GoldFX
Pros and Cons
Pros
- Diverse range of trading instruments including forex, commodities, indices, stocks, and cryptocurrencies
- Platforms: MetaTrader 4 and MetaTrader 5 available
- User-friendly account types catering to different trading needs
- Access to demo accounts for practice without financial risk
- Multiple deposit and withdrawal options supporting various payment methods
Cons
- Not regulated by any recognized financial authority
- Lack of investor protection mechanisms
- Limited trading instruments available
- No advanced educational resources or market analysis
- Potential withdrawal fees and inactivity charges
Basic Information
User Reviews
GoldFX Overview
GoldFX is a forex broker established in the past 1-2 years and is registered in Iraq. The company operates in a region where it provides trading services, but it currently lacks a formal forex trading license. This absence of regulation may imply potential risks for traders looking to engage with the broker. For more information, you can visit their website at https://www.wikifx.com/en/dealer/2440620247.html.
As a broker, GoldFX offers a range of trading instruments, primarily focusing on forex. The trading platform options include popular solutions like MetaTrader 4 and MetaTrader 5, which are known for their robust features and user-friendly interfaces. Customer support is available through various channels, ensuring traders have access to assistance when needed. While GoldFX may present some unique advantages in terms of technology and trading tools, it is essential for potential users to carefully consider the implications of trading with a broker that is not regulated.
Is GoldFX Safe? Regulation Analysis
Regulatory Information
GoldFX is not regulated by any recognized financial authority. This lack of regulation poses significant risks for traders, as there are no established investor protection mechanisms in place. Engaging with an unregulated broker like GoldFX may increase the potential for fraudulent activities and does not provide the security that regulated brokers generally offer.
Is GoldFX Regulated and How Are Client Funds Protected?
Trading Products and Services
What trading instruments does GoldFX offer?
| Asset Category | Available Products | Total Count (if available) |
|---|---|---|
| Forex | Major Pairs / Examples | |
| Commodities | Gold, Oil | |
| Indices | S&P 500, NASDAQ | |
| Stocks | US, UK | |
| Cryptocurrencies | BTC, ETH |
GoldFX provides a diverse range of trading instruments, primarily focusing on forex, but also includes commodities, indices, stocks, and cryptocurrencies. This variety allows traders of all experience levels to engage with different markets, offering opportunities for both short-term trading and long-term investments. By supporting multiple asset categories, GoldFX enables users to diversify their portfolios and develop flexible trading strategies tailored to their individual objectives. With a user-friendly platform, traders can efficiently navigate various instruments, enhancing their trading experience.
Account Types and Trading Conditions
What Account Types and Fees Does GoldFX Offer?
| Account Type | Target User Group | Essential Characteristics | Applicability Notes |
|---|---|---|---|
| Retail Account | Beginners and retail traders | Access to major forex pairs and user-friendly platform | Suitable for small-capital trading and learning |
| Professional Account | Experienced traders | Potential for higher leverage and advanced trading tools | Requires trading experience and possibly minimum trading volume |
| Corporate Account | Corporate clients | Customized services for businesses | Requires corporate documentation and verification |
| Islamic Account | Traders adhering to Sharia law | Swap-free trading options available | Eligibility based on adherence to Islamic finance principles |
| Demo Account | All traders | Practice trading with virtual funds | Ideal for testing strategies without financial risk |
Account Opening Process
To open an account with GoldFX, traders must complete several steps. Initially, they will need to submit personal information, employment history, and financial information. The process includes identity verification, which requires providing valid identification and proof of address. Importantly, traders have the flexibility to upgrade their accounts to a professional account later, should their trading experience and needs change.
Trading Fees
| Product | Spread (pips) | Commission | Notes |
|---|---|---|---|
| Forex (Major Pairs) | 0.8 | $0 (ECN: $3.5/lot) | Tight spreads for major currency pairs |
| Forex (Minor Pairs) | 1.2 | $0 (ECN: $3.5/lot) | Higher spreads compared to major pairs |
| CFDs (Stocks) | 1.0 | $0 | Varies based on stock volatility |
| CFDs (Indices) | 1.5 | $0 | Standard spreads for major indices |
| CFDs (Commodities) | 2.0 | $0 | Includes popular commodities like oil and gold |
| Cryptocurrencies (BTC/USD) | 1.0% | 0.1% | Variable depending on market conditions |
Other Fees
GoldFX may impose various fees that traders should be aware of. These can include deposit and withdrawal fees, which may vary by payment method. Inactivity fees may apply if an account remains dormant for an extended period. Additionally, there could be platform usage fees, overnight interest (swap rates) on positions held overnight, and currency conversion fees when trading in different currencies.
