image GKFX VISIT GKFX image Interactive Brokers VISIT INTERACTIVE BROKERS image City Index VISIT CITY INDEX
About

GKFX is regulated by the Financial Conduct Authority. GKFX have provided Forex, Spread betting, CFD, stocks, Equities trading services since 2010.

Interactive Brokers is regulated by NFA 0258600. Interactive Brokers have provided Forex, CFD trading services since 1977.

City Index is regulated by the Financial Conduct Authority. City Index have provided Forex trading services since 1983.

Why choose them?
  • Yes Over 8 years in business
  • Yes Segregates clients funds
  • Yes Regulated by Financial Conduct Authority
  • Yes Over 41 years in business
  • Yes Segregates clients funds
  • Yes Regulated by Financial Conduct Authority
  • Yes Over 35 years in business
  • Yes Segregates clients funds
  • Yes Regulated by Financial Conduct Authority, ASIC and MAS
Headquarters London, UK CT, USA London, UK

TRADING SERVICES OFFERED

Spot Forex Yes Yes Yes
Forex (CFD) Yes No Yes
CFD Yes No Yes
Spread Betting Yes No Yes
Social Trading No No No
MARKETS & INSTRUMENTS
Forex (currency pairs) 53 84
Commodities Offered 0 26
Stocks Offered 300 4500
Bitcoin Yes No Yes
Majors Yes Yes Yes
Indices Yes Yes Yes
US Stocks Yes Yes Yes
Penny stocks No No Yes
Energies Yes Yes Yes
Metals Yes Yes Yes
Agriculturals Yes Yes Yes
FTSE Yes Yes Yes
Dow Jones Yes Yes Yes
Dax Yes Yes Yes
Nikkei Yes Yes Yes
ETFs No Yes Yes
IPO No No No
See all instruments

81.75% of retail investor accounts lose money when trading spread bets and CFDs with this provider.

See all instruments

81.75% of retail investor accounts lose money when trading spread bets and CFDs with this provider.

See all instruments

81.75% of retail investor accounts lose money when trading spread bets and CFDs with this provider.

PLATFORM & FEATURES

See the platforms and features offered by each broker

Screenshot image image image
MT4 Yes No Yes
MT5 No No No
MT4 Mac Yes No No
WebTrader Yes Yes Yes
Mirror Trader No No No
ZuluTrade No No No
Sirix No No No
cTrader No No No
PAMM No Yes Yes
Custom Platforms No IB Trader Workstation AT Pro, Advantage Web

APPS

iOS image Yes Yes Yes
Android image Yes No Yes
Windows image No No Yes
Available Languages

English

English, French, German, Spanish, Italian, Russian, Mandarin, Cantonese, and Japanese

English, Spanish, German, Arabic, Polish, and Chinese

See platform & features

81.75% of retail investor accounts lose money when trading spread bets and CFDs with this provider.

See platform & features

Losses can exceed deposits

See platform & features

72% of retail investor accounts lose money when trading CFDs with this provider

ACCOUNT INFORMATION

From micro accounts to ECN accounts, compare the accounts offered by GKFX and Interactive Brokers

Demo account Yes Yes Yes
Mini account Yes Yes Yes
Micro account Yes No Yes
Standard account Yes Yes Yes
ECN Account No Yes No
Islamic account Yes No No
Zero spread account No No No
VIP account Yes Yes Yes
Fixed spreads Yes No Yes
Variable spreads Yes Yes Yes
See account options

81.75% of retail investor accounts lose money when trading spread bets and CFDs with this provider.

See account options

Losses can exceed deposits

See account options

72% of retail investor accounts lose money when trading CFDs with this provider

TRADING CONDITIONS

Scalping Yes Yes No
Hedging Yes Yes Yes
Expert advisors (EAs) Yes Yes Yes
Virtual private server Yes No No
Direct market access No No No
STP broker Yes Yes Yes
Market maker Yes Yes Yes
Min trade 0.01 Lot None 1 Lot
Max trade None None Varies
Min deposit $20 10,000 $25

RISK MANAGEMENT

Stop losses Yes Yes Yes
Limit orders Yes Yes Yes
One-click trading Yes Yes Yes
Trailing stops Yes Yes Yes
Price alerts Yes Yes Yes
Signal trading No Yes Yes

FUNDING METHODS

Credit card Yes No Yes
Bank transfer Yes Yes Yes
Standard account Yes Yes Yes
Paypal No No No
Neteller No No No
Skrill No No No
Payment processing time 1-5 business days 1 business day 2-3 business days
Withdrawal processing time 1-5 business days 1-3 business days 2-3 business days
See all funding options

81.75% of retail investor accounts lose money when trading spread bets and CFDs with this provider.

