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Do you want to know which is the better broker between GKFX Prime and LegacyFX ?
In the table below, you can compare the features of GKFX Prime , LegacyFX side by side to determine the best fit for your needs.
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You can determine the reliability and credibility of a broker by checking four factors:
1.Forex broker introduction。
2.Are the transaction costs and expenses of gkfx-prime, legacyfx lower?
3.Which broker is safer?
4.Which broker provides better trading platform?
Based on these four factors, we can compare which is reliable. We have broken down the reasons as follows:
GKFX Prime Review Summary in 10 Points | |
Founded | 2012 |
Headquarters | UK |
Regulation | FSC |
Market Instruments | Forex, Commodities, Indices, Stocks, Cryptocurrency |
Demo Account | Available |
Leverage | 1:400 |
EUR/USD Spread | 1.8 pips |
Trading Platforms | MT4, MT5 |
Minimum deposit | $0 |
Customer Support | 24/5 Live chat, phone, email |
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.
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 |
• Multiple account types and platforms | • No legitimate regulatory licenses |
• Tight spreads and low commissions | • No US clients allowed |
• No deposit or withdrawal fees | • Too many complaints |
• extensive range of trading instruments and educational resources |
As GKFX Prime is an unregulated broker, its reliability may be a concern for some traders.
Heres the revised table without the last column:
Regulatory Authority | Claimed License Type | Jurisdiction | Status |
---|---|---|---|
MFSA (Malta Financial Services Authority) | Market Making (MM) | Malta | Suspicious Clone |
BaFin (Federal Financial Supervisory Authority) | Retail Forex License | Germany | Suspicious Clone |
FSC (Financial Services Commission) | Retail Forex License | Unspecified | Suspicious Clone |
CNMV (National Securities Market Commission) | Retail Forex License | Spain | Suspicious Clone |
CNB (Czech National Bank) | Retail Forex License | Czech Republic | Suspicious Clone |
SERC (Securities and Exchange Regulator of Cambodia) | General Financial License | Cambodia | Suspicious Clone |
Notes:
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.
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.
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.
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:
Broker | EUR/USD Spread | Commission |
GKFX Prime | 1.8 pips | No (except for ECN Zero account) |
IC Markets | 0.1 pips | $7 per standard lot |
Admiral Markets | 0.5 pips | No (except for Zero.MT4) |
FxPro | 1.4 pips | No |
Pepperstone | 0.16 pips | No (except for Razor account) |
XM | 0.8 pips | No |
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.
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.
GKFX Prime | Most other | |
Minimum Deposit | 0 | $100 |
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.
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:
Broker | Deposit Fee | Withdrawal Fee | Inactivity Fee |
GKFX Prime | Free | Free | No |
IC Markets | Free | $0-$20 depending on method | AUD$10 per month after 6 months of inactivity |
Admiral Markets | Free | Free | €10 per month after 24 months of inactivity |
FxPro | Free | Free | $5 per month after 12 months of inactivity |
Pepperstone | Free | Free | AUD$15 per month after 12 months of inactivity |
XM | Free (may vary depending on method and country) | Free (may vary depending on method and country) | $5 per month after 90 days of inactivity |
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.
Pros | Cons |
• Multiple channels for customer support including email, phone, and live chat | • No 24/7 customer support available |
• Dedicated account manager for VIP clients | |
• Multilingual customer support | |
• Quick response time to customer inquiries | |
• Availability of customer support during market hours |
Q 1: | Is GKFX Prime regulated? |
A 1: | No,its current status is suspicious clone. |
Q 2: | At GKFX Prime, are there any regional restrictions for traders? |
A 2: | Yes. GKFX Prime does not provide services for the residents of certain countries, such as the United States of America, Canada, Japan, Indonesia, Turkey, Israel and the Islamic Republic of Iran. |
Q 3: | Does GKFX Prime offer demo accounts? |
A 3: | Yes. |
Q 4: | Does GKFX Prime offer the industry-standard MT4 & MT5? |
A 4: | Yes. Both MT4 and MT5 are available. |
Q 5: | What is the minimum deposit for GKFX Prime? |
A 5: | There is no minimum initial deposit requirement. |
Q 6: | Is GKFX Prime a good broker for beginners? |
A 6: | Yes. GKFX Prime is a good choice for beginners. |
LegacyFX | Basic Information |
Company Name | LegacyFX |
Headquarters | Belarus |
Regulations | Regulated |
Tradable Assets | Currencies, stocks, indices, commodities, and cryptocurrencies |
Payment Methods | International banks |
Trading Platforms | MT5 trading platform |
Customer Support | Email (info@legacyfx.by)Phone (+375 291788410) |
The Brand LegacyFX is an established broker providing a wide range of products and services for traders worldwide since 2017. It grants traders access to a broad spectrum of tradable assets, encompassing currencies, stocks, indices, commodities, and cryptocurrencies. Through its MT5 trading platform, LegacyFX provides users with a seamless and intuitive interface, known for its robust functionality and ease of use.
The company “AN All New Investments BY LLC” (operating under the LegacyFX brand) was registered on 12/14/2018 (UNP 193180778) with Company Registration number 193180778 (Certificate of the National Bank of the Republic of Belarus No. 17). The activities of AN All New Investments BY LLC are regulated by Decree of the President of the Republic of Belarus No. 231 dated June 4, 2015 “On the implementation of activities in the OTC Forex market”.
