What is GKFX Prime？

GKFX Prime is an online forex and CFD broker that was established in 2012. The broker is based in the United Kingdom. GKFX Prime provides traders with a range of trading instruments, including forex, indices, commodities, and cryptocurrencies. They offer various account types and trading platforms, including the popular MetaTrader4 and MetaTrader5 platforms. GKFX Prime also provides educational resources and customer support in multiple languages.

What Type of Broker is GKFX Prime？

GKFX Prime is a Straight Through Processing (STP) broker that offers clients direct access to interbank markets without the need for a dealing desk or human intervention. This means that trades are executed instantly and efficiently without any conflict of interest between the broker and the client.

Pros & Cons

GKFX Prime's main advantages are their competitive trading conditions, including tight spreads and low commissions, as well as their extensive range of trading instruments and educational resources.

However, their lack of regulatory oversight in major jurisdictions and too many complaints from users may be a concern for some traders.

Ultimately, it's important for traders to weigh these factors against their own priorities and preferences when choosing a broker.

GKFX Prime Alternative Brokers

Some alternative brokers to GKFX Prime include:

• IC Markets: An Australian-based broker that offers ECN trading with tight spreads and low commissions. They also have a wide range of trading instruments and multiple trading platforms.

• Admiral Markets: A European-based broker with a strong focus on education and research. They offer a variety of account types and trading platforms, as well as a wide range of trading instruments.

• FxPro: A UK-based broker with over 15 years of experience in the industry. They offer a range of trading platforms and account types, including ECN trading with tight spreads.

• Pepperstone: An Australian-based broker that offers low spreads, fast execution, and a variety of trading platforms. They also offer a range of educational resources for traders.

• XM: A global broker that offers a wide range of trading instruments and multiple account types. They also offer a demo account for traders to practice trading strategies without risking real money.

It is important to thoroughly research and compare different brokers before choosing one that suits your trading needs and preferences.

Is GKFX Prime Safe or Scam？

As GKFX Prime is an unregulated broker, its reliability may be a concern for some traders. While the company has been operating for several years, the lack of regulatory oversight may make it less attractive to traders who prioritize safety and security. The worse is that there are too many complaints from their users.

Also, it's important to note that being unregulated doesn't necessarily mean that a broker is unreliable. However, it does mean that there is no external oversight of the broker's activities and no protection for clients in the event of financial difficulty or fraud. Clients should exercise caution when dealing with unregulated brokers and conduct thorough research before opening an account.

Market Instruments

GKFX Prime offers 400+ financial instruments to trade, including forex, commodities, indices, stocks, and cryptocurrencies.

Forex: over 50 currency pairs, including major, minor, and exotic pairs.

Commodities: including gold, silver, oil, and natural gas.

Indices: over 20 global indices, including popular indices like the S&P 500, FTSE 100, and DAX 30.

Stocks: over 300 stocks from companies listed on exchanges in the US, UK, Germany, and France.

Cryptocurrency: including Bitcoin, Ethereum, and Litecoin.

Accounts

Apart from free demo accounts, there is a large variety of live trading accounts available at GKFX Prime, and each one is tailored to the specific requirements of the clients.

A trader's risk appetite, the quantity of their initial investment, and the amount of free time they have daily to devote to trading the Forex market are all important considerations when deciding which account type will best suit their needs.

The account types include the following: Standard Fixed, Standard Variable, VIP Variable and ECN Zero. Additionally, Islamic accounts are available for clients who follow Sharia laws. There is no minimum deposit requirement for Standard Fixed, Standard Variable and ECN Zero accounts, while $5,000 for VIP Variable accounts.

How to open an account with GKFX Prime？

To open a new forex trading account with GKFX Prime, you must first pass a simple “know your customer” test. Because of this, GKFX Prime can verify your identity, your account information, and the security of your cash.

Login information for the trading platform that is best suited to the type of account you opened will typically be emailed to you after the initial registration.

Step 1 – Register an account

Open your Live Trading Account.

Step 2 – Fill out the 5-page form

Supply personal detail, financial information, trade knowledge and experience, etc.

Leverage

The maximum leverage offered by GKFX Prime is 1:400. However, the leverage available to you may vary depending on your location and the regulatory restrictions in place.

