GoDoFX Review: Truth About This Fraudulent Broker
GoDoFX broker is quite a mysterious offshore broker. They claim to operate from Mauritius. Yet, their main office is in the United Arab Emirates. That is already a bad sign about this broker.
Moreover, they claim to provide just references and links to trading communities and blogs. In reality, they do provide trading services. More about this offshore broker find in this detailed GoDoFX review.
|Broker status:||Unregulated Broker|
|Regulated by:||Unlicensed Scam Brokerage|
|Blacklisted as a Scam by:||N/A|
|Headquarters Country:||Mauritius, UAE|
|Supported Platforms:||MT4, GoDo Trader|
|Types of Assets:||Forex, Commodities, Indices, Shares, Futures|
|Free Demo Account:||Yes|
|Accepts US clients:||Yes|
Is GoDoFX Not A Legitimate Brokerage Firm?
GoDoFX brokers tried to mislead traders into believing that they are legitimate brokers. They used to be registered as GoDo Limited. Moreover, they present themselves as a licensed broker in Mauritius. But the problem is that the license number is just matching the name in the FSC register. Any other information is not matching. That is a clear sign that this is just a clone offshore firm.
Not to mention that they don’t have any Tier 1 regulations. Some of those are FCA, ASIC, and BaFin. Checking their register didn’t bring us any results about the GoDoFX trading company.
Another fact is that they present themselves as regulated in St. Vincent and Grenadines. Which doesn’t have a regulatory body at all. With this in mind, you can now see why to avoid offshore brokers. Digging deeper always reveals illicit scams.
Broker that openly lies about the license. Falsely presents the availability of the trading platform. GoDoFX is an offshore entity without any regulation and security provided for its traders.
GoDoFX Platform – Trading Software
Trading software plays a key role in choosing a broker. GoDoFX broker did their due diligence. Traders should be able to use all trading options through Meta Trader 4, Meta Trader 5, and GoDo Trader.
It’s worth mentioning that a proprietary platform is never going to match the functionalities of Meta Trader. Not to mention trust in such established platforms.
MT 4 & MT 5 mobile platform
As usual, Meta Trader provides all you need for success. That’s why they have the best-developed trading app. Whether for Android or iOS devices, you can download it from your story.
The biggest satisfaction comes with acknowledging that you have all functionalities like with the desktop version. From social and copy trading, advanced trading options, hedging, scalping, and more.
On the negative side, there is only Meta Trader 4 available with this broker. Some information on the website is misleading.
Even though this broker advertises access to a GoDo Trader, what you get is access to Meta Trader 4. They have falsely presented so many things. In general, having Meta Trader 4 as a platform doesn’t define the broker as legitimate. And now you could see why.
GoDoFX ‘s Trading Assets and Instruments
From the instruments available, this broker provides all major classes. Except for cryptocurrencies. Which are now one of the most attractive features. Those classes are:
- Forex – USD/GBP, AUD/CAD, EUR/SGD
- Commodities – Crude oil, natural gas, gold
- Indices – DAX 30, Dow Jones, Nikkei 225
- Shares – Master Card, General Motors, Apple
- Futures – Russell 2000, QQQ
GoDoFX Countries Of Service
As you can see from any GoDoFX review, they are mainly scamming traders from:
- United Arab Emirates
Those countries are very loosely regulated and controlled. Therefore, they are easy for targeting. Not to mention that nobody controls the actions of GoDoFX scam brokers.
What Are The Different GoDoFX Account Types?
Generally speaking, GoDoFX broker offers quite standardized account types. Mainly benefits are coming from tighter spreads. Those accounts are:
- Cent account – $10
- Standard – $100
- Islamic – $100
- Yield – $3.000
- Professional – $10.000
- Institution – $25.000
Even though they are scam brokers, it’s surprising that they provide a micro account. Important to realize is that leverage goes up to 1:100. Which is not according to any EU, UK, or Australian regulation.
Can a Trader Use a Demo Account?
The GoDoFX trading company did its due diligence. They made accessible to traders almost all features that licensed companies to have. Another one is a demo account.
This is a great option for anyone to try their services. However, this doesn’t make them a legitimate broker. Because they failed to implement the most important factors. For instance, security.
Terms of Service for GoDoFX
In general, everything is shady with this broker because they are not regulated. The important fact is that this broker offers welcoming bonuses on deposits. In this case, the problem with bonuses is that you have a clause where you need to trade a certain volume. Otherwise, you can’t make withdrawals.
As for funding methods, this broker only accepts:
- Visa/Master Card – 540 days available chargeback
- Neteller – 30 days available chargeback
Chargeback is very important with this broker because there is a high chance you won’t get approval for your withdrawals.
Leverage, Spreads, and Fees
For a cent account, maximum leverage goes up to 1:1000. But for regular accounts, maximum leverage is up to 1:100. Spreads start from 1.7 pips. However, that doesn’t mean that it will be 1.7 pips. With scam brokers like GoDoFX that rarely happens.
Unfortunately, costs of trading, commissions, swaps, and inactivity fees are missing on their website.
Scammed by a GoDoFX Broker? – We Want To Hear Your Story.
If this broker steals your money, you can contact us for help. Let us hear what is your experience with them first. Afterward, we have a good chance to get a chargeback. Don’t let them slip away with it. Book your consultation already today!
What Is the Chargeback Procedure?
Chargeback is a transaction reversal process. With some payment providers, you have a longer period where you can achieve that. It’s usually required by a cardholder, but the merchant can do it as well.
Let’s start fund recovery already today. Get in touch with our specialized fund recovery team today!
What Is GoDoFX ?
GoDoFX is an unregulated broker with multiple unconfirmed offshore offices that pretends to be legit.
Is GoDoFX a Scam Broker?
Yes. Besides the lack of regulations, they are openly lying about having one offshore license.
Is GoDoFX Available in the United States or the UK?
GoDoFX broker provides services to United States clients, but not UK ones.
Does GoDoFX Offer a Demo Account?
Yes. Traders can choose a virtual trading account before investing real money.