Table of contents:
- 1 Deposit and withdrawal options available at GKFX
- 2 Tipps and tricks for depositing and withdrawing money
The majority of Forex brokers now offer their customers different payment methods for deposits and withdrawals. With these different variants, both deposits to the trading account and withdrawals from the trading account can be made, with the credit usually being made to the specified clearing account.
However, there are significant differences between the brokers in terms of which payment method is offered to the client and whether deposits or withdrawals involve additional costs. Therefore we would like to inform you in the following about what you need to know about deposits and withdrawals at the broker GKFX.
Deposit and withdrawal options available at GKFX
Once you have opened a trading account with GKFX, there is still one more step to the first trade order. You will need to deposit the minimum deposit required by the broker or a higher amount to your newly opened trading account. For this purpose, the Broker provides you with several transaction methods, but not all of them can be used for both deposits and withdrawals.
For deposits, the Broker GKFX provides the following payment methods:
- Bank Transfer
- Credit card
- Debit card
Especially when paying by credit card, GKFX offers you a very wide range of options, as the broker accepts almost all common credit card types such as Visa, MasterCard, Visa Elektron, or even the Visa Debit card. While there are various payment methods for deposits, withdrawals can be made only by bank transfer or credit card. As far as deposit currencies are concerned, although the choice at GKFX is not too great, you can still use the most common currencies for a deposit, namely
- US Dollar
Are fees charged for payment options?
In addition to the payment methods provided, another important detail about deposits and withdrawals via the broker is what fees are charged. In any case, it is important to differentiate between the transaction methods offered, as some of them are charged by the broker, others are not.
If you wish to make a deposit to your trading account by credit card, this transaction is subject to a fee of 1.5 percent of the respective equivalent value. You will also pay the same fee if you choose the debit card as your deposit option. However, if you deposit to your trading account by bank transfer or online payment service, there will be no charges in this situation. However, please note that your own bank may still charge you for the transaction, and this also applies to the online payment service you choose.
What is the maximum deposit at GKFX?
Professional traders in particular like to trade with relatively large sums of money, so the question of possible deposit limits is particularly important for this group of clients. On a positive note, it should be noted that there are no limits for deposits by bank transfer, neither for the day nor for any other period.
However, if the transaction is made by credit card, debit card, or even online payment service, deposit limits must be observed. In these cases, the customer may choose a maximum of 5,000 euros as the deposit sum.
How long is the processing time?
How long it takes for a deposit to be credited to the broker’s trading account depends, in particular, on the chosen payment method.
If you have chosen bank transfer, you should generally expect the transaction time to be between 24 hours and five days. If you decide to make a deposit by credit card, or debit card, the transaction will be booked much faster. In this case, the booking is made immediately, so that you can immediately dispose of your money on the trading account.
A quick overview of the withdrawal methods
Of course, with the broker GKFX not only the conditions and costs around the deposits are interesting, but in the foreseeable future, the traders would like to make a withdrawal from their trading account, for example to their own current account. As already mentioned, only the two payment methods bank transfer and a credit card are available for this case.
Unfortunately, it is not yet possible to make a withdrawal from the broker’s trading account using a debit card or online payment system. Furthermore, it should be noted that a pay out by credit card can only take place under the condition that a deposit has also been made via the credit card beforehand. For example, you cannot deposit with your Visa credit card and later withdraw to your MasterCard credit card.
It is also important to note that a credit card withdrawal usually takes between three and five days, while a bank transfer withdrawal is usually completed within one to five working days. On the positive side, however, no costs are charged for payouts by the broker. You only have to keep in mind that the minimum payout is 50 euros.
Tipps and tricks for depositing and withdrawing money
Beginners in particular are sometimes downright cautious when it comes to making the first deposit into the trading account or later on to make a withdrawal. However, there is usually no reason for increased caution at all, as both deposits and withdrawals are safe with GKFX and generally very transparent. Nevertheless, we would like to give you a few tips below to ensure that all deposits and withdrawals at the broker are as smooth as possible.
Verifications are needed
An obstacle to withdrawals from your trading account is often that you have not yet sufficiently verified yourself with the broker. This is particularly necessary if the payout is to be made by credit card. You should therefore make sure that you identify yourself to the broker as early as possible. The best way to do this is to contact customer service and ask which documents are required for identification in the run-up to a payout. These are often a copy of your identity card and/or an electricity bill or telephone bill.
Some payment options are better than others
As we have already pointed out in our previous remarks, there are often differences between the transaction methods with regard to the costs incurred for deposits and withdrawals. Therefore, you should compare the payment methods beforehand, because the broker GKFX also offers a free transaction method with bank transfer, for example, while deposits by credit card incur costs.
Although the fees are not charged by GKFX, by the credit card provider, unfortunately, they still have to be paid. Therefore, we advise you to always deposit or withdraw funds by bank transfer when there is enough time. If the payment has to be done quickly, there is no way around the fees.
There are limits and minimum amounts that can be funded
In addition to the deposit limits mentioned above, you should pay particular attention to the required minimum deposits in connection with deposits. The amount of the minimum deposit depends in particular on the account model you have chosen. For example, if you use the VIP account with the broker GKFX, the minimum deposit must be 25,000 euros. Otherwise, GKFX cannot open a VIP account for you and you will have to make a payment or trade on a normal account in quotation marks.
Conclusion: deposit and withdrawals at GKFX
Regarding deposits and withdrawals via the broker GKFX, it should first of all be noted that there are various payment methods available, at least for deposits. For withdrawals, the offer is much smaller, because here the customer must decide between a credit card and bank transfer.
With the bank transfer, a completely free payment method is made available, while deposits by credit card incur a fee of 1.5 percent of the turnover amount. The speed of deposits and withdrawals is within the usual range. Credit card deposits/withdrawals are immediately posted to the trading account. Payments by bank transfer usually have a term of between 1 – 3 working days after processing. All in all, GKFX’s offer in this area can certainly be described as good and is thus in the top third in our broker comparison.
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