BKFX Broker Review – Comprehensive Analysis | Broker Ratings

BKFX Basics

🏛️ Based in	Limassol, Cyprus
⚖️ Regulation	FSCA
💰 Minimum Deposit	$5 (2000 Naira)
💳 Deposit Options	Debit Card, Credit Card, Bank Wire, Neteller, Skrill, Sticpay, LetKnow, Zotapay, Dragonpay, and Payguru.
💳 Withdrawal Options	Debit Card, Credit Card, Bank Wire, Neteller, Skrill, Sticpay, LetKnow, Zotapay, Dragonpay, and Payguru.
📌Open an account	Start Trading with BKFX

Our Opinion About BKFX

BKFX is an established forex broker. They have been offering online trading services to clients in Nigeria for several years now. They are regulated by the FSCA in South Africa. As such, they are a reliable forex company, offering a secure online trading environment, and providing a good level of client fund protection

BKFX offers competitive online trading conditions with fair pricing. They have 100+ trading instruments including forex, cryptos, shares, indices, and commodities. They also have a nice range of trading accounts. There are 4 different account types – all of which have high leverage, good spreads, and fast trade execution. They also have one of the top online trading platforms in the industry – MetaTrader4.

If you’re looking for great trading support, then BKFX could be a good choice. They have regular promotions and bonuses, giving you the opportunity to increase your trading capital. They also have a nice range of trading resources including market news, market analysis, and free learning materials. And if you’re looking for great customer service then you’ll be pleased to know that BKFX also has very friendly customer support.

Key Benefits

Regulation And Safety

BKFX is regulated by the Financial Sector Conduct Authority (FSCA) of South Africa with License no. 49288. Therefore, the company complies with all local regulations and can be considered a trustworthy provider.

Fund Safety

BKFX has many measures in place to protect client funds. It keeps client funds in segregated bank accounts. This guarantees that client funds are not used for any activities related to BKFX. It also has negative balance protection. This means that client balances never drop below the level of the original amount deposited. Finally, it ensures all of its trading systems are fully encrypted with SSL. This means it uses a standard security protocol that enables maximum protection against fraudulent activities.

BKFX: Legit Or Scam?

BKFX is a legitimate forex broker. They have been offering online trading services for several years and have a growing client base in Nigeria. They are regulated by a strict financial authority, and operate in line with all the required regulations. In terms of their trading services, they have a nice choice of account types, good trading conditions, and low minimum deposits. They also have a good range of payment methods and good client fund protection policies. In our opinion, they are a reliable broker.

BKFX Trading Assets

BKFX offers 100+ trading instruments from five major asset classes including forex, crypto, shares, commodities, and indices.

Trading Instruments

• Forex: You can choose from 30+ forex trading instruments including many major, minor, and exotic currency pairs.
• Shares: BKFX also offers a great range of shares including Alibaba, Amazon, Apple, Coca Cola, eBay, Boeing, and more.
• Crypto: You can trade 10+ crypto trading instruments including Bitcoin, Litecoin, Ripple, Ethereum, and Dash.
• Commodities: BKFX also offers trading on a small range of commodities including UK oil, US oil, gold, platinum, and silver.
• Indices: You can trade many major indices across the US, UK, and EU markets. They have the S&P 500, the FTSE 100, and the DAX 30.

Account Types

BKFX has four main account types. These are the Cent Account, the Standard Account, the Premium Account, and the Raw Spread Account. Each account type comes with different trading conditions. Moreover, each account type also has a swap-free Islamic account option.

Type	Spreads	Min. Deposit	Max. Leverage	Commission
Cent	From 1.8 pips	$5	1:2000	$0
Standard	From 1.5 pips	$100	1:2000	$0
Premium	From 1.0 pips	$1,000	1:2000	$0
Raw Spread	From 0.0 pips	$5,000	1:2000	$0

Cent Account

This is their cent trading account. As such, it is a great choice for traders with less experience and less trading capital. It comes with an average spread of 1.8 pips and there are no commissions. It also comes with high leverage of up to 1:2000. It gives you access to 50+ trading instruments. The BKFX minimum deposit for this account is $5 and the base currency is USD.

