Table of contents:
- 1 GKFX minimum deposit: no minimum deposit required
- 1.1 Minimum deposit as criterion for broker comparison
- 1.2 What is the minimum deposit required by GKFX?
- 1.3 Minimum trading account depends on account model
- 1.4 Use a demo account before the minimum deposit
- 1.5 The spread as another important condition
- 1.6 Conclusion on the minimum deposit at GKFX: It couldn’t be better!
GKFX minimum deposit: no minimum deposit required
GKFX is a broker regulated by the UK regulator FCA and is headquartered in London. Meanwhile, the CFD and Forex broker has been active in the market for over six years and operates under the name of GKFX Financial Services Ltd. In addition to London, there are more than ten other locations where the broker is represented, such as in Frankfurt am Main. The broker, who is meanwhile also very renowned in Germany, can also convince in terms of security, as all credit balances in the customer accounts are secured up to 50,000 British pounds. But GKFX can also convince with the trading platform, the customer service and the conditions.
Minimum deposit as criterion for broker comparison
Many traders first make a Forex broker comparison and first compare the providers in the market before deciding on a broker. Often it is the conditions, such as the estimated spread, the number of tradable currencies or even the minimum deposit that ultimately leads to the decision for or against a broker. Especially for newcomers, who perhaps want to trade with foreign exchange or CFDs for the first time, the amount of the minimum deposit is quite a decisive factor. At the beginning of trading, especially beginners often do not want to have to deposit several hundred or even more than 1,000 euros directly into the trading account with the broker, but prefer to start with small stakes. The minimum deposit is generally defined as the amount that must be deposited as a minimum after opening the trading account. Depending on the broker, this minimum deposit varies on average between 50 and 10,000 euros.
What is the minimum deposit required by GKFX?
With the GKFX trading account, traders benefit from the fact that no minimum deposit is required. The trader can use the account for as little as zero euros, even though he or she must of course still ensure that he or she has sufficient funds before placing the first trade order. However, the broker does not tell the trader how much to deposit, which is the case with many other brokers. The only exception is when the trader decides to use the so-called VIP account. In this case there is a minimum deposit of 25.000 Euro. In return the trader receives even better conditions and additional services at GKFX. Due to the minimum deposit, which is not required for the other account types, especially beginners can try out trading with little capital at first.
If you are not satisfied with the broker, you can look for another provider without having to transfer large sums of money from the trading account to your current account.
Minimum trading account depends on account model
Another interesting size that many traders see in close connection with the minimum deposit is the minimum trade size. When trading forex, this is usually referred to as a lot, where a lot is generally equal to 100,000 units of the currency being traded. Again, there are major differences between brokers, as the minimum trade size here ranges from 0.01 to 1.00 lot. Also with the broker GKFX, there is a wide spread of the required minimum lot, which depends especially on the chosen account model.
In this respect, the trader finds the following minimum trade sizes at Broker GKFX:
- Fixed account: 0.10 lot (10,000 currency units)
- Variable account: 0.01 lot (1,000 currency units)
- VIP account: 1.00 Lot (100,000 currency units)
In the best case, the trader only has to calculate with a minimum trading amount of 1,000 currency units if he chooses the account with variable spreads. This is ideal, especially for trading beginners. But also advanced traders can test new trading strategies without having to risk the same amount of capital on the respective trades.
Use a demo account before the minimum deposit
Before you, as a trader, deposit the required minimum deposit or even higher amounts to your trading account, you should take the opportunity, especially as a beginner, to first take advantage of a demo account. Such a test account is also offered by the broker GKFX, specifically for the trading platform MetaTrader 4. Over a period of 30 days you can use this demo account free of charge and with all the functions you will find on the real trading platform later.
The test account will be equipped with a capital of 100,000 Euro, as it is of course only virtual money, so that it is not important for the broker whether the test account is equipped with 1,000, 10,000 or even 100,000 Euro. However, with this relatively high capital amount you have the opportunity to try out numerous strategies and various trades.
Please note, however, that by no means all brokers offer an unconditional demo account. More often it is a requirement that the minimum deposit to the trading account must first be made. Only then can the test account be used at all, so that in such cases we speak of a “fake” demo account. The broker GKFX, on the other hand, offers a “real” demo account, since no deposit has to be made to the trading account before.
The spread as another important condition
In addition to the minimum deposit and minimum trade size already mentioned, many traders have another condition that is also important for the Forex broker comparison. These are the fees in the form of spreads, which are to be paid to the respective CFD and Forex broker. With regard to the spreads, as with the minimum deposit, new traders in particular make sure that they remain within a moderate range.
Here is an extract from the spreads at GKFX:
Spreads on Index CFDs
|Market||The internal term||Type||Spread|
|UK100||UK 100 Rolling||CFD||1 (1 Pip)|
|ESX50||EuroStoxx 50 Rolling||CFD||1 (1 Pip)|
|DAX30||German 30 Rolling||CFD||1 (1 Pip)|
|SP500||SP 500 Rolling||CFD||0,4 (4 Pips)|
|WS30||WS 30 Rolling||CFD||2 (2 Pips)|
|NAS100||NAS 100 Rolling||CFD||1 (1 Pip)|
|RUSS||Russel 2k Rolling||CFD||0,4 (0,4 Pips)|
|AEX25||AEX 25 Rolling||CFD||0,2 (0,2 Pips)|
|CAC40||French 40 Rolling||CFD||0,8 (0,8 Pips)|
|SMI20||Swiss 20 Rolling||CFD||6 (6 Pips)|
|SWE30||Swedish 30 Rolling||CFD||0,4 (0,4 Pips)|
|IBX35||Spanish 35 Expiring Future||CFD||4 (4 Pips)|
|Brent||ICE Brent Expiring Future||CFD||5 Ticks|
|Gold Spot||Polish 20 Expiring Future||Spot||5 Ticks|
In GKFX, the spread is similar to the minimum deposit and also the minimum trade size, namely that the amount of the estimated spread depends, among other things, on the selected account model. For example, if you choose the VIP account, you can start trading from a low spread of 0.6 pips. For an account with fixed spreads, these usually start at 1.5 pips, which is a rather mediocre value. On the other hand, index CFDs such as the DAX30 are tradable during the main trading hours from 09:00 to 22:00 hrs from just 1 point spread. The Dow Jones can be traded during the same trading hours at 2 pips fixed spread, which is also very cheap.
Conclusion on the minimum deposit at GKFX: It couldn’t be better!
With the minimum deposit, the broker GKFX can definitely convince, because with the two account models “Fix” and “Variable” no minimum deposit is required. There is no better way, especially for beginners and trading novices, because they are not forced to deposit at least the amount X on the trading account. In addition, index CFDs such as the DAX30 or the Dow Jones can be traded from as little as 10 cents per point, which is particularly useful for beginners who want to trade smaller amounts at first. But also advanced traders can test new strategies with relatively low risk without having to risk a lot of capital. On the other hand, if you decide to take advantage of the VIP account, you will have to make a minimum deposit of 25,000 euros, but this is not usually a problem. Professional traders who consciously decide on a VIP account often invest capital in the five and six-digit range anyway, so that even such a high minimum deposit will not be a problem.