Overall Rating Rated #327 of
Recommended FX Brokers
Rated #327 of
AK FOREX is a forex broker company in Greece.
Finding a reputable AK FOREX review local or worldwide can be a difficult process, especially finding a complete list from a trustworthy reputable source.
Below is an in-depth review regarding AK FOREX to help you make an informed decision before opening your account or trading on their platform.
AK FOREX provides traders with access to platforms that allow them to buy and sell foreign currencies and are also known as retail forex brokers or currency trading brokers. Retail currency traders in turn use these brokers to gain access to the 24-hour currency market for speculation purposes.
Forex broker services can also be provided for institutional clients and large companies such as investment banks.
AK FOREX has headquartered in Athens, Greece, and acts as an Introducing Broker for the Royal Division of IKON GM. The Ikon Group operates in more than 90 countries as a large provider of financial trading services to more than 18 000 retail and institutional clients.
As an Introducing Broker, AK FOREX’s operations are more limited and confined to offering introductory online forex trading for the Royal Division of Ikon GM.
An introducing broker can perform all the functions of a broker except for accepting property, money, or securities from a client.
AK FOREX offers a unique and individualized service to an exclusive segment of investing clients from around the world and prides itself on its quality of service in that specific market.
Both private and institutional clients can trade with AK FOREX since, in essence, the company offers a kind of managed account experience for those lacking the time, experience, or the desire to trade in the currency markets themselves.
Such a managed account offers definite advantages such as management by professional traders with extensive knowledge and experience and asset diversification from Forex trading that is not correlated to the stock market.
It also provides equal trading facilities in both rising and falling Forex markets, as well as around-the-clock real-time account management with access to statement reporting, asset liquidity, and a specific emphasis on low-risk strategies.
AK FOREX requires a minimum deposit of USD 10 000 to open a managed Forex account on a customer’s behalf and uses the popular MetaTrader 4 to execute trades.
A free demo account is also available for those considering joining AK FOREX and who want to first practice risk-free but hands-on trading.
Awards and Recognition
In the world of forex broker companies being honored with awards from esteemed organizations or publications, count much for the company’s reputation.
Although AK FOREX is rated highly by some customers in personal reviews, there is no information available on the AK FOREX homepage about any awards received.
AK FOREX Accounts
A forex account is a trading account held by a trader with a company like AK FOREX, that is issued with the primary purpose of trading through its platforms. Usually, the number and type of accounts that a trader can open with a broker company differ according to the country in which the brokerage operates, the country of residence of the trader, and the regulatory authorities under whose jurisdiction it operates.
Types of Accounts and Their Features
AK FOREX offers the following types of accounts:
A free practice account is available for new customers who are considering a relationship with AK FOREX but first want some hands-on experience in trading Forex in a risk-free environment. With this account, they can trade with virtual funds and need not risk losing their own money yet.
The AK FOREX Mini Account can be opened with a minimum deposit of $100 and allows a trader to operate when he does not have access to large amounts of money.
To open this type of account, a trader is required to deposit a minimum opening amount of $2 500 and has access to standard services and support.
A managed account experience with several advantages can be opened by both private and institutional clients.
Such managed accounts offer the following benefits:
- Management by professional traders with wide-ranging knowledge and experience
- Real-time account management with access to statement reporting around the clock
- Equal trading facilities in both rising and falling FOREX markets.
- Asset variation from Forex trading that is not correlated to the stock market
- Asset liquidity
- An emphasis on low-risk strategies
AK FOREX requires a minimum balance of 10 000 USD to open such a managed Forex account on a customer’s behalf.
Overall Rating Rated #327 of
Recommended FX Brokers
Rated #327 of
Deposits and Withdrawals
AK FOREX requires the following minimum deposits to open an account:
- A Standard Account requires a minimum account opening balance of $2 500
- A Mini Account requires a minimum account opening balance of $100.
- A minimum balance of $10 000 USD is required to open a managed Forex account.
Payments and withdrawals can be executed with credit cards or bank wire.
Cost and Fees, Commissions and Spreads
The cost of trading depends on different factors like commissions, spreads, and margins.
The spread of a currency pair is the difference between the bid and the asking rate. A pip represents 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 amount of money required in your account to open a position is called the margin and is calculated according to the current price of the base currency against USD, the size (volume) of the position, and the leverage applied to your account.
Commissions are the charges imposed by an investment broker on a trader for making trades on the trader’s behalf. The level of commissions depends on the asset being traded and the type of service offered by the broker.
Execution-only brokers, which do not involve in personal investment advice and give traders complete control over how they trade the markets, usually 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, its 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 certain instrument.
