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GKFX Prime Review

GKFX Prime Review

 

 

 

 

Overall Rating

4.3/5

Rated #422 of
Recommended FX Brokers

💰Minimum Deposit

USD 0

🌐 Regulators

MFSA

📱 Trading Desk

Meta Trader 4

Crypto

Yes

📈 Total Pairs

42

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

GKFX Prime is a forex broker company in the British Virgin Islands.

Finding a reputable GKFX Prime 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 GKFX Prime to help you make an informed decision before opening your account or trading on their platform.

A Forex broker is a company that provides traders with access to platforms that allow them to buy and sell foreign currencies.

Forex brokers 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 are also provided for institutional clients and large companies such as investment banks.

 GKFX Prime is a relatively young Forex broker that was established only in 2012 and has its headquarters in Tortola in the British Virgin Islands, but with a global presence in presence in Africa, Asia, Europe, North America, South America, and Oceania.

GKFX Prime has offices in China, Malaysia, Indonesia, Thailand, Vietnam, United Arab Emirates, Africa, Asia, Europe, the Americas, and Oceania.

GKFX Prime is a part of the Global Kapital Group, a reputed financial company with offices in several parts of mainland Europe and regulated by organizations including the BaFin, CONSOB, CNB, and the AMF.

GKFX Prime assists traders with trading more than 200 products, including Forex, CFDs, commodities, equities, indices, and precious metals through the use of several popular trading platforms.

With over 300+ million total executions GKFX Prime is a high-ranking brokerage with clients from over 100 countries. Clients have a choice from various account types and can obtain e customer support in 14 different languages.

GKFX Prime cooperates with top banks and liquidity providers in the world to provide an all-inclusive trading environment.

 

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.

GKFX Prime has accumulated the following awards during its years of service to traders:

·       Best Investment Trading platforms in 2015, at the AIAIR Awards

·       Best Broker of Mena and Africa in 2016, at the 12th Mena Forex Awards

·       Best Islamic Account Broker for 2017, from IHL

·       Best Broker of Asia in 2017, from Balans DHL

·       Best Forex Trading Platform in 2017, from Bergen

 

GKFX Prime Accounts

A forex account is a trading account held by a trader with a company like GKFX Prime that is primarily issued with the purpose of trading currencies.

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

GKFX Prime offers a range of account types, all of which are designed to allow customers to trade according to their individual needs.

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.

The account types are:  

     Standard FIXED account- Spreads (from 1.8 pips); Minimum lot (0.01)

·       Standard Variable account- Spreads (from 1.3 pips); Minimum lot (0.01)

·       ECN Zero Account – Spreads (From 0.0 pips); Minimum Lot (0.01)

·       VIP Variable account – Spreads (from 0.6 pips); Minimum lot (0.01)

· Swap-free account- GKFX Prime 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 – requires a minimum deposit of $25 000, with leverage also up to 1:400 and an average spread of 1.0 pips on EUR/USD.

 

Overall Rating

4.3/5

Rated #422 of
Recommended FX Brokers

💰Minimum Deposit

USD 0

🌐 Regulators

MFSA

📱 Trading Desk

Meta Trader 4

Crypto

Yes

📈 Total Pairs

42

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Deposits and Withdrawals

GKFX Prime’s minimum deposits start at just $1, but it is recommended to deposit at least $5 for convenience and a better option for trading meaningful positions.

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

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. 

These methods include Bank Wire, VISA, MasterCard, American Express, FasaPay, Jeton, Maestro, Neteller, SOFORT, UnionPay, and WebMoney.

Withdrawals can be done 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.

 

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.

Margin is the amount of money required in your account in order 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 applied to your trading 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 will vary between different brokers and also depends on the asset being traded and the type of service offered by the broker.

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

Any positions kept open overnight will be subject to swap fees. GKFX Prime does not charge commission on trading accounts unless specified for that account.

 

Leverage

The facility that enables a trader to get a much larger exposure to the market than the amount he or she deposited to open a trade, is called leverage. Such leveraged products magnify a trader’s potential profit – but of course, also increase the potential loss.

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 his or her trading account and is trading ticket sizes of 500,000 USD/JPY, that leverage will equate to 500:1.

GKFX Prime offers different types of Forex trading accounts, but with a maximum leverage of 1:400 on all of them.

