KirikFx

Overview of KirikFx

KirikFx was founded in 2018 and is based in Saint Vincent and the Grenadines, operating without regulatory oversight. It offers trading across various markets, including 28 forex currency pairs, spot metals, oil options, indexes, commodities, and cryptocurrencies like BTCUSD and ETHUSD. KirikFx provides three main account types tailored for different trader levels, with minimum deposits from $100 to $1000 and leverage up to 500x. Trading is conducted on the MT5 platform, and a demo account is available for those looking to practice. The broker supports several deposit and withdrawal methods, including Visa/MasterCard and Neteller, with specific fees applicable. Customer support is accessible by phone and email, and KirikFx also provides a complimentary training course for educational support.

Pros and Cons

KirikFx, despite its broad selection of market instruments including commodities, spot metals, major and minor forex pairs, and popular cryptocurrency pairs, operates with significant caveats primarily owing to its unregulated status. This lack of regulation introduces a notable risk factor, emphasizing the necessity for traders to proceed with caution. Furthermore, the broker's fee structure for deposits and withdrawals is not only complex but can potentially lead to confusion among traders owing to conflicting information provided on the website. This complexity extends to withdrawal fees for certain payment methods and the processing time for bank wire withdrawals, which will take up to 3-5 business days. The limited range of exotic currency pairs and cryptocurrencies might also restrict trading opportunities for some.

Is KirikFx legit or a scam？

KirikFx is currently unregulated. The lack of regulatory oversight could potentially impact the broker's adherence to industry standards, the security of client funds, and the fairness of trading operations.

Market Instruments

KirikFx presents assets including Forex, spot metals, indexes, commodities, and a few cryptocurrency pairs. The platform lists 28 currency pairs covering both major and minor categories, though it lacks exotic currency options. For commodity trading, offerings such as Coffee, Cocoa, Corn, Cotton, Soybean, Sugar, and Wheat are available. Additionally, KirikFx provides trading opportunities in spot metals like Gold, Silver, and Copper, as well as oil options with UK Oil and US Oil, and 13 indexes. Cryptocurrency trading is supported with pairs such as BTCUSD, ETHUSD, and BCHUSD. This array of trading instruments demonstrates KirikFx's intent to serve a wide range of traders.

Account Types

KirikFx presents three primary trading account options to accommodate a variety of trader requirements and financial situations:

1. AED(GOLD): For traders seeking high leverage, this account has a minimum deposit requirement of $500 and offers leverage up to 500, with spreads starting at 1.8.

2. Royal(USD-PRIME): This account is accessible with a minimum deposit of $100, offering leverage up to 400 and spreads beginning at 1.8, attending to those who prefer to trade in USD with a manageable entry cost.

3. Royal(USD-PRO): Aimed at more seasoned traders or those with more substantial capital, it requires a $1000 minimum deposit, provides leverage up to 400, and features more competitive spreads starting from 1, advantageous for larger volume trading.

How to Open an Account with KirikFx

To open an account with KirikFx, follow these straightforward steps:

1. Website Navigation: Begin by accessing KirikFx's website and locating the “Open an Account” option, usually found on the main page.

2. Registration: Click “Open an Account” to fill in the registration form with essential personal details, setting up your trading account profile.

3. Verification: Post-registration, you must verify your identity by uploading identification documents, such as a government ID and proof of residence, adhering to regulatory and security requirements.

4. Deposit Funds: After verification, deposit funds into your account using one of the various methods available, mindful of the associated fees and processing times.

5. Begin Trading: With your account funded, you can start trading across the various markets available on the MT5 platform. Novices are able to practice with the demo account to gain familiarity with trading dynamics risk-free.

Leverage

KirikFx offers maximum trading leverage up to 500 for its AED(GOLD) account and up to 400 for both the Royal(USD-PRIME) and Royal(USD-PRO) accounts.

Spreads & Commissions

KirikFx provides a competitive edge through its zero commission model for all trading activities. The broker sets minimum spreads at 1.8 pips for the AED(GOLD) and Royal(USD-PRIME) accounts, and offers a reduced minimum spread of 1 pip for the Royal(USD-PRO) account

Other Fees

KirikFx charges rollover and swap fees for positions extended beyond the market's close at 5 pm ET, with an adjustment on Wednesdays when rates are tripled for the weekend.

Transaction fees at KirikFx are straightforward. Withdrawals made with Visa/MasterCard are subject to a fee of either 3% or $5. For transactions through Neteller, Maestro, and Skrill, a 3% fee applies, while American Express, Diners Club, and JCB transactions are charged at $5 each. Withdrawals via bank wire are subject to a 0.2% fee, setting a minimum charge at $30 USD/GBP/EUR.

