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Is GOFX Scam or Legit Broker?

GOFX cannot be regarded as a reliable option for engaging in Forex trading. The company is registered in St. Vincent and the Grenadines (25865BC2020) and holds a license issued by the Seychelles Financial Services Authority (FSA).

  • Both the Seychelles Financial Services Authority (FSA) and Vincent and the Grenadines Financial Services Authority (SVGFSA) are considered offshore regulatory bodies and do not provide the same level of regulatory oversight and investor protection as top-tier authorities like FCA, CySEC, ASIC, etc. Brokers like GOFX, Kot4X, and IQCent are often viewed as less trustworthy due to their offshore licenses.

🏢 Registered inSeychelles Financial Services Authority
🗺️ Type of LicenseOffshore
🛡️ Is GOFX safe to trade?No
🗺️ Recommended LicensesFCA in the UK 🇬🇧 and ASIC in Australia 🇦🇺
🖥 Alternative BrokerFP Markets - licensed by ASIC in Australia

What is GOFX?

Established in 2020, GOFX offers trading in six different asset classes: forex CFDs, precious metal CFDs, stock CFDs, energy CFDs, index CFDs and cryptocurrencies. The company provides multiple account options, access to the market's popular investment platform (MT4), high leverage rates, etc.

Upon further research, we revealed more information about GOFX and estimated its level of security. Here are important points we were able to find: 

  • Lack of proper regulation: Although the firm is regulated, it's important to note that the FSA may not offer the same level of trader protection as the UK's FCA. Traders should exercise caution, as the broker does not provide essential safety features like negative balance protection, segregated accounts, or compensation funds.
  • Negative reviews:  When selecting a reliable broker, it's crucial to consider customer reviews. Upon our investigation of reviews from actual clients, we predominantly encountered negative feedback. The complaints covered a wide range of issues, including difficulties with withdrawals, inadequate customer support, excessively high leverage, and more.
  • Withdrawal Issues: With unregulated or offshore brokers, problems with withdrawals are not rare. Research and customer feedback show that the GOFX withdrawal process is not always smooth. Customers complain about not being able to receive their withdrawals, causing a loss of financial investments.
  • All in all, it is essential to conduct thorough research when considering a Forex trading platform or broker. Traders should verify the company's regulatory status, check for customer reviews and feedback, and consider the jurisdiction in which the company is registered before making any decisions.

 

Overall GOFX Ranking

Drawing upon a decade of experience in the Forex trading industry, our research has uncovered substantial concerns regarding the reliability and adherence to regulatory standards of GOFX. Consequently, we are unable to give GOFX a favorable ranking.

  • GOFX Overall Ranking is 3 out of 10 based on our testing and compared to 500 other brokers. See Our Ranking below compared to other popular and industry-leading Brokers.

RankingGOFXTrading 212BlackBull Markets
Ranking⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐
Is Broker safe? NoYesYes
AdvantagesNoneEducationTrading Conditions

GOFX Alternative Brokers

Given the safety concerns associated with GOFX, we strongly advise considering alternative options that offer more rigorous regulations and enhanced trading conditions. Below, we have assembled a list of reputable brokers with secure trading environments for your consideration:

Deposits and Withdrawals

There is not much information about GOFX withdrawals and deposit terms. The broker offers limited funding methods, including Bank Transfers, Debit and Credit cards, and Skrill.

  • The minimum deposit with GOFX is $1.
  • It is important to note that there is not much information about the broker’s withdrawal process. Besides, there are numerous negative reviews regarding GOFX withdrawals. This is why we recommend exercising caution if you choose to invest with the broker.

Account Types 

GOFX provides a selection of five distinct account options: GO Mini, GO Standard, GO Low-Spread, GO Pro, and GO Inter. Each account type requires a minimum deposit of $1. 

  • GOFX provides demo accounts to all its clients, offering an excellent opportunity for traders to familiarize themselves with the platform and practice implementing their investment strategies without exposing themselves to real financial risk.

GOFX Review Conclusion

Based on the information we've collected about GOFX, there are significant concerns regarding the broker's trustworthiness and credibility. Even though the broker offers attractive features and services, its registration in an offshore jurisdiction raises substantial doubts, and traders should exercise caution when dealing with it.

We highly recommend seeking out a broker that holds licenses from respected authorities such as FCAASIC, or CySEC. There are many regulated brokers with great offerings and conditions, also aligned with top-tier regulations which is considered a safe choice to trade, including FP MarketsHFM, or FXGT

  • Overall ranking and experience for GOFX is Negative.

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