AK FOREX charges no deposit fees or withdrawal fees, margin interest, or forex commission. They do however charge a commission on CFDs and Binary Options.
AK FOREX offers a spread of 2-3 pips on majors but further information about spreads is not clearly available on the website. Neither is it clear whether any inactivity fees may be incurred on idle accounts.
Leveraged product trading magnifies a trader’s potential profit – but of course, also increases the potential loss. This facility that enables traders to get a larger exposure to the market than the amount they deposited to open a trade, is called leverage.
The amount of leverage is expressed as a ratio, for instance, 50:1, 100:1, or 500:1. Assuming that a trader has $1 000 in a trading account and is trading ticket sizes of 100 000 USD/JPY, that leverage will equate to 100:1.
AK FOREX allows a maximum leverage ratio of 1:100
Forex brokers often lure new traders with offers of deposit bonuses. This can be useful, but it is essential to discern what the conditions are to really benefit from a bonus.
The bonus usually compensates traders for choosing a certain broker, since once the account is active, the trader will have the same expenses as any other. The bonus usually only starts giving some expenses back to the trader, once the person has proved himself as an active trader.
Hence, although no deposit bonuses are a great way to help you start trading, the terms to benefit from it often require trading with such a high volume before you can withdraw profits, that it may not be worthwhile.
The European Securities and Markets Authority (ESMA) has also recently placed investor protection measures on the marketing, distribution, or sale of CFDs which prevent brokers to provide the retail client with a payment, monetary or excluded non-monetary benefit about the marketing, distribution, or sale of a CFD, thus ruling out the offering of such bonuses.
There is no indication on the company website that AK FOREX is currently offering any deposit bonuses or other promotions, probably in line with the ESMA regulations.
Trading Platforms, Software, and its Features
The forex trading software, also called the platform, provided by a broker company to its clients to carry out their trades can be a multi-asset one that allows clients to trade forex as well as other asset classes like CFDs on stocks, stock indices, precious metals, and cryptocurrencies.
Some companies provide their own proprietary platform, while others prefer well-known platforms. If there is a choice, the trader should keep in mind what he would like to trade.
AK FOREX does not give traders a choice of trading platforms but provides MetaTrader 4 (MT4) for transactions. With MT4 seen as the best or at least the most popular platform with traders worldwide, this does not seem to be a major drawback.
Markets, Products, and Instruments
Most brokers offer all or some of the following market instruments for trading:
Forex trading, or currency or FX trading, involves the currency exchange market where individuals, companies, and financial institutions exchange currencies for one another at floating rates.
As with currency exchange markets, commodity markets offer trading in contract-based tradable goods.
Equity or stock indices can represent a specific set of the largest companies of a nation or they can represent a specific stock market. It is actual stock market indexes that measure the value of a specific section of a stock market.
This involves the trading of gold, silver, and other precious metals as hard commodities that are contract-based tradable.
The high volatility of energy prices due to political, environmental, and several other factors, is a typical feature of this product, making it a popular trading choice.
Tradable cryptocurrencies include the following:
Bitcoin (BTC) is the digital currency with the largest market capitalization and price levels and dominates 50% of the total crypto market cap.
Litecoin (LTC) is similar to Bitcoin but differs in terms of scalability.
Ethereum (ETH) is the second-largest cryptocurrency after Bitcoin and allows developers to create smart contracts on a platform.
Ripple (RPL) is popular among big banks with the Ripple network a next-generation real-time gross settlement system.
AK FOREX seems to be offering only trading in Currencies and Metals. There is no clear mention of other assets offered, but being an introducing broker may widen the choice for customers.
Safety and Regulation
Before deciding to join a broker and start trading, a potential trader needs to establish whether a broker like AK FOREX is safe to trust with his or her money and to trade with. One of the most important benchmarks to measure the safety and security of a brokerage is to establish which regulating authorities are watching over its actions.
AK FOREX acts as an Introducing Broker for Royal Division of IKON GM, which is a registered member of the National Futures Association (NFA) and also registered with the Commodity Futures Trading Commission (CFTC) as a Forex Dealer Member/Futures Commission Merchant.
Such regulation gives an amount of security and reassurance to traders. Not being regulated by one of the reputable financial authorities of the world is however always a reason for concern.
Potential traders need to be assured that the broker company they chose can offer the necessary support and help whenever they may need it.
The AK FOREX support team can be reached via emails or phone calls and customer service should be available 24 hours per day, 5 days a week.
Potential traders need to do as much as possible research about speculative trading before commencing to do it and while trading. Trading successfully relies heavily on knowledge and understanding of the markets, therefore research options offered by brokers form an integral part of its features when choosing the right company to trade with.
