GKFX Prime Review 2019

Regulated By:BVI

Foundation Year:2012

Headquarters:Craigmuir Chambers P.O Box 71, Road Town, Tortola

Min Deposit:$5

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  • Choose from 6 order types: buy, sell, buy stop, sell stop, buy limit and sell limit.
  • You can use the Autochartist plug-in. This requires a funded live account to work.
  • Monitor trades and different features of your account such as the live account statement, open and closed orders, account history, exposure levels, etc. 
  • Access the MQL market from within the platform. Get all the apps needed for successful trading such as EAs, signals, indicators, etc.
  • Mobile Trading Platforms

    The MT4 and MT5 mobile apps are the only available mobile apps from GKFX Prime. These can be downloaded and installed from the Apple iOS Store and the Google Play store.

    The mobile apps featured on GKFX Prime are the generic trading app for MT4 and MT5 and the Sirix app.

    GKFX Sirix app:

    The GKFXPrime SIRIX Mobile Trader delivers to Android smartphone and tablet users, the power to access their trading accounts from hand-held devices with a single login. What can this app provide?

    • Ability to track positions, profit and loss, margin used and all positions, open or closed.
    • Stay up to date with real-time market data.
    • Advanced charting tools simplify analysis and order creation.
    • Advanced charting
  • View balance, equity and P/L positions from one single interface.
  • View live charts on 9 different timeframes that start from 1minute and end at 1 month.
  • Easy viewing of bid/ask prices from the chart interface.
  • The GKFX MT4/MT5 app:

    With GKFX Prime MT4 platform for mobile and tablet devices, you get all the standard functions of the MT4 and MT5.

    You can trade from the charts, monitor your positions and apply technical analysis as though you weer on the desktop.

    Here are some of the features of the MT4 app:

    • Rapid trade execution
    • Interactive charts
    • Several indicators across various classes (trend, momentum, volume etc).

    Trading Features

    The MT4 Marketplace and One-click trading are part of a host of features that are provided by GKFX Prime brokerage to its clients. These features favour beginners but may not be suitable for advanced traders.

    The trading features on GKFX Prime are listed below. How do they serve the different trader categories?

    Autochartist Plug-in

    This is an add-on for a group of compatible brokers, of which GKFX Prime is part of. The add-on can be downloaded into the indicator’s folder of the MT4 via a series of steps. The trader’s live account must be funded to be able to partake of this great tool.

    It comes in 30 languages and is great for beginners and intermediate traders. Reports showing piece levels and chart patterns are displayed in a simple format.

    Daily Market Reports:

    The daily market reports provide a general overview of the market and also provide action insight. Subscribe to the reports to get daily newsletters on the trading opportunities and economic events that could impact on your trades. This is very good for beginners.

    Volatility Analysis

    This is a very important tool that helps the trader understand the character of whatever financial asset is to be traded. Know what you are dealing with before you deal with it.

    This tool best serves intermediate and expert traders. It may be too complicated for beginners to fully understand or utilize properly.

    VPS

    Get a remote connection to your trading station and let your EA run trades on your GKFX Prime account continuously. It requires a minimum starting balance of $4,000 (i.e. 2,000 Euros of 1,600 GBP) to get access to the VPS. This is great for all categories of traders. Setup is simple.

    Commissions & Spreads

    GKFX Prime offers over 200 trading instruments. The spreads depend on the account types as they differ from one account to another.

    The table below shows some of the tradable assets and the spreads as offered by GKFX Prime and is based on the Standard Fixed account.

    Asset  Spread (in pips)
    USDCHF 4
    GBPUSD 3
    EURUSD 1.8
    USDJPY 3
    USDCAD 4
    AUDUSD 3
    EURGBP 3
    EURAUD 12
    EURCHF 3
    EURJPY 4
    GBPCHF 10
    CADJPY 6
    GBPJPY 10
    AUDNZD 12
    AUDCAD 10
    AUDCHF 8
    AUDJPY 4
    CHFJPY 6
    EURNZD 12
    EURCAD 8
    CADCHF 8
    NZDJPY 8
    NZDUSD 4
    Gold 100
    DJI
    Nasdaq100
    S&P500 5
    XOM 3
    QQQ 5
    Hewlett Packard 2
    IBM 4
    INTEL 3
    Microsoft 2

    Bonus & Promotions

    There are a few promotions and bonuses on GKFX Prime. These are mostly provided to new traders.

