GOFX Review: Investigating the World of Forex and CFDs
It’s crucial to do proper research when it comes to brokers and investment firms. Today, we’re diving deep into GOFX, a broker with some clear warning signs.
In this comprehensive GOFX review, we’ll see who this broker is. We will fully explore its website and help you decide if it’s safe to use it.
|TouchStone Markets Limited
|Type of company
|Warnings from Financial Regulators
|No official warnings
|St. Vincent and the Grenadines
|Majority of clients are from
|Thailand, Indonesia, United States, India, Malaysia
|Live chat and phone
This broker was established in 2020 and steered by GOFX Limited. What’s more, we can see that this company, like ZH1 Capital, is based in the offshore haven of St. Vincent and the Grenadines.
In addition, we can see the firm is licensed by the Seychelles Financial Services Authority (FSA). Anyhow, this does not instill confidence in their reliability! Keep in mind that shady offshore licenses do not matter in the trading world. Always make sure to choose brokers that are regulated by Tier 1 regulators, like FCA, ASIC, BaFin, etc.
Blending software and financial know-how, GOFX provides diverse account types, a globally recognized platform, and more. We will elaborate on that further in this review!
GOFX doesn’t skimp on options. Even though they are suspicious, they do offer a variety of asset classes. Let’s take a closer look!
- Forex: Over 25 pairs, from GBP/USD to EUR/GBP
- Precious Metals: Two choices
- Stocks: A mix of 25+, including big shots like Nike, Ferrari, and Tesla
- Energy CFDs: You get to explore energy commodities for a change
- Index CFDs: Take your pick from 20+ stock indices, including the FTSE 100 and S&P 500
- Crypto: 6 pairs, covering BTC/USD, ETH/USD, and DOGE/USD
- Commodities: 5 options, from copper to Brent crude oil and more
GOFX Limited has different leverage rates for different account types. Standard and Mini accounts have solid rates up to 1:3000. And, we can see the Low-Spread account maintains a cap at 1:999.
Pro and Inter accounts offer competitive rates up to 1:100. Leverage limits play the field with position sizes and volumes. We can see this gives traders a spectrum of options.
Account Types They Offer
GOFX dishes out 5 distinct account types – GO Mini (GOFX micro account), GO Standard, GO Low-Spread, GO Pro, and GO Inter. Each account has a minimum deposit requirement of $1. This is indeed interesting, in a good way!
Still, each account type unfolds a unique trading experience with varying trade size limits.
Opening Your GOFX Account
Ready to take the plunge? Opening an account with this firm is relatively easy. You can find the GOFX login and subscribe options in the top right corner.
You can fill in your details, verify your email, and complete everything in the client portal. Once the capital is in, you’re set. Still, we do not recommend this due to many shady practices.
Commissions and Spreads
GOFX’s account structures come with different spreads and commissions. The GO Standard and GO Mini accounts have spreads starting at 1.0 pips. What’s more, the GO Pro account has a commission of $3.50 per lot traded. This sounds promising.
We can see this company suits a range of trading preferences. Nevertheless, watch out for swap fees, mainly if you’re operating a non-Islamic account.
This company hands all account holders free access to the MetaTrader 4 platform. This seems quite beneficial! This platform is known for advanced technical analysis tools, customization options, and much more.
This mind-blowing software has features like 9 timeframes, one-click trading, and algorithmic investing. All in all, it’s a solid tool for both beginners and skilled traders.
Still, this broker is not reliable, and having this software doesn’t make it a good option! Keep this in mind!
Client Reviews from Trustpilot
So, we went to Trustpilot to analyze sentiment about this trading company. Turns out, it’s like a ghost town there. This FX broker lacks any Trustpilot reviews, and we all know that not having any reviews is a bit sketchy. Our advice?
Stick to platforms that people actually talk about, like those with a solid 4.5 stars or more. Trust the crowd, right?
Tip: ActiveMarket acts like a reliable broker with its base in the UK. Also, it claims to have additional offices in Scandinavia. Everything about this company sounds outstanding! Yet, our investigation revealed a different narrative.
Spotting Scam Broker Tricks
Scam brokers love reeling in traders with dreams of sky-high profits. It’s a standard move, tapping into our natural urge for quick funds. But a lack of transparency is their specialty. Vague terms, sneaky fees, and withdrawal conditions as clear as mud are their go-to tricks.
Some go the extra mile, ruining your trades to ensure losses for you while they pocket the gains. And don’t overlook the pressure game. If you’re bombarded with aggressive sales pitches and non-stop pushiness, it’s a major red flag.
Stay attentive to these warning signs. Spotting these red flags will save you from scams and ensure your trading journey stays secure.
Earning Money Trading
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Partner up with us and get the chance to pocket up to $180,000. This is indeed your ticket to more earning possibilities.
Before we wrap this up, let’s outline the important details. GOFX is a suspicious company that is not worth your time and money. It’s best to avoid it. When it comes to trading, it’s crucial to stay smart and go for safe tools and platforms.
Our proprietary trading promo is all about money – up to $180,000 worth. Invest wisely, follow the real opportunities, and reap the profits you seek!
Not quite. This company has an offshore registration and lacks a proper license.
What is the Minimum Deposit For GOFX?
Surprisingly, GOFX's minimum deposit is a wallet-friendly $1.
What is the Difference Between a Broker and a Proprietary Firm?
A broker enables trades for clients, while a prop firm engages in trading with its own money.