Standard Account

This is their main account option. It is another great choice for new forex traders in Nigeria who are looking for a low-cost trading account. The spreads start from 1.5 pips and there are no commissions. It also comes with leverage of up to 1:2000. It gives you access to 100+ trading instruments. The BKFX minimum deposit is $100 and the best available base currency is USD.

Premium Account

The Premium Account has lots to offer both new and more experienced traders. It comes with fast trade execution, tight spreads starting from 1.0 pips, and high leverage of up to 1:2000. It gives you access to 100+ trading instruments. The BKFX minimum deposit is $1000 and the best available base currency is USD.

Raw Spread Account

The Raw Spread Account has lots to offer both experienced and professional traders. It comes with fast trade execution, tight spreads starting from 0.0 pips, and high leverage of up to 1:2000. It gives you access to 50+ trading instruments. The BKFX minimum deposit is $5000 and the best available base currency is USD.

Demo Account

The demo account lets you trade with virtual money – without any risk involved. Opening a BKFX demo account is a great way to practise your trading skills and learn how to trade forex properly before moving on to a live account.

Islamic Account

All of the BKFX accounts are available as Islamic Accounts. You can choose this option when opening your online trading account.

PAMM Account

BKFX does offer a PAMM service. PAMM accounts allow Nigerian traders to access trading strategies executed by expert investors and account managers. This service can be very helpful for new forex traders, as it means they can benefit from a fully-managed investment portfolio, as well as live investment updates.

BKFX Leverage

The BKFX broker has variable leverage options ranging from 1:1 to 1:2000.

BKFX Spreads

The spreads available vary depending on the account type you choose. As such, you need to check which account would best suit your trading style. On the Raw Spread Account spreads start from 0.0 pips. On the Premium Account, spreads start from 1.0 pips. And on the Standard Account, spreads start from 1.5 pips.

BKFX Registration – How To Open A Trading Account

As part of our BKFX broker review, we checked their account registration process. If you live in Nigeria, then you can open a trading account under the FSCA-regulated business entity. Signing up for an account is easy. To get started, you simply need to visit their website, fill in the registration form, and choose your preferred login details. Next, you need to take a quick test. This is so that they can see how much you know about online trading, and decide if their services are suitable for you. Lastly, you need to complete the KYC process, submit your documents, and choose your account type.

BKFX Registration – How To Verify A Trading Account

As part of our BKFX broker review, we also checked their account verification process. To open a live trading account you’ll need to show BKFX a proof of ID and a proof of address. This is so that they can check your identity and verify your account. The account verification process is fairly straightforward. You can provide them with copies of your National ID card, Passport or Driving License . You can also provide them with copies of a utility bill or a bank statement registered in your name. After you have verified your account, you can add funds and start trading.

BKFX Bonuses

If you’re looking for a good promotion, BKFX has a great selection of forex bonuses. Their promotions typically include no deposit bonuses, welcome bonuses, deposit bonuses, and refer-a-friend bonuses.. Their promotions change regularly and they frequently add new offers to their website.

BKFX Any Deposit Bonus

BKFX is currently offering a deposit bonus for new clients. It is worth up to 30% of your deposit. To access the bonus, simply open an account, add your first deposit, and start trading. It’s worth noting that there are bonus terms and conditions that apply, and you should check their website for more information. Here are a few important things to note:

• The Bonus is credited instantly and automatically on each deposit.
• The Maximum Bonus awarded is $5,000.
• The Trading Profit created from the Bonus is withdrawable.
• The promotion is allowed for only one Trading Account per client.
• The Maximum Leverage is 1:2000.
• The Bonus is removed upon margin call (50%) and upon negative balance.
• The Bonus is removed proportionately on any withdrawal.

BKFX Payment Methods

As part of our BKFX broker review, we checked what payment options they accept. As the minimum deposits are quite low, opening an account is fairly easy. They also offer a wide range of payment methods, including e-wallets.