Spreads & Commissions

Different account types have different trading conditions. Specifically, Standard Fixed accounts have spread from 1.8 pips and no commissions; Standard Variable accounts have spread from 1.2 pips and no commissions; VIP Variable accounts have spread from 0.6 pips and no commissions; ECN Zero accounts have spread as low as 0.0 pips but have to pay a commission of 10/lot.

Below is a comparison table about spreads and commissions charged by different brokers:

Note: The above information is subject to change and may vary based on account types and market conditions.

Trading Platforms

GKFX Prime offers the MetaTrader4 (MT4) and MetaTrader5 (MT5) trading platforms, which are popular and widely used platforms among traders. They provide access to a range of tools and features, including advanced charting, technical analysis tools, automated trading capabilities, and the ability to customize and use third-party indicators and trading algorithms.

They are both available for desktop, web, and mobile devices, making it convenient for traders to access their accounts and trade from anywhere at any time. Additionally, GKFX Prime offers a VPS (Virtual Private Server) service to clients who require faster and more reliable connection to the MT4 and MT5 platforms.

Overall, GKFX Prime's trading platforms are well-designed, user-friendly, and offer a range of advanced features suitable for both beginner and experienced traders. See the trading platform comparison table below:

Deposits & Withdrawals

While there is no minimum deposit requirement with GKFX Prime, we advise putting up at least five dollars so that you have more flexibility and a higher chance of building positions large enough to make a difference in the markets. The company offers quick deposit and withdrawal alternatives to GKFX Prime traders so that regular traders can have more faith in the platform and gain more market access.

Credit cards (Visa, MasterCard and Maestro), bank transfers and e-wallets such as Neteller and Skrill are all acceptable methods of payment, so long as the buyer has provided the necessary “know your customer” papers to comply with AML regulations. The most common of them is a photocopy of your passport and some form of the recent bill showing your current address.

Credit cards and bank transfers are both acceptable withdrawal methods. Transfers made with a credit card take three to five business days to process, while wire transfers can take anywhere from one to five days. Withdrawal is free of charge.

Please note that some deposit and withdrawal methods may not be available in certain regions/countries, and fees and processing times may vary depending on the chosen method.

GKFX Prime minimum deposit vs other brokers

GKFX Prime Money Withdrawal

To withdraw funds, clients need to log in to their account, go to the “Withdrawal” section, select the preferred withdrawal method, and follow the instructions provided. It's worth noting that GKFX Prime may require additional documentation for verification purposes before processing the withdrawal request.

Bonus & Fees

GKFX Prime claims to offer a 100% welcome bonus and a 50% re-deposit bonus. In any case, you should be very cautious if you receive a bonus. First of all, bonuses aren't client funds, they're company funds, and fulfilling the heavy requirements that are usually attached to them can prove a very daunting and difficult task.

Apart from commission fees on the ECN Zero account, there are no other fees charged.

See the fee comparison table below:

Please note that these fees are subject to change and may vary depending on the country of residence and the payment method used.

Customer Service

GKFX Prime offers customer support in multiple languages through various channels including live chat, phone, and email. Their customer support is available 24/5, which means that traders can get assistance during the trading week. Additionally, GKFX Prime provides support through social media platforms such as Facebook, Twitter, LinkedIn, Instagram and YouTube.

The broker also provides an FAQ section and educational resources on its website to assist traders. Overall, GKFX Prime has a good reputation for customer support.

Note: These pros and cons are subjective and may vary depending on the individual's experience with GKFX Prime's customer service.

Education

Those interested in opening an account with GKFX Prime should familiarize themselves thoroughly with the ins and outs of forex and commodity trading before placing any trades. If a trader needs more information than is available on the GKFX Prime website, they should look elsewhere.

GKFX Prime offers a range of educational resources for traders of all levels, including video tutorials, articles, ebooks, webinars, seminars.

Webinars: GKFX Prime provides free webinars to its clients, covering various trading topics, such as market analysis, risk management, and trading strategies.

Video tutorials: The broker offers a collection of video tutorials covering a range of trading topics, including technical analysis, trading psychology, and risk management.

