Can You Trust GKFX Prime? Learn More In This GKFX Prime Review
GKFX Prime is a market maker broker that is situated in the British Virgin Islands and regulated by the Financial Services Commission (FSC) of the BVI. Naturally, any broker that is located in a tax haven will receive a mixed response from traders, especially due to several misconceptions associated with broker scams from relatively unknown jurisdictions. The British Virgin Islands is considered to be one of the top-most investment destinations in the world that are home to an excellent economy and a great financial regulatory status. Although BVI may be lacking in certain details over other established financial capitals such as the US and the UK, the overall regulations and ease of doing business in the country have led to a massive influx of Forex brokers from different parts of the world. GKFX Prime is a relatively large financial broker that has more than 400 employees located across the world. Having initially launched in 2014, the broker quickly spread out its operations to different countries across Europe, Latin America, Africa, the Middle East, and Asia-Pacific.
Recommended Forex Brokers
- Website: www.gkfxprime.com
- Support: +90(0)2123451051
- Craigmuir Chambers
- P.O Box 71
- Road Town
GKFX Prime is a subsidiary of the Global Kapital Group, which has different entities and local offices regulated by the major European regulatory organizations such as the FCA (UK), the BaFin (Germany), the CNB (Czech Republic), the CONSOB (Italy), and the AMF (France). GKFX Prime aims to be a leading Forex broker, and in its efforts to become the best financial company in the industry, GKFX Prime realizes that offering a high-quality FX brokerage service is paramount to succeeding in the highly competitive FX markets.
The Features Of GKFX Prime Forex Trading Accounts
GKFX Prime accounts offer excellent features for smaller traders, especially traders that wish to test the markets with a small investment. GKFX Prime does not specify any minimum deposit requirements, which allows traders to start trading with as little as $1. The maximum GKFX Prime leverage for Forex is 1:400, which does not have any account limitations. There are primarily two different types of trading accounts, the Micro Fix and the Standard Fix, where the main difference lies in the lots available for trading. The Micro Fix account is a regular micro account that allows trading with micro lots with a maximum limit of 50 open positions, while the Standard Fix account offers standard lots with no maximum order limit. The Micro Fix account is also limited in financial instruments, as the company only provides access to 50 FX currency pairs and five commodities. On the contrary, the Standard Fix account offers access to more than 350 different financial instruments that include FX, commodities, shares, and indices. There is yet another type of account known as the Standard Variable account, which provides more than 100 different currency pairs, with all other trading conditions remaining relatively similar. The cost of trading at the broker is strictly average, especially considering that there isn’t any access to an ECN account. Since GKFX Prime is a market maker broker, there are no commissions for trading, but the GKFX Prime spreads vary between 1.2 to 3 pips on different currency pairs. GKFX Prime promises to offer fixed spreads on all trades, which is indeed a unique feature that was attempted only by a handful of brokers in the past. The broker also eliminates SWAP for the Standard Fix account, which can help traders to hold on to overnight trades without worrying about the additional costs of SWAPs. Overall, market maker brokers do have a few disadvantages when it comes to trade execution and trading environment, especially when compares it to the benefits and advantages offered by a true ECN account. There aren’t that many choices when it comes to GKFX Prime platforms. The broker has adopted the MT4 terminal for all accounts, which assumes the duty of connecting traders to the market on all devices. MT4 has different versions available for the PC, mobile, tablet, and the browser, which allows traders to access the markets through any device of their choice. GKFX Prime mobile traders can use their existing account information to trade the markets on their mobile trading apps, which are offered by the MT4 on the official Android and iOS stores. The broker also supports the Multi Terminal and the Multi-Account Manager (MAM) terminals that allow traders to manage multiple trading accounts using a single trading platform. Social trading and investment-oriented platforms are gaining immense popularity, which has prompted GKFX Prime to offer such a convenience to its traders. The broker offers an alternative trading platform in the form of the WebTrader for traders who are unable to access their accounts on dedicated devices, which works well for both desktop and mobile Forex trading. To make trading easy for their clients, GKFX Prime offers free access to several trading resources and educational materials; this is seen as an excellent initiative from the broker. GKFX Prime grants access to AutoChartist and TradingCentral, which are some of the advanced technical analysis tools available in the market. These tools alone are worth the effort of joining GKFX Prime in the first place, which should massively help traders in their research and analysis of the markets. Clients are treated to an excellent customer support channel that promises to resolve all issues within 48 hours. For more persistent complaints, traders can access the customer support through the live chat function or by giving a direct call to the customer service department. However, the absence of GKFX Prime bonus does sound like a harsh reality, especially since a majority of traders expect brokers to offer some promotions to keep their clients satisfied. The company should consider adding in a few promotions and bonuses if they plan on increasing their customer database. GKFX Prime should be sufficient for most traders, but institutional traders and traders with larger funds may find ECN brokers to be more suited to their trading requirements. Ultimately, there are better options in the market that are regulated by tougher regulatory agencies, which offers excellent protection for customer funds. For better alternatives, choose from our recommended list of Forex brokers given below.