 

Bonuses

Forex brokers tend to lure new traders with offers of attractive deposit bonuses. This can be useful, but it is essential to discern what a proper bonus is.

Such a bonus is but a way to compensate traders for choosing a certain broker since once the account is opened, the trader will have the same expenses as any other.

The bonus is just a reward for the trader’s choice that gives some of these expenses back to the trader, once proving himself as an active trader.

Customers should note that no deposit bonuses are a great way to help you start trading, but it often comes with ridiculous terms so that even if you do make a profit, you have to trade a high volume before you can do any form of withdrawal.

Since 2018 The European Securities and Markets Authority (ESMA) has positioned investor protection measures.

These prevent brokers from directly or indirectly provide the retail client with certain benefits in relation to the marketing, distribution, or sale of a CFD, other than the realized profits on any CFD provided.

Situated in the BVI however, GKFX Prime offers a 55% first deposit bonus which is available for all new direct clients. They can get this bonus of up to $ 5 500 for an initial deposit when opening a GKFX Prime Live Account. Certain terms and conditions do apply.

A re-deposit bonus is also available for all new direct clients. They can get a 25% bonus for subsequent deposits.

 

Trading Platforms, Software, and Its Features

The forex trading software provided by a broker company to its clients is called the platform and is used to carry out their trades.

A platform can be a multi-asset one, which means that it allows clients to not only trade forex but also other asset classes like CFDs on stocks, stock indices, precious metals, and cryptocurrencies.

The decision about which platform to choose will depend on what a client would like to trade, therefore it will be one of the criteria when choosing a broker too.

GKFX Prime offer the following platforms:

·       MT4 Desktop and Mobile versions

·       MT4 WebTrader

·       MT5 Desktop and Mobile versions

·       MT5 WebTrader

·       PAMM for Masters

·       PAMM for Followers

·       Multi-Account Platform – MT4 Multi Terminal

·       MAM

·       Autotrade

·       Zulutrade

 

Markets, Products, and Instruments

Most brokers offer all or some of the following kinds of market instruments for trading:

 

Forex:

Forex trading, also called currency or FX trading, involves the currency exchange market where individuals, companies, and financial institutions exchange currencies for one another at floating rates.

 

Commodities:

As with currency exchange markets, commodity markets offer different investment opportunities for traders. Investing in contract-based tradable goods is a reliable way to mitigate risk during times of inflation or economic uncertainty.

 

Indices:

Equity or stock indices are actual stock market indexes that measure the value of a specific section of a stock market. They can represent a specific set of the largest companies of a nation or they can represent a specific stock market.

 

Precious metals:

The trading of gold and other precious metals involves hard commodities that are contract-based tradable goods.

 

Energy:

The high volatility of energy prices due to political and environmental factors, supply and demand, extreme weather conditions, and global economic growth is a typical feature of this product, making it another popular trading choice.

 

Cryptocurrencies:

Bitcoin (BTC) is the digital currency with the largest market capitalization and price levels since its inception in 2008. It dominates 50% of the total crypto market cap.

Litecoin (LTC) is similar to Bitcoin but differs in terms of scalability.  Litecoin is another very popular altcoin and LTCUSD is a fork of Bitcoin (BTCUSD), copied from Bitcoin’s code and with some alterations and launched a new project.

Ripple (RPL) is popular among big banks with the Ripple network a next-generation real-time gross settlement system. It allows instant cross-border fund transactions at very low costs.

Ethereum (ETH) is the second-largest cryptocurrency after Bitcoin and allows developers to create smart contracts on a platform.

Bitcoin Cash (BCH) was created by the Bitcoin hard fork in 2017 as a new version of the blockchain with different rules.

GKFX Prime offers trading in four cryptocurrencies as well as 262 share CFDs from the USA, Germany, France Netherland, and Spain.

·       Currencies: (40+)

·       Cryptocurrencies: (4) Bitcoin, Litecoin, Ethereum

·       CFD: (155+) Gold, Silver, Stock Indexes, Oil, Other Commodities

 

 

Safety and Regulation

One of the first things a potential trader needs to establish is whether a broker like GKFX Prime is safe to trade with. One of the surest benchmarks to measure the safety of a brokerage is to establish which regulating authorities are watchdogs over its actions.

