GKFX Review 2020
GKFX is an online broker that is regulated and offers traders from around the globe access to trade over 250 instruments on the popular MetaTrader 4 (MT4) trading platform. The brokerage provides a variety of additional tools for market analysis including third party softwares from Trading Central and Autochartist. Despite this, the brokers spreads and fees are not the lowest, there are certainly cheaper online brokers.
GKFX Review 2020, Pros & Cons
- Regulated by the FCA & MFSA
- Comprehensive market analysis is available, powered by ‘Trading Central’
- The ‘Autochartist’ MT4 plugin tool is available to traders
- Access to trade on the sophisticated MT4 platform via web, desktop & mobile app
- Award winning multilingual customer care support team
- Restricted leverage
- No Social trading
- Minimum $100 deposit
- Limited trading platforms
- No US clients
In this detailed GKFX review, our online broker research team have covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.
GKFX is not ranked in our best forex brokers, best stock brokers, best cfd brokers, best crypto brokers or best online brokers categories. You can use our free broker comparison tool to compare online brokers including GKFX .
GKFX Review: Summary
GKFX is a global online broker that offers individual and institutional clients with trading solutions for online forex and CFD trading. Built on the virtues of integrity and quality services, the brokerage was founded in 2013 and has since grown into a broker with clients from all over the globe.
GKFX sources its pricing from top-ranked, regulated liquidity providers. Execution of client orders is also routed to the liquidity providers. Over 300 assets are available for trading on the provided trading platforms. The broker also provides quality trading tools to assist traders.
GKFX has sponsored major sports teams and been recognised for its online brokerage services by industry experts. Some of the awards they have won include: the ‘2017 ADVFN international financial awards’, and the ‘Best Customer Service & Best Mobile trading app’ received at the 2016 UK Forex awards.
GKFX Review: Regulation
GKFX is the trading name of “AKFX Financial Services Limited” which is an investment company registered in Malta with the registration number C 60473. It is authorized and regulated by the Malta Financial Services Authority (MFSA). The license number is IS60473. Malta is a European Union member and is compliant with the Market in Financial Instruments Directive (MiFID II).
The MFSA regulation entitles GKFX clients to the ‘Investor Compensation Scheme’ (ICS) which is accessible if the broker becomes insolvent in the future. Eligible traders may be entitled to receive up to 90% of their investment worth, up to a limit of €20,000.
In the UK, GKFX Financial Services Limited operates the website ‘www.gkpro.com.’ It is regulated by the Financial Conduct Authority (FCA). The reference number is 501320.
The clients that fall within the UK jurisdiction are insured by the ‘Financial Service Compensation Scheme’ (FSCS). This scheme can only pay clients if the broker becomes insolvent. The payment is capped at £85,000 and only for eligible clients.
As directed by the regulators, clients’ funds are held in segregated bank accounts and are not used by the broker to run its daily activities. The deposits are only used to fund client transactions when they open and close positions on the trading platforms. Thus, clients’ deposits should not be used by the broker under any circumstances
The broker must also abide by all other regulatory requirements which includes but not limited to AML, KYC, digital security, account audition and reporting.
GKFX Review: Countries
Whilst GKFX serve clients in most countries, they are unable to accept traders from the United States and other countries where restrictions may apply. Some GKFX broker features and products mentioned within this GKFX review may not be available to traders from specific countries due to legal restrictions.
GKFX Review: Trading Platforms
MetaTrader 4 (MT4)
The MT4 platform is very popular, used by millions of forex and CFD traders worldwide. It is known for its speed, intuitive interface and comes with professional features to suit the needs of a wide variety of traders. The MT4 platform supports over 35 languages and it is available on web, desktop and mobile.
This version of the MT4 is built with HTML5 which runs directly in the web browser. The MT4 WebTrader is designed to allow a trader to quickly monitor trades from any system or check the quotes and charts with another device. Trade positions can be opened, modified or closed from the WebTrader. Plugin apps cannot be installed on this version. Its major advantage is that it is compatible with all operating systems and all devices. No downloads or installations are required.
