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)

Overview of CXC

CXC is a trading platform known as CXCMarkets and Tech-FX, which recently underwent a brand merger and upgrade. However, it's important to note that CXC is not regulated by any financial regulatory authority, which means there is no government oversight or customer protection. This lack of regulation poses a higher risk of fraud or financial losses for traders.

CXC offers a range of market instruments, including forex currency pairs, precious metals, cryptocurrencies, and stock index CFDs. Forex currency pairs allow traders to speculate on exchange rate fluctuations, while precious metals and cryptocurrencies provide opportunities to benefit from price movements and global events. Stock index CFDs offer exposure to broader market trends.

CXC provides different account types, such as the Micro Account, Zero Account, and Standard Account, each with its own features and benefits. The leverage offered by CXC is up to 1:1000, allowing traders to control larger positions with a smaller initial investment. Spreads and commissions vary across account types, and the minimum deposit starts at $100 for the Micro Account.

CXC offers the MetaTrader 4 platform and a web trader platform for trading activities. Customer support is available online through email, but no telephone number is provided for inquiries. Reviews about CXC are mixed, with some users expressing satisfaction with trading conditions and others reporting server issues and problems with payments.

In conclusion, CXC is an unregulated trading platform that offers various market instruments and account types. Traders should be cautious due to the lack of regulation and the associated risks. It's advisable to consider other factors and conduct thorough research when evaluating a broker.

Pros and Cons

CXC, operating as CXCMarkets and Tech-FX, presents a range of pros and cons for potential traders to consider. On the positive side, CXC offers a diverse selection of market instruments and different account types, along with leverage of up to 1:1000. Traders can access MetaTrader 4 and a web trader platform, benefiting from online customer support available around the clock. Additionally, CXC provides various deposit and withdrawal methods, accommodating different trader preferences. However, there are significant drawbacks to consider. Notably, CXC lacks regulation from any financial authority, increasing the risk of fraud or financial losses. Additionally, the absence of an official website raises transparency concerns, limiting access to essential information. Mixed user reviews and a suspicious regulatory license further contribute to the overall evaluation of CXC's potential as a reliable broker.

Is CXC Legit？

CXC. is not regulated by any financial regulatory authority. This means that there is no government agency that oversees CXC.'s activities or protects its customers. As a result, there is a higher risk of fraud or other financial losses when trading with CXC.

Market Instruments

CXC Markets is a trading platform that offers a variety of market instruments for investors. These instruments include forex currency pairs, precious metals, cryptocurrencies, and stock index CFDs.

FOREX CURRENCY PAIRS: CXC Markets provides trading services for forex currency pairs. Forex, also known as foreign exchange, involves the buying and selling of different currencies. Traders can speculate on the exchange rate fluctuations between currency pairs, such as EUR/USD or GBP/JPY. The forex market is known for its high liquidity and round-the-clock trading, allowing investors to take advantage of global economic trends.

PRECIOUS METALS: CXC Markets also offers trading opportunities in precious metals. Precious metals, including gold, silver, platinum, and palladium, are valued for their rarity and industrial uses. Traders can speculate on the price movements of these metals, taking advantage of market fluctuations and global events that impact supply and demand. Precious metals are often considered a safe haven investment during times of economic uncertainty.

CRYPTOCURRENCY: CXC Markets enables trading in cryptocurrencies, which are digital or virtual currencies. Cryptocurrencies like Bitcoin, Ethereum, and Litecoin have gained significant popularity in recent years. Traders can participate in the price movements of cryptocurrencies, taking advantage of their volatility. Cryptocurrency markets operate 24/7 and provide opportunities for both short-term trading and long-term investment.

STOCK INDEX CFD: CXC Markets offers trading in stock index contracts for difference (CFD). A stock index represents the performance of a group of stocks from a specific market or sector. With stock index CFDs, traders can speculate on the price movements of the entire index without owning the underlying assets. This allows for greater ability to take both long and short positions. Stock index CFDs provide exposure to broader market trends and are popular among traders seeking diversification.

Account Types

CXC offers a range of account types to cater to the diverse needs of traders. These accounts include the Micro Account, Zero Account, and Standard Account. Each account type has its own unique features and benefits.

MICRO ACCOUNT:

The Micro account offered by CXC is designed for traders who prefer smaller trading volumes. With a maximum leverage of 1:500, traders can amplify their trading positions. The minimum deposit required for this account is 10,000 JPY, and the minimum spread starts from 1.3 pips. Traders can trade various products, particularly focusing on currency trading. The minimum position size is 0.01 lots, and the account supports the use of Expert Advisors (EAs). CXC provides deposit and withdrawal methods for this account type, although specific methods are not mentioned. No commission is charged for trades executed in the Micro account.

ZERO ACCOUNT:

With a maximum leverage of 1:500, traders can have increased trading power. The minimum deposit required for this account is 100 USD, and the minimum spread starts from 0 pips. Similar to the Micro account, traders can access a wide range of products, mainly focusing on currency trading. The minimum position size is 0.01 lots, and Expert Advisors (EAs) are supported. Traders using the Zero account will be charged a commission of 8 USD per trade.