See all funding options

Losses can exceed deposits

See all funding options

72% of retail investor accounts lose money when trading CFDs with this provider

DETAILED INFO

Excluded countries US US US, CF, TD, CG, CG, CI, CU, GN, ER, GN, FR, GW, HT, IR, IQ, KR, LB, LR, LY, MM, NZ, NG, SL, SO, SD, SY, TM, UZ, VE, EH, YE, ZW
Contact email Send Email Send Email Send Email
Phone number (44) (0) 2071861212 (1) (877) 4422757 0845 355 0801
Live Chat Yes Yes Yes
Website https://www.gkfx.com/ https://www.interactivebrokers.com/ www.cityindex.co.uk
Spreads:
EUR/USD (Average: 0.7 pips) 1.5 pips Not offered 0.5 pips
GBP/USD (Average: 1.1 pips) 2.0 pips Not offered 0.5 pips
USD/JPY (Average: 1.1 pips) 2.0 pips Not offered 1.6 pips
AUD/USD (Average: 0.8 pips) 3.3 pips Not offered 0.5 pips
USD/CHF (Average: 2.3 pips) 3.0 pips Not offered 1.6 pips
USD/CAD (Average: 2.9 pips) 4.0 pips Not offered 0.5 pips
NZD/USD (Average: 3.6 pips) 3.0 pips Not offered 2.3 pips
EUR/GBP (Average: 2.4 pips) 2.0 pips Not offered 0.5 pips
View all spreads

81.75% of retail investor accounts lose money when trading spread bets and CFDs with this provider.

View all spreads

Losses can exceed deposits

View all spreads

72% of retail investor accounts lose money when trading CFDs with this provider

FEES

Inactivity Fee No Yes Yes
Commission No Yes 0.0015
Deposit Fee Varies No Varies
Withdrawal Fee No 10 USD Varies
View All Fees

81.75% of retail investor accounts lose money when trading spread bets and CFDs with this provider.

View All Fees

Losses can exceed deposits

View All Fees

72% of retail investor accounts lose money when trading CFDs with this provider

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Last update

All information collected from https://www.gkfx.com/. Last updated on 01/07/2019.

All information collected from https://www.interactivebrokers.com/. Last updated on 01/07/2019.

All information collected from www.cityindex.co.uk. Last updated on 01/07/2019.

Company

GKFX is an online forex trading service provider who are regulated by the Financial Conduct Authority, Bafin. To open an account with GKFX, minimum deposits start from $1.

With GKFX you can trade FX, equities, indices, and commodities. If you like to trade on the go, GKFX have iphone and android apps so you can trade from anywhere on your phone.

GKFX offer MetaTrader 4, WebTrader, Multi Terminal platforms to make your trades and support 13 different languages.

They also offer traders a £300 cash back offer.

The spreads offered by GKFX for the most popular instruments are:
1.8 EUR/USD, 1.0 FTSE 100, 50 GOLD,
2.3 GBP/USD, n/a DOW/JONES, 5 Crude Oil,
see all the spreads here.

For more information about trading with GKFX, we have put together an indepth GKFX review with some of the pros and cons about this broker.

Interactive Brokers is an online forex trading sevice provider who are regulated by the Financial Conduct Authority. To open an account with Interactive Brokers, minimum deposits start from $10,000.

With Interactive Brokers you can trade Stocks, options, futures, forex, foreign equities, and bonds. If you like to trade on the go, Interactive Brokers have iPhone, iPad and Android apps so you can trade from anywhere on your phone.

Interactive Brokers offer IB TWS for mobile, IB Trader Workstation, IB WebTrader platforms to make your trades and support 9 different languages.

They also offer traders free educational material to better understand the markets and trading strategies.

The spreads offered by Interactive Brokers for the most popular instruments are:
0.61 EUR/USD, variable FTSE 100, variable GOLD,
4.56 GBP/USD, 164.17 DOW/JONES, 0 Crude Oil,
see all the spreads here.

Since establishing themselves as one of the first spread betting providers in the UK. , City Index have grown to a global company in over 50 countries completing over two million trades every month. City Index provide some of the most competitive spreads across thousands of markets including indices, shares, currencies, commodities and many more.

City Index have continued to innovate and were the first to provide a downloadable Android and iPhone app for spread betting and CFD trading and with over 30 years experience in the industry, you know you can trust Cityindex to handle your trades.

For more information about trading with City Index, we have put together an indepth City Index review with some of the pros and cons about this broker.

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GKFX or Interactive Brokers?

Access to MT4 or low spreads?

If you’re a trader looking for a broker that offers the popular MT4 trading platform, GKFX is likely a better fit. However, if you want a broker with lower spreads on currency pairs like EUR/USD, Interactive Brokers may be more appropriate.

Which broker is more reliable?

You can determine a broker’s reliability & trustworthiness by looking at eight factors:

  • Who are they regulated by?
  • How long have they been around for?
  • Do they hold your money in a separate bank account?
  • Do they use reputable “tier-1” banks like Barclays, Goldman Sachs or HSBC?
  • Have they been fined or penalised in the last five years?
  • The popularity of their service/website
  • Are they publicly listed?
  • Where are they located?

Based on these eight factors, we consider GKFX to be the more reliable broker. We’ve broken down why below:

Who are they regulated by?

