Technical Analysis in Forex” and more.

Articles are aimed to improve people’s trading skills. Trading Forex and CFDs is a difficult investment skill and even the most successful Forex traders should stay aware of new angles, approaches, and tricks to enhance their winning strategies in the shifting markets. 

Articles for beginners include:

  1. “Trading Gold CFDs” 
  2. “Trading Bitcoin CFDs”
  3. “CFD Trading” and more

Articles aimed at Trader level include:

  1. “Copy Trading Guide”
  1. “What is a CFD?”
  2. How to use MetaTrader” and more.

Articles for the Expert level include:

  1. “Support and Resistance Levels”
  2. “Fundamental Analysis”
  3. “Risk Management”

Webinars and seminars are held around the world. GKFX collaborates with independent and reputed economists and trade experts to provide courses for all levels of trading. Seminars are also a great way of meeting other trade enthusiasts, in order to expand a person’s professional network and share thoughts and experiences.

Topics of previous webinars include:

  1. “USD/JPY is testing huge monthly trendline!”
  2. “Gold double bottom coming?”
  3. “Can USD/JPY break 110?”

Is GKFX Legit?

Yes, GKFX is a legit Forex Broker and Trade Platform. GKFX has legal certificates from the Financial Services Commission (FSC) of the BVI, the Financial Conduct Authority (FCA) in the United Kingdom, ASIC, BaFin, CONSOB, CNB, and the AMF to perform Forex broker and trading services.

Is GKFX Safe?

GKFX is a reliable and safe Forex Trade platform in terms of its regulation and safety protocols. The broker is regulated in several global jurisdictions, as described below:

  • The FCA regulates GKFX in the United Kingdom
  • ASIC regulates GKFX in Australia
  • FSC regulates GKFX in the BVI
  • The broker is further under the regulation of BaFin, CONSOB, CNB, and the AMF.

GKFX keeps client funds in segregated accounts with top-tier banks, so client deposits cannot be used by GKFX for any of its own business purposes. 

Is GKFX a Good Broker?

Yes, according to this Forex Suggest review GKFX can be rated as a trusted and good broker in terms of security, state-of-the-art electronic trading platform options, competitive spreads, and education.

In terms of security, GKFX takes care to provide high financial security and transparency to safeguard clients' funds, hence some strict regulations in this regard. All retail client funds are separately held in segregated accounts, with authorization involving security for traders under the Financial Services Compensation Scheme (FSCS). The platform complies with industry-standard security requirements like 128-bit Secure Sockets Layer (SSL) encryption as well as two-factor authentication upon login.

In terms of electronic trading platform options, the main state-of-the-art platform of the company through which customers can execute transactions in the Forex market is the renowned and full-featured trading MetaTrader4 platform. 

MT4 is the leading global trading platform for clients with different levels of experience. GKFX’s mobile apps and WebTrader online platform offer the needed flexibility to the clients on the move and the GKFX Multi Terminal can manage up to 100 MT4 accounts. Clients can also choose Sirix WebTrader, accessible from any web-enabled PC, and with the option of one-click trading, seamless social trading, and advanced charting.

Competitive spreads add to GKFX being a good broker. An attractive cost strategy entails either variable or fixed spread, with typical spreads of 1.2 pips for EUR/USD. 

Good education results in successful trading and GKFX doesn’t disappoint.  The broker offers fair educational support via educational and market analysis videos, e-Books on how to make short-term or long-term forecasts, intraday, daily, weekly or monthly chart pattern analysis, and Forex tutorials.

What is the Offering of Investment in GKFX?

Offerings of GKFX are as below.

Feature GKFX
Forex Trading Yes
CFDs Yes
Forex Pairs Yes
Cryptocurrency (Physical) No
Cryptocurrency (CFD) Yes
Social Trading  Yes

Does GKFX have Nasdaq?

Yes, GKFX has Nasdaq 100 futures. Nasdaq is a global electronic marketplace for buying and selling securities which was created by the National Association of Securities Dealers (NASD) in 1971 to enable investors to trade securities on a computerized, speedy, and transparent system. 