AK FOREX offers research options like an economic calendar section that provides regular updates about all relevant economic news and events that may influence the markets in one way or the other.
There is also a currency e-books section that comprises a list of trading and technical analysis e-books that may provide valuable insights to traders.
Education and Training
Before starting to trade, potential AK FOREX clients should arm themselves with all possible information and trading skills needed to be successful in the world of forex and commodity trading. If AK FOREX’s website itself does not provide enough means, a trader should explore other information sources to obtain that skills and knowledge.
AK FOREX does offer a section on its website where traders can learn basic trading tips about currency trading and study several other relevant educational topics.
Although lacking in educational and research resources, AK FOREX offers a free demo account to new traders and managed accounts with several advantages to customers that do not want to trade on their own.
As introducing broker, AK FOREX just offers online forex trading and can perform all the functions of a broker except for accepting money, securities, or property from a client.
AK FOREX warns potential traders that Forex and CFDs trading always carries a high level of risk, therefore may not be suitable for all investors.
Before clients decide to trade the products offered by AK FOREX, they are advised to contemplate their investment objectives, financial situation, needs, and level of experience carefully before investing money that they cannot afford to lose.
Especially when traders use AK FOREX’s leveraged accounts, they should make sure to maintain a sufficient level of margin to sustain their positions, since trading Forex/CFD and Options on margin and using a higher than necessary leverage can be either beneficial or detrimental to a trader. It is always possible to sustain a loss of some or all of an initial investment.
While AK FOREX promises to make all efforts to fill a trade at the requested price, trading on-line does not necessarily reduce risks associated with currency trading, therefore quotes and trades are usually subject to the terms and conditions of a Client Agreement, which is accessible through the broker’s website.
Potential traders should first acquaint themselves with all these associated risks and seek advice from an independent financial advisor, shows research recently done.
AK FOREX at a Glance
|Broker’s name||AK FOREX|
|Regulating authorities||Not regulated by reputable and widely recognized authorities, but states that the holding company is a member of the NFA (US) and CFTC (US)|
|Countries not accepted for trade||United States|
|Islamic account (swap-free)||No|
|Deposit options||Credit Card, Bank Wire|
|Withdrawal options||Credit Card, Bank Wire|
|OS compatibility||Not clearly indicated|
|Tradable assets||Currencies, Metals, CFDs, and Binary Options|
|Languages supported on the website||English|
|Customer support languages||Not clearly indicated|
|Customer service hours||24 hours per day, five days a week|
Overall Rating Rated #327 of
Recommended FX Brokers
Rated #327 of
How many instruments can I trade with AK FOREX?
You can trade several different instruments with AK FOREX, which include the following:
- CFDs and
- Binary Options
Which platforms are supported by AK FOREX?
AK FOREX provides only the popular MetaTrader 4 as a trading platform.
Does AK FOREX offer leverage?
Yes, AK FOREX offers maximum leverage of 1:100
What spreads can I expect with AK FOREX?
AK FOREX offers a spread of 2-3 pips on majors. Since details on the website are not comprehensive, more information should be obtained from the customer support service.
Does AK FOREX charge commission?
No, but more information on commissions can be obtained from the customer support service.
Is AK FOREX regulated?
No, AK FOREX is not regulated by reputable financial authorities.
Is AK FOREX a recommended forex trading broker for experts and beginners?
AK FOREX offers a fair trading environment for all types of traders.
What is the overall rating out of 10 for AK FOREX?
What is the difference between a demo and a live trading account?
A demo account is offered by broker companies and funded with virtual money that enables a prospective customer to experiment with the company’s trading platforms and its features, before setting up a real account funded with the customer’s actual money.
Does AK FOREX offer a demo account?
Can I convert my demo account to a live trading account with AK FOREX?
Not clear from the information on the company homepage.
Which live trading accounts does AK FOREX offer?
- Standard Account
- Mini Account
- Managed Account
What are the available deposit currencies for a live trading account?
USD and more
Deposits and Withdrawals
What is the minimum deposit for AK FOREX?
How do you make a deposit and withdrawal with AK FOREX?
AK FOREX offers the following deposit and withdrawal methods:
- Credit Card,
- Bank Wire.
The same method as used to fund an account must usually be used to withdraw money and monies will be only refunded to accounts in the same name as the trading account.
Does AK FOREX charge withdrawal fees?
No, but fees from a financial institution may apply.
How long does it take to make a withdrawal?
Withdrawals using certain methods may be processed within a day but depending on bank services it may take several days for the money to be available.