Table of contents:
- 1 Background: GKFX is so serious
- 1.1 What customers say
- 1.2 The support in the test
- 1.3 Our experience
- 1.4 The GKFX offer
- 1.5 Social Trading on offer
- 1.6 Maximum leverage 30:1
- 1.7 Perfectly equipped with MetaTrader 4
- 1.8 Deposit and withdrawal
- 1.9 Bonus and promotions
- 1.10 Participate actively in trading with 10 Euro
- 1.11 Above average abundance of underlyings
- 1.12 Educational offers:
- 1.13 Conclusion:
- 1.14 How are deposits made?
- 1.15 Is GKFX regulated?
- 1.16 What are the available trading options?
- 1.17 Are there hidden costs when opening an account?
GKFX user-ratings: 200€
- Asset varierity - 0/100/10
- Trading platform - 0/100/10
- Support - 0/100/10
- Fees - 0/100/10
- Deposit/Withdrawal - 0/100/10
Facts about the company:
- Type: Forex, stocks, and CFD Broker
- Regulation: MFSA (Malta)
- Minimum deposit: 200 €
- Demo account: Free
- Markets: 500+ Forex, CFDs, shares, indices, commodities, cryptocurrencies
- Instant execution
- Fully regulated
- Local support
- Spreads from 0.1 pips
- Leverage up to 400:1
Background: GKFX is so serious
Behind the Forex Broker GKFX is GKFX Financial Services Limited, a service provider originally from the UK. The company headquarters is therefore located in London. All important decisions are made from here. Meanwhile, the company has 19 branches, which are distributed all over the world. Of course, GKFX Financial Services Limited does not miss the opportunity to set up an office in the German financial metropolis of Frankfurt am Main.
|Companies||GKFX Financial Services Ltd. Frankfurt branch|
|address||Mainzer Landstrasse 69 -71, 60329 Frankfurt am Main Germany|
|Registration number||AG Frankfurt, HRB 92797|
|Regulation / license||BaFin register number 130602|
|phone||+49 (0) 69 256 286 90|
|Service times:||Mon – Thu 9 a.m. – 7 p.m., Fri 9 a.m. – 6 p.m.|
|Call back service:||available|
GKFX is mainly regulated by the Malta Financial Services Authority (MFSA). In addition, however, the company has also successfully sought German approval and control, so that even BaFin now has a further scrutinizing view of the business of GKFX Financial Services Limited. We can only approve this double regulation for German clients. Should there be dubious transactions here, at least one of the authorities would notice them directly? We, therefore, assume that GKFX is serious and that the Forex and CFD brokers are not rip-offs.
In addition, GKFX provides a deposit guarantee of up to 50,000 English pounds for all customers. In case of insolvency of the company, all traders are guaranteed to get their money back up to 50,000 GBP. Customer funds are kept separate from the company’s assets to ensure this repayment.
What customers say
As with almost all Forex brokers, there are negative votes about GKFX on the Internet. We have taken this into account and have found that most of the criticism is not directed against GKFX itself, but rather against the trading principle of Forex or CFD trading. This in turn is only offered and offered by GKFX, as hundreds of other trading providers do. The basic principles of trading on the financial market are therefore set. GKFX has little influence on this.
However, many opinions about GKFX also go in a very positive direction. The overall picture is praised: transparency and customer friendliness are combined with an attractive offer, which also appeals to beginners. Especially the live trading is seen by many investors as a real highlight. However, experienced experts are not particularly satisfied with the new part of social trading. It gives too much the impression of being able to earn money without any previous knowledge and without having to lift a finger. This is usually not the case.
The support in the test
GKXF attaches great importance to customer satisfaction. The top priority is to provide its users with advice in their own language, which also appears professional in terms of content. This was achieved in the test at the Forex Broker GKXFX. Our contact persons were apparently native speakers, who were friendly and courteous in dealing with all our concerns and quickly showed us solutions. This impression was also gained by other users, as we could read in various testimonials.
|Telephone:||00 356 2778 0848|
The helpful support can be contacted in three ways. On the one hand, there is a telephone number on which a member of staff is available directly. In the live chat, however, we had to wait a few minutes until they took care of us. Alternatively, you can also simply write an email from GKFX. In addition, there is a practical callback service, which is also available free of charge and helps you especially when there is no contact person available, but a problem can best be discussed by phone.
In our test, we naturally took a close look at the Forex broker. In terms of seriousness, the broker receives absolute top marks from us, especially due to the double regulation in England and Germany. The provider also makes an excellent impression in direct contact with the customer advisors. Whether GKFX is a fraud or a rip-off? We can deny that in all conscience. Negative voices from the Internet can also be justified with an overall criticism of the principle of currency trading. There were no major complaints about the actual service and the performance of GKFX.
The GKFX offer
After the basic analysis of whether a Forex broker is really serious, a closer look at the services and conditions should be taken. A simple broker comparison can be made on the basis of some key points such as leverage and spreads. This allows interested traders to quickly determine whether they are at the right address with a broker like GKFX or whether they should continue to look for a suitable candidate for their investment.
Social Trading on offer
In addition to the usual types of trading in the field of currency trading and trading with CFDs, GKFX also has something very special in its program: social trading. Like some of our competitors, this gives clients the opportunity to adopt trading strategies and signals from other traders almost automatically and apply them to their own trading account. This has the advantage that – should a successful expert have been found – money can be earned practically without any personal involvement. However, in reality, it is not as simple as it sounds. To find the right signal generator, charts, statistics, and more must be evaluated. When making investment decisions, however, traders should generally rely more on themselves than on other traders.
