GOFX

Overview of GOFX

GOFX is a forex and CFD broker founded in 2018. It is registered in Indonesia and regulated by the Bappebti (Indonesia Commodity and Derivatives Exchange Supervisory Agency). GOFX offers a variety of trading accounts with different spreads and commissions, as well as a variety of deposit and withdrawal methods.

GOFX's minimum deposit is $100 and its maximum leverage is 1:200. It offers spreads from 0.2 pip and supports trading on MetaTrader 4. GOFX offers a variety of tradable assets, including forex, commodities, and indices.

GOFX offers a variety of account types, including Standard, Low Spread, Pro, and Inter. GOFX offers 24/5 customer support via live chat, email, and phone. It also offers a variety of educational resources, including webinars, e-books, and trading videos.

Is GFX Securities legit or a scam？

GOFX is not regulated by any regulatory authority, which may raise concerns about the transparency and oversight of the exchange.

Unregulated exchanges lack the oversight and legal protections provided by regulatory authorities. This can lead to a higher risk of fraud, market manipulation, and security breaches. Without proper regulation, users may also face challenges in seeking recourse or resolving disputes. Additionally, the absence of regulatory oversight can contribute to a less transparent trading environment, making it difficult for users to assess the legitimacy and reliability of the exchange.

Pros and Cons

Market Instruments

GOFX offers a diverse range of trading products, including:

1. Forex:GOFX offers a wide range of Forex products, allowing traders to participate in the foreign exchange market. This includes major currency pairs like EUR/USD, GBP/USD, and USD/JPY, as well as minor and exotic currency pairs. Traders can engage in currency trading with competitive spreads and leverage options.

2. Precious Metals CFDs:

   Traders looking to diversify their portfolios with precious metals can do so through GOFX. They provide Precious Metals CFDs, allowing traders to speculate on the price movements of metals like gold, silver, platinum, and palladium. This provides an opportunity to trade these valuable commodities without physically owning them.

3. CFD Index and Others:GOFX offers Contracts for Difference (CFD) products on various indices, providing exposure to global financial markets. These CFDs are based on popular indices like the S&P 500, Dow Jones, FTSE 100, and others. Additionally, they may offer CFDs on other financial instruments, providing a diversified range of trading options.

4. Share CFD:

   For traders interested in equities, GOFX offers Share CFDs, allowing them to speculate on the price movements of individual stocks. This provides access to a wide range of global companies without the need to purchase the actual shares. Share CFDs can include well-known companies from various industries.

5. Energy CFDs:GOFX provides CFDs on energy commodities, enabling traders to engage in the energy market. This category typically includes CFDs on crude oil (Brent and WTI) and natural gas. Traders can benefit from price fluctuations in the energy sector without physically handling these commodities.

6. Cryptocurrency:

   Cryptocurrency trading has gained immense popularity, and GOFX offers traders the opportunity to trade various cryptocurrencies. This can include major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and other altcoins. Traders can speculate on the price movements of these digital assets, taking advantage of their volatility.

Account Types

GO-MINI: The GO-MINI account is designed for new traders looking for low-risk, high-profit opportunities. It requires a minimum deposit of $1 and offers leverage of up to 1:500. Stop Out is available, and traders can start with a minimum trading size of 0.01 Lot.

GO-STANDARD: The GO-STANDARD account is a versatile standard trading account suitable for various trading conditions. It also requires a minimum deposit of $1 and offers a higher leverage of up to 1:3,000. Stop Out is available, and the minimum trading size is 0.01 Lot.

GO-LOW SPREAD: This account is tailored for traders who prefer low-cost trading, especially for short-term speculation. It shares the same minimum deposit requirement of $1, and the leverage is up to 1:999. Stop Out is available, and the minimum trading size is 0.01 Lot.

GO-PRO: GO-PRO is a trade account designed for professional traders who require the fastest pricing with ECN (Electronic Communication Network) technology. It also has a minimum deposit of $1 but offers a lower leverage of up to 1:100. Stop Out is available, and the minimum trading size is 0.1 Lot.

GO-INTER: The GO-INTER account is intended for traders interested in international investment, particularly trading foreign stocks. Like the other accounts, it requires a minimum deposit of $1 and offers leverage of up to 1:100. Stop Out is available, and the minimum trading size is 1 Lot.

How to Open an Account？

Opening an account with GOFX is a straightforward process, here's a step-by-step guide:

• Step 1: Registration

• Visit the GOFX website and click on the “Sign Up” or “Register” button.

• Fill in your personal information accurately, including your name, email address, and contact details.

• Step 2: Verification

• Upload the required identification documents for verification purposes. This typically includes a government-issued ID and proof of address.

• Step 3: Account Type Selection

• Choose the type of trading account that suits your needs. GOFX offers various account types with different features and minimum deposit requirements.

• Step 4: Deposit Funds

• Fund your GOFX account using one of the available payment methods. These include bank transfers, credit/debit cards, and popular e-wallets.

