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GKFX Prime vs IG - 2024 Comparison | FxScouts
AuthorAuthor: Björn MichelsUpdated: Nov 15, 2023

Last Updated On Nov 15, 2023

Björn Michels

Trading with a reputable online broker is a crucial factor for success in the international markets. At FxScouts, we help you find the broker that suits your trading needs.

Each year we spend thousands of hours testing brokers by opening accounts, testing their platforms, and rating them according to a set of over 200 metrics. We deposit real money with the brokers to ensure that the products and user experience they advertise are consistent with reality.

We have found that the best way for traders to choose a broker is to compare brokers side-by-side. The comparison tool below allows you to compare two brokers based on their ratings and features.

Select brokers to compare

Select brokers to compare

How do IG and GKFX Prime stack up against each other?

The Radar Chart below highlights how the brokers stack up against each other across various metrics. The highest score a broker can receive in each area is 5.

GKFX Prime

IG

At FxScouts, we help traders find the broker that suits their trading needs. In many cases, the best way to achieve this is to compare brokers side-by-side.

To compare IG and GKFX Prime, we used the same factors we use when reviewing brokers: The trust and regulation of the broker, the trading platform, the costs and trading conditions, and the level of education and market analysis available at the broker.

Does IG or GKFX Prime have a better trust and regulation rating?

Trust and regulation are some of the most important factors to consider when choosing a Forex broker. Trust in the Forex trading business is almost entirely founded upon regulation. We spend many hours evaluating the safety of each broker by delving into their fine print and confirming each one of their regulatory licences on the online registers. The more top-tier authorities a broker is regulated by, the higher its trust rating.

In our comparison, we found that IG holds six Tier 1 and four Tier 2 licences, and GKFX Prime holds no Tier 1 and no Tier 2 licences.

 

Is IG financially regulated?

Yes IG was founded in 1974 and is regulated by ASIC, BaFin, CFTC, DFSA, FCA, FMA, FSA-Japan, FSCA, Fi, MAS and FINMA.

 

Is GKFX Prime financially regulated?

Yes GKFX Prime was founded in 2009 and is regulated by B.V.I FSC, MFSA and SECC.

 

Based on these findings, IG earned a higher trust rating than GKFX Prime.

Does IG or GKFX Prime have lower costs?

Another important aspect we consider when comparing brokers is the cost of trading. When evaluating trading costs, we always consider the minimum deposit required to open an account and the ongoing trading costs, including the spreads and commissions. When calculating trading costs, we measure the cost to trade one lot of EUR/USD using the broker’s account with the lowest minimum deposit. The cost includes both the spread and any commission charged. 

Not all brokers publish their trading costs, so we often open accounts and trade on their platforms to verify the spreads and commissions. Based on our reviews, we found that IG has overall lower trading costs than GKFX Prime. 

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Broker
Trading Conditions
Base Currencies
EURUSD (Standard)
Trading Cost (Standard)
EURUSD (Best)
GBPUSD (Best)
USDJPY (Best)
Commission
GKFX Prime
1110.503.5/ 5
EUR, USD, GBP, JPY
1.80 pips
USD 18
0.90 pips
1.30 pips
1.70 pips
USD 0
IG
11110.54.5/ 5
AUD, USD, JPY, GBP, EUR, CAD, CHF, NZD, SGD, HKD
0.60 pips
USD 6
0.85 pips
1.40 pips
0.94 pips
USD 0

 

Does IG or GKFX Prime offer a better choice of trading platforms?

Traders want Forex brokers to offer them a choice of trading platforms, so we give brokers who offer multiple platforms higher ratings. Trading platforms we consider include MetaTrader4, MetaTrader5, cTrader and proprietary mobile and web-based platforms. 

In this case, 0 offers support for and 0 offers support for . 

Do the brokers offer copy trading?

In this case both GKFX Prime and IG offer copy trading.

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Broker
Platform Choice
Copy Trading
Platforms
GKFX Prime
11110.54.5/ 5
IG
11110.54.5/ 5
L2 Dealer
ProRealTime

 

Which broker offers a better choice of trading instruments?

A variety of CFD instruments – and a large range of CFDs for each instrument category allow traders more opportunities for profitable trading. The best brokers will have thousands of CFDs to trade, covering all these instrument categories. We found that IG offers a greater range and depth of instruments to trade than GKFX Prime. IG offers 80 Forex pairs to trade and GKFX Prime offers 50 Forex pairs to trade.

