Website: GKFX.com
Address: 30 Charles II Street, London. SW1Y 4AE
Minimum to open account: £250
Minimum stake per pip: 10p
Free demo account available: Yes click here
The Swiss Franc de-pegging sent a bit of a shock wave through the Forex industry. As I’m sure you know, some brokers were hit very hard – Alpari and FXCM were both high profile casualties – and it has to be said, the after-effects are still being felt.
Some brokers are tightening up the portfolio of markets they offer – they are now very nervous of Forex pairs with currencies openly manipulated by the country’s central bank (things like the Danish Krone and its peg to the Euro) and understandably so!
It would be a bit irresponsible if they continued with the same cavalier attitude after the Swiss Franc proved how they were overexposing themselves.
More concerning to us every day traders, though, is the low liquidity some brokers have been offering around scheduled economic reports. I’ve seen situations where the bid/ask quote has ballooned out to 50 or 60 pips with certain brokers, even in major markets like EURUSD (where you’d normally expect a 1 or a 1.5 pip spread).
Now on one hand, you can’t blame them for covering their backs. They can’t afford to be caught with their pants down again. And if a few clients’ stop losses get triggered by widening out the spread… well, that’s just a bit of fortuitous collateral damage.
Funny how these things always work out in the broker’s favour, isn’t it?
And it’s all going towards making up for losses they took on Swiss Franc day.
So have a good think about this situation, and then ask yourself:
Why the hell should we foot the bill just because our broker got their greedy little fingers burnt by being reckless in the first place?
It’s not our fault they got caught out. We just want to get on and place our trades on a level playing field. We shouldn’t need to do battle with the markets AND our broker. They should be on our side… a trading partner instead of an adversary.
So if you’ve noticed a lower than normal strike rate on your trades, getting stopped out where you’d usually expect your trade to run-on, you might be getting fleeced by those wider spreads and probably haven’t even realised.
And that’s why I think you should consider GKFX.
I’ve been keeping an eye on a range of brokers and I can say, without hesitation, GKFX’s spreads have remained consistently tight, even in the face of big data releases like the US job numbers. (Where others widened out to a 45 pip spread on GBPUSD, GKFX kept it tight at 2.7 pips).
Now you might say: “Why should I be bothered, I don’t trade around reports?” But actions speak louder than words. The less scrupulous brokers are showing you the disdain with which they are prepared to treat their own clients.
And don’t you deserve better?
Would you allow yourself to be blatantly fleeced next time you pay the bill in a restaurant, or ripped-off when you’re buying a coffee?
I don’t think so. So why let your Forex broker get away with it?
I’m a firm believer in placing business with companies that earn my respect. If you feel the same, I’m sure you’ll be impressed by the product and service GKFX offer.
Why not give them a try-out. Open a free demo account today and upgrade to a full account if you like what you see. You might even share your thoughts over in the forum so other TN members know what you think.
Markets available: All the major Forex pairs – EURCHF, EURGBP, EURJPY, EURUSD, AUDUSD, GBPJPY, GBPUSD, USDCAD, USDCHF, USDJPY. Plus a range of minor Forex markets, precious metals, commodities and equities (indices and individual shares).
Spreads: Tight! Go take a look on the demo platform. You’ll be pleasantly surprised.
Trading platform: Your trades will be executed through the industry standard Metatrader (MT4). They also have their own MT4 ‘Booster Package’ plug-in with eight proprietary tools. Mobile apps for all Android and iOS devices are available.
Customer service: Great customer service. I had an old CFD account I wanted to change to a spread-bet account and it was all handled with one phone call, no endless emails of scanned documents. GKFX are based in London and are regulated by the Financial Conduct Authority.
Trader’s Nest verdict: It sometimes takes a shock event like the Swiss Franc de-peg to weed-out the weaker hands and let the strong shine through. GKFX have performed impeccably throughout and proven themselves to be a solid and reliable trading partner. They get my highest recommendation. GKFX.com
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No one could ever say we’re short of Forex brokers and spread bet providers to choose from. There are literally hundreds of them out there!
