Pros & cons of GKFX Prime broker

GKFX Prime Fact sheet

Safety should be a top priority when choosing a broker. GKFX Prime is a regulated broker and therefore can be trusted. However, it should be mentioned that the regulators are not very strict. This can be a dealbreaker for some, while for others, it is an opportunity. For instance, the broker is able to offer 400:1 leverage due to the fact that there are no strict leverage requirements from the regulators. 

• GKFX Prime is authorized and regulated by the British Virgin Islands’ financial authority called the Financial Services Commission (“FSC BVI”) under company number 1728826 and license number BVI SIBA/L/1066.
• GKFX Prime is also authorized and regulated by the Securities and Exchange Commission of Cambodia (“SECC”) under the license 026 GKFX Cambodia Co Ltd.

There are many different types of traders in the financial trading world, and with the goal in mind to meet the needs of different traders, GKFX Prime offers 4 account types. The available maximum leverage on all account types is 400:1, Stop Out level is 20%, and the max trade volume is 50 Lots. 

• STANDARD FIXED - As the name suggests, the account type offers fixed spreads. This is especially beneficial for traders who are not able to trade during the most active trading hours and are unable to catch tight spreads. Fixed spreads start from 1.8 pips.
•  STANDARD VARIABLE - This account type offers commission-free trading. But spreads on EUR/USD start from 1.2 pips. This account type is best suited for swing traders and beginners.
• VIP VARIABLE - In order to open this account type traders need to deposit 5,000 USD or more on their trading accounts. The account type offers the best trading fees, there are no commissions and spreads on EUR/USD start from 0.6 pips. 
• ECN ZERO - This account type is ideal for intraday traders, scalpers, high-frequency, and algorithmic traders. There are no spread markups. On the other hand, traders are charged commissions of 10 USD per traded lot round-turn. 

Pros & cons of GKFX Prime account types

Comparing GKFX Prime fees with other brokers

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*Inactivity fee was eliminated by IB in 2021, it used to be $20/m

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GKFX Prime offers access to MetaTrader 4 (MT4) and MetaTrader 5 (MT5). In addition, mobile and web trading versions of the platforms are also available for iOS and Android users. Both platforms are built by MetaQuotes and they are very popular and reliable, however, there are a few differences:

• Market coverage: MT4 is primarily used for Forex trading, while MT5 covers a wider range of markets including, bonds, futures, commodities, shares, currencies, etc. 
• Programming language: MT4 and MT5 use different languages for creating trading algorithms. MT4 uses MQL4 and MT5 uses MQL5. This means that if you purchase a trading algorithm built for MT4, you won’t be able to use it on MT5 and vice versa.
• Timeframes: MT5 offers 21 timeframes, while only 9 are available on MT4. 
• Hedging: MT4 allows you to hedge against your own trading positions, while hedging is disabled on MT5 by default.
• Depth of Market: MT5 provides traders with Depth of Market (DOM) features. The DOM displays the bid and the ask prices. 
• Economic calendar: MT5 has an integrated economic calendar that displays upcoming news events and helps traders anticipate volatility in the markets easily. 

Quality education is critical for the development of successful traders. GKFX Prime provides traders with trading articles, ebooks, and video tutorials for every level. The educational material is aimed at beginners and experts, and includes tools for market research and analysis such as:

• Daily Articles
• Weekly Videos
• Trading Central
• Autochartist
• MT4/MT5 Booster
• VPS
• Tradeworks
• Calculators
• Economic Calendar

Overall, we can safely say that the educational material and research tools offered are pretty extensive and good with this broker.

Customer service is an important factor to consider when choosing a CFD (Contract for Difference) broker. GKFX Prime offers customer support in 10 languages. Existing and potential clients of GKFX Prime can contact the broker via live chat, email, and over the phone. The support is available 24 hours a day, 5 days a week. 

To sum everything up, GKFX Prime is a multi-asset Forex and CFD broker operating globally. The broker is regulated, which means that it can be trusted. The broker offers a wide range of trading accounts, and traders with different requirements can easily find the most suitable conditions for their individual trading styles. There are 202 tradable instruments available for trading on Standard Variable accounts through the use of MetaTrader 4 and MetaTrader 5. The offered asset classes include CFDs on stocks, commodities, cryptocurrencies, Forex, and indices. Tools for market research and educational material are pretty extensive and great, and customer support is professional. We can safely say that GKFX Prime is a good broker.