    GKFX Prime has some deposit bonuses and promotions. These are as follows:

    1. There is a 55% bonus on all initial deposits. The deposit limit used for bonus calculation is $5500. There is also a re-deposit bonus of 25% for new traders, and this is on subsequent bonuses up to $5,500.
    2. There is a 55% bonus on all initial deposits. The deposit limit used for bonus calculation is $5500.
    3. There is also a no-deposit bonus of $55 for new traders. This does not require a prior deposit and all profits can be withdrawn.

    Customer Support

    “The customer care unit operates on a 24/5 time schedule. They can be reached via email, phone, and web form.”

    The client support desk works from 6am on Monday to 7pm on Friday. They can be reached via the following channels:

      • Email: support@gkfxprime.com
      • The contact form is located on the ‘contact us’ page of the website.
      • Phone: + 44(0) 772 17 57755
    • *Customer support can only be reached between 06:00-15:00 GMT.Customer support on GKFX Prime is generally slow, except where new accounts are to be opened an a prospect has made an inquiry. This is one area where a lot of improvement is required. An online live chat facility is absent.

    Research

    The daily market reports come up every week day on the website. 

    Trading research is very sparse on GKFX Prime, and only one facility for research is provided.

    Daily Market Reports:

    This is the only facility that traders can use in terms of market research. This is only available on a subscription basis.

    Trader Education

    The education centre comprises of webinars, VOD, eBooks, articles, courses and tutorials.

    Where GKFX Prime has seen shortcomings on the research aspect of its business, it has been able to make up for with its ‘Education Centre’. This is the trader education suite that comprises training videos, courses, articles and tutorials.

    Forex Tutorials

    A forex tutorial is located on the GKFX Prime website. It covers a tutorial on aspects of forex trading, a walkthrough of the MT4 platform and a glossary containing basic forex terminology.

    Video Centre

    The video center is an assemblage of training videos grouped into two:

    • Video classes that teach various aspects of forex trading.
    • A weekly tutorial class by different authorities on the subject of forex trading.

    Forex eBook

    This is a free book introducing forex trading to beginners. It contains various topics such as chart patterns, use of indicators and candlesticks.

    Trading Experience

    GKFX Prime brokerage is suitable for beginner traders, and perhaps some intermediate-level traders. Expert traders will find the offering of this brokerage too elementary for their skill levels.

    The GKFX Prime brokerage is suitable for beginners and some intermediate-level traders. The multiple asset listing is a good way to give new traders an introduction into forex and CFD trading. Moreover, the forex education is adequate for beginners. Intermediate level traders can also benefit from the add-ons such as the volatility analysis and the Autochartist tool.

    The MT4 platform allows the use of EAs and VPS, which is great for beginners as well. The demo account can help in strategy testing and optimization. Expert traders will not find the site or the offering of this broker helpful as the features are too basic for that level.

    FAQ

    Here are some of the “Frequently Asked Questions” about GKFX Prime:

    Where is GKFX Prime based?

    GKFX Prime is based in British Virgin Islands, but also has offices in Malaysia, Indonesia and UAE.

    How does GKFX Prime make money?

    GKFX Prime makes money by spreads on the Standard Fixed, Standard Variable and VIP Variable accounts. Additionally, a commission of $10 per round lot is charged on the ECN Zero accounts.

    How do I deposit funds into my GKFX Prime account?

    • Deposits and withdrawals are transacted in Euros, US Dollars and British Pounds.
    • The payment options accepted are: bank wires, cards (MasterCard, VISA and e-wallets such as Skrill and Sofort).

    What is the min. deposit for GKFX Prime?

    The minimum deposit is $20 ($50 with bank wires)

    What is the maximum leverage in GKFX Prime?

    The maximum leverage is 1:1000 for all accounts except the VIP Variable account which has a leverage of 1:400.

    How do I open an account with GKFX Prime?

    Click on the ‘Open account’ button found on the website and fill the forms.

    Does GKFX Prime use MetaTrader?

    Yes, the MT4 and MT5 are the available platforms.

     

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