“Masterforex-V Academy” has informed about an unprecedented decision of a famous broker company to hold an open public testing of its services. Forex market is not regulated in Russia and this has become an exploded bomb. “Access” to the holy of holies of the broker company granted to unaligned traders obscurely best features the compare between serious businesses and “kitchens”. Such a step to a great extent determine future evolution of Russian Forex market: publicity and transparency of the broker’s actions become the propel of the competition. Only the strongest is going to win.
Who is the “Inspector”?
That is obvious that testing of the company’s accounts and the functioning of the unique system GKFX ECN (you can look for more details: “GKFX ECN – Breakthrough at Financial Markets”) would have never been delegated to biased folks or those, who are not experienced enough in pro market work. Therefore, the team of traders from Masterforex-V Academy, the most popular European project on studying Forex market and how to trade, has been engaged as independent professional experts.
This choice, as pointed by GKFX’s General Director Dmitry Rannev, has been made for thousands of Academy’s graduates possess unique technologies and knowledge of productive activity at the market. All of them, without singling out anyone, work very effectively, thereby gaining high profit regularly .
Simultaneously they show a psychological maintenance, the skill not to adjust themselves to the market, but to adjust market to themselves. And that makes their transactions highly effective. Masterforex-V Academy’s traders are well aware of the Forex market technologies and the brokers suggesting them.
Dmitry Rannev has admitted that the most important purpose of “Test-Driving of Real Accounts” Program was testing GKFX trading accounts for grade of order fulfillment, efficiency of handling applications and speed, productive work with various trading strategies, positive and negative slipping, work of market depth, etc. The tasks of the participants were very big and very serious. Thus there has been a special selection. And as a result of the selection procedure the best Academy’s traders were testing GKFX’s services for 1 month.
There’s a shotgun interview given by the participants of “Test-Driving of Real Accounts” Program of GKFX company. The interview presents the results of testing and participants’ impressions from the project.
Traders: Broker’s Services Open to Everyone
“For how long have you been trading at Forex market?“
Svetlana Vadimovna: I found out about Forex market 10 years ago. At that time I refused the idea of trading there. I would have not dealt with trading till now, if it had not been for Masterforex-V project.
Andronaki Valerievich: I have been trading at Forex market since the beginning of this year. I have been aware of it since, when I became interested in financial books.
Nikolai Iosifovich: The first time I tried myself at Forex market was over 5 years ago.
“Why did you decide to test the GKFX broker company services?”
Svetlana Vadimirovna: For me this is a new company which positions itself as a real broker that provides the access to financial markets. It was interesting to try out the possibility.
Andronaki Valerievich: I decided to test GKFX’s services because of two reasons:
a) to get acquainted with the broker “in person”.
b) I cannot recall a situation, until that moment, when a broker himself asked to check his services with REAL money,
Nikolai Iosifovich: Because of ECN accounts. The first familiarization with them was not the best one. The drawback of these accounts is slipping and this cancel such benefits of ECN accounts as absence of requites. I wanted to check how this correlation will change within a time.
“Please, say what type of trading account have you opened in the company, and why have you decided on this particular one?”
Svetlana Vadimirovna: I have opened an ECN account, because GKFX does not interfere in trading process. And I know that the company’s clients may receive performance at prices higher than claimed in the order.
Andronaki Valerievich: I have opened ECN.MT4. And I had to choose this type of account due to the fact that I had not enough funds to open another one. It included an 0.01 lot, which is most reasonable in the sphere.
Nikolai Iosifovich: ECN account. It was interesting for me to check the correlation between pluses and minuses of ECN accounts, especially in GKFX company on its exclusive system – GKFX ECN.
“What were the conditions of “Test-Driving of Real Accounts” Program of GKFX company?”
Svetlana Vadimirovna: Absence of minimal sum of the deposit. The number of orders is not limited. The minimal order is 0.01 a lot. The credit leveraging is 1:100 and platform МТ4.
Andronaki Valerievich: Open orders were supposed to not exceed 5% of the total sum; one had to submit a detailed report about the quality of used GKFX services.
Nikolai Iosifovich: Traders are banned from opening orders. Risk of the one is higher than 5% or the total of which is higher than 40%;
- traders have agreed to give an interview to the “Market Leader” as soon as the test was over;
- while testing one needs to make a detailed report on the quality of broker’s services and detailed description of all situations.
“What do you think about the broker’s GKFX ECN system exclusive technology?”
Svetlana Vadimirovna: It is felt right away that the system handles new data at high speed.
Andronaki Valerievich: I think GKFX ЕСN system is a new horizon in the sphere of trading services with delivery of quotations directly from their real source. Also a great advantage that broker’s openness before a trader .
Nikolai Iosifovich: On my opinion, high speed of handling orders was an advantage. The opportunity of “market depth” to have limiting order placed within a spread. In maximal proximity to the market, was a pleasant surprise.
“How can you describe the features of take-profit and stop-loss transactions?”
Svetlana Vadimirovna: High, but slippings had happened.
Andronaki Valerievich: There is a small but insignificant slipping towards price development. And this I consider to be a normal market condition.
