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WHO IS CKFX?
According to research in South Africa CKFX was established in 2010 and has its headquarters in Cyprus and is EU regulated. That country is generally well-suited for CKFX to provide its Forex and CFD trading services to global clients.
CKFX acts as an introducing broker for Forex Yard. Its own website provides very little information, but a registration and deposit process seem to be easy and straightforward. Both depositing and withdrawing money can be done using a bank transfer or credit card and seem to be easy.
The downloadable Forex Yard Trading Station platform is easy to use and functional and they also offer a Java-based platform that is compatible with Macs and does not need to be downloaded.
CKFX’s website is available in English, Dutch, Spanish, French, and Italian and the platform adds Arabic, Finnish, German and Swedish.
CKFX supports several currency pairs with the typical spread for major pairs being 3-5. They offer a demo account and also enable you to trade with a super-mini account with which you can start trading with as little as $100. As soon as the account has a balance of over $999, it is automatically converted to a standard account.
CKFX offers a maximum leverage of 200:1, and charges deposit and withdrawal fees on the mini account, a price you have to pay for trading such small amounts of money.
The CKFX support team is available 24 hours a day, 6 days a week and is very responsive when contacted. They offer some basic Forex training on their site answering questions anywhere from “What is a pip” to “How is it calculated?” In addition, they offer a tour of their platform, in which they show you different screen shots of the platform and an explanation of each one.
CKFX offers attractive promotions to new traders and if you open a demo account and later decide to go live, you can take your profits from the demo into the real account to begin trading with real money, on certain conditions.
SAFE OR SCAM
One of the best benchmarks to measure the safety of a broker like CKFX, is to establish which regulating authorities are watchdogs over its actions.
CKFX is a well-established broker since 2010 with headquarters in Cyprus, a base well-suited for CKFX to provide its Forex and CFD trading services to clients globally.
CKFX claims that it is EU regulated, while other sources suggest that it is only regulated by the British Virgin Islands Financial Services Commission (FSC).
PRO AND CONS
| PROS | CONS |
| 1. Bank Transfer or credit card | 1. Introducing broker for Forex Yard |
| 2. Downloadable and Java-based platforms | 2. Very empty website |
| 3. Keep profits from demo to real account |
LEVERAGE
Leverage is a facility that enables you to get a much larger exposure to the market you are trading than the amount you deposited to open the trade. Leveraged products, such as forex trading, magnify your potential profit – but also increase your potential loss.
Leverage amount is expressed as a ratio, for instance 50:1, 100:1, or 500:1. Assuming that you have $1,000 in your trading account and you trade ticket sizes of 500,000 USD/JPY, your leverage will equate 500:1.
Margin is the amount of collateral to cover any credit risks that may arise during your trading operations. It is expressed as the percentage of position size (e.g. 5% or 1%), and you have to have funds in your trading account to ensure sufficient margin.
For example, on a 1% margin a position of $1,000,000 will require a deposit of $10,000. The margin level in a trading account needs to be equal or more than 100% to be able to open new trades, otherwise your trading account will be fully hedged.
CKFX offers a maximum leverage ratio of 1:200.
ACCOUNTS
A forex account at CKFX is a trading account that you will hold and that will work similarly to your bank account, but with the difference that it is primarily issued with the purpose of trading on currencies.
Forex Islamic accounts are also known as swap-free accounts as they imply no swap or rollover interest on overnight positions, which is against Islamic faith.
Often, the number and type of accounts that a trader can open with a broker company differs depending on the country in which it operates and the regulation authorities under whose jurisdiction it falls.
CKFX offers a demo account to practice trading on their platform; a Super-Mini Account that can get you trading with as little as $100 and a Standard Account with minimum deposit of $1 000. As soon as the Super-Mini Account goes over $999, it is also automatically converted to a standard account.
MARKET INSTRUMENTS
The most popular market instruments available from most brokers for trading include:
Forex
Forex trading describes the currency exchange market which refers to the global, decentralised marketplace where individuals, companies and financial institutions exchange currencies for one another at floating rates.
Commodities
Commodity markets offer many investment opportunities for traders. Soft commodities have been traded for centuries and plays a major role in portfolio diversification and risk management. Investing in contract-based tradable goods is a reliable way to mitigate risk during times of economic uncertainty.
Indices
Equity, or stock indices, are actual stock market indexes which measure the value of a specific section of a stock market. They can represent a specific stock market or a specific set of the largest companies of a nation.
Precious metals
The trading of gold and other precious metals, along with crude oil, copper or petroleum, are hard commodities that play a major role in the commodities market and are contract-based tradable goods.
Energy
The typical feature of energy prices is high volatility due to the influence of political and environmental factors, supply and demand, extreme weather conditions and global economic growth.
CKFX offers 30 different Forex currency pairs and commodities like gold and silver for trading.
FEES
Cost depends on different factors, like spread and margins, and CKFX clients may also experience different fee structures according to their country or place of residence.
The spread of a currency pair is the difference between the bid and the ask rate. A pip represents the smallest increment that an exchange rate can move.
Margin is the amount of money required in your account in order to open a position. Margin is calculated based on the current price of the base currency against USD, the size (volume) of the position and the leverage applied to your trading account.
CKFX offers CKFX supports 30 different currency pairs with the typical spread for major pairs being 3-5.
DEPOSIT AND WITHDRAWAL
Accounts usually requires a certain minimum initial deposit, which can be paid in several ways. Withdrawals can usually be done with the same ways, but sometimes differ.
