Launched in 2010, GKFX is what can be considered a well established online trading brand. Despite that fact, the reputation of the brokerage is not particularly stellar – to say the least.
Traders have posted various complaints at some of the message boards, mostly concerning the way their monies are handled. Some have also alleged bonus abuse and tinkering with the spread. Slippage also seems to be an issue many users have struggled with. The sentiments of the feedback-providing users are apparently not echoed by the online trading industry: GKFX is the possessor of an impressive number of industry awards, among them one for the Best Forex Customer Service of 2016, the Best FX Broker of 2015 and the Forex Broker of the Year, for the same year.
The company behind the online trading brand is GKFX Financial Services Limited. Based at Bevis Marks House, 24 Bevis Marks, London, EC3A 7JB, the brokerage is licensed by the UK’s Financial Conduct Authority (FCA). The license number of the operation is 501320, while the company registration number is 6837942. In addition to the FCA, GKFX boasts a number of co-regulators too. One such co-regulator is Germany’s BaFIN, with which the operation is registered under number: 130602. Other regulatory agencies which have signed off on GKFX’s services are CNB, CNMV and Narodna Banka of Slovenia.
Why would you make GKFX your top trading destination though? What are its unique selling points?
The brokerage boasts a global presence (while its regulatory profile is indeed more than decent, it hardly covers the entire globe). It offers an impressive selection of trading platforms, a wide range of products as well as free education. The safety of client funds is ensured by the use of segregated bank accounts for these monies.
The broker features a total of 4 account types, mostly determined by the spread type and size.
The Fixed Account is the entry-level option. It obviously features fixed spreads, starting from 1.5 pips. The maximum available leverage on this account is 1:400, and the tradable asset-selection is full. What this means is that in addition to the 50 FX pairs, 5 commodities, 14 indices and 300 equities are also available.
The “V” in The V Account stands for variable spreads. These spreads start from 1.2 pips and the maximum trade size is 100. The maximum available leverage is 1:400 on this account too. This account type does not cover equities. There is no minimum deposit set for either of these two account types.
The VIP Account offers spreads from as little as 0.6 pips. These spreads are variable as well. The tradable asset-selection on this account is full as well, but the maximum available leverage is just 1:100. To secure such an account, one has to make a deposit of at least $25,000.
The Corporate Account features a combination of fixed/variable spreads, starting from just 0.6 pips. The minimum required deposit is $25,000 for this one as well.
With all these accounts, losses can exceed deposits, so traders are warned to be careful. A free demo account is also available.
Beyond the shadow of a doubt, the flagship of the GKFX platform-offer is the MT4 platform. It is the most popular and capable trading platform in the world, covering every need a trader may have in just about every regard.
MT4 comes with powerful charting features, complete with a huge number of drawing tools and technical indicators. The version that can be downloaded for free from the GKFX website comes with a number of preinstalled indicators. Traders can install third-party indicators and they can even create their own. In addition to the above, the platform allows for the automation of the trading process through the use of EAs. There’s a web-based MT4 version available too, as well as the Siryx Web trader and a multi-terminal.
The deposit options accepted by the broker cover the usual range of Credit- and debit cards, as well as bank wire and eWallets. The supported eWallets are Skrill, Sofort and Neteller.
GKFX offers an impressive coverage of FX, equities, indices and commodities. While the account-types page says nothing about cryptos, apparently, the brokerage does cover quite a selection in this regard.
Several department-specific UK phone numbers are available for support, as well as email, and Live Chat. Support availability is 24/5.
As far as the safety of trader funds is concerned, GKFX is indeed a solid destination.
GKFX looks like a solid and wholesome online brokerage. Unfortunately, trader feedback in this regard simply cannot be ignored, so we will have to conclude that there are certain things wrong with the operation.