GKFX is the registered trademark of AKFX Financial Services Limited, which was established in 2013 in Malta and acquired by Global Kapital Group in 2018. AKFX Financial Services Limited is authorized and regulated by the Malta Financial Services Authority (MFSA) under license number IS60473. AKFX Financial Services Ltd offers its services in Europe under the Markets in Financial Instruments Directive (MIFID II). GKFX serves clients in over 100 countries, providing accurate order execution, competitive prices, and excellence customer service, it claims. AKFX Financial Services Ltd is part of a client protection program named Investor Compensation Scheme (ICS). In the event of insolvency, this scheme covers up to EUR20,000 per investor. All client funds are held in a segregated account, in compliance with approved banks.
Customers can trade over 500 assets distributed in currency pairs (40+), indices (most popular European, UK and US), commodities (metals and energies), shares (most popular European, UK and US companies), and cryptocurrencies.
FXDD provides two trading accounts – Standard and Premium. They differ mainly in the minimum initial deposit and the spread offered. The Standard account is appropriate for beginners, the company claims. It is commission free, and the minimum initial deposit is EUR200. You can trade 42 currency pairs whose spread starts from 0.6 pips, indices, commodities, shares, and cryptocurrencies. In addition, you receive free educational courses and the Autochartist feature. The Premium account is appropriate for more experienced traders and offers spreads from 0.1 pips at the expense of the commission of EUR6 per lot traded. You must invest at least EUR25,000 to open this type of account and can trade 42 currency pairs, indices, commodities, shares, and cryptocurrencies. In addition, you receive all available extras of the Standard account plus forex calculators and VPS. Both accounts are accessible on the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms.
The MT4 platform dominates the market because it has a set of advanced charting and of trader tools. It is preferred by both traders who trade manually and by automated orders. The MT5 is a newer version that has improved charting tools, more pending orders, financial events directly in the charts, and an easier-to-use language for automated trading. A quick comparison between MetaTrader 4 and MetaTrader 5 platforms is presented.
GKFX considers “scalping” as an unacceptable practice. It is explained that scalping is a trading strategy which is used to return profits by taking advantage of internet latencies, delayed prices or through high volumes of transactions targeting tick fluctuations (rather than price movements) where trades are opened and closed very quickly – as an unacceptable practice. If used, the company has the right to immediately terminate the client account and cancel any trades related to scalping activity.
The company offers several deposit methods, including credit or debit cards, bank transfer, and e-wallets such as Skrill. The company returns funds directly to the card or bank account you used for deposits. If several sources are used for deposits, you choose which one to transfer the money to. If there has been no activity on the account in the previous six (6) years, and the company is unable to contact the client, the client agrees that the company may use client’s money to charity in accordance with the applicable law.
The “Resources” section on the website provides video tutorials, articles, and webinars – upcoming and an archive of the past.
If we look at the legal documents, we’ll find out that GKFX offers negative balance protection to retail customers, so they cannot lose more than they have in their account. The “Best Execution Policy” document shows that GKFX does not act as counterparty to any transactions executed by its clients. GKFX receives and transmits clients’ orders and transactions. This means that the company uses the Straight Through Processing (STP) model to execute client orders and there is no conflict of interest such as with market makers. Nothing is mentioned about the slippage and the stop loss orders, which probably means they are not guaranteed and will be filled at the first available market price.
Overall, GKFX has a European license and must comply with strict regulatory requirements. It offers the most traded instruments at competitive minimum spreads and with negative balance protection built in. However, the difference between the required deposits for the two accounts is too large.