This version of MT4 is designed for installation on the Windows operating system. It is the full version of the MT4 platform that is designed to be used on the traders’ computers. The application is user friendly and fully customisable to the trader’s individual requirements. A trader can choose his colours on the interface, charts and completely customise his own layouts and windows. The ‘Market Watch’ which displays all the assets and their real-time live quotes, can also be customised to show only the assets which interests the trader. One or more charts can be displayed at the same time. Each asset can be displayed on any of line chart, bar chart or candlesticks on any of the 9 timeframes available. About 30 technical indicators and 24 drawing tools are available for chart analysis. The number of the indicators can be increased to thousands by the use of plugin apps developed in the embedded MetaQuotes Language (MQL) editor. The MQL editor interface is used to script add-on apps that extend the features of the MT4. This also includes expert advisors (EAs) which can automate trading strategies on the MT4 platform. There is a strategy tester to test EAs over histrocial data. The MT4 platform has the ‘market’ tab where traders can get free or paid add-on apps like indicators, EAs, scripts, trading signals, etc. Entering positions is fast and easy with market orders, pending orders and risk management tools including stop loss and take profit.
MT4 Mobile Apps
This version of the MT4 platform is designed for clients who own Android and iOS mobile devices and need to trade whilst on the go. The mobile trading app is fast and easy to use. It connects with all MT4 real and demo accounts and shows the status of positions and accounts in real time. Live quotes and live charts of all the assets are displayed. Traders can easily enter positions using multiple order types and modify or close positions with a few taps. Charting is done on 9 timeframes with 30 indicators and analytical objects. The MT4 app is handy, efficient and used by millions of traders around the globe.
GKFX Review: Trading Tools
Trading Central is a financial research and investment firm that provide in-depth technical analysis and other trading tools to traders and other investors. The analysis provided is on a wide variety of trading instruments including all forex major pairs, indices and commodities. GKFX provides ‘Trading Central’ analysis to its clients in order to help them find potential trading signals and make informed decisions. The service can be accessed by the installation of the ‘Trading Central’ MT4 plugin. Frequent updates are given on a daily basis. Audio market commentaries, technical analysis reports, technical indicators and pattern recognition tools are also provided.
Virtual Private Server (VPS)
A VPS can run the trading platform remotely so that you do not always need your own computer switched on for it to be active. A VPS also gives fast and reliable connections to the trading servers. A VPS is often required by traders who use trading systems, EAs and other complex trading styles. Access to the GKFX VPS ranges from £15-£120 per month depending on the client’s deposit, VPS configuration and client’s preferences.
Autochartist is a powerful technical analysis tool that automatically scans the markets and notifies the trader when it finds potential trade opportunities. Autochartist is available as an MT4 plugin and also a web application. It gives daily market reports on forex, indices, commodities, stocks, etc. Autochartist gives up to 3 reports everyday as well as reports on upcoming economic events and forecasted market movements.
This calendar gives relevant events and the predicted impacts that they can have on the financial markets. The time and date of the event, analysis, impact history as well as the expected reaction is captured on this calendar. It is fully customisable to reflect only the trader’s preferences.
The trading calculators provided by GKFX are the margin calculator, profit calculator and the currency converter.
- The margin calculator helps a trader to calculate how much he needs to open a trade considering the leverage, currency, asset traded and the volume.
- The profit calculator determines a trader’s potential profit based on the volume traded and the pips gained on a trade.
- The currency converter uses the prevalent exchange rates to calculate the value of another currency when converted to the trader’s base currency.
GKFX Review: Education
The education section of the GKFX website consists of over 70 trading videos aimed at training those who are new to online trading. The videos are mainly on how to use the MT4 trading platform to place orders, view charts, etc. There are videos on the forex market, leverage, analysis methods and other lessons for beginners.
A detailed glossary comprising of over 120 terms is also provided on the website. This is necessary to guide beginners on the meaning and definitions of important trading terminologies that are frequently used in the online trading industry.