What are the Awards of GKFX?

Forex Trading Platform GKFX’s awards are listed below.

  1. AIAIR Awards – Best Investment Trading platforms in 2015
  2. 12th Mena Forex Awards – Best Broker of Mena and Africa in 2016
  3. IHL – Best Islamic Account Broker for 2017
  4. DHL – Best Broker of Asia in 2017
  5. Bergen – Best Forex Trading Platform in 2017

How to Use GKFX for Forex trading?

To use GKFX, a forex trader should do the following:

  1. Sign Up for an account by filling out a form with personal information, 
  2. Verify identity by uploading official copies of identity documents 
  3. Fund the account via one of the fast methods.
  4. Download and set up the trading platform 
  5. Start trading.

If a Forex Trader meets the conditions above, they can open a forex trading account to use GKFX. 

How to open a Forex trader account with GKFX?

To open a Forex Trading Account in GKFX, a Forex Exchanging user should follow the steps below.

  1. Fill out the registration form on the website
  2. Download a trading platform or access WebTrader
  3. Login with the credentials sent to you via email
  4. Deposit using a preferred method
  5. Start trading 

What are the Forex Trader Account Types with GKFX?

GKFX offers a wide range of seven account types, all of which are designed to allow customers to trade according to their specific individual needs. These types are a Demo Account, Standard FIXED account, Standard Variable account, ECN Zero Account, VIP Variable account, Swap-free account, and Corporate account.

Choosing an appropriate account type will be dependent on factors like a trader’s tolerance for risk, the size of his or her initial investment, and the amount of dispensable time the trader has to keep on trading the forex market day after day. 

Some good reasons to register for a GKFX account include competitive trading conditions, trading and education tools, a diverse product range, and EU regulations.

The different GKFX account types are listed below:  

  • Demo Account

The demo or practice account mimics a real type of account. It provides the ideal opportunity for traders who want to practice trading in a risk-free environment before opening a live account. GKFX offers a free demo account with which users can practice trading on MT4 with no risks. Once a trader has his login details, he can trade in USD, GBP, or EUR, and access virtual funds up to 100 000.

  •  Standard FIXED account

The Standard Account can be opened with a minimum of $1, since no minimum is required.

Spreads start from 1.8 pips

A Minimum lot of 0.01 can be traded.

Maximum leverage 1: 1000

Account currencies: USD, GBP and EUR

  •  Standard Variable account

The same as the Standard Fixed Account, but with spreads from 1.3 pips.

A Minimum lot of 0.01 can be traded.

Maximum leverage 1: 1000

Account currencies: USD, GBP and EUR

  • ECN Zero Account

 No minimum deposit required.

Spreads start from 0.0 pips

Minimum Lot of 0.01 can be traded.

Account currencies: USD, GBP and EUR

Leverage up to 1: 1000 allowed.

  • VIP Variable account 

No minimum deposit requirement

Spreads start from 0.6 pips

The minimum lot for trading is 0.01

Account currencies: USD, GBP and EUR

Leverage up to 1: 400 allowed

  •  Swap-free account

This differs from the above in that GKFX applies the commission charges for positions kept open for 5 consecutive nights on swap-free accounts, amounting to $10 per lot per day on all FX positions ($1 per lot per day on Commodity positions).

  • Corporate account 

The corporate account requires a minimum deposit of $25 000

The maximum leverage allowed is up to 1:400 

The average spread on EUR/USD is 1.0 pips.

Account currencies: USD, GBP and EUR

How to Withdraw Money from GKFX?

GKFX Prime traders can benefit from fast deposit and withdrawal options, facilitated by the company to increase traders’ market exposure.

Traders can withdraw money via Bank Wire, VISA, MasterCard, American Express, FasaPay, Jeton, Maestro, Neteller, SOFORT, UnionPay, and WebMoney.  Bank transfers take from one to five business days, depending on the country, and three to five business days for credit card transfers.  No fees are charged for withdrawing.

To withdraw money from the GKFX forex trading account, the following should be done. 

