GoDoCM Review – Avoiding Pitfalls With Offshore Regulated Firms

One important detail about this company is that it has changed its domain. In the past, it was godofx.com, as can be seen from the company’s advertised Trustpilot reviews.

Since traders could see their scamming activities in the comments, it made the company switch to a new domain. Regardless, we will reveal other potential flaws in this unbiased GoDoCM review.

Legal info: Is GoDoCM Legit?

If you look from the legal standpoint, yes. The company offers transparent legal details, registration numbers, licenses, addresses, and contact options. They have even been regulated by the FSC Mauritius since 2021. To be fair, such licenses can’t offer much necessary protection for traders such as FCA, BaFin, ASIC, or CFTC.

Therefore, choosing this broker instead of any other with a top-tier license would be a big mistake. This is especially true once you realize that the RBI (Reserve Bank of India) has released an alert list for unauthorized forex companies, and this broker was found there.

Who Are GoDoCM’s clients?

When it comes to trading activities, with FSC regulation, companies can provide services anywhere they want. Yet, since 2021, they have done that in countries like: 

• United Arab Emirates
• United Kingdom

That can also be seen in the proudly presented GoDoCM reviews. However, any experienced trader will tell you that it’s not 100% legit. This is primarily because trading in the UK must be authorized by the FCA. 

Therefore, to find out if your funds are safe with this broker, feel free to contact our refund specialists for a consultation.

Traders Reviews

Generally speaking, the average rating of 4.8 stars on Trustpilot tells you a lot about the company’s activities. Unfortunately, we are sure everyone has seen numerous brokerages with good ratings that still end badly. For instance, you can check GSI Markets and Pionex companies as well.

The key problem traders don’t realize is that many reviews can be fake. Even the negative ones. However, comments on Reddit we see about this firm might tell you something important. Therefore, traders have to rely on common sense. 

In this case, it’s top-tier regulation required to operate in some jurisdictions this brokerage doesn’t have. If that causes you potential issues, reach out to us for advice.

Leverage, Commissions, Spreads, Fees and Taxes

Quite disappointing to see is that the GoDoCM broker offers leverage of up to 1:1000 for micro accounts and 1:400 for others. These leverages surely don’t comply with tier 1 regulations worldwide.

Nevertheless, the company’s transparent spread structure shows us that traders can expect fairly low spreads. For instance, the minimum spread starts at 0.4 pips for major Forex pairs. An additional benefit here is the 0% commission the company offers for all accounts.

Bonuses

Another thing that is not allowed in Europe and GoDoCM trading firm offers is bonuses. The problem with those is that traders must reach insanely high trading volume to withdraw any bonus funds. But profits are also generated with it, and that’s exactly where the catch is.

In any case, to know what you have to reach, just divide the bonus amount by five, and that’s the number of standard lots you need to reach.

GoDoCM Trading Features

Considering a wide range of platform options, traders can also expect vast advanced trading options. Surprisingly, the company doesn’t offer any social or copy trading features that are highly popular nowadays.

Trading Platforms Available

As can be seen, the GoDoCM Forex company offers MT4 and MT5 trading platforms. MT5’s key advantages are faster backtesting features, more timeframes, more pending order features, and DOM (Depth-of-market) data.

Available Trading Assets

Whether you use the GoDoCM MT4 or MT5 platform, you will have a wide range of tradeable options. To be precise, MT5 has over 3000 instruments, while MT4 has only 1000.  Anyway, some of the options are: 

• Forex – EUR/JPY, USD/AUD
• CFDs – CAC40, platinum, Alibaba
• Futures

Account Types

Generally speaking, the trading accounts you choose whether with GoDoCM MT5 or MT4 choice, don’t have any extreme differences. The main one comes from spreads, but even those don’t matter since minimum spreads are usually not as low as we expect. 

Anyway, all options are: 

• Standard – $100            
• Islamic – $100
• Professional – $10.000
• Cents – $10
• Yield – $3.000

Mobile Trading App

For faster account access on a mobile with GoDoCM login credentials, traders won’t have to worry about complications. With seamless iOS and Android apps that Meta Trader offers, they can enjoy fast and precise trading wherever they are.

Demo Account

Another key benefit of the GoDoCM app, or to be precise, Meta Trader apps, is the availability of demo accounts. Thus, the company doesn’t reveal any details if there are any time limitations for using a demo.

Education

To be a successful trader, you need to be educated about trading properly. If you opt to learn trading with this broker, you will have some general materials and webinars on offer. 

However, you might look elsewhere for 1-on-1 sessions and more advanced programs.

GoDoCM Withdrawal

According to the company’s withdrawal form, there are two withdrawal options. Those are wire transfers and card transfers.

Apparently, no hidden or withdrawal fees are included, which is quite surprising. One detail that might cause potential issues is the withdrawal processing time the company doesn’t reveal. Therefore, consult with experts about the next steps if you get any unexpected delays.

Customer Support

As can be seen, the company offers a phone number with a country code from Mauritius, an e-mail, and a web contact form. Sadly, the working hours of the support are not disclosed.

Key Information To Consider About GoDoCM

Considering a warning from one central bank, changed domain, and lack of top-tier regulations, traders must be prepared for anything. On the positive side, the company has transparent fees and a highly trusted platform.

Still, if potential issues occur, we want you prepared. Therefore, book a free first consultation with our refund experts. They will explain everything you need to know about withdrawals and alternative methods of getting funds back.

FAQ Section