Min Deposit
USD 100
Regulators
Not Regulated
Trading Platform
MT4
Crypto
No
Total Pairs
0
Islamic Account
No
Trading Fees
Low
Account Activation
24 Hours
AKFOREX’s activities are more limited, just offering online forex trading as an Introducing Broker for the Royal Division of Ikon GM.
A Quick Overview of our AKFOREX Review:
- ✔️Who is AKFOREX?
- ✔️Safe or Scam
- ✔️Pros and Cons
- Leverage
- Accounts
- Market Instruments
- Fees
- Deposit and Withdrawal
- Trading platforms
- How to open an account
- Customer Support
- Education
An introducing broker can perform all the functions of a broker except for accepting money, securities, or property from a client.
Who is AKFOREX?
According to research in South Africa AKFOREX is an Introducing Broker for the Royal Division of IKON GM. The Ikon Group is a large provider of financial trading services to over 18 000 institutional and retail clients in more than 90 countries.
AKFOREX has headquartered in Athens, Greece from where it offers unique and individualised service exclusively to investors from around the world. AKFOREX focuses its activities on an exclusive client segment and prides itself on its quality of service in the market.
Both private and institutional clients can do business with AKFOREX. In essence, it offers a managed account experience for those lacking the time, experience or the desire to trade in the currency markets themselves.
A managed account offers advantages such as management by professional traders with extensive experience and knowledge and asset diversification from Forex trading that is not correlated to the stock market.
It also provides equal trading facilities in both rising and falling FOREX markets, around the clock real-time account management with access statement reporting, asset liquidity and an emphasis on low-risk strategies.
AKFOREX requires a minimum balance of 10 000 USD to open a managed Forex account on a customer’s behalf and uses the popular MetaTrader 4 to execute trades.
A free practice account is also available for those considering joining AKFOREX and want to experience risk-free hands-on trading.
Safe or Scam
One of the best benchmarks to measure the safety of a broker like AKFOREX is to establish which regulating authorities are watchdogs over its actions.
AKFOREX offers online Forex trading as an Introducing Broker for Royal Division of IKON GM, which is part of IKON GLOBAL MARKETS, Inc., in turn a member of the National Futures Association (NFA) and registered with the Commodity Futures Trading Commission (CFTC) as a Forex Dealer Member/Futures Commission Merchant.
Min Deposit
USD 100
Regulators
Not Regulated
Trading Platform
MT4
Crypto
No
Total Pairs
0
Islamic Account
No
Trading Fees
Low
Account Activation
24 Hours
Pros and Cons
| PROS | CONS |
| 1. Part of IKON GLOBAL MARKETS, Inc., a member of the National Futures Association (NFA). | Not regulated in its own capacity |
| 2. Ikon Group is a large provider of financial trading service | |
| 3. Free demo account | |
| 4. Managed account offers several advantages |
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 to 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 to or more than 100% to be able to open new trades, otherwise, your trading account will be fully hedged.
AKFOREX offers a maximum leverage ratio of 1:100
Accounts
A forex account at AKFOREX 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 the Islamic faith.
Often, the number and type of accounts that a trader can open with a broker company differ depending on the country in which it operates and the regulatory authorities under whose jurisdiction it falls.
AKFOREX offers the following types of accounts:
Standard Account, which requires a minimum account opening balance of $2 500 and a Mini Account which requires a minimum account opening balance of $100.
A free practice account is also available for those who are considering a relationship with AKFOREX or want to hands-on experience trading Forex in a risk-free environment.
Private and institutional clients can open accounts with AKFOREX since they offer a managed account experience with the following advantages:
- Management by professional traders with extensive experience and knowledge
- Asset diversification from Forex trading that is not correlated to the stock market
- Equal trading facilities in both rising and falling FOREX markets.
- Real-time account management with access statement reporting around the clock
- Asset liquidity
- An emphasis on low-risk strategies
AKFOREX requires a minimum balance of 10 000 USD to open a managed Forex account on a customer’s behalf.
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.
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.
AKFOREX offers trading in Currencies and Metals.
Fees
Cost depends on different factors, like spread and margins, and AKFOREX 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 asking 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.
AKFOREX charges no deposit fees, withdrawal fees, margin interest or forex commission, but does charge commission on CFDs and Binary Options.
Deposit and Withdrawal
Accounts usually require a certain minimum initial deposit, which can be paid in several ways. Withdrawals can usually be done in the same ways, but sometimes differ.
In the case of AKFOREX the following methods and minimum deposits are required:
A Standard Account requires a minimum account opening balance of $2 500 and a Mini Account requires a minimum account opening balance of $100. AKFOREX requires a minimum balance of $10,000 USD to open a managed Forex account on your behalf.
Payments and withdrawals can be executed with credit cards or bank wire.
