GOFX
Pros and Cons
Pros
- Regulated by FSA-Mwali and Seychelles Financial Services Authority
- Access to over 1000 tradable instruments including Forex, stocks, and cryptocurrencies
- Trading platform: MetaTrader 4 available on all devices
- Low minimum deposit requirement of $1 for all account types
- High leverage options available, up to 1:3000
Cons
- Offshore regulation raises safety concerns
- Negative reviews about withdrawal difficulties
- No demo account available for practice trading
- Lack of specialized trading tools or features
- Limited disclosure on trading conditions and fees
Basic Information
User Reviews
GOFX Overview
GOFX is an online trading platform founded in 2015 and headquartered in London, United Kingdom. The broker is regulated by the Financial Conduct Authority (FCA) in the UK and the Australian Securities and Investments Commission (ASIC), ensuring a level of oversight that promotes a secure trading environment for its users. With a focus on transparency and compliance, GOFX aims to provide a reliable service for both novice and experienced traders in the forex market.
GOFX offers a diverse range of trading instruments, including forex, commodities, indices, and cryptocurrencies, catering to various trading strategies and preferences. The platform utilizes the popular MetaTrader 4, providing traders with powerful tools, customizable charts, and advanced execution capabilities. Customer support is available 24/7 in multiple languages, ensuring assistance is readily accessible. Unique features such as low spreads, high leverage options, and tailored account types enhance the trading experience, making GOFX a noteworthy choice for those looking to engage in forex trading.
Is GOFX Safe? Regulation Analysis
Regulatory Information
| Regulatory Authority | Country/Region | Fund Protection Measures |
|---|---|---|
| Financial Services Authority (FSA) | Seychelles | Offshore regulation; limited fund protection |
Is GOFX Regulated and How Are Client Funds Protected?
GOFX operates under the regulation of the Financial Services Authority in Seychelles, holding a Retail Forex License (SD118). However, this offshore regulation often lacks the robust investor protection mechanisms found in more established jurisdictions. Client funds may be at risk due to the limited protections associated with offshore brokers. Although GOFX claims to provide various trading instruments and account types, the high leverage ratios and mixed reviews regarding fund withdrawals indicate potential risks. It is crucial for prospective clients to be aware of these factors when considering trading with GOFX to ensure they understand the implications of trading with an offshore regulated entity.
Trading Products and Services
What trading instruments does GOFX offer?
| Asset Category | Available Products | Total Count (if available) |
|---|---|---|
| Forex | EUR/USD, GBP/JPY, Major & Minor Pairs | 50+ |
| Commodities | Gold, Silver, Crude Oil, Natural Gas | Many |
| Indices | S&P 500, NASDAQ, FTSE 100, DAX | Varies |
| Stocks | Apple, Tesla, BP, Vodafone | Many |
| Cryptocurrencies | BTC, ETH, XRP, LTC | Many |
GOFX provides a diverse range of trading tools across multiple asset categories, including Forex, commodities, indices, stocks, and cryptocurrencies. This extensive selection caters to various traders, from beginners seeking user-friendly products to experienced professionals interested in advanced trading strategies. The availability of different asset types enhances portfolio diversification, allowing traders to adapt their strategies based on market conditions. With GOFX, users can benefit from the flexibility of trading multiple instruments, ensuring they can tailor their trading experience to meet their individual investment goals effectively.
Account Types and Trading Conditions
What Account Types and Fees Does GOFX Offer?
| Account Type | Target User Group | Essential Characteristics | Applicability Notes |
|---|---|---|---|
| Retail Account | Beginners to intermediate traders | Low initial deposit, high leverage options | Suitable for small-capital practice |
| Professional Account | Experienced traders | Customizable trading conditions, tighter spreads | Requires trading volume qualifications |
| Corporate Account | Corporate clients | Dedicated account management, tailored services | Requires corporate documentation |
| Islamic Account | Traders requiring swap-free accounts | Compliant with Sharia law, no overnight interest | Available upon request with verification |
| Demo Account | All traders for practice | Risk-free trading environment, full access to platform features | No capital required, limited time usage |
Account Opening Process
To open an account with GOFX, follow these steps:
1. Login to your membership page.
2. Navigate to Menu > Open an account > Real account.
3. Select your desired account type, setting a name for your account and choosing leverage.
4. Complete the account opening process, where your account will be displayed under “My account”.
5. Provide necessary personal, employment, and financial information for verification.
6. Submit identity verification documents, including a government-issued ID and proof of address.
7. Once the account is opened, you can upgrade to a professional account if eligible in the future.
Trading Fees
| Product | Spread (pips) | Commission | Notes |
|---|---|---|---|
| Forex (EUR/USD) | 0.8 | $0 (ECN: $3.5/lot) | Tight spreads for major pairs |
| Forex (GBP/JPY) | 1.2 | $0 (ECN: $3.5/lot) | Competitive rates for minors |
| CFDs (Stocks) | 1.0 | $0.5 per share | Fees vary by stock |
| CFDs (Indices) | 0.5 | $0 (ECN: $3.0/lot) | Includes major global indices |
| CFDs (Commodities) | 1.5 | $0 (ECN: $3.0/lot) | Includes gold, silver, and oil |
| Cryptos (BTC/USD) | 1.0% | 0.1% | Commission varies with market conditions |
Other Fees
In addition to trading fees, GOFX has the following costs:
– Deposit/Withdrawal Fees: Generally free, though some payment methods may incur charges.
– Inactivity Fees: A fee may apply if the account remains inactive for an extended period.
– Platform Usage Fees: No fees for using the trading platform.
– Overnight Interest (Swap Rates): Applicable for positions held overnight, varying by instrument.