GKFX and Interactive Brokers are both regulated by Financial Conduct Authority

As the Financial Conduct Authority are one of the most stringent regulators in the world, both GKFX and Interactive Brokers will have very strict guidelines to follow to ensure they protect their retail trader clients.

City Index are also regulated by the Financial Conduct Authority.

How long have they been around for?

If a broker has been around for a long period of time, they’re likely to be more reliable (in comparison, most scam brokers only exist for several years before they disappear).

This also suggests that a broker has good risk management processes that have prevented them being caught out by major financial events, as was the case with Alpari UK going bust when they were there was a policy reversal of capping the Swiss Franc against the Euro.

GKFX has been around for 9 years, while Interactive Brokers have been around for 42 years. Our third alternative broker, City Index, have been around for 36 years.

Do they hold your money in a separate bank account?

You wouldn’t want your broker paying their staff out of the same bank account account that you’re depositing your trading funds into, would you?

Fortunately, all regulated brokers must use segregated bank accounts to hold client money. This is one of the reasons why we only feature regulated brokers here on BrokerNotes.

All three brokers above will hold your money in a separate bank account.

Do they use reputable “tier-1” banks like Barclays, Goldman Sachs or HSBC?

Most tier-1 banks like Barclays and HSBC have been around for over 100 years and manage trillions of dollars of assets, proving that they have stood the test of time.

Both GKFX and Interactive Brokers use tier one banks, but we are not sure of which bank specifically.

Have they been fined or penalised in the last five years?

If a broker has been penalised by a regulator in the past five years, it may mean that they were caught doing something they shouldn’t be doing - which may be of concern to you as an end client.

We’re not aware of any penalties or fines imposed by regulators on GKFX or Interactive Brokers in the past five years.

How popular is their service/website?

While not always the case, the number of traders a broker has can be a good metric for understanding how reputable a brokers is.

Are they publicly listed?

Companies that are publicly listed on a stock exchange tend to be considered more reputable as they will be required to disclose their financials, and aspects of their operations, to the public.

GKFX is a privately owned company, while on the other hand Interactive Brokers is still a publicly listed company.

Where are they located?

Most reputable brokers tend to be headquartered in a major capital city or a financial hub such as Cyprus.

GKFX are based in London, UK, while Interactive Brokers are based in CT, USA .

Do they offer the features you need?

Assuming the brokers you’re choosing between are reputable, the next point to consider is whether they offer all of the features you require to trade.

This can be broken down into three categories:

  • Services & instruments
  • Platforms & account types
  • Trading features, risk management tools & funding methods

Services and Instruments

If you’re looking to trade currency pairs, both GKFX and Interactive Brokers offer forex trading. GKFX have a slightly larger variety of currency pairs with 53 pairs, compared to offered by Interactive Brokers. Also, if you’re looking to trade cryptocurrencies, GKFX offers a handful of cryptocurrency CFDs to trade, including Bitcoin, Ethereum and Ripple.

If you’re looking to trade commodities like gold, silver or oil, GKFX may be a better fit as Interactive Brokers does not offer commodity trading.

Platforms & Account Types

In addition to the platform, you’ll also want to ensure that the broker you choose offers the account type best suited to your needs. GKFX, for example, offer a mini account, standard account and VIP account.

Trading features, risk management tools & funding methods

If you have a certain trading style (e.g. scalping, hedging, or using EAs), you’ll want to double check that the broker you choose allows this, as not all of them do.

GKFX does allow scalping and hedging. While Interactive Brokers also allows scalping and hedging. You can trade with EAs (expert advisors) on both GKFX and Interactive Brokers.

In terms of risk management tools, neither GKFX or Interactive Brokers offers negative balance protection. Negative balance protection prevents you owing your broker more than you’ve deposited.

GKFX also offer stop losses, limit orders, and price alerts to help you automate aspects of your trading strategy.

GKFX accept Payoneer while

Are they affordable for what you need?

Comparing the fee structures of different brokers can be a minefield at times. The important thing to consider is what the spreads & fees are on the specific instruments and account type that you will be using.

For trading EUR/USD, GKFX charges 1.20 points, while Interactive Brokers charges points. Therefore, Interactive Brokers is the more affordable for this instrument. If you want to compare their spreads across more instruments, You can jump back up to our comparison of their currency pair & indice spreads above.

Another consideration is whether or not your broker charges inactivity, deposit/withdrawal fees, or commissions on trades. If you’re a frequent trader, inactivity fees are unlikely to be an issue.

The Verdict: GKFX or Interactive Brokers?

There’s no such thing as a perfect broker, but some are going to be a better fit for you than others.

Objectively, GKFX is more reliable based on our criteria above. GKFX has a wider range of instruments to trade. GKFX offer lower spreads on popular forex instruments like EUR/USD and are used by more traders.

Both brokers offer demo accounts, allowing you to test their platforms to see which is suitable for you. You can test drive their demos using the links below:

Finally, if you’re really not sure you can always use our free tool (takes 15 seconds) that will help you find a suitable broker based on your precise requirements here.

Between 54-87% of retail CFD accounts lose money. Based on 69 brokers who display this data.