GOFX/ICDX

Risk Warning

Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.

General Information

What is ICDX？

ICDX, used to name as GOFX, short for Indonesia Commodity & Derivative Exchange, is a global brokerage firm based in Indonesia. It offers trading services in various market instruments, including Gold, Crude Oil, Forex, Palm Oil, Tin. However, it is important to note ICDX currently has no valid regulation from recognized financial regulatory authority.

In the following article, we will analyze the characteristics of this broker from various aspects, providing you with simple and organized information. If you are interested, please read on. At the end of the article, we will also briefly make a conclusion so that you can understand the broker's characteristics at a glance.

Pros & Cons

ICDX Alternative Brokers

There are many alternative brokers to ICDX depending on the specific needs and preferences of the trader. Some popular options include:

• Swissquote - Swissquote is a reputable broker with a wide range of financial instruments, advanced trading platforms, and strong regulatory oversight, making it a reliable choice for traders seeking a comprehensive trading experience.

• Plus500- Plus500 is a user-friendly broker offering a simple and intuitive trading platform, competitive spreads, and a wide selection of CFD instruments, making it suitable for traders looking for a straightforward trading experience.

• FXPro- FXPro is a trusted broker known for its competitive pricing, fast execution, and a wide range of trading platforms, making it a preferred choice for both beginner and experienced traders seeking diverse trading opportunities.

Ultimately, the best broker for an individual trader will depend on their specific trading style, preferences, and needs.

Is ICDX Safe or Scam？

ICDX claims to be regulated by local government and institutions, but it does not currently have a valid regulation from a recognized financial regulatory authority. It's important to note that while local regulations can exist, they may not provide the same level of oversight and investor protection as reputable international regulatory bodies. However, the lack of regulation from well-established authorities can raise concerns about the transparency, accountability, and compliance practices of ICDX. This can increase the risks associated with trading, including the potential for fraudulent activities or the inability to seek legal recourse in case of issues or disputes. It is advisable to conduct thorough research and due diligence before engaging with any financial platform to safeguard your funds and ensure a safe trading experience.

Besides of this, reports of users unable to withdraw funds and scam raises concerns about the company's reliability and customer support.

Market Instruments

ICDX provides a wide range of market instruments, allowing its users to access and trade various assets. With a diverse selection of market instruments available, users can diversify their portfolios and take advantage of different trading opportunities. Here are some of the key market instruments offered by ICDX:

One of the prominent trading instruments available on ICDX is gold. Gold, known as a safe-haven asset, attracts traders due to its global recognition and value as a precious metal. Traders can engage in gold trading on ICDX, taking advantage of price movements and fluctuations driven by factors such as economic conditions, geopolitical events, and investor sentiment.

Another significant trading instrument offered by ICDX is crude oil. Crude oil is a vital global commodity, and its trading holds immense importance in the energy market. Traders can speculate on crude oil prices and leverage opportunities presented by supply and demand dynamics, geopolitical factors, and changes in global oil production and consumption patterns.

ICDX also provides a platform for forex trading, offering a wide range of currency pairs for traders to participate in the foreign exchange market. The forex market offers opportunities to profit from fluctuations in exchange rates between different currencies. Traders can take advantage of various economic indicators and central bank policies to make informed trading decisions in the dynamic forex market.

Traders can engage in palm oil trading, taking advantage of price movements driven by factors such as global demand, weather conditions, and supply chain dynamics. With its widespread use in the food industry and as a renewable energy source, palm oil holds significant market importance.

Furthermore, ICDX facilitates trading in tin, an important industrial metal with applications in various sectors such as electronics, construction, and manufacturing. As a versatile metal, tin finds applications in various industries, including electronics, automotive, and packaging.

Trading Platforms

ICDX offers its clients access to two trading platforms: MetaTrader 5 (MT5) and EPACT-CD.