GKFX Prime is headquartered in the British Virgin Islands and regulated by the Financial Services Commission (FSC) of the BVI.

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.

As part of the Global Kapital Group, GKFX Prime prefers to adhere to all the regulations set by organizations like the BaFin, CONSOB, CNB, and the AMF.

Also, as a brand of London-based GKFX Financial Services Ltd., it 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 Prime is also already a relatively large financial broker with more than 400 employees across the world.

 

Customer Support

Potential traders need to be assured that the broker company they chose can offer the necessary support and help whenever they may need it.

GKFX Prime offers customer support through account representatives which can be reached by traders via emailing or phone calls. There is also a chat option available on the website.

 

Research

Potential traders should always do as much possible research about speculative trading before commencing to do it.

Trading with confidence and success relies heavily on knowledge and understanding of the markets, therefore research options offered by brokers form an integral part its features when choosing the right company to trade with.

GKFX Prime offers the following research options and tools:

·       An economic calendar that broadcasts relevant news events that could have an impact on financial markets.

·       The Autochartist web portal and plug-in that provides a range of technical analysis tools, automatic intra-day alerts, and reports showing key price levels and the formation of influential chart patterns.

·       Messaging and alerts – Market Snapshot e-mails sent out three times a day provide an outlook of the markets for the next 24-48 hours.

·       GKFX Prime’s MT4 Booster package consists of nine additional MT4 applications designed with more enhancements that can boost trading techniques

·       Tradeworks – Trade Automation Made Beautifully Simple teaches how automated forex trading can help achieve better returns.

·       Calculators – a GKFX Prime account gives access to a calculator and convertor for your accounts that help you to be more aware of your funds and calculate your positions quickly and easily

·       A currency convertor will convert your currency at the current market rate.

 

Education and Training

Before starting to trade, potential clients of GKFX Prime should avail themselves of all possible information and trading skills needed to be successful in the world of forex and commodity trading.

If GKFX Prime’s website itself does not provide enough means, a trader should explore other information sources and means to obtain that skills and knowledge.

GKFX Prime offers the following educational assistance:

·       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.

·       Forex tutorials – a general forex tutorial explaining basic terminology

·       Indicators List – The economic data list for when a trader is following current market conditions while managing investments.

 

Conclusion

GKFX Prime is a company worth to be tried out by potential traders, although it may be a new broker on the Asian market. It has already won some of the industry’s most respected awards – the first only a year after its launch. 

GKFX Prime offers large leverage, no minimum deposits for new traders, Islamic versions on all accounts and maintains a strong focus on integrity and quality service for its clients.

 

Disclaimer

GKFX Prime warns all potential traders that Forex and CFDs trading always carries a high level of risk and may not be suitable for all investors.

Before clients decide to trade the products offered by GKFX Prime, they are advised to carefully contemplate their investment objectives, financial situation, needs, and level of experience before investing money they cannot afford to lose.

When traders use GKFX Prime’s margin leveraged accounts, they should maintain a sufficient level of margin to sustain their positions, since trading Forex/CFD and Options on margin carries a high level of risk.

Using a higher than necessary leverage can work against a trader as well as for him. It is always possible that you could sustain a loss of some or all of your initial investment.

While GKFX Prime usually makes all efforts to fill a trade at the price requested, trading online 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.

Potential traders should first acquaint themselves with all the risks associated with trading on margin and seek advice from an independent financial advisor if they have any doubts, shows research recently done.

 

 

GKFX Prime at a Glance

Broker’s Name

GKFX Prime

Headquartered

Tortola in the British Virgin Islands

Year Founded

2012

Regulating Authorities

Financial Services Commission (FSC) of the BVI, and FCA

Countries not accepted for trade

US clients not accepted, further unknown

Islamic Account (Swap Free)

Yes

Demo Account

Yes

Institutional Accounts

Yes

Managed Accounts

Yes

Maximum Leverage

400:1

Minimum Deposit

1 USD

Deposit Options

Bank Wire, VISA, MasterCard, American Express, FasaPay, Jeton, Maestro, Neteller, SOFORT, UnionPay, WebMoney

Withdrawal Options

Bank Wire, VISA, MasterCard, American Express, FasaPay, Jeton, Maestro, Neteller, SOFORT, UnionPay, WebMoney

