GKFX Spread Betting Account Review

GKFX Spread Betting Review

Forex, Indices, Metals, Energy, Soft Commodities & Shares

  • FCA regulated ✔
  • Fixed EUR/USD spread: 0.7
  • Trader Friendly grade: A
  • Cryptocurrency CFDs
  • Minimum trade size: £0.10
  • Minimum deposit £20
  • 90+ FX pairs
  • MT4 trading
Fixed Spread Betting SpreadsGKFX

GKFX Spread Betting Account Review

GKFX is an FCA regulated broker which provides a range of accounts types, including a Fixed Spread Spread Betting account on MT4. This account has EUR/USD at a fixed 0.7 pips spread. This broker has a low minimum deposit.

GKFX has won a number of awards, including Best Forex Customer Service and Best Forex/Mobile Tablet Application at the UK Forex Awards 2016. GKFX says it holds client funds in segregated accounts at top tier banks.

Briefly, what does GKFX spread betting offer ?

For clients in the UK it offers low fixed spreads on MT4 and includes Cryptocurrency CFD trading.

Cryptocurrencies

GKFX offers Cryptocurrency spread betting with Bitcoin, Ethereum, Litecoin, Ripple and Dash.

Account currencies

Spread Betting accounts are available in GBP only (CFD accounts are available in GBP, USD and EUR).

Order execution and minimum order distance

Spread betting accounts are Market Execution, meaning there are no requotes and orders are executed at the next available markets price. The minimum order distance is at least the spread.

Account features

Trading Central is available to clients who deposit at least $1000. A free Virtual Private Server (the Welcome VPS) is available to clients with a starting balance of £1,600, T&Cs apply. For the service to remain free, the client must trade a minimum of £50 per point per month, otherwise there is a monthly charge of £15. The server is located in London and GKFX says it has a latency of less than 1ms.

There are three other levels of VPS service available, Gold, Platinum and Diamond, which provide increased bandwidth and disk space and other features, with higher trading requirements to receive free or a higher monthly charge.

GKFX also provide MarketInsights on the website, which includes technical studies, Trader's Sentiment, articles, a weekly view, a news feed, and a set of analysis tools including a Heat Map of changes in value for products and an Economic Matrix of figures for various economies.

There is also trader's education in the form of course, videos, webinars and tutorials.

Demo account

GKFX provides a demo trading account for free which can be opened here: GKFX demo account. GKFX says that demo accounts can be used for backtesting trading strategies.

Minimum and maximum deposit

While there is no minimum deposit to open an account, the minimum amount which can be deposited is £20 by Debit/Credit Card and e-Wallet, with a maximum deposit of £5000. The minimum deposit is £50 for Bank Transfer, which has no maximum deposit.

Platforms

GKFX makes available MT4 on desktop, mobile and tablet and a web trader. For clients who deposit at least $2,500, an MT4 Booster package is available, which includes nine additional applications to assist trading on MT4.

Minimum and maximum trade size

The minimum trade size is £0.10 and the maximum trade size is £100. The stop-out level is 10% and stop-losses are not guaranteed. It is also possible for account balances to go negative.

Markets

Forex pairs, Metals, Energy, Indices, Soft Commodities, Cryptocurrencies and Shares are available, including 90+ Forex pairs.

Spreads and leverage

On the Spread Betting account, spreads are fixed. EUR/USD has a spread of 0.7, UK100 and GER30 have a spread of 0.9, Spot Gold (XAU/USD) has a spread of 0.30, Spot Silver (XAG/USD) has a spread of 0.03 and US Crude Oil has a spread of 0.03. The spread for Equities is the market plus 10bp.

Maximum leverage is .

Funding

Deposit methods include Bank Transfer, Debit/Credit Cards and e-Wallet, for which GKFX does not charge a fee. Withdrawal methods are Debit/Credit Card and Banks Transfer, for which GKFX also does not charge a fee.

Regulation

GKFX is authorised and regulated in the United Kingdom by the Financial Conduct Authority, with FCA registration number 501320. GKFX's address is: GKFX Financial Services Ltd, Bevis Marks House, 24 Bevis Marks, London, EC3A 7JB.

Summary and grade

There are spread betting brokers out there who provide more products to trade and more markets than GKFX. This difference in number is due to some extent to the relatively smaller number of Equities available on the Spread Betting accounts. This said, GKFX provides a relatively large offering of Forex pairs.

This broker however provides a range of features which can also require higher deposits. GKFX does provide low competitive fixed Forex spreads (with a low of 0.7 for EUR/USD). The account and trading features, along with its FX product and low fixed spreads, help give this broker a Trader Friendly grade of A.

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