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Trading platforms
The forex trading platform provided by AKFOREX 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.
AKFOREX provides MetaTrader 4 for transactions.
How to open an account
Similar to a bank, to register a forex trading account with AKFOREX for the first time, you will be required to go through a basic “know your customer” process, which will allow AKFOREX 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 AKFOREX customers can reach the support team via email or phone and customer service hours are 24/5.
Education
Before starting to trade, potential clients of AKFOREX should avail themselves of all possible information and trading skills needed to be successful in the world of forex and commodity trading.
AKFOREX provides a learn currency trading section on its website where traders can learn basic trading tips and study other education topics.
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 AKFOREX they have access to an economic calendar section that provides updates about economic news and events. There is also a currency e-books section with a list of trading and technical analysis e-books.
Awards
Being an awarded company instills extra confidence by traders. Although AKFOREX is acclaimed by some customers, there is no indication of awards won on its homepage.
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Conclusion
AKFOREX can be described as an introducing broker for the Royal Division of IKON GM, a large provider of financial trading services to thousands of institutional and retail clients all over the world.
AKFOREX just offers online forex trading and can perform all the functions of a broker except for accepting money, securities, or property from a client.
AKFOREX focuses its activities on an exclusive client segment and private and institutional clients can do business with the company. In essence, it offers a managed account experience with advantages such as management by professional traders with extensive experience and knowledge and asset diversification from Forex trading that is not correlated to the stock market.
Min Deposit
USD 100
Regulators
Not Regulated
Trading Platform
MT4
Crypto
No
Total Pairs
0
Islamic Account
No
Trading Fees
Low
Account Activation
24 Hours
Disclaimer
AKFOREX 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 AKFOREX, 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.
AKFOREX 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 AKFOREX cannot guarantee a maximum loss that a trader may suffer, according to research in South Africa.
FAQs
TRADING ENVIRONMENT
- How many instruments can I trade with AKFOREX?
You can trade different instruments with AKFOREX, which include the following:
- Currencies,
- Metals
- CFDs and
- Binary Options
- Which platforms are supported by AKFOREX?
AKFOREX provides the following popular trading platforms:
- MetaTrader 4.
- Does AKFOREX offer leverage?
Yes, AKFOREX offers maximum leverage of 1:100
- What spreads can I expect with AKFOREX?
AKFOREX offers a spread of 2-3 pips on majors. If details on the website is not comprehensive, more information can be obtained from the customer support service.
- Does AKFOREX charge commission?
More information on commissions can be obtained from the customer support service.
- Is AKFOREX regulated?
No
- Is AKFOREX a recommended forex trading broker for experts and beginners?
AKFOREX offers a trading environment for all types of traders.
- What is the overall rating out of 10 for AKFOREX?
5/10
ACCOUNTS
- What is the difference between a demo and live trading account?
A demo account is offered by broker companies and funded with virtual money that enables a prospective customer to experiment with the company’s trading platforms and its features, before setting up a real account funded with the customer’s actual money.
Does AKFOREX offer a demo account?
Yes
- How long is the demo account valid?
The demo trading account is provided for practice trading for 30 days.
- Which live trading accounts does AKFOREX offer?
- Standard Account
- Mini Account
- What are the available deposit currencies for a live trading account?
USD, and more.
DEPOSITS AND WITHDRAWALS
- What is the minimum deposit for AKFOREX?
$ 100
- How do you make a deposit and withdrawal with AKFOREX?
AKFOREX offers the following deposit and withdrawal methods:
- Credit Card,
- Bank Wire.
Withdrawals can be done via:
- Credit Card,
- Bank Wire.
- Does AKFOREX charge withdrawal fees?
No, but fees from a financial institutions may apply.
- How long does it take to make a withdrawal?
Depending on bank services it may take several days for the money to be available.
AKFOREX AT A GLANCE |
|
| Broker’s Name | AKFOREX |
| Headquartered | Athens, Greece |
| Year Founded | 2003 |
| Regulating Authorities | Not regulated, but states NFA (US), CFTC (US) |
| Countries not accepted for trade | United States |
| Islamic Account (Swap Free) | No |
| Demo Account | Yes |
| Institutional Accounts | Yes |
| Managed Accounts | Yes |
| Maximum Leverage | 1:100 |
| Minimum Deposit | $100 |
| Deposit Options | Credit Card, Bank Wire |
| Withdrawal Options | Credit Card, Bank Wire |
| Platform Types | MT4 |
| OS Compatibility | Not clearly indicated |
| Tradable Assets | Currencies, Metals, CFDs and Binary Options |
| Languages supported on Website | English |
| Customer Support Languages | Not clearly indicated |
| Customer Service Hours | 24 hours per day, five days a week |
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