  1. Start by logging into your secure client area.
  2. Go to Funds and then the Withdrawal tab.
  3. Select your account and provide details.
  4. Select the amount and finish the request.
  5. Your withdrawal will be processed manually.

How many days do deposits take with GKFX?

Deposits with bank wire may take some time, therefore deposits by credit cards, which are processed immediately, are recommended. Payments are accepted via bank transfers, credit cards, local banks, and E-wallet options on the condition that they have provided proper “know your customer” documents in line with anti-money laundering laws.  

What are the costs and fees with GKFX?

The cost and fees of trading depend on different factors like commissions, spreads, and margins.

The difference between the bid and the asking rate of a currency pair is called the spread. A pip is the smallest increment that an exchange rate can move. One pip is 0.01 for currency pairs with JPY as the term currency and 0.0001 for all other pairs. 

The GKFX Standard FIXED account has spread from 1.8 pips, the Standard Variable account’s spreads start from 1.3 pips, the ECN Zero Account has spread from 0.0 pips and the VIP Variable account’s spreads start from 0.6 pips.

Margin is the amount of money required in a trader’s account in order to be able to open a position. Margin is calculated based on the current price of the base currency against USD, the size (volume) of the position, and the leverage allowed on a trader’s trading account.

Commissions are the charges levied by an investment broker on a trader for making trades on the trader’s behalf. The amount of commission will vary between different brokers and also depends on the specific asset being traded and the type of service that the broker offers. 

Execution-only brokers, that is a broker that does not involve any personal investment advice and gives traders complete control over how they trade the markets, tend to charge lower commissions.

While the contract for differences (CFDs) trading is a form of derivative trading that enables traders to speculate on the rising or falling prices of fast-moving global financial markets, it's trading on shares will incur commission. CFD trades on other markets have no commission but do wrap a spread around the market price of a specific instrument.

Any positions kept open overnight will be subject to swap fees, except in the case of a swap-free or Islamic Account.  GKFX charges $10 per lot per day on all FX positions ($1 per lot per day on Commodity positions) for positions kept open for 5 consecutive nights on swap-free accounts. 

GKFX Prime does not charge commission on trading accounts unless specified for that account.

What are the Trading Fees with GKFX?

Forex Trading Fees for most traded products in GKFX are listed on Market Information Sheets, along with typical spreads and conditions for each instrument. 

Deposit and withdrawal fees are stated as follows:

Bank wire transfer – Swift transfer cost. 2-5 days

Debit/credit cards – 2.5% fee. Instant

Neteller – 1% fee. Instant

Skrill – 1% fee. Instant

Bitcoin – 1.5% fee. Up to one hour

WebMoney – 3%. Instant

QIWI Wallet – 5%. Instant

Russian Post – free. Up to 72 hours

Withdrawals

Bank wire transfer – 0.5% fee (minimum $30). Up to 10 days

Debit/credit cards – 2.5% + $7.5. Up to 6 days

Neteller – 1.5% fee. Up to one day

Skrill – 1% fee. Up to one day

Bitcoin – 1.5% fee. Up to one day

WebMoney – 1.5%. Up to one day

QIWI Wallet – 1.5%. Instant. Up to one day

What is the minimum deposit in GKFX?

The Minimum Deposit requirement for GKFX is just $1, but it is recommended to deposit at least $5 for convenience and a better option for trading meaningful positions. 

What are the contract specifications in GKFX?

Feature GKFX
Forex Trading Yes
CFDs 155+
Forex Pairs 40+
Cryptocurrency (Physical) 4
Cryptocurrency (CFD) 4
Social Trading  Yes

Does GKFX have promotional offers?

Yes, GKFX Trade and Exchange platform has promotional offers for existing and new forex trading account owners. GKFX offers generous bonuses for all deposits, for new and existing clients alike.

Does GKFX have a welcome bonus?

Yes, GKFX Trade and Exchange platform offers generous bonuses for all deposits for both new and existing clients.

Promotional offers listed on the website include the following:

  1. A 55% First Deposit Bonus up to $5,500
  2. 25% Re-Deposit Bonus

Does GKFX have a deposit bonus?