Trading Platforms and Apps
What Trading Platforms and Apps Does GoldFX Offer for Traders?
| Platform | Device Support | Key Features | Additional Services |
|---|---|---|---|
| MetaTrader 4 (MT4) | Windows, macOS, iOS, Android | Secure login, multiple order types, market search, technical indicators | Demo account available |
| MetaTrader 5 (MT5) | Windows, macOS, iOS, Android | Secure login, advanced order types, economic calendar, market depth | Demo account available |
| Web Version | Any device with a web browser | Secure access, one-click trading, real-time alerts | Demo account available |
| Mobile App | iOS, Android | Secure login, price alerts, quick order execution | Demo account available |
The trading platforms offered by GoldFX provide a variety of features tailored for different trading preferences. MetaTrader 4 and MetaTrader 5 cater to both beginners and experienced traders, with MT5 offering advanced tools for those seeking enhanced trading capabilities. The web version ensures flexibility, allowing access from any device, while the mobile app facilitates secure trading on the go. Each platform emphasizes fast order execution, secure logins, and efficient tools for market analysis.
Overall, GoldFX supports mobile trading effectively, ensuring that traders have real-time alerts and market access at their fingertips. The platforms are designed for user-friendly navigation, providing traders with the necessary tools to manage their trading activities efficiently.
Deposit and Withdrawal
Deposit and Withdrawal Options
| Payment Method | Processing Time | Fees | Limits | Base Currency Options |
|---|---|---|---|---|
| Bank Transfer | 3-5 business days | No platform fee | Min 100, Max 10,000 | USD, IQD |
| Credit/Debit Card | Instant | No platform fee | Min 50, Max 5,000 | USD |
| Cryptocurrency | Instant | 1% transaction fee | Min 50, Max 10,000 | BTC, ETH |
| E-wallets | Instant | 1.5% charge | Min 50, Max 2,500 | USD, EUR |
Minimum Deposit
The minimum deposit requirement for GoldFX is $50. This amount is consistent across various payment methods and account types, ensuring accessibility for all traders.
How to Withdraw
- Log in to your GoldFX account.
- Navigate to the ‘Withdrawal’ section in the account dashboard.
- Select your preferred withdrawal method from the available options.
- Enter the amount you wish to withdraw, adhering to the limits specified.
- Confirm your withdrawal request and complete any necessary verification steps.
- Monitor the status of your withdrawal in the account dashboard until it is processed.
Customer Support
GoldFX Customer Support Overview
Support Channels
GoldFX provides several contact methods to assist its customers effectively. Traders can reach out via:
- Email: Customers can send inquiries or require assistance through the email address info@goldfx.krd.
- Live Chat: An instant messaging feature is available on the GoldFX website, allowing users to get immediate responses to their queries.
- Telephone: Customers can contact GoldFX directly at +964 0750 584 4646 for real-time support.
- Social Media: GoldFX may also provide support via its social media platforms, though specific channels are not detailed.
Service Availability
GoldFX offers customer support that is available during specified hours. While exact hours are not disclosed, traders can expect assistance during typical business hours. Multilingual support is not explicitly mentioned, so customers should be prepared to communicate in English.
Frequently Asked Questions
No, GoldFX is not regulated by any recognized financial authority. This lack of regulation poses significant risks for traders as there are no established investor protection mechanisms in place.
GoldFX offers several account types, including Retail Accounts for beginners, Professional Accounts for experienced traders, Corporate Accounts for businesses, Islamic Accounts for traders adhering to Sharia law, and Demo Accounts for all traders to practice trading with virtual funds.
To withdraw funds from GoldFX, log in to your account, navigate to the ‘Withdrawal’ section, select your preferred withdrawal method, enter the amount, and confirm your request. Ensure you comply with the withdrawal limits specified by the chosen method.
GoldFX provides access to popular trading platforms including MetaTrader 4 (MT4) and MetaTrader 5 (MT5), as well as a web version and a mobile app, all designed to enhance the trading experience with user-friendly features.
Best Iraq Forex Brokers & Reviews (2026)
Risk Disclosure
Trading forex/CFDs via brokers carries high risks, including potential total loss. For any data changes, please refer to the latest information on the brokers' official websites. Trade with caution and seek independent advice.
