Separate research from personal experience and public opinion about GOFX often raises questions: Is it a scam or legit? In this article, we’ll sift through the information, explore user feedback, and explore the regulatory landscape to help you make an informed decision about GOFX Review. Let’s find the truth together. At the end of article you will know that GOFX is scam or legit. Should you trade with GFX or not?
Introduction
GOFX established its trading platform in 2020. It is a platform that help peoples to trade with different things like money, stocks and cryptocurrency. It is not a famous platform in the world of trading but many peoples are searching for Gofx review. In this article we will discover everything about about gofx. Is it right to trade with GOFX or not. Till end you will know everything.
About Me: Why Me For GOFX Review
Trading has been my passion for the last seven years, and throughout my journey, I’ve explored various trading platforms to find the ones that truly stand out. I’m not a financial guru, just someone who loves sharing personal experiences.
In this review, I’ll guide you through GOFX, sharing insights from my years of trading and reviewing platforms. Let’s explore the trading world together.
GOFX Basic Information: GOFX Review
GOFX is a trading platform that was established in 2020. It offers trading in various asset classes, including forex, precious metals, stocks, energy, indices, and cryptocurrencies. GOFX provides multiple account options, access to the MT4 investment platform, and offers high leverage rates.
| Details | Explanation | |
|---|---|---|
| Website | gofx.pro | The official website of the trading platform GOFX. |
| Operator | GKFX Financial Services Limited | The company responsible for operating GOFX, ensuring its adherence to financial regulations. |
| Regulation | FCA | Regulated and authorized by the Financial Conduct Authority, ensuring a level of financial security. |
| Languages | English, German, Spanish, French, Italian, Portuguese | Supported languages for user interface and customer support. |
| Support | E-mail, Live-chat | Customer support options, including email and live chat for assistance. |
| Contact | support@gofx.com (N/A for contact details) | Contact email provided for support, but additional details are not available. |
| Deposit Methods | Wire transfer, Debit and credit cards, Skrill | Available methods for depositing funds into the trading account. |
| Withdrawal Methods | Wire transfer, Debit and credit cards, Skrill | Methods available for withdrawing funds from the trading account. |
| Minimum Deposit | 50 USD | The minimum amount required to open a trading account with GOFX. |
| Min. Trade in Lots | 0.01 | The smallest amount of a financial instrument that can be traded. |
| Spreads | Typical spread on EUR/USD – 1.2 pips (on standard account type) | The average difference between buying and selling prices for the specified currency pair. |
| Tradable Assets | Forex (50) | The number of different financial instruments available for trading in the Forex market. |
| Mobile App | Yes | Indicates the availability of a mobile application for trading on the go. |
| MetaTrader 4 | ✔️ Yes | Indicates compatibility with the MetaTrader 4 trading platform. |
| Other Platforms | ❓ (Not specified) | No information provided about additional trading platforms. |
| Maximum Leverage | 1:400 | The maximum ratio of borrowed funds to the trader’s own capital. |
| Social Trading | ❌ No | Indicates whether the platform supports social trading features. |
What is the Overall GOFX Ranking?
| Ranking | GOFX | Trading 212 | BlackBull Markets |
|---|---|---|---|
| Overall Rating | ⭐ 3 out of 10 | ⭐⭐⭐⭐⭐ | ⭐⭐⭐⭐⭐ |
| Is Broker Safe? | ❌ No | ✅ Yes | ✅ Yes |
| Advantages | None | Education | Trading Conditions |
Our rating for GOFX is 3 out of 10 when compared to 500 other brokers. This is lower than popular ones like Trading 212 and BlackBull Markets, which are seen as safer choices with better ratings. GOFX doesn’t have many special advantages, so if you’re picking a trading platform, it’s important to think about these things.