STANDARD ACCOUNT:

The Standard account offered by CXC caters to traders looking for a more flexible trading experience. With a maximum leverage of 1:500, traders can enhance their trading potential. The minimum deposit required for this account is 100 USD, and the minimum spread starts from 1.3 pips. Traders can access a variety of products, particularly focusing on currency trading. The minimum position size is 0.01 lots, and the account supports the use of Expert Advisors (EAs). No commission is charged for trades executed in the Standard account.

Leverage

Leverage refers to the borrowing of funds to increase the potential return on an investment. CXC Markets offers a maximum leverage of 1:1000 for forex trading, which provides traders with the opportunity to control larger positions with a smaller initial investment. This high leverage allows traders to potentially magnify their profits.

Spreads & Commisions

CXC offers varying spreads and commission structures across its account types. The Micro Account has a minimum spread of 1.3 pips with no commission, while the Zero Account provides spreads starting from 0 pips but charges a commission of 8 USD per trade. The Standard Account also has a minimum spread of 1.3 pips but does not charge any commission. Traders can choose the account type that aligns with their trading preferences and cost considerations.

Minimum Deposit

The Trading Platform offered by CXC provides an accessible and user-friendly interface for traders. It caters to various account types, with the minimum deposit set at $100 for the Micro account. The platform ensures that traders can engage in their preferred trading activities. Additionally, different account tiers are available, requiring deposits of $500, $1,000, and $10,000, respectively, offering a range of options to suit individual trading preferences.

Deposit & Withdrawal

Deposit and withdrawal options at CXC Markets are straightforward but limited. Traders can fund their accounts using two main methods: bank cards and Bitwallet, which includes cryptocurrencies such as Bitcoin, Litecoin, and Ripple. While these options provide a means of transferring funds, it is important to note that using cryptocurrencies for funding comes with inherent risks. Unlike traditional payment methods, such as bank cards, there is no possibility of initiating a chargeback in case of an issue or error. Therefore, caution should be exercised when choosing to use cryptocurrencies for depositing and withdrawing funds from CXC Markets.

Trading Platforms

CXC Markets offers a range of trading platforms to meet the diverse needs of its users.

META TRADER 4 PLATFORM: CXC Markets provides access to the MetaTrader 4 trading platform, a highly regarded and widely used platform in the brokerage industry. This platform offers numerous trading tools and instruments that enhance the trading experience. Some notable features include a financial calendar, virtual private server (VPS) capabilities, trading signals (available for a subscription fee), a code base with customizable scripts, and a demo account for practice.

WEB TRADER: In addition to MetaTrader 4, CXC Markets also offers a web trader platform. This web-based platform allows traders to access their accounts and execute trades directly through a web browser. It provides an option for traders who prefer not to download and install trading software on their devices. The web trader platform offers similar functionality to the MetaTrader 4 platform, allowing for seamless trading experiences.

Pros and Cons

Customer Support

CXC Markets provides customer support through various channels to cater to the needs of their clients. Their online support is available 24/7, 365 days a year, and can be accessed in multiple languages such as Japanese, English, French, Chinese, and Korean. Clients can reach out to them via email at support@cxcmarkets.com. However, they do not provide a telephone number for customer inquiries. This approach ensures that clients can easily communicate with CXC Markets and receive assistance promptly.

Reviews

Based on the reviews on WikiFX, there are mixed opinions about CXC. One user expressed satisfaction with the various trading conditions provided by CXC, such as a wide variety of trading products, high leverage of up to 1:1000. They were eager to open a demo account and potentially invest in instruments offered by the broker. However, another user had a negative experience, mentioning server issues that resulted in missed profits. They suspected intentional server shutdowns or problems with payment orders. It is important to note that these reviews reflect individual experiences and should be considered alongside other factors when evaluating a broker.

Conclusion

In conclusion, CXC is a trading platform that offers various market instruments such as forex currency pairs, precious metals, cryptocurrencies, and stock index CFDs. However, it is important to note that CXC is not regulated by any financial regulatory authority, which means there is no government oversight or customer protection. This lack of regulation increases the risk of fraud or financial losses for traders. While CXC provides different account types with features like leverage and low spreads, the limited deposit and withdrawal options and mixed user reviews raise concerns about the reliability and quality of their services. Traders should carefully consider these factors and exercise caution when dealing with CXC.

FAQs

Q: Is CXC a regulated broker？

A: No, CXC is not regulated by any financial regulatory authority, which increases the risk of trading with them.

Q: What market instruments are available on CXC？

A: CXC offers trading in forex currency pairs, precious metals, cryptocurrencies, and stock index CFDs.

Q: What are the account types offered by CXC？

A: CXC offers Micro, Zero, and Standard accounts, each with its own features and benefits.

Q: What is the maximum leverage offered by CXC？

A: CXC provides a maximum leverage of 1:1000 for forex trading.

Q: What are the deposit and withdrawal methods supported by CXC？

A: CXC supports deposits through bank cards and Bitwallet, including cryptocurrencies like Bitcoin, Litecoin, and Ripple.

Q: What trading platforms are available on CXC？

A: CXC offers the MetaTrader 4 platform and a web trader platform.

Q: How can I contact CXC's customer support？

A: You can contact CXC's customer support through email at support@cxcmarkets.com.