LegacyFX is regulated, operating under the supervision of the National Bank of the Republic of Belarus and licensed under number 193180778. It ensures that brokers operate legally, minimizing the risk of fraudulent activities and fostering a secure trading environment. Regulated brokers adhere to stringent financial reporting standards, offering investors transparent and dependable information to make informed decisions. However, while regulation enhances oversight and accountability, it does not entirely eliminate risks. Therefore, traders should maintain vigilance and exercise caution when participating in online trading activities.
LegacyFX offers a diverse range of trading instruments, providing traders with ample opportunities to diversify their portfolios and explore various markets. The platform utilizes the popular MetaTrader 5 platform, known for its advanced trading tools and user-friendly interface, enhancing the trading experience for users. Additionally, LegacyFX operates with regulatory oversight, providing clients with an added layer of security and peace of mind. However, the platform's website is currently inaccessible, which could pose challenges for users trying to access essential information or execute trades. Furthermore, high account minimums can be a burden to most traders, especially beginners.
Pros | Cons |
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Besides a good selection of currency pairs, traders can diversify their portfolio with indices, commodity CFDs, metals, cryptocurrency pairs, and stocks on LegacyFX platform.
There are four account options on offer: Silver, Gold, Platinum, and VIP. The Silver account is available from a minimum deposit of $500, the Gold account for a deposit of $5,000, $25,000 for the Platinum account, and the VIP account is yielded for deposits exceeding $50,000. Swap-free Accounts are available, but swap-free accounts are granted to all traders.
Leverage varies from 1:5 to 1:200 depending on the asset traded: Stocks – 1:5, Forex – 1:200, Metals – 1:100
Indices – 1:100, Commodities – 1:100, Cryptocurrencies – 1:5.
Traders can choose between fixed or variable spread accounts. Variable spreads for major forex pairs such as EUR/USD start at 1.6 pips with the Silver account. Spreads get tighter with the Gold and Platinum accounts, going down to 0.6 pips. Fixed spreads are around 3 pips for EUR/USD with the Silver account. All assets are commission-free, except for stocks where charges range from 0.15% to 0.45% depending on the account.
LegacyFX offers traders access to the MetaTrader 5 (MT5) trading platform, renowned for its advanced features and versatility. With the MT5 platform, traders can execute trades across various financial markets, including forex, stocks, indices, commodities, and cryptocurrencies.
The minimum deposit for a LegacyFX account is $500, while there is a maximum deposit of $10,000 with credit/debit cards. LegacyFX‘s website clearly states that withdrawals to credit cards can only be in the amount of the deposit from that particular card; the remainder will be wired to the client’s bank account. Clicking on Bank Wire Transfers returns the bank wire information, while all other buttons lead to a log-in screen. Legacy FX covers all deposit and withdrawal fees for transactions via major credit/debit cards, Skrill, Neteller, and bank wires above $200.
LegacyFX offers customer support through email at info@legacyfx.by and phone at +375 291788410.
In summary, LegacyFX offers traders a wide array of trading instruments and account types, coupled with the renowned MetaTrader 5 platform, fostering flexible and accessible trading opportunities. The platform operates under regulatory oversight, ensuring adherence to industry standards and bolstering investor confidence. However, the inability to access the website and the lack of clarity regarding account types may hinder the trading experience for some users. Traders are advised to proceed with caution, conduct thorough research, and verify information directly with LegacyFX to mitigate potential risks and ensure a safer trading journey.
Q: Is LegacyFX regulated?
A: Yes, LegacyFX is regulated by the National Bank of the Republic of Belarus and holds license number 193180778.
Q: What trading instruments are available on LegacyFX?
A: LegacyFX offers a diverse range of trading instruments, including currencies, stocks, indices, commodities, and cryptocurrencies.
Q: How can I contact LegacyFX's customer support?
A: You can contact LegacyFX's customer support via email at info@legacyfx.by or by phone at +375 291788410.
Trading online carries inherent risks, and there's a possibility of losing your entire investment capital. It's crucial to acknowledge these risks and understand that the information presented in this review may not always be up-to-date due to changes in the company's services and policies. Therefore, readers are encouraged to verify the information directly with the company before making any decisions. Ultimately, it's the responsibility of the reader to use the information provided in this review wisely and make informed decisions.
To compare transaction costs across different brokers, our experts analyze the transaction-specific fees (such as spreads) and non-trading fees (such as inactivity fees and payment costs).
To get a comprehensive understanding of how cheap or expensive gkfx-prime and legacyfx are, we first considered common fees for standard accounts. On gkfx-prime, the average spread for the EUR/USD currency pair is as low as 0.0 pips, while on legacyfx the spread is --.
To determine the safety of our top brokers, our experts will consider many factors. This includes which licenses the broker holds and the credibility of these licenses. We also consider the history of brokers, because long-term brokers are usually more reliable and trustworthy than new brokers.
gkfx-prime is regulated by MFSA,BaFin,FSC,CNMV,CNB,CNMV,SERC. legacyfx is regulated by NBRB.
When our experts review brokers, they will open their own accounts and trade through the broker's trading platform. This enables them to comprehensively evaluate the quality, ease of use, and function of the platform.
gkfx-prime provides trading platform including ECN 0,STANDARD,VIP and trading variety including Forex, Metals, Indices, Energies etc.. legacyfx provides trading platform including VIP,PREMIUM,PLATINUM,GOLD,SILVER,BRONZE,STANDARD and trading variety including --.