What are GOFX Account Types?
| Account Type | Minimum Deposit | Maximum Open Positions | Halal/Islamic Profile | Hedging Permitted | Minimum Trade Size | Maximum Trade Size |
|---|---|---|---|---|---|---|
| GO Mini | $5 | 1,000 | ✔️ Yes | ❌ No | 0.01 lot | 100 lots |
| GO Standard | $5 | 1,000 | ✔️ Yes | ❌ No | 0.01 lot | 50 lots |
| GO Low Spread | $5 | 1,000 | ✔️ Yes | ❌ No | 0.01 lot | 50 lots |
| GO Pro | $5 | 1,000 | ✔️ Yes | ❌ No | 0.1 lot | 50 lots |
| GO Inter | $5 | 1,000 | ✔️ Yes | ❌ No | 1 lot | 50 lots |
GOFX provides a choice of five different account types, each with a minimum deposit of $5 and a maximum number of open positions set at 1,000. All accounts can be opened as halal, Islamic profiles with no swap fees, but none of them allow hedging. Beyond the mentioned spreads and leverage rates, each account type varies in its minimum and maximum trade size limits, catering to different trading preferences.
What is the GOFX Margin Rates & Leverage?
Each GOFX account type comes with varying levels of available leverage. GO Mini and GO Standard accounts offer very high leverage rates, reaching up to 1:3000. The GO Low Spread account is limited to 1:999, while GO Pro and GO Inter accounts provide competitive leverage rates of up to 1:100. Additionally, leverage limits are dependent on the size of the position and trading volume, ensuring flexibility based on individual trading preferences and risk tolerance.
| Account Type | Available Leverage | Position Size/Volumes |
|---|---|---|
| GO Mini | Up to 1:3000 | Below $999 – 1:3000 |
| $1,000 to $1,999 – 1:2000 | ||
| $2,000 to $9,999 – 1:999 | ||
| $10,000 to $19,999 – 1:500 | ||
| $20,000 to $49,999 – 1:400 | ||
| $50,000 to $199,999 – 1:200 | ||
| $200,000+ – 1:100 | ||
| GO Standard | Up to 1:3000 | (Same as GO Mini) |
| GO Low Spread | Up to 1:999 | (Same as GO Mini) |
| GO Pro | Up to 1:100 | (Same as GO Mini) |
| GO Inter | Up to 1:100 | (Same as GO Mini) |
What are Pros and Cons of GOFX?
Traders should carefully consider these factors before choosing GOFX.
| Pros and Cons of GOFX | |
|---|---|
| Pros | Cons |
| ✅ Diverse Account Options | ❌ Regulatory Concerns |
| ✅ Islamic Accounts Available | ❌ Negative Customer Reviews |
| ✅ Competitive Leverage Rates | ❌ Withdrawal Issues |
| ❌ Limited Information on Withdrawal Methods |
Is GOFX Scam or Legit Broker?
Deciding if GOFX is trustworthy or not needs careful thinking. Our research found worries about how reliable and rule-following GOFX is. According to my research it is not safe to tread with the GOFX. Here are some important things to know in GOFX Review:
- Regulation: GOFX is authorized by the FCA, but some think the protection it gives might not be as good as other regulators. GOFX is licensed and authorized by the FCA, which provides a level of regulatory oversight. However, there have been concerns raised about the adequacy of the protection offered compared to other regulatory bodies like the UK’s FCA.
- Negative Reviews: People have shared problems they faced, like trouble withdrawing money and not-so-great customer support.
- Withdrawal Issues: Some people found it hard to take their money out, which happens often when brokers aren’t regulated properly.
Is GOFX Regulated?
Yes, GOFX is regulated by the Financial Services Authority (FSA).
Would you recommend me choosing GoFX?
In simple terms, based on my research on my GOFX Review, I don’t recommend trading with GOFX. There are reliability and regulatory concerns. It’s safer to explore other brokers with better reputations and do thorough research before deciding.
What deposit and withdrawal methods GoFX supports?
GOFX supports various deposit methods, including wire transfer, debit and credit cards, and Skrill. However, specific details about withdrawal methods are not provided in the information available. It’s recommended to check directly with GOFX or their official website for the most accurate and up-to-date information on withdrawal options.
Conclusion of GOFX Review
After looking into GOFX carefully, it’s important to see the whole picture. GOFX has different account types, each with unique features, minimum deposits, and trade size limits. But, our research found worries about how reliable and rule-following GOFX is, especially regarding regulations.
Traders should think about the good and bad sides, and check out other brokers with better rules and positive reviews. Before deciding, do your homework and know what you need for your trading.
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