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Akforex Review

Akforex rating: 2 votes, average: 4.00 out of 52 votes, average: 4.00 out of 52 votes, average: 4.00 out of 52 votes, average: 4.00 out of 52 votes, average: 4.00 out of 5 (2 votes, average: 4.00 out of 5, rated)
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akforexAKFOREX provides innovative currency trading technology, good pricing/spreads, superior trade execution features, and excellent customer support. AKForex is headquartered in Athens, Greece and was established in the year 2003. The trading platform is Meta Trader 4 and it also offers a mobile trading option.

Company’s Market Position

AK Forex has proclaimed in their website that their only business was forex trading and this was restricted to the marketing, acquisition, servicing and retaining forex trading accounts. In other words they are fully committed to offering innovative forex trading solutions.
AKForex is as an Introducing Broker for Royal Division of IKON GM .This Royal Division we refer to is a part of IKON GLOBAL MARKETS, Inc. which in turn is 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.

Types of Services Offered

Twenty two currency pairs can be traded through the AK Forex broker in addition to spot gold and spot silver. Akforex spreads are non-fixed and can vary dependent upon market conditions. (Typically 2-3 pip spreads on the major currency pairs).
Apart from spreads commission is not levied by the broker.
AK Forex does provide forex demo accounts. The maximum leverage offered is 100:1 or 1% and the smallest lot size is 10,000. However you need a minimum of $2500 to open a standard account, but at the maximum you are free to open even a $100K account. You can send in your money to fund your accounts either by wire transfer, check, or PayPal.

In case you are located in West Asia or Arab countries there is provision for Islamic accounts which are interest free accounts. You can also hedge currencies using their account, which means you can simultaneously open a buy and sell order for the same currency pair.

Self-trading in currency markets is a difficult proposition for many forex investors either due to paucity of time, or not having the requisite experience. Following market movements 24 hours a day is essential to successful forex trading, and if you are unable to do that, it is better to look at other options. In such instances Akforex provides Forex Managed Accounts for investors who have risk capital, but who do not want to trade on their own

What do you get when you choose a Forex Managed Account?
Firstly you get professional management of your trading account by professional traders with good experience and knowledge on trading forex in both rising and falling Forex markets. They assure you of using a low risk strategy in your forex managed account.
However the minimum balance to open a managed forex account is $10,000

If you open a forex managed account with Akforex you can be rest assured of real-time account management with 24-7 access statement reporting. You can see every forex trade made by Akforex on your behalf and you can check the progress of your investment anytime of the day.

Trading Platform

AKFOREX offers online foreign exchange trading via a superior trading platform which gives you instantaneous execution, account reporting and profit and loss analysis all in real time. The platform which is offered by Akforex is a MetaTrader Platform known as Akforex Meta Trader.

This platform offers you superior pricing and trade execution, advanced free multiple charting, wireless trading and real-time client account reporting. That apart, all stop-loss, limit and entry orders are guaranteed against slippage except in abnormal market conditions. So what you get is no slippage on stops and limits regardless of trade size and the platform also has a trailing stop facility. However all quotes and trades are subject to the terms and conditions of their Client Agreement, which you will have to agree to when you open an account.

Akforex Meta Trader provides the trading customer with more trade size and leverage choice than any other competing system. Since Akforex has its own proprietary price feed derived directly from top level interbank market, what you get is accurate live Forex quotes, charts, news, open positions, equity and much more. You can login to your own trading account and view all account details at any time.

Trader Support

Excellent customer service and that appears to be the hallmark of this broker. An email sent to this broker by someone who wasn’t even a client elicited response within a few hours. They are indeed very responsive to any questions asked.
You can also contact them by telephone, fax and regular post, as they have provided a regular postal address in their website, which is indeed refreshing.

Advantages

Their spreads and execution are very good and so is their fast transferring and withdrawal (takes 1-2 days) of money. Apart from providing you with great customer service, you could become an Akforex Introducing Agent and introduce other forex traders to their trading platforms.

If you have developed your own forex trading strategies and want to have it automated but just don’t know how to do the programming part, contact Akforex and they will do it for you. Not only that, you can keep the automated forex system as your own along with the source code.

Disadvantages

They don’t offer micro lots, so that’s a disadvantage for novice traders who wouldn’t want to take much risk initially.
The minimum amount for starting mini account is $2500, and that’s a bit on the higher side.
They have slippage during the news, but so does most other brokers. Besides, trading during the news needs a bit of experience.

On the whole Akforex looks to be a very professional and honest broker.

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2 Comments»

Comment by mason
2009-08-17 11:32:53

Akforex is a normal run of the mill kind of forex broker. Didn’t find anything extraordinary about it. Using their platform was just normal stuff, you know, like good currency pricing, and instantaneous order execution. Akforex is approved by NFA and CFTC so that’s a plus.

Platform I saw was meta trader 4, and using the demo account found it to be excellent in terms of both spreads that are in 2-3 pip range and the number of currency pairs that could be traded. Minimum to open a standard account was $2500 and there wasn’t any facility for a micro account. Leverage was the usual 100:1 but yes, you could hedge currencies.

But say you had $10,000 with you and don’t want to risk your own brains in forex trading, then Akforex is the right broker to do business with. Just put your money in the Managed Accounts run by Akforex and let them do the rest. In that case they promise to handle your money with a very low risk strategy and at the same time provide you with periodic statements of how they work your money. Nice deal. I wonder how many have benefited from this.

I guess they have another interesting deal opportunity ready for you. Supposing you have your own successful trading strategies, but don’t know how to automate it, just contact them. They will do the programming part, automate it for you and give you the source code. I think this is an up and coming great broker to deal with.

mason ratings for this post: mason gives a rating of 3mason gives a rating of 3mason gives a rating of 3mason gives a rating of 3mason gives a rating of 3
 
Comment by colby
2009-08-25 12:17:08

Wish they had a mini account,as it otherwise looks a good broker

colby ratings for this post: colby gives a rating of 3colby gives a rating of 3colby gives a rating of 3colby gives a rating of 3colby gives a rating of 3
 
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