It provides tools and resources that enable traders to analyse and manage trades as well as employ automated trading techniques. With so many traders offering this type of platform, however, what makes GKFX MT4 stand out, and how does it work?
- GKFX and what they offer
- How MetaTrader 4 works
- Forex explained
- Who is trading Forex?
GKFX and What They Offer
GKFX Financial Services Ltd was established in 2009 and is an FCA regulated online Forex trading company offering advanced online Forex, Commodities and CFDs brokerage services and platforms around the world. The main headquarters is based in London, and the company has offices in over 20 locations, providing access to a range of markets globally. The company’s website states that it aims to educate its clients on all aspects of Foreign Exchange trading (Forex) via its worldwide customer support and free videos with advice and guidance from experts. There are also free webinars based on opportunities and trading tools as well as a free ebook.
Customers will receive updated insights and market information from experts via GKFX’s free analysis. The company has also received awards from some of the industry’s leading bodies, including Best Forex Mobile/Tablet Trading Award and Best Customer Service at the UK Forex Awards 2016. It’s important for individuals to do their own Forex broker comparison with other organisations before deciding which suits their requirements best. GKFX puts all client funds in a segregated bank account for which it uses Tier 1 banks, offers a variety of payment options and has no minimum account size requirement. Its spreads start from 0.6 pips, and it has no fees or commissions, instead taking its fees, like most brokers, from the spread, which is the difference between the buy and sell price.
How MetaTrader 4 Works
MetaTrader 4 is a well-known trading software platform that supports a complete price charting system and all the tools you will need to analyse charts and locate buying and selling opportunities, known as set-ups. You can add the Renko chart indicator to use Renko charts. The platform also supports Heikin Ashi candlesticks. Expert Advisor (EA) is a special program that can be used on the application to do some tasks automatically, and you can download several years of historical data for each currency pair.
It can also create detailed reports of any positions you take. Traders can use Trading Central analysis, which supplies information and market depth from years of experience of working on trading floors and banking institutions. Daily technical analysis is provided as well as an economic calendar, which covers all the news and releases around the world, and GKFX provides in-depth guidance on how to use this as well. The Trading Central indicator is a multilingual add-on program for MetaTrader 4, which assists users in making informed trading decisions. It shows the most traded financial instruments on the MT4 Live charts as well which is a welcome bonus to both newcomers and experienced traders.
Forex Explained
The Forex market is where one currency is exchanged for another. Currencies are important to everyone because they need to be exchanged to undertake foreign trade and business. This is one of the reasons why the Forex market is the largest and most liquid financial market in the world, with an average traded value of around $2,000 billion per day. As there is no central marketplace for this, currency trading is done electronically over-the-counter (OTC), meaning all transactions happen on computer networks between traders from around the world, not on one centralised exchange.
It is open 24 hours a day, five and a half days a week, with currencies traded in the major financial centres of London, Zurich, Hong Kong, Paris, Singapore, Tokyo, Frankfurt and Sydney, and because it is across time zones, this trading almost never stops. This means it is very active and liquid, with quotes changing all the time. When trading, currencies come in pairs, so a trader predicts how exchange rates between the two will change, then buys the one they think will strengthen and drops the weaker one. Most international Forex trades and payments are made using the euro, US dollar and yen, as well as the British pound, Swiss franc, Swedish krona, Australian dollar and Swedish krona. This collaboration of differing types of Forex traders impacts businesses all over the world. Exchange rate movements affect things like inflation, corporate earnings and the balance of payments accounts for each country.
Who is Trading Forex?
If you decide to use GKFX MT4 after doing a thorough broker comparison, you will need to know who else is trading Forex. The greatest volume of currency is traded in the interbank market, in which they facilitate Forex transactions for clients and undertake speculative trades from their own trading desks. Central banks are responsible for Forex fixing and are also very important in this trade. Open market operations and interest rate policies also have a significant influence on currency rates.
They use a variety of strategies to calm inflation, so these are also used as long-term indicators for Forex traders. Investment managers and hedge funds are the second biggest section in the market. They trade currencies for large accounts such as endowments and pension funds. Corporations that import and export are also involved in Forex transactions to pay for goods and services. Individual investors, including those using GKFX MetaTrader, are rapidly becoming a bigger part of the market, but the volume of trades by this section is still very low compared to banks and other financial organisations. Retails investors are likely to base trades on a combination of technical indicators and fundamentals, such as inflation rates and monetary policy expectations.