Trading Platform

KirikFx utilizes the MetaTrader 5 (MT5) platform, renowned for its comprehensive functionality, adaptability, and analytical tools. MT5 attends to the contemporary trader, featuring extensive technical analysis resources, sophisticated charting techniques, and compatibility with automated trading systems, including Expert Advisors. This platform supports a broad spectrum of trading instruments across forex, commodities, indices, and cryptocurrencies, presenting a versatile option for traders seeking access to a variety of markets.

Deposit & Withdrawal

KirikFx offers multiple payment methods for deposits and withdrawals, including popular credit/debit cards like Visa/MasterCard, Neteller, Maestro, and e-payment options such as American Express, Diners Club, JCB, Skrill, as well as bank wire and Kirik Pay.

The fee structure is a bit complex, with Visa/MasterCard transactions subject to a 3% fee or a $5 charge, depending on different parts of the site. Additionally, transactions via Neteller, Maestro, and Skrill come with a 3% fee, whereas those made through American Express, Diners Club, and JCB are charged a flat $5 fee. For bank wire withdrawals, there's a 0.2% fee, with a minimum of $30. While deposits are credited to the account instantly, bank wire transactions require 3-5 business days. KirikFx typically processes withdrawal requests within 48 hours, but bank wire withdrawals may take up to 5 business days to complete.

Customer Support

Phone: +501 223 2144

Email:support@kirikfx.com

Educational Resources

KirikFx enhances the educational offerings in the forex market by presenting a complimentary training course, tailored for traders of all experience levels. This educational endeavor highlights KirikFx's dedication to equipping its clientele with the necessary knowledge and competencies for effective market navigation. Offering a training course is particularly beneficial for beginner traders aiming to grasp the fundamentals of forex trading and for seasoned traders striving to polish their strategies and broaden their understanding.

Conclusion

Founded in 2018 and operating from Saint Vincent and the Grenadines, KirikFx emerges as a platform offering a vast array of trading instruments, including forex pairs, commodities, spot metals, and select cryptocurrencies, complemented by high leverage options up to 500x for its AED(GOLD) account. Nonetheless, the absence of regulatory oversight casts a shadow on its reliability, urging traders to proceed with caution. The broker's intricate fee arrangement for deposits and withdrawals, coupled with the possibility of additional charges and delayed bank wire transactions, might pose challenges for some investors. Despite these concerns, KirikFx tailors its services to meet varied trader demands through multiple account options, the adoption of MT5 for trading, and the provision of educational resources aimed at trader development.

FAQs

Q: Is KirikFx regulated？

A: No, KirikFx lacks regulatory oversight, operating from Saint Vincent and the Grenadines without any formal regulatory affiliations.

Q: What assets can I trade with KirikFx？

A: KirikFx's trading offerings encompass a broad spectrum, including forex pairs, spot metals, commodities, indexes, and cryptocurrencies like BTC and ETH.

Q: What's the minimum deposit to trade with KirikFx？

A: Minimum deposits start at $100 for the Royal(USD-PRIME) account, increasing to $500 for the AED(GOLD) account, and $1000 for the Royal(USD-PRO) account.

Q: How are deposits and withdrawals managed by KirikFx？

A: KirikFx accommodates a variety of payment methods for both deposits and withdrawals, such as credit/debit cards and e-wallets, with specific fees and processing times applicable to each method.

Q: Can I practice trading at KirikFx without real funds？

A: Yes, KirikFx provides a demo account, offering a risk-free environment to practice trading and familiarize oneself with the MT5 platform's features.

Q: Which trading platform is available at KirikFx？

A: KirikFx utilizes the MetaTrader 5 platform, renowned for its comprehensive trading tools, extensive analytical capabilities, and support for automated trading.

Q: Are there educational resources available at KirikFx？

A: KirikFx enriches traders' learning experiences with a complimentary training course, attending to the educational needs of both novice and seasoned traders.

Risk Warning

Online trading poses substantial risks, with the potential for complete loss of invested capital, rendering it unsuitable for all traders. It is imperative to comprehend the inherent risks and acknowledge that the information provided in this review is subject to change due to continuous updates in the company's services and policies.

Additionally, the review's generation date is a critical consideration, as information may have evolved since then. Readers are strongly advised to verify updated details directly with the company before making any decisions, as the responsibility for utilizing the information herein rests solely with the reader.