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)

Risk Warning

Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.

General Information

What is Valutrades？

Valutrades is a global online forex and CFD broker that offers trading services for individuals and institutions. The company was established in 2012 and is headquartered in London, UK. Valutrades is regulated by the Financial Conduct Authority (FCA, License No. 586541) in the UK and the Financial Services Authority (offshore FSA, License No. SD028) in Seychelles. The broker offers multiple trading instruments, including Forex, Commodities, and CFDs with competitive spreads through the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading platforms.

In the following article, we will analyze the characteristics of this broker from various aspects, providing you with simple and organized information. If you are interested, please read on. At the end of the article, we will also briefly make a conclusion so that you can understand the broker's characteristics at a glance.

Pros & Cons

Valutrades is regulated by FCA and offer multiple protection measures. The broker offers competitive spreads on a wide range of tradable instruments on the leading MT4 and MT5 trading platforms, along with excellent customer support.

However, they have limited account options, and some users have reported issues with slippage and withdrawals. Overall, Valutrades is a reputable broker with many positive features, but traders should exercise caution and thoroughly research before investing.

Valutrades Alternative Brokers

There are many alternative brokers to Valutrades depending on the specific needs and preferences of the trader. Some popular options include:

• AxiCorp - a regulated and well-established broker that offers a range of trading instruments and competitive trading conditions.

• IronFX - a global broker with a wide range of trading instruments and multiple trading platforms, but some traders have reported issues with withdrawal and customer service.

• FP Markets - a reputable broker that offers a variety of trading instruments, low spreads, and reliable trading platforms, making it a good option for both novice and experienced traders.

Ultimately, the best broker for an individual trader will depend on their specific trading style, preferences, and needs.

Is Valutrades Safe or Scam？

More details can be found in the screenshot below:

Our Conclusion on Valutrades Reliability:

Based on the protection measures offered, Valutrades appears to be a reliable broker. The company is regulated by the FCA, and it offers guaranteed negative balance protection, banking with top tier institutions, segregated funds, and investor protection up to £85,000 per person. The fully encrypted client area also provides an additional layer of security for clients.

However, as with any investment, there is always some level of risk involved, and it is important for traders to do their own research and carefully consider their options before investing.

Market Instruments

Valutrades offers investors access to a variety of over 100 tradable symbols across Forex, commodities, and CFDs. The forex instruments include major, minor, and exotic currency pairs. Commodities such as gold, silver, oil, and natural gas are available for trading. Additionally, the broker offers CFDs on popular indices such as UK100, US30, and GER30. With such a wide range of trading instruments, traders can diversify their trading portfolios and take advantage of different market conditions.

Accounts

Live accounts: Valutrades provides traders with the option to choose from two types of live accounts, Standard and ECN, with no minimum deposit requirement.

Demo accounts: The MetaTrader demo accounts offer a variety of analytical indicators, EA, Economic calendars, and more. Users can set their own limit in terms of virtual funds, but note the account will expire if not used within a month.

Leverage

Valutrades offers multiple leverage levels. The maximum leverage is 1:30 for major Forex, 1:20 for minor currencies, indices, and gold, and 1:10 for crude oil under the regulation of FCA, and 1:500 for crude oil, 1:20 for indices, and 1:100 for indices.

Spreads & Commissions

• Main spreads on Forex: minimum spreads of 0.0 pips on EUR/USD and 0.2 pips on GBPUSD.

• Major spreads for CFD products: 2 pips for DE30, 2 pips for UK100, 0.34 pips for US500, and 1.3 pips for US30.

• Main spreads for commodities: from 0.14 pips for Gold USD, 0.32 pips for Gold EUR, 0.013 pips for Silver USD.

However, traders should note that there is a commission of 3 per lot per side for forex trading.

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

Please note that these figures are subject to change and may vary depending on the specific account type and trading conditions offered by each broker. It's always important to review and compare the spreads and fees of different brokers before making a decision on which one to use.

Trading Platforms

Valutrades offers users a choice of two popular trading platforms, MetaTrader 4 (MT4) and MetaTrader 5 (MT5), which are available on desktop, mobile and web versions. Both platforms provide advanced charting tools, customizable technical indicators, and a user-friendly interface.

• MT4 is widely recognized as one of the most popular trading platforms in the industry and offers a wide range of features including automated trading, multiple order types, and a comprehensive trading history.

• MT5, on the other hand, is an updated version of MT4, providing more advanced features, including additional order types, a wider range of technical indicators, and the ability to trade in various markets from one platform. Both platforms are highly customizable, and traders can also use Expert Advisors (EAs) to automate their trading strategies.

Overall, Valutrades' 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

Valutrades supports credit/debit cards, Skrill, Neteller, bank transfers, etc. There is no minimum deposit for clients to fund via bank transfer or any charges from Valutrades.

Valutrades minimum deposit vs other brokers

However, sometimes a client may incur fees from their bank for sending a deposit to Valutrades. Most deposits are instant, while withdrawals can be processed within 24 hours or as soon as Valutrades approves your request. More details can be found on their website.

See the fee comparison table below:

Note that fees may vary depending on the account type, payment method, and region. Please refer to each broker's website for the most up-to-date and accurate information.

Customer Service

Valutrades welcome any questions or queries regarding their services and accounts. Multilingual support is based in their head office which is in London, United Kingdom. They are available during office hours via live online chat, phone, WhatsApp, email, or send messages online to get in touch. Besides, you can follow them on some social networks including Twitter, Facebook, Instagram, YouTube and LinkedIn. There is also a Help Center on the Valutrades website.

Overall, Valutrades' customer service is considered reliable and responsive, with various options available for traders to seek assistance.

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

Education

Valutrades offers an education section on their website with a variety of resources aimed at both novice and experienced traders. They offer regular webinars conducted by market experts, which cover various topics related to trading, including technical analysis, risk management, and trading psychology. Additionally, the blog section provides daily market analysis, economic news, and insights into market movements.

The educational materials are designed to help traders enhance their knowledge and skills, develop trading strategies, and make informed trading decisions. These resources can be accessed by anyone, regardless of their account type, and are completely free of charge.

User Exposure on WikiFX

On our website, you can see that some users have reported severe slippage and unable to withdraw. 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.

Conclusion

Valutrades is a UK-based brokerage firm that offers multiple protection measures to ensure the safety of its clients' funds. It provides over 100 tradable symbols across forex, commodities, and CFDs with competitive trading conditions on the MT4 and MT5 platforms. Multilingual support is also available via various channels.

However, there are reports of severe slippage and difficulties in withdrawing funds from some users, which indicates that potential traders should exercise caution before investing. Overall, Valutrades' strong regulatory framework, diverse trading instruments, and user-friendly platforms make it a reputable brokerage firm worth considering for those looking for a reliable trading partner.

Frequently Asked Questions (FAQs)