In the case of CKFX the following are required: Both depositing and withdrawing money can be done using a bank transfer or credit card and seem to be easy.
Bank Transfer, Credit Card, Debit Card, Direct Credit, EcoCard, Electronic Funds Transfer, JCB, Liberty Reserve, Moneybookers, Neteller, WebMoney, Wire transfers can be used to fund a CKFX account.
Only $100 is needed to open a Super Mini Account and R1 000 for a Standard Account. The same methods may be used to withdraw money, but it may take up to 5 days to withdraw funds.
TRADING PLATFORMS
The forex trading platform provided by CKFX to its clients is in essence the software to carry out their trades. Some brokers provide only one, others quite a few platforms.
A multi-asset trading platform is one that allows clients to trade forex as well as other asset classes. The decision about which platform to choose will usually depend on what a client would like to trade.
CKFX provides the Forex Yard Trading Station platform which is easy to use very functional. Some features included in their downloadable platform include Stop Losses, Take Profit, charts and graphs, trading history, and the support for commodities like gold and silver. In addition to the standard platform, they offer a Java-based platform that is compatible with Macs and does not need to be downloaded, which is an advantage to new traders.
HOW TO OPEN AN ACCOUNT
Similarly to a bank, to register a forex trading account with CKFX for the first time, you will be required to go through a basic “know your customer” process, which will allow CKFX to ascertain that your submitted details and ensure the safety of your funds and account details.
CUSTOMER SUPPORT
Potential traders need to make sure the broker company they chose will offer sufficient support whenever they need it.
In the case of CKFX customers can reach the support team via email, phone, and live chat, 24 hours a day, 6 days a week.
EDUCATION
Before starting to trade, potential clients of CKFX should avail themselves of all possible information and trading skills needed to be successful in the world of forex and commodity trading.
CKFX offers some basic Forex training on their website, which gives answers on questions from “What is a pip” to “How is it calculated?” The website offers a tour of the platform, in which they show different screen shots of the platform and an explanation of each.
RESEARCH
To be able to trade with confidence, traders should do as much as possible research about this kind of speculative trading before commencing, but also preceding every daring deal to ensure that they don’t lose money unnecessarily and trade as profitable as possible.
With CKFX they only have access to basic trading information. It must be noted that CKFX acts as introducing broker and more resources may be available with the actual trading broker.
AWARDS
Being an awarded company instils extra confidence by traders. Although CKFX is acclaimed by customers, there is no indication of awards won on its homepage.
CONCLUSION
CKFX has been in business since 2010 and has its headquarters in Cyprus. Its website provides very little information, but it claims to be EU regulated.
CKFX in reality acts as an introducing broker for Forex Yard.
Registration and funding an account are easy and quick, depositing and withdrawing money can be done easily. CKFX offers a demo account and also enable you to trade with a super-mini account with which you can start trading with as little as $100.
The Forex Yard Trading Station platform is easily downloadable, straightforward to use and functional, but they also offer a Java-based platform that is compatible with Macs and does not need to be downloaded.
CKFX’s website and platform is available in several languages. The CKFX support team is available 24 hours a day, 6 days a week and is very responsive when contacted.
DISCLAIMER
CKFX warns potential customers that Forex and CFDs trading always carries a high risk and may not be suitable for all investors.
Before deciding to trade with CKFX, potential traders are advised to carefully consider their investment objectives, financial situation, needs and level of experience before investing money they cannot afford to lose.
CKFX warns that margin trading involves the potential for profit as well as the risk of loss and that movements in the price of foreign exchange and commodities are very unpredictable, hence CKFX cannot guarantee a maximum loss that a trader may suffer, according to research in South Africa.
CKFX AT A GLANCE |
|
| Broker’s Name | CKFX |
| Headquartered | Cyprus |
| Year Founded | 2010 |
| Regulating Authorities | British Virgin Islands Financial Services Commission (FSC) |
| Countries not accepted for trade | United States |
| Islamic Account (Swap Free) | Yes |
| Demo Account | Yes |
| Institutional Accounts | Not clearly indicated |
| Managed Accounts | Not clearly indicated |
| Maximum Leverage | 1:200 |
| Minimum Deposit | $100 |
| Deposit Options | Bank Transfer, Credit Card, Debit Card, Direct Credit, EcoCard, Electronic Funds Transfer, JCB, Liberty Reserve, Moneybookers, Neteller, WebMoney, Wire |
| Withdrawal Options | Bank Transfer, Credit Card, Debit Card, Direct Credit, EcoCard, Electronic Funds Transfer, JCB, Liberty Reserve, Moneybookers, Neteller, WebMoney, Wire |
| Platform Types | Forex Yard Trading Station, Java-based platform |
| OS Compatibility | Web and mobile |
| Tradable Assets | Forex, Commodities. |
| Languages supported on Website | English, Dutch, Spanish, French, and Italian |
| Customer Support Languages | English, Dutch, Spanish, French, and Italian |
| Customer Service Hours | 24/6 |
Frequently Asked Questions
Is CKFX a good and legit broker?
Our Review of CKFX reveals that this broker, based in Cyprus is EU regulated and seems to be legit and reliable.
How many instruments can I trade with CKFX?
You can trade 30 different Forex currency pairs and commodities like gold and silver.
Which platforms are supported by CKFX?
Trading platforms are: Forex Yard Trading Station & Java-based platform.
Is CKFX a recommended forex trading broker for experts and beginners?
CKFX offers a fair trading environment for all types of traders.
Featured SA Shares Writer and Forex Analyst.
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