BKFX review – 5 things you should know about bkfx.io

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BKFX is a slick and professional broker, hailing all the way from South Africa. Although it does not change the game, it is a welcome addition in a market that is overflowing with unregulated and scammer brokers. We were pleasantly surprised by what this brokerage does and what it offers users. Read the review to find out all the crucial details about it.

We opened a demo MT4 account, a standard one. To open a live account, one must provide proof of identity alongside other documents. This is a good sign- the broker keeps its clientele clean of any wrongdoers or cheaters.

Whilst opening an account, we were able to choose a leverage that was capped all the way to 1:500, which is one of the main reasons why users trade with none EU/US brokers.

The MT4 revealed to us a EUR/USD cost of trade of 1.5 pips, which is quite good. But please note that this is the demo version, meaning that the spread might be different to users of live accounts. Moreover, there might be commissions charged to certain spreads. Commissions that BKFX has not disclosed for some reason.

Through the MT4 we learn that the available financial instruments are forex currency pairs, commodities, and cryptocurrencies. A rather short list of instruments, when compared to other legit brokers.

Finally, the website of BKFX can be accessed by English, Spanish, Portuguese, and Japanese speakers.

BKFX REGULATION AND SAFETY OF FUNDS

The biggest and most important thing that this broker has it going for itself is its license by the Financial Sector Conduct Authority (FSCA) of South Africa, a country known to be the center of FX trading in Africa, making it a very important financial center globally. The FSCA oversees the non-banking sectors, which of course includes FX brokers. Like most respectable and responsible FX licensors, so does the FSCA aims to protect investors and provide fair trading grounds for all.

If you want to know more about the South African regulator click here.

So BKFX is licensed and therefore worth investing in. The only thing that can potentially stop a user from depositing are the trading and payment conditions, in that someone might be interested in more different conditions. Otherwise, BKFX is great!

BKFX TRADING SOFTWARE

The MT4 makes a glorious appearance here. However, there was no web MT4, which might be a letdown for those that do not wish to download the full version.

This is undoubtedly the best trading platform on the market. The sheer amount of options and features on offer here would require us to write at least a text the length of which are three reviews. There is no mistake. The MT4 is best!

BKFX DEPOSIT/WITHDRAW METHODS AND FEES

According to the user area, users can deposit through Neteller, Skrill, SticPay, LetKnow Pay (various cryptocurrencies), and VirtualPay. The minimum deposit is $100.

The withdrawal section, on the other hand, reveals nothing. We assume that we have to first verify our account, and then go and withdraw if we have any funds.

We assume that the payment methods used for depositing are also used for withdrawing. There seems to be no withdrawal fee, and the broker even covers any fees incurred by the payment systems. Moreover, and this is important, users can only withdraw if their free margin exceeds the withdrawal sum. And there are no processing times, but the broker might have mentioned that users should allow the company 24 hours to send over funds to clients’ accounts.

Overall, this broker is worth your trust. It might not be regulated by a EU or US entity, but from what we have seen, the positives definitely outweigh the negatives. We say, go for it!

Rich Snippet Data

Reviewer

TheForexReview

Review Date

2021-05-26

Reviewed Broker

BKFX

Broker Rating

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