Table of Content
GoDoFX Review – All About GodoFX.Com Broker
Table of Content
GoDoFX broker makes great promises but falls short on all of them. They make claims to be regulated, but they are nothing but liars.
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.
In reality, this company is one for the ever-growing pile of unregulated and risky brokers. Why is this? Well, the reasons are many and the review that follows outlines the main ones, so we encourage our readers to go through it carefully.
Find out more about this offshore broker in this detailed GoDoFX broker review, where we will cover all the shady things this investment scam uses.
What is more, we strongly advise you not to invest in Limit Markets, AlphaPrime, and Proforbex fraudulent brokers.
|Review Rating||1 out of 5|
Is GoDoFX Broker Safe for Your Money? Regulation
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.
What Trading Platforms Are Available?
Just because GoDoFX is compatible with MT4, does not mean that it is a legitimate enterprise. MT4 offers Windows and MacOS trading, but beware, this compatibility does not mean that your funds are safe.
GoDoFX also has a mobile trading app, that again, is not guaranteed as safe. This broker also utilizes ZuluTrade, which ranks traders on a scale, allowing them to customize their trading experience. This is an important aspect of GoDoFX’s sophisticated scam. They are not transparent to investors and hide behind the trading software.
What Account Types are Offered at GoDoFX?
In regards to the trading account types, GoDoFX offers the following:
- Standard Account – $100
- Islamic Account – $100
- Institutional Account – $25,000
- Professional Account – $10,000
- Cents Account – $10
- Yield Account – $3,000
They also offer a demo account. A demo account is a free account that allows you to try trading before committing to a paid account. Beware though, this does not mean that your trading is risk-free.
Trading Instruments Overview
You can trade a variety of instruments with GoDoFX, but this does not mean that it is safe. Listed on their website as potential trading instruments are:
- Forex (EUR/USD, USD/JPY, GBP/USD, USD/CHF, and AUD/USD)
Some examples of stocks that you can trade are Apple, Amazon, and Google. This GoDoFX scam lists many of the more popular stocks in order to entice you to invest.
EU stocks that can be traded include AstraZeneca and Barclays. You cannot trade with cryptocurrencies on this platform, meaning that you cannot trade with Bitcoin, Ethereum, ontology, or any other cryptocurrency.
Funding Method at GoDoFXFunding an account happens either through a credit card or a wire transfer. The minimum deposit requirement is $100.
The withdrawal section of the user area discloses nothing of importance. We must rely on the website, which is not the most trustworthy source out there. From the website, we learn that if a withdrawal is $20 or less there will be a fixed $10 commission issued.
If the withdrawal is made by the bank the same fee applies if the wire transfer is $100 or less. And of course, there is no mention of how long the withdrawal process takes. It’s obvious that GoDoFX is not worth your time and money. It is unregulated, and a scam. Do not invest here.
How Do I Get My Money Back if I’ve Been Scammed by GoDoFX?
The scams are very efficient and simple to follow for both the user and the broker. At times, it may seem ludicrous to consider that one is in the middle of a scam. That is how effective they are!
Immediately upon feeling suspicious file for a chargeback. Both Visa and Mastercard have extended their chargeback time span to 540 days.
Fraudsters can take out money from your bank account, and thus we encourage defrauded users to change their bank account name and password ASAP. And then users should contact the bank to set a plan of action with it.
So, let’s start fund recovery now. Get in touch with our specialized fund recovery team today!
- GoDoFX broker is just an online trading scam that claims to be based in UAE and offers to trade in forex, oil, metals, indices, and stocks.
- But as they have no licenses for doing so, it’s safe to say they only want to scam you.
- Doing proper research is a must if you are new to the world of trading because many phony brokers pop up overnight. Don’t get played by the fairytales they are going to tell you and be careful with making any investments.
- Be sure to read as many reviews as possible because there will always be many complaints about the broker if they are untrustworthy.
- In case you had any negative experience with this or any other fraudulent broker, we would greatly appreciate it if you could share it with us as we can assist you by reporting your scammer.
FAQs About GoDoFX Broker
Is GoDoFX a Scam Broker and Why?
Yes, GoDOFX is a scam broker as they don’t follow any regulations regarding trading conditions that must be met.
What Is the Minimum Deposit for GoDoFX Broker?
The minimum deposit for any new or already existing GODoFX clients is set at $100.
How Long Do GoDoFX Withdrawals Take?
Withdrawals from GoDoFX should take around 2-3 business days, but in reality the wait time is much longer.