Nikolai Iosifovich: For the whole time of testing I have addressed the support service only once on the issue of take-profit activation. As well there has been one unclear case of stop-loss activation. The latter problem was resolved after a second more careful study of GKFX’s trading transactions regulations. According to Trading Transactions Regulations, buy-stop order (buying by the price NOT LOWER than stated in the terminal) is REPLACED by market-order (buy at market). And market-orders are characterized by positive and negative slipping alike. It appeared that stop-losses and stop-orders rarely thought. But still may have positive slipping.
“How fast did your orders performe by the system?”
Svetlana Vadimirovna: This system provides instant orders fulfillment.
Andronaki Valerievich: It’s a scalper’s dream - instant fulfillment!
Nikolai Iosifovich: The speed of fulfillment was excellent.
“How useful was Market Depth GKFX Level II for analysis of market depth?”
Svetlana Vadimirovna: Market depth shows all set orders. What can be used for setting delayed orders within this. Analysis of market depth makes it possible to see what different market participants think when being at a certain price level and their mood as well.
Andronaki Valerievich: I have not used Market Depth, for it does not work at Forex market.
Nikolai Iosifovich: Unlike offers where Market Depth first appeared (Level II), this tool is absolutely unhandy and useless for high-liquidity Forex.
“How are your positions charged and what can you say about positive and negative slipping?”
Svetlana Vadimirovna: At high market volatility my slippings have amounted to 2.5-4.5 points. In case if a beginner is not ready to slipping, he should not open a position at high market volatility. It should be kept in mind that one may have high earning in such market condition.
Andronaki Valerievich: Those traders are slightly cunning, the one who claim to have no slipping and the order fulfilled clearly at the set price, for they simply do not show this. For GKFX company, if there is, for instance, a buy- stop at the price development downwards, then the system fulfills it at best possible price for you.
Nikolai Iosifovich: As for me there had rather been none of them, neither negative nor positive. Though, I clearly understand that this is impossible for ECN accounts. And at the same time it is very positive that in comments to every transaction GKFX company shows the size of slipping at entering or quitting a transaction. That’s how we know that the company is ready to have an open discussion with its clients. As a result, there are fewer misunderstandings and questions.
“Which trading strategies have you applied during testing GKFX trading accounts?”
Svetlana Vadimirovna: I use Masterforex-V trading system as the main strategy and I also apply AO-Zotic in trade.
Andronaki Valerievich: While working with GKFX I have applied Masterforex-V TS, that I have learnt in the Academy.
Nikolai Iosifovich: Wave marking and fibo levels for defining objective points which are constituents of Masterforex-V TS, and the same with technical tools of this trading strategy.
“GKFX constantly modernizes its market depth by adding new functions and options . How would you assess their efficiency in trade?”
Svetlana Vadimirovna: I may say that for working with every new tool of market analysis, one needs to get used to it and clearly understand what its data show. Generally, learning to clearly understand the depicted data is most difficult for almost anybody. If this task is solved working with any tool for analysis, and market depth as well, will bring full satisfaction, and so its efficiency will consequently be very high. On the contrary, in case if one does not understand what the tool shows, every made decision will result in low efficiency.
Andronaki Valerievich: Volumes work at exchange. Not as the Forex do.
Nikolai Iosifovich: And this is an absolutely correct strategy if the company wants to leave it in its arsenal. Though, the achieved goal is unlikely to pay for the invested means. When consider market depth as a universal script or advisor bearing useful options and functions, then its modernization may increase trading efficiency. Other benefits include: seeing right away current volume of spread (one does not have to calculate it). Calculating average price for a chosen volume. The option of simultaneous closure of all open positions or all positions that use a certain tool. Generally speaking, the functions may be realized by other scripts.
“Have you used methods of scalping in testing? What is GKFX ECN “behaviour” at high-frequency trade?”
Svetlana Vadimirovna: I apply scalping and the system works perfectly. The orders are fulfilled instantly and clearly.
Andronaki Valerievich: Yes, I have, when too often I entered the market with the expectation to get some trend. Was not successful to do so!
Nikolai Iosifovich: This is not my tactics so I haven’t use.
“Did you use trading robots or advisors during the test?”
Svetlana Vadimirovna: No I haven’t.
Andronaki Valerievich: I have never used them, and on a demo account as well. Trading robots and advisors inappropriate at the market where price is controlled by fear and greed.
Nikolai Iosifovich: No.
“Have you found any technical problems in the course of testing or has GKFX ECN system?”
Svetlana Vadimirovna: At the beginning of testing the broker adjusted the market depth. And I have not noticed any other technical problems.
Nikolai Iosifovich: I cannot say that GKFX ECN system has worked trouble-free. There has been a failure of take-profit due to the fault of liquidity provider. I’d also like to pay the attention of GKFX company to the speed of work at MetaTrader 4 trading platform. And also I have noticed that the more financial tools or indexes and scripts are added into one profile the slower is work of МТ4. The short-term program hang-ups appear. To solve the situation I had to split financial tools and place them in different profiles.
“What is the volume of spreads and commission fees in GKFX ECN?”