Yes, GKFX Trade and Exchange platform has generous bonuses for all deposits, first-time, and re-deposits.

Such offers listed on the website include the following bonuses:

  1. A 55% First Deposit Bonus up to $5,500
  2. 25% Re-Deposit Bonus

Is there a commission-free trade bonus in GKFX?

No, GKFX does not offer a commission-free trade bonus. The broker does however offer attractive trading conditions, a range of assets, and competitive commissions and spreads.  

Is there a VIP bonus in GKFX?

No, GKFX does not offer a VIP bonus. Clients with VIP accounts will however benefit from favorable trading conditions and several other features. 

Can you start trading with no money at GKFX?

No, you cannot start trading at GKFX with no money because it does not offer a any deposit bonus. Traders may however deposit a very small amount of money due to no minimum deposit requirements set by the broker when opening a live account.

How does leverage work with GKFX?

Leverage actually means that funds are borrowed from the broker to allow a trader to increase his trading position by opening larger positions. Leverage works both ways though: while it can amplify potential profits, it can also substantially increase losses. 

Traders will find out what leverage ratio they can use with their chosen GKFX account when they follow the prompts to open an account on the website. 

Where are the headquarters of GKFX?

GKFX has its headquarters in Tortola in the British Virgin Islands, with offices in China, Malaysia, Indonesia, Thailand, Vietnam, United Arab Emirates, Africa, Asia, Europe, the Americas, and Oceania.

Who is GKFX’s CEO?

Mohsin Jameel has been the new CEO of GKFX since 2019. His appointment was confirmed by the new leader of the brokerage to Finance Magnates. He comes from years of experience in the industry, having founded Tradenext in 2010. According to LinkedIn Mohsin Jameel is a British entrepreneur and visionary, leading several successful ventures in the global financial sector.

What are the social media accounts of GKFX?

Traders can follow GKFX on the following social media accounts:

  • Twitter
  • Facebook
  • Instagram
  • LinkedIn

How many employees do work for GKFX?

GKFX has over 1 000 employees worldwide.

What are the opinions about GKFX?

GKFX has a mixed standing in the industry and amongst trader reviews. Its foundation seems sound and it has ample growth potential and few complaints from traders could be found. There was an FPA Traders Court guilty vote against this company though, which had recommended caution dealing with GKFX until this issue was resolved. 

What are GKFX Contests?

GKFX does not currently run any kind of Forex trading contests and no evidence of such contests run in the past could be found. 

Does GKFX have online support?

Yes, GKFX has a customer support team that offers online support for Forex trade account users. The online support team can assist in 15 languages, including English, Bahasa Indonesia, and Malay, Spanish, Portuguese, Vietnamese, Chinese, and others. Live assistance is available during local working hours: (GMT) 06:00-15:00.

The team can be reached via an online contact form, email, or a live chat option located on the right-hand side of the website. The website itself is available in English, German, Spanish, Italian, and Arabic.

Does GKFX offer demo accounts for Forex trading?

Yes, new traders can open a free GKFX demo account from the broker’s website. Steps to follow include:

  1. Completing the registration form with the relevant information, such as your full name, email address, and contact details
  2. A confirmation email will be sent to the trader’s inbox. The link in the email should be followed to open the new demo account. 

Does GKFX have a mobile app for Forex trading?

Yes, GKFX offers a mobile app and WebTrader online platform.

The broker’s MetaTrader 4 platform is available in a mobile app version, which gives users access to all the standard features like over 30 pre-installed technical indicators, rapid trade execution, and a user-friendly mobile interface so that clients can trade with ease from their iOS or Android smart devices.

Does GKFX publish an economic calendar?

Yes, GKFX does publish an economic calendar. An economic calendar is provided to investors to monitor market-moving events, such as economic indicators and monetary policy decisions that may impact the financial markets. GKFX’s economic calendar provides information on historical data, financial events, and forecasts.

What is the communication information of GKFX?

GKFX publishes the following contact detail on its website:

Address: Sea Meadow House, P.O. Box 116, Road Town Tortola, BVI

Email address: [email protected]

Telephone number: +44 (0) 203 695 9713