GKFX Prime Forex Broker

GKFX Prime Review Summary in 10 PointsFounded2012HeadquartersUKRegulationFSCMarket InstrumentsForex, Commodities, Indices, Stocks, CryptocurrencyDemo AccountAvailableLeverage1:400EUR/USD Spread1.8 pipsTrading PlatformsMT4, MT5Minimum deposit$0Customer Support24/5 Live chat, phone, emailWhat is GKFX Prime? GKFX Prime is an online forex and CFD broker that was established in 2012. The broker is based in the United Kingdom. GKFX Prime provides traders with a range of trading instruments, including forex, indices, commodities, and cryptocurrencies. They offer various account types and trading platforms, including the popular MetaTrader4 and MetaTrader5 platforms. GKFX Prime also provides educational resources and customer support in multiple languages.What Type of Broker is GKFX Prime? GKFX Prime is a Straight Through Processing (STP) broker that offers clients direct access to interbank markets without the need for a dealing desk or human intervention. This means that trades are executed instantly and efficiently without any conflict of interest between the broker and the client.Pros & ConsProsCons• Multiple account types and platforms• No legitimate regulatory licenses• Tight spreads and low commissions• No US clients allowed• No deposit or withdrawal fees• Too many complaints• extensive range of trading instruments and educational resourcesIs GKFX Prime Safe or Scam? As GKFX Prime is an unregulated broker, its reliability may be a concern for some traders. Heres the revised table without the last column:Regulatory AuthorityClaimed License TypeJurisdictionStatusMFSA (Malta Financial Services Authority)Market Making (MM)MaltaSuspicious CloneBaFin (Federal Financial Supervisory Authority)Retail Forex LicenseGermanySuspicious CloneFSC (Financial Services Commission)Retail Forex LicenseUnspecifiedSuspicious CloneCNMV (National Securities Market Commission)Retail Forex LicenseSpainSuspicious CloneCNB (Czech National Bank)Retail Forex LicenseCzech RepublicSuspicious CloneSERC (Securities and Exchange Regulator of Cambodia)General Financial LicenseCambodiaSuspicious Clone Notes:The “Suspicious Clone” status indicates that the claimed licenses might not be authentic and could be falsified.Traders are strongly advised to independently verify these claims with the respective regulatory authorities.Market Instruments GKFX Prime offers 400+ financial instruments to trade, including forex, commodities, indices, stocks, and cryptocurrencies. Forex: over 50 currency pairs, including major, minor, and exotic pairs. Commodities: including gold, silver, oil, and natural gas. Indices: over 20 global indices, including popular indices like the S&P 500, FTSE 100, and DAX 30. Stocks: over 300 stocks from companies listed on exchanges in the US, UK, Germany, and France. Cryptocurrency: including Bitcoin, Ethereum, and Litecoin.Account Types Apart from free demo accounts, there is a large variety of live trading accounts available at GKFX Prime, and each one is tailored to the specific requirements of the clients. A trader's risk appetite, the quantity of their initial investment, and the amount of free time they have daily to devote to trading the Forex market are all important considerations when deciding which account type will best suit their needs. The account types include the following: Standard Fixed, Standard Variable, VIP Variable and ECN Zero. Additionally, Islamic accounts are available for clients who follow Sharia laws. There is no minimum deposit requirement for Standard Fixed, Standard Variable and ECN Zero accounts, while $5,000 for VIP Variable accounts.Leverage The maximum leverage offered by GKFX Prime is 1:400. However, the leverage available to you may vary depending on your location and the regulatory restrictions in place.Spreads & Commissions Different account types have different trading conditions. Specifically, Standard Fixed accounts have spread from 1.8 pips and no commissions; Standard Variable accounts have spread from 1.2 pips and no commissions; VIP Variable accounts have spread from 0.6 pips and no commissions; ECN Zero accounts have spread as low as 0.0 pips but have to pay a commission of 10/lot. Below is a comparison table about spreads and commissions charged by different brokers:BrokerEUR/USD SpreadCommissionGKFX Prime1.8 pipsNo (except for ECN Zero account)IC Markets0.1 pips$7 per standard lotAdmiral Markets0.5 pipsNo (except for Zero.MT4)FxPro1.4 pipsNoPepperstone0.16 pipsNo (except for Razor account)XM0.8 pipsNoTrading Platforms GKFX Prime offers the MetaTrader4 (MT4) and MetaTrader5 (MT5) trading platforms, which are popular and widely used platforms among traders. They provide access to a range of tools and features, including advanced charting, technical analysis tools, automated trading capabilities, and the ability to customize and use third-party indicators and trading algorithms. They are both available for desktop, web, and mobile devices, making it convenient for traders to access their accounts and trade from anywhere at any time. Additionally, GKFX Prime offers a VPS (Virtual Private Server) service to clients who require faster and more reliable connection to the MT4 and MT5 platforms.Deposits & Withdrawals While there is no minimum deposit requirement with GKFX Prime, we advise putting up at least five dollars so that you have more flexibility and a higher chance of building positions large enough to make a difference in the markets. The company offers quick deposit and withdrawal alternatives to GKFX Prime traders so that regular traders can have more faith in the platform and gain more market access. Credit cards (Visa, MasterCard and Maestro), bank transfers and e-wallets such as Neteller and Skrill are all acceptable methods of payment, so long as the buyer has provided the necessary “know your customer” papers to comply with AML regulations. The most common of them is a photocopy of your passport and some form of the recent bill showing your current address. Credit cards and bank transfers are both acceptable withdrawal methods. Transfers made with a credit card take three to five business days to process, while wire transfers can take anywhere from one to five days. Withdrawal is free of charge.GKFX Prime minimum deposit vs other brokersGKFX PrimeMost otherMinimum Deposit0$100GKFX Prime Money Withdrawal To withdraw funds, clients need to log in to their account, go to the “Withdrawal” section, select the preferred withdrawal method, and follow the instructions provided. It's worth noting that GKFX Prime may require additional documentation for verification purposes before processing the withdrawal request.Bonus & Fees GKFX Prime claims to offer a 100% welcome bonus and a 50% re-deposit bonus. In any case, you should be very cautious if you receive a bonus. First of all, bonuses aren't client funds, they're company funds, and fulfilling the heavy requirements that are usually attached to them can prove a very daunting and difficult task. Apart from commission fees on the ECN Zero account, there are no other fees charged. See the fee comparison table below:BrokerDeposit FeeWithdrawal FeeInactivity FeeGKFX PrimeFreeFreeNoIC MarketsFree$0-$20 depending on methodAUD$10 per month after 6 months of inactivityAdmiral MarketsFreeFree€10 per month after 24 months of inactivityFxProFreeFree$5 per month after 12 months of inactivityPepperstoneFreeFreeAUD$15 per month after 12 months of inactivityXMFree (may vary depending on method and country)Free (may vary depending on method and country)$5 per month after 90 days of inactivityCustomer Service GKFX Prime offers customer support in multiple languages through various channels including live chat, phone, and email. Their customer support is available 24/5, which means that traders can get assistance during the trading week. Additionally, GKFX Prime provides support through social media platforms such as Facebook, Twitter, LinkedIn, Instagram and YouTube. The broker also provides an FAQ section and educational resources on its website to assist traders. Overall, GKFX Prime has a good reputation for customer support.ProsCons• Multiple channels for customer support including email, phone, and live chat• No 24/7 customer support available• Dedicated account manager for VIP clients• Multilingual customer support• Quick response time to customer inquiries• Availability of customer support during market hoursFrequently Asked Questions (FAQs)Q 1:Is GKFX Prime regulated?A 1:No，its current status is suspicious clone.Q 2:At GKFX Prime, are there any regional restrictions for traders?A 2:Yes. GKFX Prime does not provide services for the residents of certain countries, such as the United States of America, Canada, Japan, Indonesia, Turkey, Israel and the Islamic Republic of Iran.Q 3:Does GKFX Prime offer demo accounts?A 3:Yes.Q 4:Does GKFX Prime offer the industry-standard MT4 & MT5?A 4:Yes. Both MT4 and MT5 are available.Q 5:What is the minimum deposit for GKFX Prime?A 5:There is no minimum initial deposit requirement.Q 6:Is GKFX Prime a good broker for beginners?A 6:Yes. GKFX Prime is a good choice for beginners.