MetaTrader 5 (MT5) is widely recognized and popular among traders for their advanced features and functionality. Its a comprehensive trading platform that provides access to various financial markets, including forex, commodities, stocks, and indices. It offers an extensive range of technical analysis tools, charting capabilities, and customizable indicators, empowering traders to conduct in-depth market analysis. MT5 also supports automated trading through expert advisors (EAs) and allows traders to implement their own trading strategies or utilize pre-built algorithms.

The EPACT-CD platform is a web-based software system that will dematerialize physical commodities into an electronic proof of ownership (Electronic Warehouse Receipt) and integrate commodity trading participants on the exchange. The software is an attempt at standardizing how receipts are traded through rules and regulations that participants may follow when building the membership base of producers, warehouses, traders, banks, and collateral managers.

Overall, ICDXs trading platform is well-designed, user-friendly, and offer a range of advanced features suitable for both beginner and experienced traders. See the trading platform comparison table below:

Trading Tools

ICDX offers a range of trading tools to enhance the trading experience of its clients. Among these tools are:

Fundamental Analysis: ICDX provides access to fundamental analysis tools, which involve evaluating economic indicators, news events, and market trends to assess the intrinsic value of financial instruments. Fundamental analysis can help traders make informed decisions based on factors such as economic data, company performance, and geopolitical events.

Virtual Hosting (VPS): VPS allows traders to run their trading platforms and automated trading systems remotely on servers, ensuring stable and uninterrupted connectivity. This can be particularly useful for traders who rely on automated trading strategies or require a reliable and fast connection to the market.

Trading Signals & Copy Trading: Trading signals are generated by experienced traders or specialized software, providing insights and recommendations for potential trading opportunities. Copy trading allows traders to automatically replicate the trades of successful traders, leveraging their expertise and potentially profiting from their strategies.

User Exposure on WikiFX

On our website, you can see that reports of users unable to withdraw funds and scam. Traders are encouraged to carefully review the available information. You can check our platform for information before trading. If you find such fraudulent brokers or have been a victim of one, please let us know in the Exposure section, we would appreciate it and our team of experts will do everything possible to solve the problem for you.

Customer Service

ICDX provides multiple customer service options to assist its clients. Customers can reach out to ICDX through various channels to address their queries and concerns as below:

Call center:

P: +62 21 3002 7788

F: +62 21 3002 7789

Customer support email: info@icdexchange.com.

Address:

Gedung Midpoint Place, 22nd Floor,

Jl. H. Fachrudin No.26,

Kelurahan Kampung Bali, Kecamatan Tanah Abang, Jakarta Pusat.

ICDX also provides the option to contact them through a request form on their website. By filling out the request form, you can submit your inquiries, requests, or specific information that you need assistance with. Once submitted, the support team will review your request and respond to you accordingly.

Overall, ICDXs customer service is considered reliable and responsive, with various options available for traders to seek assistance.

Note: These pros and cons are subjective and may vary depending on the individual's experience with ICDX customer service.

Education

ICDX offers a comprehensive range of educational resources to support traders in their journey.

“Learn with ICDX”: this section provides traders with a comprehensive set of educational knowledges about trading.

Video courses offer in-depth learning on various aspects of commodities trading. These courses cover topics such as market analysis, risk management, and trading strategies, providing traders with valuable insights and knowledge.

ICDX hosts webinars conducted by industry experts. These webinars deliver up-to-date market analysis, trading tips, and strategies, allowing traders to stay informed and make well-informed trading decisions.

The Community section serves as a platform for traders to connect, interact, and share their experiences. It fosters collaboration and knowledge exchange among traders, creating a supportive environment for learning and growth.

Conclusion

According to available information, ICDX is a non-regulated Indonesia-based brokerage firm. While the firm has some experience in the industry and offers a range of market instruments such as Gold, Crude Oil, Forex, Palm Oil and Tin, it is important to consider certain factors such as lack of regulations that may raise concerns. It is critical that potential clients exercise caution, conduct thorough research and seek up-to-date information directly from ICDX before making any investment decisions.

Frequently Asked Questions (FAQs)