Toplist Forex Pairs

And what about Cryptocurrencies?

In this case, IG offers 10 cryptocurrencies while GKFX Prime offers 3 cryptocurrencies. So if you want to trade cryptocurrencies, we advise trading with IG.

Which broker offers better deposit and withdrawal processes?

Although brokers may have reasonable trading fees, many traders are caught out by the high non-trading fees charged by some brokers, including deposits and withdrawals. Traders want to be able to deposit and withdraw funds quickly and cheaply. Most brokers have multiple funding methods with zero fees for making deposits, but some brokers make it more expensive and take longer to process withdrawals. 

We rate brokers more highly that process withdrawals within 24 hours by multiple withdrawal methods and without charging processing fees. We found that neither GKFX Prime nor IG charges a withdrawal fee. Overall, IG has better deposit and withdrawal processes than GKFX Prime. 

Which broker offers better educational support?

We often find that brokers offer very little in the way of educational materials, forcing traders to use other third-party sites or self-educate elsewhere. Beginner traders need well-structured, well-presented materials in multiple formats to get a good start at trading. More experienced traders also benefit from webinars led by experts in the field and advanced trading strategy sections with new trading ideas. 

IG has better educational support than GKFX Prime. Both GKFX Prime and IG offer educational support for more experienced traders.

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Broker
Beginner Course
Advanced Course
GKFX Prime
IG

 

Which broker offers better market analysis materials?

To successfully predict the price movements of an instrument, traders will need access to frequent market research and analysis. We find that research and market analysis are always better when they are produced in-house and updated frequently. Third-party resources don’t show the same expertise in trading ideas, so we place a strong emphasis on frequent in-house updates. Some brokers also often offer interactive webinars where traders can learn from experts in the field. 

We found that 0 offers better research analysis than 0 and that both GKFX Prime and IG offer frequent webinars.

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Broker
Economic Calendar
Autochartist
Trading Central
Trading View
Free VPS
GKFX Prime
IG

 

Our overall Verdict on IG

One of the most popular brokers in India and the largest CFD broker in the world by revenue, IG Markets has two low-cost trading accounts - one of which provides direct market access. With possibly the widest range of CFDs in the world, IG Markets offers trading on over 17,000 instruments, including Forex, indices, share CFDs, commodities, cryptocurrencies, digital 100s, options, ETFs, bonds, and interest rates.  

On both accounts – the OTC Account and the DMA Account - IG Market’s trading costs are low compared to other similar brokers, with no minimum deposit requirements and tight spreads, averaging 0.85 pips on the EUR/USD.  IG Markets offers trading on its own award-winning platform, as well as MT4 and L2 Dealer - a DMA specific platform for experienced traders. In addition to a wide range of trading tools, IG Markets also provides a world-class selection of educational and market analysis materials to get new traders started. 

Overall, both beginner and experienced Forex traders won’t find a much better broker than IG Markets, and it is one of our highest-rated brokers for good reason. Combined with regulation from the FCA and ASIC, a long history of satisfied clients, and vast industry recognition, IG Markets is hard to beat.

Our overall Verdict on GKFX Prime

GKFX Prime will appeal to traders looking for a regulated MetaTrader broker with copy trading functionality, VPS hosting services, and a good selection of analysis tools. GKFX Prime’s trading costs are generally higher than average, but only one of its four account types requires a minimum deposit.   

Founded in 2012,  GKFX Prime is a well-regulated market maker with four live accounts on the MT4 and MT5 platforms.  GKFX offers the MT4/MT5 Boost, a plugin that provides additional functionality to the trading platforms. It also offers Autochartist and Trading Central for free, two of the best technical analysis tools in the industry.  A free VPS service is provided to traders who deposit 4,000 USD or more, and for traders interested in copy trading, GKFX Prime offers Zulutrade and Myfxbook Autotrade.  

Trading costs are higher than average on three of GKFX Prime’s accounts, but there are no minimum deposit requirements. However, trading costs on its commission-free VIP Variable Account are extremely competitive, at 0.6 pips on the EUR/USD in exchange for a minimum deposit of 5,000 USD, which may appeal to more experienced traders. 

While GKFX Prime’s educational and market analysis materials are not as comprehensive or in-depth as some of the larger international brokers, it will still be useful for both beginners and more experienced traders.

Which broker has the highest overall rating?

IG has an overall rating of 4.69 and GKFX Prime has an overall rating of 4.17. For more detail please read our reviews of IG and GKFX Prime.

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