The Forex industry has witnessed the rise and fall of many broker companies who cannot keep their promise. Still, despite the many brokers who were suspended or banned from the market, there is also a group of Forex brokers who have been operating for many years and are doing quite well. There are also many new Forex broker who try to prove to have what it takes to survive in the market. New Forex brokers fall into two categories. The first category refers to newly established brokers who are still struggling with mistrust of customers who prefer experienced brokers. The other group refers to novice brokers who simply take off as if they have been in business for years. GKFX Prime is one of the new brokers and how it has been doing can be found in the following GKFx Prime review where we describe the service package of this broker. Read our review and find out if GKFx Prime deserves a chance.
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Short History of GKFx Prime
This FCA regulated broker was established in 2014, only two years ago. During its brief existence, the broker managed to establish a solid reputation and manages its business from the Virgin Islands. The Virgin Islands are one of the target Forex destinations because of the many tax benefits and affordable labor force. The FCA (Financial Conduct Authority of the UK) makes sure that this broker treats its clients appropriately with an emphasis on protection of their funds. Registering with the FCA was a smart move for the company because Forex traders have always appreciated a strong ruling hand which gives them the security they need. Still, many traders do not trust offshore brokers even if the supervisory body is as good as the FCA. To be honest, it is a little bit difficult to control an entity that is so far away, and we do not know if different laws apply in Britain and the Virgin Islands which could help offshore brokers get away with dirty tricks. On the plus side, GKFx Prime is owned by Global Kapital Group which already made a name in the industry. Global Kapital Group is, among others, registered with BaFin (the German regulatory agency), and we all know that the perfect Germans do not tolerate inaccuracies and slips.
The Platform
The broker goes with the flow and offers the Meta Trader 4 trading platform in all its forms and versions. The MT4 is the platform of all platforms and is known for impeccable performance, advanced auto-trading tools, and clear interface. Traders cannot get bored with this platform which meets the needs of beginners and professionals. The MT4 was first available as a download version, but the Meta Q house soon developed a web-based MT4 to the delight of many traders. GKFx Prime offers both versions, as well as the accompanying GKFx Prime mobile app for all those who cannot keep their hands off trading.
Account Types
This broker offers a range of tradable assets. However, the Micro account does not allow access to all assets and traders are presented only with Forex and commodities. The GKFx Prime Micro account is one of the two accounts offered by this broker. The minimum deposit with this broker starts only at $1 but to get access to more features it is recommended to deposit at least $5. As we said, some options will still be unavailable with the Micro account, but therefore the GKFx Prime Standard account offers access to 300+ equities. Both accounts start from spreads with 1.5 pips and maximum leverage 1:400. Minimum trading lot for both accounts is 0.01, while the Micro account has a limited maximum trading lot, and the Standard has not. The broker also offers a Multi Account Manager (MAM) account for financial advisor and investors who need a professional account to run their businesses and manage their clients’ funds.
GKFx Prime Bonus
This broker does not offer any kinds of bonuses to their traders so you should not expect a GKFx Prime bonus if you sign up with this broker. Many brokers have a no-bonus policy, and all of them should reconsider their decision and introduce at least some sort of promotion in order to attract clients. Nevertheless, this is still better than offering a bonus which turns out to be a scam.
Deposits and Withdrawals with GKFx Prime
As every modern broker, GKFx Prime is also aware of the significance of variety when it comes to payment methods. Besides wire transfer, traders can pay and withdraw via credit cards and Neteller. There is also the fast deposit and withdrawal option which accelerates the payment process. Nevertheless, the broker should add one or two more e-wallets to its list.
Customer Support
The customer support is available or at least should be available 24/5, but many clients reported back that the customer support does not reply to e-mails or answer phone calls. This unfortunate behavior can seriously affect the broker’s reputation. In a fast market as Forex, the customer support has to be top-notch, let alone available. There is no excuse for not replying to clients especially if it concerns withdrawals. We would kindly suggest the broker to pay attention to this matter and remodel its customer support policy.