AKFX is a Forex broker operating out of Malta and is regulated by the Malta Financial Services Authority (MFSA registration number IS60473). In addition to FX trading, they do offer CFD trading from within the always popular MT4 trading platform. On the surface, AKFX seems to be offering everything that makes for a successful brokerage. Even so, it is our goal to go beneath the surface to fully investigate and that is exactly what we have done in this AKFX review.
AKFX offers two account types, Standard and Corporate. Overall, the two types are quite similar, but there are a few key differences. Spreads are fixed on the Standard account, but can be either fixed or variable on the Corporate. The Corporate account requires a larger minimum trade size (1 lot as opposed to 0.1 with the Standard account). The only other differences are the the fact that the Corporate account provides access to a larger number of equities, provides slightly tighter spreads, and requires a much larger initial deposit of $25,000 (there is no minimum on the standard account). Both types carry the same maximum leverage, stop out level, etc. Active traders may want to opt for the lower spreads provided with the Corporate account, but other than that, it only provides a minimal advantage over the Standard account.
This FX broker is the same as many others in that it has chosen to provide the MetaTrader 4 platform to its clients. MT4 is made available in four formats – software, mobile application, tablet application, and browser-based MT4 Web. Within MT4, traders can carry out extremely detailed analysis, execute strategies, make use of EAs, and do so much more. The platform is provided in 30 different languages and comes equipped with an advanced charting package and 30+ technical indicators. If there is any problem, it would only be that Mac users cannot easily install the Windows based software. However, there are work-arounds and either the apps or browser version can be opted for by these individuals.
With both account types, leverage up to 1:30 is offered. Many offshore brokerages do offer leverage ratios which are much higher than this, so if you are a trader who is highly dependent upon leverage, this could be a problem for you. Of course, if you are on the other side of the coin and strictly limit your use of leverage, there will be no problem at all. The AKFX website does state that leverage as high as 1:400 is offered on some products, but does not clearly state which products this leverage ratio would apply to. Note that a stop out level of 50% applies to both the Standard and Corporate account types.
Micro trading starting at 0.01 lots is permitted on the Standard account, but those who have a Corporate account will need to open position sizes of at least 1 lot. With both account types, the maximum trade size is 100 lots. There is no maximum number of open trades on either account, nor is there any maximum open position (lots). AKFX makes it clear that the minimum and maximum trade sizes do apply to currency pair trading, which would indicate that they could change when trading with different asset groups. We recommend that you reach out to the broker’s support team to learn more.
According to AKFX, zero commission trading is offered on the majority of AKFX accounts, but we did not see any account type that listed commission charges. Both the Standard and Corporate accounts advertise no commissions, with each stating that they do charge swap/rollover fees. Traders are subject to overnight financing if positions remain open past 10pm U.K. time. Depending on the traded product, the volume and the order type, each trading account will be charged or credited at rollover time automatically. All products will either be charged or credited for 3-days as the spot value on either Wednesday or Friday night (depending on the asset group). Product details are displayed on the MT4 platform from the main menu by following the path: View > Symbols > Open product group > Select product > Properties. Or, you can right-click on the selected asset in the Market Watch window and then select Specification.
AKFX offers the following number of assets for clients to trade on:
- Major FX Pairs: 14
- Minor FX Pairs: 28
- Major Indices: 14
- Minor Indices: 6
- Commodities: 4
- Cryptocurrencies: 2 (Bitcoin & Etherum)
This broker does an excellent job of providing complete specifications for each underlying asset. This information is not only accessible within MT4, but also in a PDF which can be opened from the broker’s website. In that PDF, you will see trading hours, minimum and maximum position sizes, target spreads and much more. The one asset group that is missing here is obviously stocks, so if you wish to trade with this asset group, you would need to use a different or secondary broker.
On the Standard account, spreads are fixed and start at 1.2 pips. The complete list of fixed spread targets can be viewed inside the aforementioned PDF information sheet. Corporate account holders can choose from either fixed or variable and will be able to access spreads starting as low as 0.6 pips. Note that even fixed spreads can change, and AKFX does make it known that spreads may be wider than targets or variable, especially during the overnight hours. After reviewing the full list of fixed spreads, we did not see any issues, especially considering the fact that AKFX will be profiting from spreads since they choose not to charge any per-trade commissions.