Conclusion

Based on the information provided, GKFX Prime is an unregulated broker with a wide range of trading instruments and account types. While their trading conditions are relatively competitive, the lack of regulation raises concerns about the safety of client funds. Their customer support and educational resources are adequate but not exceptional. Overall, traders should approach GKFX Prime with caution and consider alternative brokers that are regulated and offer more comprehensive services.

Frequently Asked Questions (FAQs)

CWG Markets Information

CWG Markets is a regulated international broker offering a diverse range of CFD trading instruments, including forex, indices, commodities, and futures. With a focus on trust and security, the platform provides global traders with access to competitive spreads, advanced trading technology, and multilingual support.

Pros & Cons

Is CWG Markets Legit?

According to the information provided, CWG Markets is regulated by two different authorities:

1. Financial Conduct Authority (FCA): CWG Markets Ltd is licensed and regulated by the Financial Conduct Authority in the United Kingdom. Their license number is 785129, and they are authorized for Market Making (MM) activities. The address of the licensed institution is 76 Cannon Street, 3rd Floor, London, EC4N 6AE, United Kingdom.
   

2. Vanuatu Financial Services Commission (VFSC): CWG Markets Ltd is also licensed by the Vanuatu Financial Services Commission. Their license number is 41694, and they hold a Retail Forex License under the offshore regulation.

Market Instruments

Foreign exchange, precious metals, crude oil, global hot stocks, stock indexes, futures, spots and other CFDs .....CWG Markets allows clients to access a huge range of trading markets. Therefore, both beginners and experienced traders can find what they want to trade on CWG Markets.

Forex: CWG offers a range of forex instruments, including major currency pairs such as EURUSD, AUDUSD, GBPUSD, USDCHF, USDJPY, and USDCAD. These instruments allow traders to speculate on the exchange rate fluctuations between different currencies. The forex market is the largest and most liquid market globally, providing opportunities for traders to engage in currency trading.

CFD Stock: CWG provides Contract for Difference (CFD) instruments on various stocks. These CFDs allow traders to speculate on the price movements of individual stocks without owning the underlying asset. Some of the stocks offered by CWG include ADBE (Adobe Inc), AMZN (Amazon.com Inc), ATVI (Activision Blizzard Inc), BIDU (Baidu Inc), PEP (PepsiCo Inc), C (Citigroup Inc), COP (ConocoPhillips), DAL (Delta Air Lines Inc), DELL (Dell Technologies Inc), JPM (JPMorgan Chase & Co), and F (Ford Motor Co).

Precious Metals: CWG offers trading instruments on precious metals like XAGUSD (Silver) and XAUUSD (Gold). These instruments allow traders to speculate on the price movements of these precious metals. Precious metals are often considered as safe-haven assets and can serve as a hedge against inflation or economic uncertainties.

Energy: CWG provides trading instruments related to energy markets. UKOIL (Brent Crude Oil) and USOIL (WTI Crude Oil) are offered by CWG. These instruments allow traders to participate in the price movements of these energy commodities, which are influenced by factors such as supply and demand dynamics, geopolitical events, and global economic conditions.

Indices: CWG offers trading instruments based on various global stock indices. These indices represent the performance of a group of stocks from specific regions or sectors. Some of the indices available for trading include DE30 (Germany 30), FR40 (France 40), ES35 (Spain 35), EU50 (Euro Stoxx 50), HK50 (Hong Kong 50), JP225 (Japan 225), and US500 (US 500). Traders can speculate on the overall performance of these indices without directly owning the underlying stocks.

Commodity Futures: CWG provides trading instruments on commodity futures. These instruments allow traders to speculate on the future price movements of commodities like UK100NGAS (UK Natural Gas), COPPER, and USOIL (Crude Oil). Commodity futures trading involves predicting the price direction of these commodities and taking positions accordingly.

Spreads & Commissions

The Rapid Account has a spread of 2.2 pips and no commission, while the Standard Account offers a spread of 1.5 pips with no commission.

The Premium Account features a spread of 0.0 pips and a $3 commission per side, and the Institutional Account also has a spread of 0.0 pips with a $1.5 commission per side, with all accounts offering Islamic options with no overnight interest.

