BKFX is a Forex & Crypto CFD broker, that opened in February 2020, officially regulated by the FSCA South Africa.
Owned and operated by; BKFX (Pty) Ltd, they are located at: 21, Aurora Drive Umhlanga, 4301, South Africa. Contact phone number in South Africa is; +27104464500, and the email address is; [email protected]. Official Website is: https://BKFX.io.
Investors with complaints or withdrawal problems should read this.
BKFX Broker Reviews
Our review of the brokers BKFX finds, that they offer their day trading and investing clients, the standard MT4 trading platforms. Clients can either download the desktop trading app, or install the mobile app from iTunes or Google Play. They also offer the generic web-based MT4 webtrader. Compare popular trading apps, see here.
BKFX offers more than 100 underlying assets for trading CFD’s, including all popular Forex pairs and some Crypto Currency pairs like Bitcoin. Margin / leverage rates on Forex pairs is up to 500:1, and Crypto leverage is 10:1.
Many new investors look for brokers with high leverage because they believe they will make money easier that way. The reality is, that trading with high leverage is very risky, and new traders don’t understand the risks, and end up losing their money quickly.
The minimum deposit for a new trading account starts at only $5, and your account can denominated in either EUR or USD. It is strange that we didn’t see an option for a ZAR denominated account.
Fake Instagram Forex Trader
Many South African’s get involved in Forex trading & investing, because of a trader they found on Instagram. Fraudsters create fake Instagram profiles, and display a high rollers lifestyle, which they claim comes from their success in Forex trading.
Before following one of these traders, you must know that the people running managed account schemes are very often frauds! They are setup as Introducing Brokers, and many of them will profit off of your trading volume.
First thing to do, is educate yourself about day trading, and then look into Social Trading at a regulated broker like TigerWit.
Is BKFX a Regulated Broker?
Yes, BKFX is technically owned by BKFX (Pty) Ltd, Company 2017/657344/07, which is an FSCA regulated Forex broker, with license number FSP 49288.
Clients outside of South Africa are trading with BKFX LLC, which is an offshore broker. Their registration number is 701 LLC 2020, and located at: Suite 305, Griffith Corporate Center, Beachmont, Kingstown, Saint Vincent and the Grenadines.
The method we use when reviewing a new CFD broker to determine if they are legitimated or a scam, is by checking for an active brokerage firm license. Since the Scam Broker Investigators started only a few years ago, we have seen many unlicensed brokers disappear and go out of business.
The best brokers are always licensed by ASIC Australia, FCA United Kingdom, or your local governments financial regulator. Smart investors will always use a licensed broker, because of the protection you are afforded from your financial regulator.
Best Forex Brokers
Smart investors always review a few different brokers before making a final decision, See the best brokers list.
ForTrade is the most popular broker amongst our readers, because of their unique trading platforms, read more. You will find Free Trading Signals, MetaTrader4 and ForTrade is an Australian regulated broker. Try a Free Demo Account, Register here.
What was your experience investing with the brokers at BKFX.io? Please share your thoughts in the comment section below.