GKFX MetaTrader and the Spot Market
Forex is traded in three different ways via the spot market, the forwards market and the futures market. The spot market has traditionally been the largest because it is the underlying real asset on which forwards and futures markets are built. The futures market was very popular with traders because it was available to individual investors for longer periods. Now, however, electronic trading and the proliferation of Forex brokers including those using GKFX MT4 means that the spot market has experienced a massive surge in activity and has now overtaken the futures market to be the preferred trading market for speculators and individual investors, so when people refer to the Forex market, they often mean the spot market.
In this market, when a deal is finalised, it is called a spot deal, and when a position is closed, the settlement is made in cash and takes two days to be finalised. The forwards and futures markets do not trade in actual currencies, but in contracts that represent claims to currency types, a price per unit and a future date to be settled. For instance, in the forwards market, contracts are bought and sold OTC between two people, parties or companies, and they decide the terms between themselves. Future markets trading means that futures contracts are bought and sold on a settlement date and size on public commodities markets.
Precious Metals and CFD Trading
GKFX MT4 facilitates the trading of precious metals and CFDs as well, so before you decide whether this company is the best Forex broker for you, it is essential to look into its other trades besides Forex. CFD trading is the buying and selling of “contracts for difference”, which is a way of speculating on financial markets that doesn’t involve the buying and selling of underlying assets. It lets you trade markets such as indices, equities and Forex without having to buy and sell currencies, futures or shares.
The transaction is done as you trade a contract, or a CFD, which is a form of derivative that has some advantages over regular trading. It works by acting as an agreement to exchange the difference in value of an asset between when the contract is opened and then closed. Traders can go short, long and use leverage, and they don’t have to pay stamp duty. They can also access thousands of markets all on one platform. You can also trade when the underlying market is closed. If you decide to invest in precious metals, you can use things such as Commodity ETFs, which are a convenient way of dealing in gold, silver or platinum. You could also deal with common stocks and mutual funds, in which shares of precious metals miners are leveraged towards price movements in the metals.
Customer Service and Fees
When you are comparing at different brokers for Forex and MetaTrader 4 platforms, take a look at our GKFX review. We found that traders can contact customer support 24 hours a day five days a week via email, telephone and live chat. It offers multilingual support, including English, Spanish, Taiwanese, Portuguese, Italian, Japanese, Farsi, Russian Dutch and Arabic. Via its Micro account, the maximum number of open trades is 50, traders can get leverage of 1:400 and only Forex and commodities can be traded from this. For the Standard account, there are no minimum or maximum deposits required.
Spreads are from 1.5 pips and leverage can be up to 400. CFDs, indices, Forex and commodities can be traded, and funding can be done in euros, US dollars or British pounds. Also available is a Multi Account Manager (MAM) for money managers and clients who want professionals to manage their funds. It has been developed for professional traders who operate more than one account at a time and who use the MT4 trading platform. Benefits of this include five allocation modules, rapid order response and a user-friendly interface. Regarding fees, according to BrokerNotes, GKFX’s minimum spread for trading EUR/USD is 1.5 pips – this is comparatively high compared to the average spread of 0.82 pips. It must be remembered that all fees are subject to change, so make sure to check and compare the spreads other brokers offer.
The bottom Line on GKFX: Is it any Good?
In an increasingly crowded and competitive market, reflecting the continued rise of the individual trader, GKFX is the only broker that has made the MetaTrader 4 platform available for spreadbetting, whereas most only provide it for CFDs trading and spot Forex. The trading tools including Trade Terminal are useful and unique. GKFX also offers many educational tools that cover the basics of Forex trading as well as subjects such as Instant Orders, Pending Orders and MT4 review. There are also monthly webinars available for which you don’t have to have registered for an account. It’s worth noting that GKFX offers VPS and Webtrader as well. Traders are able to either use the automated Expert Advisors offered by the company or write their own.
Regarding payments, deposits to trading accounts can be made via credit cards, bank transfers and the Moneybookers eWallet. Withdrawals are made directly to the credit cards and bank accounts from where the money came from. For learning and trading, GKFX is a good way to get involved in Forex. It’s the largest market in the world partly because it allows everyone, whether they are banks or individuals, to see the potential for profit in currency fluctuations related to the world economy, and the immediacy of digital platforms such as MetaTrader 4 enables more and more people to get involved in easier and very immediate ways.
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