• Step 5: Start Trading

• Once your account is funded and verified, you can log in to the trading platform and start trading in the financial markets.

Leverage

GOFX offer competitive leverage options to enhance your trading opportunities. The maximum leverage available depends on the type of account you choose and the asset you're trading. It ranges from 1:100 to 1:3000, allowing you to amplify your potential profits while considering risk management strategies.

Spreads & Commissions

GOFX offers a variety of trading accounts with different spreads and commissions. The following table compares the spreads and commissions of GOFX's four most popular account types:

The spreads on GOFX's Standard and Low Spread accounts are relatively competitive, especially for traders who trade small volumes. The Pro account offers the tightest spreads, but it also charges a commission per lot. The Inter account is designed for institutional traders and offers spreads and commissions that are negotiated on a case-by-case basis.

Trading Platform

The trading platform offered by GOFX is MetaTrader 4 (MT4), which is widely recognized as a leading platform in the global financial market. MT4 is renowned for its versatility and is used not only in Forex trading but also in various other financial markets due to its unique and robust features.

Key Features of MetaTrader 4 (MT4):

1. Global Leading Platform: MT4 is a globally renowned platform, trusted by traders worldwide. Its widespread usage in various financial markets attests to its reliability and effectiveness.

2. Versatility: MT4 is not limited to Forex trading; it also caters to other financial instruments. This versatility allows traders to access a wide range of assets, enhancing their trading opportunities.

3. Standard Platform: MT4 is considered a standard platform for online trading. It has become a benchmark for traders and brokers alike, known for its stability and user-friendly interface.

Advantages of MetaTrader 4 (MT4):

1. No Requotes or Order Distortions: One of the significant advantages of using MT4 is that it allows traders to execute orders without the concern of requotes or order distortions. This ensures that orders are executed as intended, contributing to a smooth trading experience.

2. Variety of Leverage Values: MT4 provides traders with the flexibility to choose from a variety of leverage values. This feature is crucial for risk management, allowing traders to adjust their leverage based on their risk tolerance and trading strategies.

Deposit & Withdrawal

GOFX offers a variety of deposit and withdrawal methods, including:

• Credit/debit cards

• Bank transfers

• E-wallets (Neteller, Skrill, PayPal, etc.)

Deposit and Withdrawal Fees

GOFX does not charge any deposit fees, but there may be fees associated with certain withdrawal methods. For example, there is a 3% fee for withdrawals to PayPal.

Minimum Deposit and Withdrawal Amounts

The minimum deposit and withdrawal amounts vary depending on the deposit and withdrawal method. For example, the minimum deposit amount for credit/debit cards is $100, while the minimum withdrawal amount is $50.

Other Charged Fees

GOFX charges a small inactivity fee of $5 per month for accounts that have been inactive for more than six months.

Customer Support

Here are some aspects typically associated with GOFX customer support:

1. Multiple Contact Channels: GOFX is likely to offer multiple channels for contacting customer support, such as email, live chat, phone support, and possibly even social media channels. This ensures traders have various ways to reach out for assistance.

2. 24/5 Availability: Many brokers, including GOFX, often provide customer support during the trading week, which typically covers 24 hours a day from Monday to Friday. This ensures that traders can seek help even during different time zones.

3. Multilingual Support: To accommodate a global clientele, GOFX may offer customer support in multiple languages, ensuring that traders can communicate effectively in their preferred language.

Educational Resources

GOFX lacks educational resources, which can make it difficult for new users to learn how to use the platform and trade cryptocurrencies.

Some of the educational resources that are missing from GOFX include: a comprehensive user guide, video tutorials, live webinars, blogs and etc.

The lack of educational resources on GOFX can make it difficult for new users to learn how to use the platform and trade cryptocurrencies. This can lead to mistakes and losses, which can discourage new users from trading.

Conclusion

In conclusion, GOFX presents a trading platform with several notable advantages, including a range of account types to cater to traders with varying preferences, a global-leading trading platform in MetaTrader 4 (MT4) known for its versatility and reliability, and the provision of multiple leverage options. However, it's important to acknowledge the lack of regulation, which may leave traders with uncertainties. As such, potential clients should carefully assess their trading needs and consider conducting thorough research or seeking direct information from GOFX to make informed decisions when choosing this broker for their trading endeavors.

FAQs

Q: Can I open multiple trading accounts with GOFX？

A: Yes, you can open multiple accounts with GOFX to explore different trading strategies or asset classes.

Q: What is the minimum deposit required to start trading？

A: The minimum deposit varies depending on the type of account you choose. Please check our website for specific account requirements.

Q: Is my personal information secure with GOFX？

A: Yes, we prioritize the security of your personal information and employ advanced encryption technology to safeguard your data.

Q: How can I contact GOFX customer support？

A: You can contact our customer support team through live chat on our website, email, or by calling our dedicated support line during business hours.

Q: Does GOFX offer a demo account for practice？

A: Yes, we provide a demo account that allows you to practice trading with virtual funds before risking real capital.