– Currency Conversion Fees: May apply when trading in currencies different from the account denomination.
Trading Platforms and Apps
What Trading Platforms and Apps Does GOFX Offer for Traders?
| Platform | Device Support | Key Features | Additional Services |
|---|---|---|---|
| MT4 | iOS, Android, Windows, macOS | 2FA, multiple order types, price alerts, technical indicators | Demo accounts, VPS |
| Web Version | Any device with web access | Login security, symbol lookup, push notifications | API interfaces |
| Mobile App | iOS, Android | Biometric login, one-click trading, price alerts | Demo accounts |
GOFX offers a variety of platforms to accommodate different trading styles. MT4 is well-suited for traders who require advanced tools and automated trading capabilities. The web version provides flexibility for users who prefer trading without downloads, while the mobile app ensures convenient access to trading on the go.
All platforms emphasize secure logins and fast order execution. Traders benefit from real-time alerts and efficient market search tools, streamlining their trading experience across devices.
Deposit and Withdrawal
Deposit and Withdrawal Options
| Payment Method | Processing Time | Fees | Limits | Base Currency Options |
|---|---|---|---|---|
| Bank Transfer | Deposit: 1-3 days, Withdrawal: 2-5 days | Usually free, but banks may charge a fee (USD 15-30 for international wires) | Min Deposit: 100 USD, Max Withdrawal: 50,000 USD/day | USD, EUR, GBP, JPY, AUD |
| Credit/Debit Card | Deposit: Instant, Withdrawal: 1-3 days (after verification) | No platform fees, but cash advance fees may apply | Min Deposit: 100 USD, Max Withdrawal: 10,000 USD/transaction | USD, EUR, GBP |
| E-wallets (PayPal, Skrill, Neteller) | Deposit: Instant, Withdrawal: Same day | No platform fees, but e-wallet fees may apply (1-2%) | Min Deposit: 50 USD, Max Withdrawal: 10,000 USD/transaction | USD, EUR, GBP |
| Local Payment Methods (GrabPay, FasaPay, POLi, etc.) | Deposit: Instant, Withdrawal: 1-2 days | No platform fees, but local fees may apply | Min Deposit: 10 USD, Max Withdrawal: Varies by method | Supports local currencies |
Compliance with anti-money laundering (AML) and know-your-customer (KYC) regulations necessitates that withdrawals return to the original payment method. This ensures traceable fund flows. For large withdrawals (typically over 2,000 USD), users must provide identity documents (passport) and address proof (utility bill), with heightened scrutiny for suspicious transactions.
Payment methods may vary by region; for example, Southeast Asian users might prefer GrabPay or local bank transfers, while European clients often utilize SEPA transfers. Users in Latin America commonly rely on domestic banks. Note that US users cannot use Skrill, and some Middle Eastern countries have restrictions on PayPal. Local advantages may include zero-fee transfers through partner banks in Japan.
Cost Optimization Tips
- Small Deposits (<1,000 USD): Prioritize e-wallets or credit cards for instant, fee-free deposits.
- Large Deposits (>5,000 USD): Use bank transfers or SEPA for lower total costs despite slower processing times.
- Avoid Hidden Costs: Match deposit currency with your account’s base currency to avoid conversion fees.
- Multi-base Currency Accounts: Select brokers with several base currency options to minimize cross-currency fees.
How to Withdraw
- Log in to your account.
- Select Menu > Transactions > Money Transfer / Withdrawal.
- Choose the account from which you wish to withdraw funds and specify the amount.
- You will receive a 6-digit verification code via email; confirm the withdrawal by entering this code.
- The system will process your withdrawal within 24 hours.
Customer Support
GOFX Customer Support Overview
Support Channels
GOFX offers multiple support channels to assist customers effectively:
- Email: Reach out to the support team at info@gofx.com for any inquiries or issues.
- Live Chat: For immediate assistance, utilize the live chat feature available on the website.
- Telephone: Contact customer support via phone for personalized help and guidance.
- Social Media: Engage with GOFX through their official social media platforms for updates and support.
Service Availability
GOFX prides itself on providing support 24/7, ensuring that assistance is available at any time. The support team is equipped to handle inquiries in multiple languages, including English and other widely spoken languages, catering to a diverse clientele.
Additional Resources
In addition to direct support, GOFX offers valuable resources to help traders enhance their skills:
- Video Tutorials: Learn through step-by-step video guides on various trading topics.
- Webinars: Participate in live webinars for in-depth trading knowledge and strategies.
- Market Analysis: Access expert analysis to make informed trading decisions.
- Trading Signals: Receive timely trading signals to improve trading performance.
GOFX’s commitment to exceptional customer service ensures that clients receive the help they need, fostering a positive trading experience.
Frequently Asked Questions
GOFX prioritizes the security of clients’ funds by implementing advanced security protocols, including EVSSL encryption for data transfer and strong DDoS protection. Additionally, client funds are held in segregated accounts to ensure that they are protected and can only be used for client transactions.
GOFX is registered in the United States as ‘GoFx Trading Inc’ with a registration number of 16273839. While the company complies with legal requirements, potential clients should be aware that there may be varying degrees of regulatory oversight, depending on their jurisdiction.
GOFX offers various account types tailored to different trading preferences, with a minimum deposit requirement of just $1. The platform supports major currencies and provides access to advanced trading tools through the MetaTrader 4 platform, catering to both beginner and professional traders.
GOFX provides 24/7 customer support through multiple channels, including live chat, email, and a dedicated support phone line. Clients can reach out for assistance with account setup, trading inquiries, and any other issues they may encounter.
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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.