Some firms are more trustworthy than others of course, but that’s just the same in any industry. You’re always going to get your straight-shooters and you’ll always get the rogues who operate in murkier waters!
So when it comes to trading, how do you go about finding the blue chippers? Which are the firms you can trust and which are worthy of your business?
If I had to recommend one firm to you today it would be ETX Capital
Click here to review ETX Capital’s own website.
But let me tell you why…
If you stick to one of the ‘big names’ in the industry you can’t go far wrong. If they have a presence here in the UK they should be regulated by the Financial Conduct Authority (ETX are fully regulated by the way) and that’s one thing you might like to check before you deposit any funds with a firm…
You see, when a firm is overseen by the FCA It means they have to stick to a strict code of conduct. Client funds have to be kept separate from the firm’s own operating capital (it means if the company goes out of business your deposited funds are kept safe). And any complaints they receive from clients are reported to the FCA on a regular basis. This means there’s no room for any shenanigans to get out of hand.
In fact, if there ever is a genuine error made on the firm’s part they should be bending over backwards to make amends. They need to keep everything whiter than white in the eyes of the FCA.
Why the ‘title contender’ is often a better bet than the current champ
So regulation aside, one other little trick you might like to use to help you choose a broker is to go with the 2nd or 3rd biggest player rather than the very top dog.
Why?
Well, it’s a very competitive landscape out there in the investment and trading industry. These firms will cut each other’s throats to win your business. Go with the title contender instead of the current champ and you should be treated like royalty as they fight to keep you happy, retain your business, and continue growing their share of the market.
Tight spreads and cutting edge technology is a given – it’s excellent customer service that gives ETX Capital the edge
So outstanding customer service is the one big reason I think ETX Capital are worthy of your attention.
They’re not today’s 800 pound gorilla of the trading world. But I assure you this – you will get well looked after as they continue to grow in dominance.
Now I know customer service is probably not the first thing you usually think of when it comes to choosing a trading provider…
Tight spreads (that’s the difference between the current market price for buy orders and sell orders) are essential. And these days, competition between the firms means this is almost a given wherever you look. You should see tight spreads in all the main markets with any reputable provider, and ETX are right up there with the best.
And trading technology is a pretty level playing field these days too. Most of the big providers will give you the industry standard Metatrader charting/order platform free of charge. They all have solid mobile platforms too so there’s nothing really to set the firms apart as far as technology goes, but again, it goes without saying you’ll get well look after on the tech front by ETX.
So if you’ve got the best technology and you’ve got the right trading conditions at your fingertips from a selection of different providers, it only really leaves customer service as the differentiating factor.
See how important good customer service could be by imagining this horror show…
You’re in a EURUSD position and your broadband connection goes down. The US job numbers are due out in 25 minutes and you desperately need help to exit your open trade. You cancelled your stop loss and were just about to close out the trade when the connection dropped. The consequences to your account could now be disastrous.
(Sounds like a bit of a haphazard thing to have happen, I know. But these things do have a habit of rearing-up at precisely the worst possible moment)
So let me ask you this – do you now want to be stuck with email only support from a low-level customer service provider? It could be hours before you get a reply. And even then it’s likely to be a canned response.
Do you want to be routed through to an outsourced call centre on the other side of the world, again, with questionable powers to help you in your hour of need?
Or would you prefer to have a polite and professional customer service department right here in London answer the phone on the second ring and sort everything out for you right there and then?
I know which I’d prefer!
But don’t just take my word for it. Click here to register your interest in opening an account and then phone up their customer services department on 020 7392 1494.
Take the time to ask a quick question now on the phone and take confidence this is how you’ll always be treated
Ask them a quick question. Anything…
“What is the minimum stake I can place per trade?” (It’s 10p per pip on their Metatrader account by the way).
“What days can I place trades on?”
“When do you close for Easter?”
Just think of a relevant question and see how your call is handled.
And remember, that’s how you’re going to be treated every time you need to speak to them, especially when the pressure is on and you really NEED help, urgently.
In this day and age good customer service is essential, but in the main, sadly lacking.
ETX Capital is the one trading firm I’m sure won’t let you down.