Svetlana Vadimirovna: I had 0 to 0.5 points, with consideration negative and positive slipping.
Andronaki Valerievich: Towards rising. And this is not very pleasing in combination with frequent slipping.
Nikolai Iosifovich: Rather competitive with spreads suggested by brokers from the upper league of Masterforex-V Academy rating.
“Have you used broker’s analytics for making certain decisions? If yes, how effective was its work along with other technologies of the company?”
Svetlana Vadimirovna: I always pay attention to brokers’ analytical overviews and GKFX is no exception. But I make decision by my own vision of the market with consideration of market situation analysis by MF TS.
Andronaki Valerievich: Just like any other recommendations for a trader pays for everything with his own money. Brokers’ analytics is not something that I use.
Nikolai Iosifovich: I am a technologist and from all news issues I recognize only the most important ones which may have strong impact on the market. I haven’t used it. I have certainly paid attention to TC. Technical Analysis indicator, but my Meta Trader 4 terminal became slower and I had to delete it.
“Can you call the main advantages and disadvantages of GKFX ECN technology?”
Svetlana Vadimirovna: I think that the main positive moment is the fact that the broker does not gain any benefit from interfering into the trading process. It is interested in profitable work of a trader. Also there are no limitations on trading strategies. Whether it is scalping or another strategy.
Andronaki Valerievich: The main advantages of GKFX technology are small spread and the company’s openness to traders. I had a chance to see the only minuses in partial slipping and higher commission fees for transactions.
Nikolai Iosifovich: Pluses I pointed:
− clarity of order fulfillment, online daily depiction on the company’s web-site of Forex quotations with floating spreads Which shows highest and lowest points and daily average. Relatively to every transaction the company clearly shows the size of slipping at entering or quitting. Which shows that the company is ready to have an open discussion with its clients about reasons of their appearance;
− duration and volume of profit by every transaction, total absence of limits for setting delayed orders;
− high speed of order fulfillment.
There only one minus is negative slipping. And this is specifically unpleasing at stop-losses. Though, this is a drawback of ECN technology itself and doesn’t affect GKFX ECN system.
“Would you tell us how much has your starting deposit increased by the end of testing?”
Svetlana Vadimirovna: By not a very impressive percentage. It has increased only by 5.9%.
Nikolai Iosifovich: By 17.4%.
“Are the broker’s services available only to professional traders?”
Svetlana Vadimirovna: I think that work with GKFX broker will serve any trader. Beginners just need to remember that high risk is an integral part of financial market trade. Responsibility for opening a position lies first of all on the trader himself.
Andronaki Valerievich: GKFX services are available to the wide segment of the population.
Nikolai Iosifovich: GKFX services are available to everyone.
“Can you say something about input and output of money means?”
Svetlana Vadimirovna: The outcome of trading is yet too small to be described. And I have not tried to.
Andronaki Valerievich: Everything happened without particular effort or trouble. Once I had to transfer money, but I did it! Once I open a terminal and the money is already there!
Nikolai Iosifovich: The input has been effected not by myself and I have not yet output the gained profit. So I don’t know.
“What were the particular financial tools have you used in trading?”
Svetlana Vadimirovna: USD/JPY and EUR/USD.
Andronaki Valerievich: Only AUD/USD and USD/JPY.
Nikolai Iosifovich: USD/JPY, EUR/JPY, CHF/JPY, GBP/JPY, GBP/USD and EUR/USD.
“Which suggestions would you give on the GKFX company’s services after the test-driving?“
Svetlana Vadimirovna: According to the results of testing I can recommend this broker. It’s instantly fulfills orders, constantly moder4nizes the quality of provided services and provides qualified support to its clients.
Andronaki Valerievich: I would like to address the request to the management of GKFX company: if you charge a commission fee for a transaction, so then please solve the issue with slipping of set orders.
Nikolai Iosifovich: After the held test-driving of GKFX services I can truly recommended this broker. Though, at the beginning I used to have a skeptical attitude to its services because of ECN accounts. I have been tempted by the promotion of this product at the market, desire to make traders’ hard work easier and innovation of GKFX ECN technology.
There’s another fact in favor of Masterforex-V Academy traders. They retain maximal objectivity in their work, thereby providing their own independent opinions on financial processes.
There were such Dmitry Rannev comments:
For a long time the companies working by kitchen scheme have accustomed traders to order fulfillment without slipping. But these days have almost passed. Toay it is hard to find a company which guarantees the price of stop-orders fulfillment. If a company works by market rules with full introduction of all transactions to the market it cannot guarantee the price of fulfillment and it can’t influence the price. If the company does not introduce transactions into the market there arises a conflict of interests between a company and a trader. Then trader’s profit is the company’s loss. One cannot earn much , and for a long time .
We are striving to provide traders with an opportunity to control slippings. But within the framework of market methods. Therefore, we have recently launched an innovative service on individual trading settings. Which makes it possible not to use stop-orders at gaps and set market limits. These days we have developed an unprecedented service. And that gives our clients an opportunity to set stop-limit orders at MT4 platform.
We constantly work on adding new services and improving their quality. The nearest plans are connected with starting PAMM accounts and much more.