Maximum leverage 30:1
A common value for the leverage, which in the end decides with how much money a trader actually goes to the market, is 30:1. Here GKFX is in no way inferior to the competition and has also agreed on such high leverage. Some time ago it was common to offer up to 400:1 leverage. With them also comes higher risk.
It should be noted that the leverage is not the same for every currency pair and every CFD. There can be differences, with the lowest leverage being 2:1 for crypto currencies. However, besides the reclassification of leverage, there has been more. Private investors are required to deposit additional margin for their own protection. Here is an overview of the levers and margins:
|Products||Maximum leverage||additional margin for private investors|
|Major FX pairs||30: 1||14x|
|Major Indices Minor FX Pairs Gold||20:01||5x|
|Commodities minor indices||10:01||10x|
In addition, the stop-out level has been increased from 10 percent to 50 percent of the balance on the trading account and protection against overdraft.
Perfectly equipped with MetaTrader 4
Like most other Forex brokers, GKFX now allows the connection of the external trading software MetaTrader 4, giving traders the opportunity to use a structured and intuitive system as a platform that provides them with real-time quotes on a continuous basis. In addition, there is a large selection of different trading and analysis tools that can be of long-term help to the trader. The so-called Expert Advisor is also integrated, which automatically applies trading strategies. They can be programmed or imported by the trader himself. With MyFX further additional functions are added.
Furthermore, GKFX also offers its own WebTrader, which is also very clearly designed. Via the in-house app, investors can also access their accounts while on the move.
Deposit and withdrawal
A money deposit can be made with GKFX through various channels. Besides the classic bank transfer and payment by credit card, online methods such as Skrill and Neteller are also offered. This means that the deposited amount is on the online account within seconds and can be used. Payers by credit card must be careful: a fee of 1.5% of the transferred amount is charged.
|Payment options||Visa, Mastercard, Skrill, Discover, Visa Electron, Visa Delta, Skrill, Sofortüberweisung, bank transfer|
|Fees:||1.5% for credit cards and debit cards|
|Account management possible in:||Euro, US dollar, British pound, Swiss franc|
|Withdrawal options:||Visa, Mastercard, Visa Electron, Skrill, bank transfer|
The payout was very reliable in our test. We received the money within a few days. When paying out by bank transfer or credit card, the amounts can be withdrawn from the online account free of charge.
Bonus and promotions
We do not understand why GKFX is not currently recruiting new customers with a deposit bonus or certain special promotions. Interested parties should nevertheless keep an eye on the provider’s website. Maybe this policy will change and there might be some bonuses in the future.
Participate actively in trading with 10 Euro
The GKFX is particularly beginner-friendly with regard to the entry hurdles. Interested parties can get started for as little as 10 Euros. Other Forex brokers usually require deposits starting at 50 Euros. In most cases, traders can participate in trading from 200 euros. Here, however, also the hint that for successful trading with Forex products a balanced portfolio should exist. This cannot be achieved with deposits and stakes of 10 Euros. Who really wants to trade lucratively should therefore think about higher deposits.
The minimum transaction size at GKFX is a very fair 0.1 lot. The spreads at the majors are rather mediocre compared to direct competitors. They are between 1.5 and 1.8 pips. Spreads are practically the trading commission that a Forex broker receives.
Above average abundance of underlyings
With GKFX all customers get their money’s worth. With regard to currency pairs, over 100 different tradable base rates are offered, which can be used for trading. GKFX is constantly trying to expand this offer. Besides majors, there are also some exotic currencies. We strongly recommend beginners and novices to keep their hands off them. This is rather a speculation, when financial markets and connections are largely unclear. Furthermore, news and information on exotic currencies are usually not transported quickly enough to the German-speaking countries, so that the usual trader has no chance of being able to participate actively and successfully.
With over 600 different CFDs from the areas of shares, indices and commodities, GKFX is very versatile. Although the competition offers even more different underlying in some cases, 600 CFDs also fulfill almost all the wishes of beginners and professional traders.
Beginners often find it difficult to find their way in the complicated world of finance. However, our test has shown that the broker does everything possible to help even beginners. They are provided with a large area with videos, tutorials, instructions, training, webinars, and much more. Of course, an economic data calendar is also included. With Autochartist there are also automatic chart analyses and. Trading Central is also available with a lot of useful information.
We were particularly impressed by the live trading, which takes place at least once a week and introduces interested parties to the world of trading. A real tip for all those who want to look over the shoulder of the professionals.
And another positive feature: the GKFX demo account is also available for longer than the announced 30 days if you open a live account. This means that strategies can be tested as a demo on the real market free of charge for an unlimited period. In our opinion and experience, this is a very interesting possibility.
GKFX is without a doubt one of the best brokers for trading Forex and CFDs that the German market has to offer. Due to the double regulation and German support, clients can be sure of the seriousness of the internationally oriented company. Our experience has confirmed this once again.
The offer of GKFX is also versatile. Social trading, leverage with up to 400:1, and the connection possibility of MetaTrader 4 lay the foundation stone, low entry barriers, fair spreads, and a wide range of further training offer to ensure an overall high valuation of GKFX. Registration can be strongly recommended.
Most asked questions:
How are deposits made?
For making a deposit you have to walk through the next four steps: Start by logging into your secure client area. Then, you Go to Funds and then Deposit tabs then you select your account and then deposit method. Afterward, you can select the amount and proceed with the payment.
Is GKFX regulated?
GKFX is mainly regulated by the MFSA that is based in Malta. So GKFX is a very serious and trustworthy trader that is controlled by several European countries.
What are the available trading options?
There are three trading platforms available. Clients can trade CFDs and Forex with the popular MetaTrader4, MetaTrader5 as well as the WebTrader.
There are no hidden counts when starting as a trader with GKFX. The registration process as well as the hold of the account is free of charge through the whole timeline.