Platform Types

MT4 Desktop and Mobile versions

MT4 WebTrader

MT5 Desktop and Mobile versions

MT5 WebTrader

PAMM for Masters

PAMM for Followers

Multi-Account Platform – MT4 Multi Terminal

MAM

Autotrade

Zulutrade

 

OS Compatibility

Windows and Mac, iOS and Android

Tradable Assets

Currencies: (40+)

Cryptocurrencies: (4) Bitcoin, Litecoin, Ethereum

CFD: (155+) Gold, Silver, Stock Indexes, Oil, Other Commodities

Customer Support Languages

Some 15 languages, including English, Bahasa Indonesia, and Melayu, Spanish, Portuguese, Vietnamese, Chinese, and others.

Customer Service Hours

Local working hours: (GMT) 06:00-15:00

  

Overall Rating

4.3/5

Rated #422 of
Recommended FX Brokers

💰Minimum Deposit

USD 0

🌐 Regulators

MFSA

📱 Trading Desk

Meta Trader 4

Crypto

Yes

📈 Total Pairs

42

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

FAQ’s

 

TRADING ENVIRONMENT

 

1.     How many instruments can I trade with GKFX Prime?

You can trade several different instruments with GKFX Prime, which include the following:

·       Forex

·       Currencies: (40+)

·       Cryptocurrencies: (4) Bitcoin, Litecoin, Ethereum

·       CFD: (155+) Gold, Silver, Stock Indexes, Oil, Other Commodities.

 

 

2.     Which platforms are supported by GKFX Prime?

GKFX Prime provides the following popular trading platforms:

·       MT4 Desktop and Mobile versions

·       MT4 WebTrader

·       MT5 Desktop and Mobile versions

·       MT5 WebTrader

·       PAMM for Masters

·       PAMM for Followers

·       Multi Account Platform – MT4 Multi Terminal

·       MAM

·       Autotrade

·       Zulutrade

 

3.     Does GKFX Prime offer leverage?

Yes, GKFX Prime offers a maximum leverage of 1: 400

 

4.     What spreads can I expect with GKFX Prime?

GKFX Prime offers variable spreads on its various accounts, starting at 0.0 pips; Minimum Lot (0.01). If details on the website is not clear enough, more information can be obtained from the customer support service.

 

5.     Does GKFX Prime charge commission?

Not as a rule, but more information on commissions can be obtained from the customer support service. 

 

6.     Is GKFX Prime regulated?

Yes, GKFX Prime is regulated by the Financial Services Commission (FSC) of the BVI. Also, as a brand of London-based GKFX Financial Services Ltd., it is authorized and regulated by the Financial Conduct Authority (FCA).

 

7.     Is GKFX Prime a recommended forex trading broker for experts and beginners?

GKFX Prime offers a fair trading environment for all types of traders.

 

8.     What is the overall rating out of 10 for GKFX Prime?

7/10

 

Accounts

What is the difference between a demo and 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 customers actual money

 

Does GKFX Prime offer a demo account?

Yes   

 

Can I convert my demo account to a live trading account with GKFX Prime?

Not clear from information on the company homepage.

 

Which live trading accounts does GKFX Prime offer?

·       Standard FIXED account

·       Standard Variable account

·       ECN Zero Account

·       VIP Variable account

·       Islamic/Swap free account

·       Corporate account

 

What are the available deposit currencies for a live trading account?

USD, EUR, GBP, AUD

 

Deposits and Withdrawals

 

1.     What is the minimum deposit for GKFX Prime?

$ 1

 

2.     How do you make a deposit and withdrawal with GKFX Prime?

GKFX Prime offers the following deposit and withdrawal methods:

·       BankWire

·       VISA

·       MasterCard

·       American Express

·       FasaPay

·       Jeton

·       Maestro

·       Neteller

·       SOFORT

·       UnionPay

·       WebMoney

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.

 

3.     Does GKFX Prime charge withdrawal fees?

No, but fees from a financial institutions may apply

 

4.     How long does it take to make a withdrawal?

Withdrawals by means of certain methods may be processed within a day but depending on bank services it may take several days for the money to be available.

              

 

 

Author Details

Louis Schoeman

Louis Schoeman

Featured Forex and Stocks writer

Table of Contents

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