There is no minimum deposit amount requirement on the Standard account, but you will need to make a substantial deposit of $25,000 or more if you plan on opening a Corporate account. We actually encountered our first problem with this FX broker in this area, as the payments information tab on the AKFX website is a dead link. It wasn’t until we successfully created an account that were able to uncover additional details about which deposit and withdrawal methods were available. Even then, it was not easy to locate important information regarding fees and such.
Deposit Methods & Costs
Credit and debit, e-wallets (Skrill), and bank wire transfers can be used to fund an account with this broker. It appears as though no deposit fees are charged (aside from those which may be charged by your bank or payment processor), however, the website does state that the broker reserves to right to charge these types of transaction fees in the future. Once again, for a brokerage which operates such a nice website, one which is absolutely loaded with information, it was disappointing to see so few details provided with regards to payments.
Withdrawal Methods & Costs
Credit and debit, e-wallets (Skrill), and bank wire transfers can also be used to make a withdrawal, and again, it appears that there is no cost to do so. This could change, so speak with a Active Kapital support agent if you have questions regarding withdrawals. In fact, since information was so difficult to locate, we would recommend contacting the AKFX support team in advance of creating an account so as to be perfectly clear on what the current deposit and withdrawal methods and costs are at that time.
Withdrawal Processing & Wait Time
Withdrawal requests are only reviewed once clients have submitted and had their KYC documents approved. To save time and hassle, consider submitting these documents immediately after opening an account. Withdrawal requests should be approved within 48 hours and the wait time for payment will be based on the payment method. Most e-wallet payments post instantly, where credit and debit card refunds can take a few days. Wire transfers should arrive within a few days at best, or take a week or longer in more extreme cases.
Bonuses & Promotions
No deposit or re-deposit/recovery bonuses are offered by Active Kapital. They were also not offering any type of promotions or trading contests at the time this AKFX review was completed. Promotions, giveaways, and bonuses are not exactly rare in the industry, so you will be able to find a broker that offers them. However, these types of extras should not be the foundation upon which any broker selection decision is made. There are much more important factors to consider when comparing brokerages.
Educational & Trading Tools
There are a number of educational and trading tools provided, including the following:
-FX & CFD Tutorials
AKFX scores well in this area. Obviously, these features are non-essential, as they can be found elsewhere, but we always look favorably upon brokers who put in the time and effort required to provide extra educational and trading tools for their clients.
24/7 customer support is not offered, so that may be a drawback for some. Often, recreational traders open new accounts and need assistance on the weekend, and for that reason it remains important for brokers to offer support on Saturday and Sunday. The hours for available support are from 7am until 6pm GTM Monday to Friday. It is possible to reach the support team via phone, email, and live chat. A contact form is also provided for those who would rather not send a direct email.
Telephone: +356 2133 3388
Fax: +356 2133 3388
AKFX Financial Services Ltd.
Level 4, The Penthouse,
Ewropa Centre, Triq Dun Karm,
Birkirkara BKR 9034, Malta
Demo accounts are made available to all who want to use them. The screenshot below shows the exact information that is required in order to open a practice account with Active Kapital. Clients can choose between USD, EUR, and GBP currency types, and can also choose from mock fund amounts ranging from 5,000 up to 1,000,000 of the selected currency.
Being headquartered and regulated in Malta means that AKFX is able to accept new clients from around the globe. This does include U.S. clients and we were successful in opening a live account from our U.S. offices. If you are interested in what Malta Financial Services Authority regulation entails, feel free to visit the following website: https://www.mfsa.com.mt to learn more.
AKFX was founded back in 2013, so that is quite a long time to have been successful within the Forex industry. When conducting these reviews, we search the web to see if any serious red flags that we should warn clients about present themselves. There was little to be found regarding this broker, which we took to be a good sign. The lack of information surrounding banking costs and procedures was frustrating, but aside from this, we were able to find plenty of detailed information. The spreads, costs, platform, and tools all passed the test and these tend to be most important, so we would invite you to check out Active Kapital to see if they are capable of meeting your trading needs.