BKFX Review – are they trustworthy?
BKFX Forex broker is an authorized and regulated broker firm based in South Africa. The site has a clean and minimalistic design. It functions somewhat smoothly and has no faults in regards to functioning properly. The site offers its consumers spreads that are competitive in the market. It’s important to mention that the site actively promotes the idea that client monies are segregated in reputable banks.
The site is available in multiple languages including English, Spanish, Portuguese and Korean. This is definitely a nice feature to have as it makes the site friendly to international consumers in certain jurisdictions of the world.
There are four different account types available on the site, each offering distinctive features from one another. These account types are the Cent account, premium, standard, and tailor-made account. There’s definitely a variety in regards to BKFX FX brokerage accounts. since there are so many account types it’s logical that each has its own limit on the minimum deposit. The lowest minimum deposit available for the consumers of the BKFX broker is $5.
As for the trading tools, the maximum leverage ratio available is 1:500. which is a bit odd since the broker is regulated. Guess they do things differently in South Africa. Most of the accounts have variable spreads, the tailor-made account is an exception as it is the only account type with raw spreads.
The BKFX broker offers the highly acclaimed and praised MetaTrader4 trading platform for their clientele. It’s noteworthy to mention that the MT4 is available in different formats such as desktop, mobile, and WebTarder.
although the customer’s support team works 24/7 in multiple languages, according to our BKFX review they seem to be bad at their job as they respond very late and on occasions don’t even seem to be competent enough to speak the given languages.
License and regulations – Is BKFX legit?
We have already emphasized the fact that the BKFX broker is fully regulated. in this section of our review, we will go further and give you specific information about the validity of the regulatory body that monitors the activities and products of this brokerage firm.
The Financial Sector Conduct Authority of South Africa is the regulatory authority we have been talking about. This indicates that the BKFX broker has a local license. the FSCA license number of the broker is 49288.
After doing thorough research we have concluded that the Broker got regulated in the year 2017. The information provided on the BKFX Forex broker site about the location of the headquarters of the firm seems to match. however, not all of the firm’s products are approved by the FSCA. We will give you the list of approved products that are available on the site. theses are the following
- Instruments of the money market
- Debentures and securitized debt are two types of debt
- Certificates, warrants, and other instruments
- Bonds are a type of financial instrument
- Instruments that are derivatives
- In a pooled investing arrangement, participants’ interests are pooled
BKFX Review – Trading Features
A broker is only as good as its products and services. The site has its own distinctive approach to this matter. We will discuss all the general information about the trading features such as the trading tools, promotions, and other aspects of the broker.
There are four different accounts available for traders of all walks of life. The BKFX FX brokerage account types are:
- Cent Account
- Standard Account
- Premium Account
- Tailor-made Account
Each of the accounts has its own set of limits, restrictions, perks, and overall features. The available base currencies are the USD and EUR. Personalized customer support is available for all of the account types except for the cent account. BKFX academy access is only available for Premium and tailor-made accounts. There are no restrictions on the number of positions one can open for all account types.
Leverage is an important trading tool that is crucial for the experience. BKFX broker offers a leverage ratio of 1:500 to all of the account types. This means that all types of users get a fair shot at the high leverage. However, as our BKFX review shows, this leverage is a little too high for beginners, as it can drastically increase trading risks.
Before choosing a broker, it is very important to see how much they charge in terms of spreads. Here are the minimum spreads charged by the broker according to the account you are using:
- For the cent account, the spreads go as low as 1.8 pips
- For the standard account, the spreads go as low as 1.5 pips
- For the Premium account, the spreads go as low as 1 pip
- For the tailor-made account, the spreads start from 0.0 pips
Much like other discussed trading features of the site, the minimum depositing amount is different for each account type.
- The minimum depositing amount for the BKFX Forex broker Cent account is $5
- The minimum depositing amount required for the standard account types is $100
- The minimum amount for depositing with the premium account is $1,000
- For the tailor-made account, the minimum deposit amount is $10,000
This type of differentiation is evident in all aspects of the broker’s products. We can conclude that the premium and tailor-made accounts are clearly more advantageous and have a higher cost of investments.
Regarding the promotional offers of the site, there are two types of bonuses available for the clientele of the site. These are the welcoming bonus and the sharing bonus, we will give you as much o information on each as it is available on the site.
The available 100% welcome BKFX bonus is quite alluring as it offers 100% of the amount you have deposited in your account. All one needs to do to get this bonus is to sign up and make an initial deposit. any account type can participate in this promotional offer. one just needs to verify their account and then click on the welcome bonus.
The Sharing bonus is slightly different from its counterpart, however, it is also a 100% bonus that can be very profitable. One will receive a 100% credit for the amount one has put in your trading account automatically. all one needs to do is to make an additional deposit on one’s trading account. Once you verify your account and open the trading account you only need to click the sharing bonus account.
BKFX Review – Final Verdict
All in all, we would not recommend doing business with this broker firm. Firstly because not all of their products and services are approved by the regulatory body. Secondly, for a regulated firm, they seem to have a disturbingly high leverage ratio. Additionally, the available spreads are quite high for most of the accounts.
Another disadvantage of the site is the fact that BKFX does not provide services to residents of the United States, Canada, Syria, North Korea, Iran, or Iraq.
Although the metaTrader4 is a great software and is available in all formats for the consumer, there is not much variety regarding the trading platforms that are available on the site. There is only one and it’s BKFX MT4. They don’t have MT5 or any Web-based platforms.
Additionally, the site doesn’t have an internationally acclaimed license. It is only being monitored by a local regulatory authority. On paper BKFX seems perfectly legit but when you take a close look all of the messy aspects of the site start to show and come very clear to the consumer.