GKFX Prime Broker Review
GKFX Prime is a relatively young Forex broker that was established only in 2014. GKFX Prime has its headquarters in the British Virgin Islands, which is considered to be a tax haven. These days, brokers are shying away from setting up their representative offices in tax havens due to the bad reputation associated with them; however, GKFX Prime does seem to be a legitimate company. All BVI Forex companies are regulated by the Financial Services Commission, which ensures that GKFX Prime regulation is also enforced by the FSC of British Virgin Islands.
GKFX Prime is a part of the Global Kapital Group, which is a highly reputed financial company that has its local offices in several parts of mainland Europe and regulated by organizations such as the BaFin, CONSOB, CNB, and the AMF. The company also operates other subsidiaries in the financial sector, including the GKFX Financial Services Ltd., which is regulated by the FCA in the UK. Therefore, as far as GKFX Prime regulation is concerned, there shouldn’t be any doubts about the reliability or safety aspects, since the broker has done its part in being regulated by some of the most reputed regulatory agencies in the industry.
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Why Should You Choose GKFX Prime Accounts For Forex Trading?
GKFX Prime seems to have a significant presence in the MENA region and has received numerous awards from several local organizations for offering the best in FX trading to both retail as well as institutional clients. They do provide an excellent educational platform for becoming a successful trader, which is entirely free for GKFX Prime customers. Since the broker is new to the industry, they have developed a sense of responsibility towards maintaining a high-quality FX brokerage service to stay ahead of the competition. New FX brokers will naturally find it hard to establish a foothold in the financial markets, and GKFX Prime seems to overcome the hardships by constantly developing their products and services to meet the requirements of modern day traders.
GKFX Prime initial deposits start at just $1, but it is recommended to deposit at least $5 for convenience and a better option for trading meaningful positions in the markets. Payments can be made through multiple payment options, which include bank transfers, electronic payment portals, and of course, credit card payments. As a GKFX Prime client, traders can benefit from fast a deposit and withdrawal option, which is facilitated by the company to enhance trust and confidence among retail traders so as to increase their market exposure.
GKFX Prime offers two different types of Forex trading accounts, which include the Micro Fix and Standard Fix accounts. All accounts are offered with a maximum GKFX Prime leverage of 1:400, with the Micro Fix account having a few trading restrictions. The Micro account only provides access to FX and commodities, while the Standard accounts have access to global indices as well as more than 300 equities. There are also restrictions on the maximum number of lots that can be opened with a Micro account, while the Standard account has no such limitation.
The GKFX Prime spreads are not highly competitive, but they do offer nominal spreads that start from 1.2 pips. Most market maker accounts have spread in the range between 2 to 4 pips, which means that GKFX Prime does offer comparatively lower trading costs. SWAP fees are also only applicable to the Micro accounts, which further reduce the cost of overnight trades. There isn’t an option to open an ECN account with GKFX Prime, which can prove to be a disadvantage for the company, as several retail traders are now looking for the best trading conditions that only an ECN account can provide.
Bonuses, GKFX Prime Trading Platforms & Customer Service
Don’t expect a GKFX Prime bonus for any deposit, as the company follows a no promotions policy for its clients. However, when it comes to GKFX Prime platforms, the broker offers the MT4 terminal as well as a WebTrader for trading the wide array of financial instruments that include Forex, indices, commodities, and shares. The MT4 terminal is available for both desktops as well as mobile devices, which should allow GKFX mobile traders to access their accounts on the go. Traders can also make use of the excellent WebTrader platform on both desktops as well as on their smartphones or tablets if they do not want to install a dedicated platform for trading. The WebTrader has remarkable charting capabilities, and while it cannot be considered as a genuine alternative to the MT4 platform, traders can use the WebTrader to perform all the essential technical analysis of the markets using built-in indicators.
GKFX Prime is a broker in its prime, and the company understands the significance of offering an excellent customer service experience to build up a good reputation. Customer support is available for 24 hours a day and five days a week through live chat, direct phone, email, and website contact form. Clients can expect a response to their email queries within a few hours, and complaints are usually resolved within 48 hours.
GKFX Prime is a reliable Forex broker that does its job fairly well. There are a few areas where the broker can improve such as offering an ECN account and simplifying the information presented on their website, but the broker does excel in all other features of offering a high-quality brokerage service. GKFX Prime is one of the few brokers that start with a small initial deposit of just $1; however, traders are also offered the option of a GKFX Prime demo account if they wish to test out a virtual trading environment before opening a real account.