BKFX Review – Good on paper, Bad in general
BKFX is a South African-based company with advantages and many disadvantages. at first glance, it seems like a perfectly functioning and optimal forex broker. however if one looks into their services and products one will start wondering if there is as good as they are advertised to the masses. They have a local FSCA license.
There are many other aspects of the BKFX Forex broker site that are worth discussing including the trading features and available platforms. The leverage on the site is quite high for all of the accounts and is 1:500. The spreads are variable for all of the accounts, except the tailor-made account which functions with a raw spread starting from 0.0 pips
The available trading platform on the site is Metatrader4. There are no other platforms such as IRESS or web trader. however, the MT4 software is very multifunctional and can be used on desktop mobile, and even corresponding with web traders. the minimum depositing amounts vary by account type, the lowest amount we could find was for the Cent account and is $5. BKFX offers a welcome and a sharing bonus to its consumers. alongside many trading instruments such as stocks, bonds, cryptocurrencies, shares, indices, and of course Forex.
The BKFX FX brokerage site is available in Korean, Spanish, Portuguese, and English as its the primary language of the forex broker. BKFX does not give services to people of the United States, Canada, Syria, North Korea, Iran, or Iraq, which is a disadvantage of the site.
License and regulations – is BKFX legit?
In regards to legitimacy, we can conclude that this forex broker is fully authorized and regulated by a local organization. We are referring to the Financial Sector Conduct Authority of South Africa. They have approved many of the products and services the firm provides however not all of the products are approved so one should be very precautious.
Stocks and Instruments of the money market are a safe choice as they are approved alongside Debentures and securitized debt. additionally, we could say the same for Certificates, bonds, warrants, and most of the other instruments.
Trading features are an important indicator of a firm’s legitimacy. A broker can be regulated but have the worst possible offers in regards to spreads, leverages, bonuses, and other aspects of the company. Our review aims to provide its readers a piece of clear information about all of the important tools and features of the site.
According to our BKFX review, There are four different account types that are available for the consumers of the website. these are the cent, standard, premium, and tailor-made account types.
Each account has its own set of restrictions, privileges, and general features. The USD and EUR are the possible base currencies. This forex broker accepts all strategies. All accounts have the option to open a swap-free account. Except for the penny account, all account categories have access to personalized customer service. Only Premium and tailor-made accounts have access to the BKFX academy. For all account categories, there are no restrictions on the number of positions that can be opened.
The available leverage on the site is 1:500. Usually, other brokers limit each account type to a certain leverage ratio. BKFX Forex Broker seems to have taken a different road regarding the leverage as the mentioned ratio is available for all types of user accounts. The cent account owner can benefit as much as from the available leverage as a tailor-made account owner. In this regard, there is clear equality between the users of the broker. However, for beginners, the 1:500 leverage ratio can be very dangerous. so one may ask for who would this initiative be more beneficial?
The spreads on the site are mostly variable. what we mean by this is the fact that the cent, premium, and standard accounts have a variable spread. A raw spread is only available for tailor-made accounts. the raw spreads on the site start from 0.0 pips. as for the rest of the ree accounts, there’s a clear structure that favors more exclusive BKFX FX Brokerage accounts. The cent account users get the short end of the stick with their variable spreads going as low as 1.8 pips, a close second is the standard account with the spreads going as low as 1.5 pips for this type of user. The premium account on the other hand has its lowest spread set at 1 pip.
A clear elitist structure is present in regards to the minimum depositing amounts. each account type has a certain amount that is required of them in order to start trading. This is everpresent when we take a look at the account types. one needs the minimum deposit of $5 if one is using the cent account, for standard accounts the minimum depositing amount is $100. These two BKFX Forex Broker account types are for the mass consumers of the site. while the other two account types are clearly made for high-end consumers in mind. The premium account has the minimum deposit of $1,000 while the tailor-made account is the pinnacle of all of the accounts and has the minimum depositing amount set at $10,000
There are two bonuses available for traders. Both of the bonuses are based on depositing and depending on your account type and initial and multiple depositing amount could be quite beneficial in theory.
The available 100% welcome bonus is pretty appealing, as it gives you 100% of the money you have deposited in your account. To qualify for this bonus, simply sign up and make an initial deposit. This special deal is open to all account types. All that is required is for the user to validate their account before clicking on the welcome BKFX bonus.
The Sharing bonus differs differently from its cousin, although it is still a 100% bonus that can be extremely valuable. You will automatically receive a 100 percent credit for the amount you have deposited into your trading account. All that is required is an additional deposit to one’s trading account. You just need to click the sharing bonus account after you’ve verified your account and opened the trading account.
BKFX Review – Final Thoughts
Overall after conducting research on the BKFX broker we have concluded that it’s not wise to do business with this specific firm as they have been bought manipulating perception on multiple instances. Firstly the fact that a regulated broker has a 1:500 leverage ratio, raises a few questions in regards to their intentions. additionally not being regulated by a secondary source that has international validity is also a red flag. How can BKFX forex broker provide its services internationally with just a local qualification? this is definitely a stifling thought.
The customer service operators are very incompetent and take forever to respond. The site doesn’t have any security measures other than the standard SSL encryption. This is yet another disadvantage that the site possesses.
We highly discourage our readers to start trading with this broker as they are very incompetent and have been seen doing suspicious activities. With the number of fraudulent behaviors displayed by the firm, it won’t be a surprise that this is our final thought on the BKFX forex broker.