Account Types

CWG Markets offers four account types:

1. Rapid Account: Minimum deposit of $10, spreads from 2.2 pips, maximum leverage of 1:1000, and no commission.
2. Standard Account: Minimum deposit of $50, spreads from 1.5 pips, maximum leverage of 1:500, and no commission.
3. Premium Account: Minimum deposit of $200, spreads from 0.0 pips, maximum leverage of 1:500, with a $3 commission per side.
4. Institutional Account: Minimum deposit of $30,000, spreads from 0.0 pips, maximum leverage of 1:100, with a $1.5 commission per side.

All accounts are available in GBP, EUR, USD, offering Islamic options with no overnight interest and a liquidation ratio of 50%.

How to Open an Account?

To open an account with CWG Markets, you can follow these steps:

1. Visit the CWG Markets website: Go to the official website of CWG Markets, which is www.cwgmarkets.co.uk.
2. Register: Look for the ‘Open a live account’ button on the website and click on it. You will be directed to the registration page.

3. Fill in personal information: Provide the required personal information, including your full name, email address, phone number, and country of residence. In this case, since you are from the United States, select the United States as your country.

4. Phone Number: Enter your phone number accurately as requested.

5. Email Verification: You will receive an email verification code to the email address you provided. Check your inbox and enter the verification code in the appropriate field on the registration page.

6. Set Password: Create a password for your CWG Markets account. The password should be between 8 to 15 characters and must contain both uppercase and lowercase letters. Make sure to choose a strong and secure password that you can remember.

7. Complete the registration: After setting your password, review the terms and conditions, and any other relevant information provided by CWG Markets. If you agree to the terms, click on the “Register” or “Sign Up” button to complete the registration process.

8. Account Verification: Depending on the requirements of CWG Markets, you may need to verify your identity and provide additional documents to activate your account fully. Follow the instructions provided by CWG Markets to complete the verification process if necessary.

Trading Platforms

Trading platforms offered by CWG Markets:

1. CWG MetaTrader 4: MetaTrader 4 is a widely recognized and popular trading platform used by millions of traders worldwide. It provides a user-friendly interface and a comprehensive set of trading tools. Traders can access the platform from various devices, including Windows computers. The platform offers features like real-time market quotes, advanced charting capabilities, and the ability to execute trades with multiple order types.

2. CWG MetaTrader 5: MetaTrader 5 is another industry-leading trading platform offered by CWG Markets. It is chosen by banks and traders from over 30 countries. Traders can download and install the platform on their Windows devices to access a wide range of trading instruments. MetaTrader 5 provides enhanced trading features, improved charting tools, and advanced order execution options. Additionally, CWG Markets offers the MetaTrader 5 app for Android and iOS devices, allowing traders to trade on the go.

Leverage

CWG Markets provides traders opportunities to use leverage as large as 1:1000.

Deposit & Withdrawal

CWG Markets offers a variety of payment options, including VISA, Mastercard, PayPal, Skrill, NETELLER, BPAY, UnionPay, POLi®, Tasapay, and bank transfers, providing customers with flexible and convenient ways to fund their accounts and execute trades.

Customer Support

The customer support of CWG Markets is available to assist traders with their inquiries and concerns. Here are the details regarding their customer service:

Language: The customer support is available in English.

Service Hours: The service hours for customer support are from Monday to Friday, 07:30-01:00 (GMT +8).

Email: Traders can reach out to CWG Markets through email at service@cwgmarkets.com for trading problems, complaints, suggestions, and account assistance. It is advised to use the registered email address and include relevant account details and questions for prompt support.

Phone: CWG Markets provides a hotline for global inquiries. The phone numbers are as follows: +44 2037699268 and +60 1800819380.

Address: The company's physical address is 1276, Govant Building, Kumul Highway, PORT VILA, VANUATU.

Social Media: CWG Markets can also be contacted through various social media platforms such as Facebook, Instagram, LinkedIn, YouTube, and Twitter.

Users Exposure on WikiFX

On our website, you can see that some users have reported scams. Please be aware and exercise caution when investing. You can check our platform for information before trading. If you find such fraudulent brokers or have been a victim of one, please let us know in the Exposure section, we would appreciate it and our team of experts will do everything possible to solve the problem for you.

