What is GKFX?
Before giving you my opinion on GKFX, let’s see what conditions this well-known international broker has, quite popular in Spain and Europe.
- Country: Spain, UK
- Regulation: CNMV, FCA
- Markets: Forex and CFDs on stocks, indices and commodities
- Type: Market Maker
- Minimum deposit: –
- Deposit methods: card, transfer
- Platform: MT4, WebTrader
- Spread: 1.8 EURUSD; 0.4 SP500
- Scalping: yes
GKFX is a Forex and CFD broker established in the United Kingdom and with offices in: Spain , Germany and Dubai.
This is one of the most important brokers on the world Forex and CFDs scene.
GKFX is regulated by the FCA and the CNMV , in addition to the German BaFin.
Client funds remain segregated into separate accounts from the broker, which is what all FCA regulated brokers have to do.
Customer service and contact
The different ways to contact GKFX are:
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- Telephone: 0034 915 752 504
- Email: email@example.com
- Online form
- In person, at your Paseo de la Castellana office in Madrid
Open GKFX account
Opening has GKFX, as with the rest of international brokers, it is quite simple.
It will be enough to register on their website and they will send us a confirmation email.
Once we accept this email, we will be registered and we will have to proceed to the next step: confirmation of our personal data. For this we will have to send copies of our identity documents and proof of residence (water or electricity bills, telephone or income statement).
Also, the funds are under the protective umbrella of the FSCS of England, which protects clients’ accounts up to £ 50,000 in case of trouble.
This broker has no minimum deposit for your normal accounts. For your VIP account it will be 25,000 USD. However, it must be taken into account that the minimum deposit with the payment methods is 20 EUR or GBP, so the minimum to open an account would be that amount.
The deposit methods are by transfer and card and they will have no cost .
Transfers will take from 1 to 5 business days, depending on the case.
Card payments will be immediate.
GKFX training and webinars
GKFX offers varied training material such as a Forex tutorial, another on CFDs , educational videos and Webinars.
As for webinars, this is one of the most prolific brokers in the Spanish trading landscape, with a daily frequency, being usual to have two a day. So this is one of the public’s favorite brokers. In addition, some of them are in collaboration with important websites of the Spanish stock market scene such as: enBolsa and Audiomercados.com.
GKFX Commissions and accounts
GKFX has two types of account: standard and corporate.
|Spread||From 1.2||From 0.6|
GKFX platforms are MetaTrader 4 and WebTrader, as well as its different mobile applications.
GKFX Indices, Forex, Commodities, Stocks, Cryptocurrencies
With GKFX we can trade the main currency pairs on the market as well as metals such as gold and silver.
We can also negotiate the main raw materials on the market, such as: cocoa, coffee, corn, cotton, soybeans, sugar, etc.
The offer of indices is quite wide, with the main ones in Europe, America and Asia, including the IBEX 35.
We will also be able to trade cryptocurrencies, currently 5 of them, but most likely they will increase this number.
The number of CFDs of shares is more than 250 in the standard account and 300 in the Corporate account.
We can also open a demo account with which we can practice for free with GKFX products. Option always recommended before opening real account.
The typical spreads of the main products in GKFX are as follows:
|Actions||market + 0.1%|
Although these spreads will vary depending on market conditions and over time, since the broker tends to improve them.
All contracts will have a minimum trading of 0.01 lots in Forex, 1 CFD in indices and stocks, and one ounce in gold.
The maximum leverage for traders residing in Europe is:
|Main Forex pairs||30: 1 or 3.33% margin|
|Main indices, gold and minor Forex pairs||20: 1 or 5% margin|
|Lower indices, commodities and exotic Forex pairs||10: 1 or 10% margin|
|Actions||5: 1 or 20% margin|
|Cryptocurrencies||2: 1 or 50% margin|
Having an office in Spain, this is one of the most powerful Forex brokers in the Spanish trading landscape and in the Hispanic world in general, being one of the best known brokers in the Hispanic community, in which it enjoys a good reputation, where we can find opinions of it in popular sites like Rankia .
On that website we can find a large number of threads, like the one in this link . As always, there are opinions for all tastes, some positive and others negative. The amount of threads about the broker is quite high, but most of them are about the opinions of other foreros, and not about big problems with it, which is good news.
Even in general forums like bubble.info or forum cars we can find some mentions.
But not only in Spain we find mentions of this broker but especially in the international market, in places such as, for example, Forex Factory . If you want to see the threads with mentions of this broker in this forum, click here.
In Reddit I cannot find significant threads, beyond some links put by some users.
My opinion of GKFX
This is a rather interesting broker, with an office in Spain and that stands out above all for the great flexibility in the operation of its products, especially in stock CFDs, where you can trade lots of a stock with a good spread, not very higher than the market with 0.10% commission included in it.
GKFX is a fairly international broker, with a strong presence in Europe and internationally through its Dubai office. However, I remember that years ago GKFX had a very large number of representative offices, especially in Asia and America. I suppose that they are in the midst of a cost restructuring policy and have realized that it is not necessary to have so many offices, since few can provide a perfect service. Here the main thing is to have an office in Europe ( by ESMA ) and another outside, and in this case GKFX meets those requirements.
However, just having an office in Dubai does not mean that GKFX is taking advantage of international law and offering leverage greater than 30: 1. From what I see the broker is operating from a purely European structure. I think that here they could be losing a lot of market , because there are other brokers that do operate with a dual structure.
The fact of having an office in Spain makes the broker provide a customer service superior to that of many other international brokers, as it is quite focused on the Spanish market.
One thing that I think could improve is the issue of payment and deposit methods, since it only has those that are usually offered by traditional brokers: card and transfer. This in itself is not bad because it shows that the broker prefers to maintain a profile more similar to that of the large traditional brokers, such as Renta 4 .
It would be a major improvement if you could give a payment method like Paypal.
Not only has the number of branches decreased, but so has the number of account types, since before it had up to 5 and now only 2.
The conditions of the same have improved since from 2015 the spread fell quite a bit on various products, such as:
- EURUSD: 1.8 to 1.5
- GBPUSD: 2.5 to 1.5
- Gold: 0.5 to 0.3
The new conditions of GBPUSD, one of the best currency pairs for trading , make it one of the best trading brokers for the pound.
However, those spreads are variable, and it is not that they are the lowest in the market, especially in pairs such as the EURUSD or the USDJPY.
In other instruments such as the DAX30 and IBEX35 indices it is one of my favorite brokers to trade with CFDs, since in the case of the DAX it gives the option of trading in micro-lots and with the IBEX it has a very good spread (in the DAX it also has, and maintains it for most of the day). These conditions also make it one of the best trading brokers on the DAX30.
Furthermore, the broker has recently added cryptocurrencies and maintains a wide offering of equity CFDs.
In cryptocurrencies, the «target spread», which we hope to have during the main session, is 35 for Bitcoin, which puts it in the sector average. This will obviously change as market conditions change.
|GKFX Advantages||Disadvantages GKFX|
|Broker with office in Spain||Few payment methods|
|No minimum deposit||They could improve EURUSD spread|
|Good spread on DAX30 and IBEX 35||More information on stock CFDs on the web|
For more information, visit the website .