BKFX Deposits

BKFX offers a great selection of deposit methods. You can fund your trading account using a debit card, credit card, or bank transfer. You can also choose from other funding options such as Neteller, Skrill, Sticpay, LetKnow, Zotapay, Dragonpay, and Payguru. The minimum deposit is $5. The deposit time depends on which payment method you choose. For example, BKFX deposits made via Neteller and Skrill are instant. However, BKFX deposits made via bank transfer can take several days to process. There are no deposit fees for most funding methods, on most BKFX trading accounts.

BKFX Withdrawals

BKFX offers a great selection of withdrawal methods. You can withdraw money from your trading account using a debit card, credit card, or bank transfer. You can also choose from other withdrawal options such as Neteller, Skrill, Sticpay, LetKnow, Zotapay, Dragonpay, and Payguru. The minimum withdrawal is $5. The withdrawal time depends on which payment method you choose. For example, BKFX withdrawals made via Neteller and Skrill are instant. However, BKFX withdrawals made via bank transfer can take several days to process. There are no withdrawal fees for most funding methods, on most BKFX trading accounts. However, 3rd party payment institutions may charge additional fees.

BKFX Trading Platforms

BKFX uses one of the industry’s most popular and most reputable platforms – Metatrader4. The company offers several different versions of the platform. You simply choose which version you want to download based on your preferred device.

MetaTrader4 (MT4) is great for new forex traders. It is a user-friendly platform that comes with many handy, built-in trading tools. You can use it to trade all of the most popular trading instruments including forex, stocks, and indices. The MT4 trading platform has helpful charting tools, 4 order execution types, 30 technical indicators, and 23 analytical objects. You can use these trading tools to work on your market analysis and create your own trading strategies.

BKFX Trading Tools

• ZuluTrade – ZuluTrade is the world’s largest social trading platform. BKFX gets you free access to a ZuluTrade account, enabling you to access a pool of professional traders and their trading systems. You can use these tools to find expert traders and copy their trading strategies.

• Expert Advisors (EAs) – EAs are programmes, which when implemented into the trading platform enable you to perform automated trading. Each EA is unique and can be set up according to the needs of the trader.

• Market News – Their market news summarises market events, market trends, and key investor updates across many markets. It also helps you find potential trading opportunities for forex, cryptos, indices, commodities, and shares.

• Technical Analysis – Their technical analysis helps you to understand market trends and to anticipate future price movements. It covers many popular instruments including forex, cryptos shares, and indices. As such, it makes implementing trades much simpler.

• Economic Calendars – Their economic calendar helps you stay on top of market news. It covers all of the most important economic data releases from around the world. It also includes detailed explanations and forecasts of each data release. As such, it makes tracking news and predicting price movements much easier.

• VPS Services – BKFX also offers VPS services. With these services, you can benefit from lower latency, better connectivity, and faster trade execution. This is helpful if you want to trade using expert advisors or using more advanced trading strategies.

Education And Research

BKFX offers a wide range of educational materials including video tutorials, eBooks, audio books, and a forex glossary. Their content is suitable for new traders who need to get a better understanding of how forex trading works and how to use a trading platform. It is suitable for more experienced traders who would like to improve their technical analysis skills. However, it is worth noting that although the content is free, you need to register for an account in order to access most of the educational materials.

BKFX Customer Support

It is easy to get in touch with the BKFX Support team. You can contact them via live chat, as well as by phone. In addition, you can email them directly at [email protected].

Our Verdict

BKFX is a reliable, regulated broker. The company prides itself on its transparency, its trustworthiness, and its ability to offer a great online trading experience. It also prides itself on its excellent trading conditions, innovative technology, and excellent customer support. As a broker, therefore, it offers a great service suitable for all traders.

BKFX Forex Broker Review – FAQ

Ready to sign up? Register for an online trading account with BKFX here.

BKFX Forex Broker Review – Similar Brokers

BKFX is a great choice for forex traders in Nigeria. However, if you want to consider all your options, there are also many other forex brokers to choose from. Here are some similar brokers.

Still deciding? Take a look at some our other forex broker reviews.