Trading Tools

CWG Markets offers a range of trading tools to enhance the trading experience of its users. These tools include:

1. MT4 Indicators: CWG Markets provides powerful Trading Central technical analysis indicators integrated with the MetaTrader 4 (MT4) platform. These indicators help users identify trading opportunities in real time, increasing confidence in their trading decisions. They offer access to 16 commonly used candlestick patterns, combining candlestick charts with quantitative and technical analysis.

2. Economic Calendar: The Economic Calendar provided by CWG Markets offers real-time, actionable macro-economic data. Traders can easily monitor, anticipate, and act on potentially market-moving events. The calendar allows users to track each event in real-time and provides insights into how similar events have previously affected prices.

3. PAMM/MAM Software: The PAMM (Percent Allocation Management Module) and MAM (Multi-Account Manager) software is designed for asset managers and traders who manage multiple accounts. It broadens the capabilities of the MetaTrader platform, allowing the management of multiple accounts through a single interface. This software is particularly useful for those who use Expert Advisors (EAs) for trading.

4. API Trading: CWG Markets offers API trading, which enables users to connect their trading accounts with custom-built platforms. With API integration, traders gain direct access to CWG's ecosystem, allowing for faster order execution and more control over their trading. API trading provides live market data, historical prices, and the ability to execute trades without manually searching for information from various sources.

Educational Resources

CWG Markets provides a range of educational resources to support traders in making informed decisions and enhancing their trading skills. These resources include:

1. CWG TV: CWG TV offers video tutorials and educational content covering various aspects of trading, including strategies, technical analysis, market trends, and more. It provides traders with visual and engaging materials to better understand trading concepts.
2. Daily Analysis: CWG Markets provides daily analysis reports that cover important market events, news, and economic indicators. This analysis helps traders stay updated with the latest market developments and make more informed trading decisions.
3. Technical Views: Technical analysis is a crucial tool for traders, and CWG Markets offers technical views that provide insights into price patterns, trends, and key support and resistance levels. Traders can leverage this information to identify potential entry and exit points for their trades.
4. Featured Ideas: CWG Markets delivers personalized trade ideas in real-time through their Featured Ideas service. These ideas are generated based on both technical and fundamental analysis, and they can assist traders in identifying potential investment opportunities.
5. Glossary: CWG Markets provides a glossary of trading terms and definitions to help traders understand commonly used terminology in the financial markets. This resource can be particularly useful for beginners who are new to trading.

Overall, the educational resources offered by CWG Markets aim to empower traders with the knowledge and insights they need to make confident trading decisions. By providing access to analysis, educational videos, trade ideas, and a glossary, traders can enhance their understanding of the markets and develop their trading skills.

Conclusion

In conclusion, CWG Markets is a regulated brokerage firm, authorized by the Financial Conduct Authority (FCA) in the United Kingdom and the Vanuatu Financial Services Commission (VFSC) under offshore regulation. CWG offers forex pairs, CFD stocks, precious metals, energy commodities, global indices, and commodity futures, providing traders with diverse trading opportunities. It offers multiple account types, including Islamic accounts, and provides a range of trading instruments through the popular MetaTrader 4 and MetaTrader 5 platforms.

However, some drawbacks include limited feasible payment methods, higher minimum deposits for certain account types, and the reduced WikiFX score due to complaints. Traders should also consider the offshore regulatory oversight and exercise caution before engaging in financial activities with CWG Markets.

FAQs

What is the leverage ratio offered by CWG Markets?

1:100.

What are the available trading platforms at CWG Markets?

MetaTrader 4 (MT4) and MetaTrader 5 (MT5).

What are some of the trading tools offered by CWG Markets?

CWG Markets offers a range of trading tools, including MT4 indicators for technical analysis, an Economic Calendar for monitoring market events, PAMM/MAM software for management of multiple accounts, and API trading for direct access and faster execution.

What educational resources are provided by CWG Markets?

CWG Markets provides educational resources such as video tutorials through CWG TV, daily analysis reports, technical views for price patterns and trends, personalized trade ideas, and a glossary of trading terms.