Founded in 2008, GKFX Financial Services has fast evolved and established itself as a reliable CFD broker. The goal of the company is to provide Forex, CFD and Spread Betting to traders regardless of whether they are amateurs or professional traders. The firm’s innovative design caters to the needs that come alongside different levels of trading experience.
The nature in which the firm operates clearly points towards a team of professionals and experts that came together to build this platform. It is a fintech company that gained reputation over the years through its excellent services and partnerships with some renowned clients such as their partnership with the Premium League Club Arsenal. The firm has executed trades worth over a total of 500 million and has a more than $100 million in its shareholder’s equity.
In this review, we will be going through all the aspects of forex dealing throughGKFX Financial Services including trading tools, their platforms, rules, regulation, pricing and several other factors.
GKFX FINANCIAL SERVICES OVERVIEW:
- Short and easy account opening process; takes up to 1 day
- Multiple methods of transactions and withdrawals
- Controlled by multiple regulatory financial authorities
- Sufficient research and educational tools
- Low fees
COMPANY PROFILE GKFX FINANCIAL SERVICES:
With over a decade of experience, GKFX Financial Services is starting to spiral up. Despite being a relatively new broker, the firm is continuously making attempts to improve its services and enhance the overall customer experience while providing the most optimum trading environment. It has offices in 18 cities in 14 different countries.
The firm offers trading activities in a total of 42 currencies, thus suiting the needs of its oversees clients. It is fully secure and is regulated by multiple regulatory bodies. It grants access to Forex trading and trading of over 200 stocks, all of which are listed on at least the European or US stock exchange, indices and commodities. Clients are given a total leverage of 1:30. GKFX Financial Services has been able to gain a good reputation and is now recognized as one of the most reliable and recommended choice for clients in the UK.
GKFX FINANCIAL SERVICES REGULATIONS:
Before setting your finger on a broker, it is recommended to figure out how safe the broker is. Previously, GKFX Financial Services came under the umbrella of the Financial Conduct Authority (FCA) in UK. However, it is currently regulated by the Malta Financial Services Authority (MFSA) and MiFID for clients based in EU. In addition to the two regulatory bodies that monitor the firm’s activities, GKFX Financial Services is fully compliant with ESMA regulations.
In June 12, 2013 the MFSA issued a license to the firm under the number C 60473 and labelled the firm as a category II Financial Services Company. this license granted GKFX Financial Services with an EU membership which made it compliant with the Markets in Financial Instruments Directive and the EU’s 4th anti-money Laundering Directive.
In order to ensure security as a far as the funds of clients are concerned, GKFX Financial Services keeps the money in segregated accounts. The firm believes in operating in a transparent manner and participates in the Investor Compensation Scheme to further protect the interests of its clients. The aim of this fund is to protect the clients for up to €20,000. Due to the restrictions placed by regulatory bodies, GKFX Financial Services is allowed to operate in most of Europe, Japan, Australia, USA and Canada.
GKFX FINANCIAL SERVICES TRADING PLATFORMS:
With neat designs and clear options, GKFX Financial Services’ trading platforms are easy to use and don’t overwhelm the user. GKFX Financial Services offers the MetaTrader 4 platform to its clients. Even though there is only one trading platform available, the firm ensures that clients get complete access to it and have the liberty to choose from either the desktop, web or mobile version.
1. METATRADER 4 PLATFORM:
The industry standard MetaTrader 4 platform provides clients with a ton of analytical tools. Since GKFX Financial Services only offers one trading platform, the MT4 comes with a premium feature of full support regarding automated trading solutions. The MetaTrader 4 is compatible with all android and iOS devices and can either be download as an app, installed as a software or clients can utilize the web-based version.
The availability of the platform on multiple devices allows clients to continue with trading on the go. The MetaTrader 4 platform comes with a back-testing strategy; this allows clients to test their trading strategies and is particularly useful for beginners. One drawback of using the MetaTrader 4 platform is that clients have to purchase third-party add-ons since GKFX Financial Services doesn’t provide them.
The firm does offer a VPS service, but it comes at a high cost. One of the most striking features of the MT4 platform is the Autochartist tool. This tool scans the financial market for trading opportunities and presents them to clients and creates a total of three market reports per day to help better analyze the situation prevailing in the market. All clients have to do is retrieve the report via the MT4 plugin or through the web trader.
