BKFX group includes 2 related companies.
BKFX SA - located in South Africa, regulated by the Financial Sector Conduct Authority (FSCA).
BKFX SVG - legally registered entity located in Saint Vincent and the Grenadines, but not regulated by any government agency.
BKFX group accepts clients from all over the world, excluding USA, Canada, Syria, North Korea, Iran and Iraq.
Forex broker offers the following underlying assets for trading.
|40+ Currency Pairs||Based on major and minor world currencies.|
|11 Crypto Pairs||Based on Bitcoin, Dash, Ethereum, Iota, Litecoin, Monero, Ripple, Tron, Zcash, EOS.|
|7 Indice CFDs||Based on baskets of different blue-chip stocks.|
|3 Metal CFDs||Based on Gold, Silver and Platinum.|
|2 Energy CFDs||Based on Crude Oil (WTI, Brent).|
|40+ Stock CFDs||Based on shares of US companies.|
Established in South Africa in 2017, BKFX is a forex broker that offers trading in a range of instruments on the MetaTrader 4 (MT4) platform, with low spreads for its best clients. The broker is regulated in South Africa by the country’s Financial Sector Conduct Authority (FSCA), and operates an offshore and unregulated branch for its international clients out of Saint Vincent and the Grenadines.
A special thing to note about BKFX is the attractive welcome bonus it offers to all new clients, something which is rarely seen with brokers regulated in jurisdictions like the EU or Australia. In the case of BKFX, a welcome bonus of 100% can be claimed by anyone by simply selecting “Welcome Bonus” once the trading account has been set up. The trader will then have to deposit an amount, and the same amount will be given to him as a bonus (up to USD 2,000). As always, though, be sure to read the fine print associated with the bonus, which can be found as a PDF on the Welcome Bonus page of the broker’s website.
Once an account has been opened, the instruments that can be traded through BKFX includes 11 cryptocurrency pairs, most commonly traded forex pairs, as well as a selection of US-listed stocks, a handful of commodities, and major international squirt indices. The most liquid assets, such as major currency pairs, can be traded with a leverage as high as 1:500, while more volatile trading pairs will have less leverage available.
Three types of trading accounts are available from BKFX, depending on the amount of the initial deposit:
– Cent Account, with spreads from 1.8 pips, available for a deposit of USD/EUR 5
– Standard Account, with spreads from 1.5 pips, available for a deposit of USD/EUR 100
– Premium Account, with spreads from 1 pip, available for a deposit of USD/EUR 1,000
– Tailor Made Account, with spreads from 0 pips, available for a deposit of USD/EUR 10,000
All of the account types come with the same amount of leverage available. Moreover, Muslim traders can enjoy swap-free trading on either one of the trading accounts if they choose so.
To fund a trading account, BKFX accepts all major e-wallet payment methods, as well as the local South African payment services Zotapay, Dragonpay and Payguru. In addition to these traditional methods, accounts can also be funded with cryptocurrencies through the payment processor LetKnow.
All trading accounts with BKFX can be denominated in either euros or US dollars, and there are no fees charged by the broker for processing deposits or withdrawals.
For urgent customer support needs, BKFX’s clients can reach the broker by phone either locally in South Africa or internationally through a UK phone number. As usual, a live chat option is also available for clients who prefer that, with support agents located in various parts of the world. According to the broker’s own promises, the support team is multi-lingual, and available 24 hours on all trading days.
All in all, we are impressed with BKFX’s fast progress since its launch in 2017, and believe the broker may be able to capture a decent share of the South African forex trading market in particular. However, the broker may also be an interesting option for traders elsewhere, especially for those from the EU or Australia, where leverage is now limited to just 1:30 versus a massive 1:500 with BKFX. As a result, this could be a company to keep an eye on for many traders looking for a new broker.