GKFX Review: Trading Instruments
The following instruments are available for trading online:
- 42 Forex Currency Pairs (major, minor & exotic crosses)
- 21 Indices
- 16 Commodities
- 4 Cryptocurrencies
- 1 Bond
- 262 Share CFDs from USA, Germany, France, Netherland & Spain.
GKFX Review: Trading Accounts & Fees
GKFX brokerage accounts are dependent on a trader’s capital and his desired trading conditions. Generally, all account holders can trade on the MT4 versions of web, desktop and mobile platforms. The stop out level is 50% and the maximum leverage is 1:30 in compliance with ESMA directives.
- Standard account: The spreads start from 0.6 pips and the minimum deposit is €100. The minimum trade volume is 0.01 lots and the no commissions are charged. The trading fees are inserted into the spread. This means that spreads are marked up and higher than usual.
- Premium account: The minimum deposit is €20,000 and this account feature raw spreads. Commissions are charged beginning from €6 per lot. The minimum trade size is 0.1 lots while the maximum is 100 lots.
- Corporate account: The minimum account opening deposit is €25,000 and the spreads start from 0.6 pips. The minimum trading volume is 1 lot and no commissions are charged.
Eligible clients can apply to become ‘professional clients’. This class of traders can trade with leverage up to 1:200 on forex major pairs. Eligibility is based on financial job experience, size of financial portfolio and years of trading experience.
Islamic accounts are available on request. They are swap-free. Demo accounts are freely available on the MT4 platform but will be disabled after 30 days of inactivity. Demo trading accounts can be a good way to practice using the different trading platforms and trading strategies before trading with real money.
As broker fees can vary and change, there may be additional fees that are not listed in this GKFX review. It is imperative to ensure that you check and understand all of the latest information before you open a GKFX broker account for online trading.
GKFX Review: Customer Service
The multilingual customer support team operates from Sunday 10pm to Friday 10pm. They can be reached via email, phone lines and instant web chat. Also, there is a ‘contact us’ form on the website which can be used to get help from the support and account departments. A detailed FAQ section is provided. On social media, GKFX is on Facebook, Twitter, YouTube and Instagram.
GKFX Review: Deposit & Withdrawal
Unfortunately, GKFX did not give details about the payment options accepted on the website. But, during account registration, we got to know that the broker accepts bank transfers, debit and credit cards as well as online payments like Skrill, Neteller and SOFORT online bank payments.
GKFX Review: Account Opening
To open a trading account, visit the brokers website, click on the ‘live account’ button which is located on the topmost centre. Choose a trading account type and click the ‘open account’ button beside your choice of account. The 5-page form below displays:
Fill in your personal details, financial info, trading knowledge and experience and upload your verification documents to complete the account opening process. At this juncture, you will receive an email requesting that you send your ‘proof of identity’ and ‘proof of address’ documents to the support email address before your account will be activated. Next, you are prompted to install the MT4, fund your account and you can then start trading online with GKFX.
GKFX Review: Conclusion
GKFX is an award-winning broker that offers multiple tradable assets on the MT4 trading platform. Regulated by the FCA and the MFSA, the broker must be fully compliant with all the regulatory rules. Eligible client funds are insured and held in segregated bank accounts separate from the brokerage’s funds.
Through the powerful MT4 trading platform, clients are offered over 300 trading instruments. Despite the liquidity providers used and the innovative technology that the broker implements, GKFX do not have the lowest spreads and cheapest commission on trades
Quality signals, analysis and trading ideas are provided by the Trading Central MT4 plugin. This gives the clients access to premium research and top notch analytics to aid their trading decisions. The award winning ‘Autochartist’ is also available to analyse charts on several timeframes looking for trends and trading opportunities.
Alongside the spreads and commission fees, GKFX could improve in the area of assisting new traders. They could do this by offering cent accounts and/or accounts that require a smaller deposit. A proprietary trading app that is unique to the broker could also be a good idea. You can see our best trading brokers for alternative brokerage options.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.