GKFX is an online forex brokerage that is licensed by the Financial Conduct Authority (FCA) in the UK. What makes them different from the rest is that they offer an online trading platform not only for spot forex and CFDs but also for spread betting services. They also provide different types of accounts that have benefits and perks to suit the needs of different types of traders. How does their service and features compare to other online brokerages? Continue reading this review to know the answers.
Demo Account: Practice with live trading conditions
A demo account is available and the great thing about it is that you can practice forex trading risk-free while still enjoying live prices with live spreads. Do take note that you need to use it on a regular basis of the account will expire after 30 days.
Bonuses: Depends on your account type or agreement
They don’t typically offer promotions and this usually depends on your account type and the agreement that you had with your account manager.
Platform: Dynamic choices
To match the offerings of other brokerages, GKFX also has the MT4 which the highly regarded trading platform for forex trading. They have the MetaTrader 4, the MT4 Web, the WebTrader and the Multi Terminal. All of these platforms are capable of fast trade executions and come with the latest financial news, technical analysis and charting tools.
Mobile Trading: Flexibility for those on the move
If you’re an on-the-go trader then you can take advantage of their mobile apps and web-based online platform which can give you the flexibility to do all of your trading activities straight from your mobile device.
Minimum Lot Size: Trade with micro lots
You can trade with micro lots with position sizes as low as 0.01. This is an advantage if you’re a newbie trader who usually wants to keep a small exposure for your account.
Maximum Leverage: Up to 1:400
You can trade with a higher leverage and this can be set up to 1:400 which greatly increases your earning potential. However, it is important for you to remember that your trading capital is also at risk.
Spreads: Variable and fixed
With a variable spread, the EUR/USD pair can be traded with just 0.6 pips while fixed spread trading for the same pair is a little higher at 1.2 pips.
Tradable Instruments: More than 300 picks
Deposit & Withdrawal/Support
Minimum Deposit: Start with any amount
You can open an account and make an initial deposit of any amount that you wish. This gives you the liberty to effectively manage your capital since you can initially transfer and amount that you can afford to place.
Deposit Methods: Common payment options
Making a deposit to your account can be done using credit and debit cards, e –Wallet and Bank Transfers which are the most common payment methods.
Withdrawal Processing Time: Same business day or the next
Withdrawal requests that are received before 2pm (UK time) are processed on the same business day. Otherwise, this will be processed on the next business day.
Channels: Variety of contact types
You can get in touch with their account representatives by phone, e-mail or live chat.
Availability: Local working hours
Their lines are open only on local working hours and this is from 7am to 6pm UK time.
Supported Languages: More than 10 choices
They support clients who speak English, Czech, German, Spanish, French, Italian, Polish, Slovenian, Arabic, Russian and Chinese.
Average User Rating: 8.6
Platform Design: Simple but fluid
The overall platform is very straightforward but when it comes to trade execution, the response is fast and fluid.
Support: Well-trained to handle any issues
Aside from providing a variety of contact types, their account representatives are well-trained to offer help and assistance to their clients. This is noticeable as they are able to answer to almost any question in an instant.
Reputation: A forex and CFD brokerage with spread betting services
Most brokerages nowadays mainly provide the MT4 platform for trading spot forex and CFDs but with GKFX, the same platform is also available for spread betting and this is one of their strongest advantages over their competitors particularly in the UK market.
Editor’s Rating: 88
GKFX has diverted from the industry’s norm by providing a standard platform for trading not only forex and CFDs but also for spread betting. Nowadays, it is rare to find a brokerage that offers such services and with their active license from the FCA, you’ll have peace of mind knowing that they can be trusted.