GKFX FINANCIAL SERVICES DEMO ACCOUNT:
GKFX Financial Services does offer a demo account to its client. The main purpose of this account is to give novice clients a prior trading experience before they are prepared and ready to trade in the real world. The features of the demo account are quite similar to those of a professional Live trading account.
Demo accounts come with educational videos and tools that could help future clients in getting a better understanding of the financial market and the different trade tactics that can be applied. This demo account allows users to use the MetaTrader 4 platform for trading and offers a zero-risk environment. However, there are certain limitations for instances the clients have virtual funds of up to 100,000 and these funds can only act as an alternative to USD, GBP and EUR.
As compared to the live account, the demo account is easier to open as it requires fewer details. It allows for Forex and CFDs trading and the simulation gives an almost real-life experience. Once clients have familiarized themselves with the financial market, they can then open a live account.
GKFX Financial Services – Open Trading Account
GKFX FINANCIAL SERVICES DEPOSITS AND WITHDRAWALS:
GKFX Financial Services offers a range of channels through which clients can deposit and withdraw their money.
- Credit card
- Debit Card
- Skrill
- Neteller
- Bank transfer
- Bitcoin
- WebMoney
- QIWI Wallet
- Russian Post
ACCOUNT CURRENCIES SUPPORTED BY GKFX FINANCIAL SERVICES:
GKFX Financial Services offers a total of 42 currencies, some of which include the following:
- USD
- EUR
- GBP
- JPY
- CHF
- CAD
- AUD
- NZD
GKFX FINANCIAL SERVICES FEES AND COMISSION:
GKFX Financial Services charges commissions and has various spreads that help in generating revenue for the firm. The fee charged by the firm are low and the non-trading fees is also kept to a minimum.
1. TRADING FEE:
Commissions are applied on all trading activities. In addition to the commissions that generate revenue, GKFX Financial Services also has spreads that are applicable on all trades. These spreads differ for the various currency pairs, starting from as low as 0.6 pips for EUR/USD paid. Spreads go up to 0.7 pips for GBP/USD and a maximum of 1.4 pips for EUR/GBP. These spreads also vary for different indices, for instance FTSE 100 has a spread of 1 and 0.4 for SP500.
2. NON-TRADING FEE:
The firm charges a non-trading fee on certain transactions for instances deposits made via bank transfer have a swiss transfer cost. Debit/credit card holders have to pay a 2.5% fee. Other than deposits made through Russian Post, all other methods of depositing money have a fee attached to them. All withdrawals have an average of up to 1.5% fee charges.
3. INACTIVITY FEE:
GKFX Financial Servicesdoes not charge an inactivity fee on its accounts. However accounts that have been dormant for a while are marked as inactive.
PROS:
- Choice of accounts
- Availability of demo account
- Competitive trading conditions
- Diverse products
- Educational tools
CONS:
- Only one bonus
- No promotions
- Limited trading platforms available
CONCLUSION: SHOULD YOU TRADE WITH GKFX FINANCIAL SERVICES?
GKFX Financial Services is a globally regulated broker that provides excellent trading conditions with low charges. The firm has clients in various jurisdictions and trades in five different financial markets. GKFX Financial Services provides its clients with over 100 trading instruments to facilitate the trading process. Regardless of your trading experience, GKFX Financial Services is a commendable choice for both, beginners and experts. Even though the firm doesn’t have a vast experience and is younger as compared to its competitors, GKFX Financial Services has a lot of untapped potential and its ambitious nature has the potential of grabbing the market share and expand.
GKFX FINANCIAL SERVICES FREQUENTLY ASKED QUESTIONS:
1. When can customers contact GKFX Financial Services’ customer support staff?
GKFX Financial Services support staff is available for 24 hours 5 days.
2. Is the Market Research free?
Yes, GKFX Financial Services’ market research is completely free and will always be.
3. Do I need to pay in order to open an account?
No, all accounts are free of charge.
4. What is the validity of GKFX Financial Services’ demo account?
The demo account is only valid for a total of 30 days.
