GoDoFX Review: You Should Not Trade With This Broker
GoDoFX broker is quite a mysterious offshore broker. They claim to operate from Mauritius. Yet, their main office is in the United Arab Emirates. That is already a bad sign about this broker.
Moreover, they claim to provide just references and links to trading communities and blogs. In reality, they do provide trading services. GoDoFX might seem like the next go-to forex experience, but it is anything but. In reality, this company is one for the ever-growing pile of unregulated and risky brokers.
Find out more about this offshore broker in this detailed GoDoFX broker review, where we will cover all the shady things this investment scam uses.
|Broker Status:||Unregulated scam broker|
|Blacklisted as a Scam by:||N/A|
|Online Trading Platforms:||MT4|
|Crypto Asset Trading:||No|
|CFD Trading Option:||No|
|Available Trading Instruments:||Forex, Oil, Metals, Indices, US Stocks, EU Stocks, Global Stocks|
|Free Demo Account:||Yes|
|Accepts US clients:||Yes|
Is GoDoFX Reliable? Safety and Regulation
GoDoFX brokers tried to mislead traders into believing that they are legitimate brokers. They used to be registered as GoDo Limited. Moreover, they present themselves as a licensed broker in Mauritius.
But the problem is that the license number is just matching the name in the FSC register. Any other information is not matching. That is a clear sign that this is just a clone offshore firm.
Not to mention that they don’t have any Tier 1 regulations. Some of those are FCA, ASIC, and BaFin. Checking their register didn’t bring us any results about the GoDoFX trading company.
Another fact is that they present themselves as regulated in St. Vincent and Grenadines. Which doesn’t have a regulatory body at all. With this in mind, you can now see why to avoid offshore brokers. Digging deeper always reveals illicit scams.
Overview of the Broker’s Trading Platform
Just because GoDoFX is compatible with MT4, does not mean that it is a legitimate enterprise. MT4 offers Windows and MacOS trading, but beware, this compatibility does not mean that your funds are safe.
GoDoFX also has a mobile trading app, that again, is not guaranteed as safe. This broker also utilizes ZuluTrade, which ranks traders on a scale, allowing them to customize their trading experience. This is an important aspect of GoDoFX’s sophisticated scam. They are not transparent to investors and hide behind the trading software.
GoDoFX Account Types
In regards to the trading account types, GoDoFX offers the following:
- Standard Account – $100
- Islamic Account – $100
- Institutional Account – $25,000
- Professional Account – $10,000
- Cents Account – $10
- Yield Account – $3,000
They also offer a demo account. A demo account is a free account that allows you to try trading before committing to a paid account. Beware though, this does not mean that your trading is risk-free.
Available GoDoFX Funding Methods
Funding an account happens either through a credit card or a wire transfer. The minimum deposit requirement is $100.
The withdrawal section of the user area discloses nothing of importance. We must rely on the website, which is not the most trustworthy source out there. From the website, we learn that if a withdrawal is $20 or less there will be a fixed $10 commission issued.
If the withdrawal is made by the bank the same fee applies if the wire transfer is $100 or less. And of course, there is no mention of how long the withdrawal process takes. It’s obvious that GoDoFX is not worth your time and money. It is unregulated, and a scam. Do not invest here.
How Does the Scam Intervene?
The fraud is carried out in the same manner as many others of a similar kind. This scam broker will first try to get your information if you have left it on some of those sketchy internet ads.
After this, their experienced agents will call you nonstop to get you to invest. They will seem interested in your life, your problems and tell you many get-rich-fast fairytales until you crack under the pressure and invest.
It is easy to fall prey to their sweet talk, and don’t be ashamed if that ever happened to you. On average, it takes 2 to 3 deposits for a user to realize that something unlawful is happening. By that point, however, the broker will cut all communications with the users.
By reading through reviews, this is exactly what we found. There are way too many online complaints with the majority of them stating withdrawal issues and lack of communication as the number one problem.
In this GoDoFX broker review, we tried to warn you about this online trading scam and the many tactics they use to scam people. This broker claims to be based in UAE and offers trading in forex, oil, metals, indices and stocks, but as they have no licenses for doing so, it’s safe to say they only want to scam you.
Doing proper research is a must if you are new to the world of trading because many phony brokers pop up overnight. Don’t get played by the fairytales they are going to tell you and be careful with making any investments.
Be sure to read as many reviews as possible because there will always be many complaints about the broker if they are untrustworthy.
In case you had any negative experience with this or any other fraudulent broker, we would greatly appreciate it if you could share it with us as we can assist you by reporting your scammer.
FAQs About GoDoFX Broker
Is GoDoFX regulated?
No, GoDoFX is not a regulated or trustworthy broker so you should avoid trading with them.
Is GoDoFX a Safe Place for My Money?
GoDoFX is not a licensed broker and operates with a sole purpose of stealing your money, so it’s not a safe place for your money.
Is a Demo Account Available on GoDoFX?
Yes, GoDoFX allegedly offers a demo account for any new clients who want to try out their services.