GoDoFX Review – All That You Need to Know About GodoFX.Com Broker
GoDoFX is just another anonymous offshore broker that has as its main goal to strip you off your hard earned money. After we have checked their website, we saw that they are claiming to be Mauritius based and yet, their main office is in the United Arab Emirates. All in all, that is never a good sign.
So from the complete anonymity to lies of being a regulated company, GoDoFX is just another fraudulent broker that could have looked more reputable. And that’s why this GoDoFX review is here to shine a light onto that huge pile of lies, so read on.
|Regulation||Unregulated scam broker|
|Address||The Prime Tower, Burj Khalifa St. Dubai, United Arab Emirates|
GoDoFX Regulation and Fund Security
When it comes to any brokerage company, regulation is a must. In the case of the GoDoFX there is none. GoDoFx says to be registered as GoDo Limited, but after we tried to find more about that company, we weren’t able to. On top of that, this fraudulent broker presents itself as a regulated Mauritius-based firm.
Now comes the main problem. After we checked the FSC register, the only thing we managed to find is that the name is the only thing matching. All the other information is not the same. 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 either.
On top of that, we saw that they present themselves as regulated in St. Vincent and Grenadines, which doesn’t have a regulatory body at all. With all of this in mind, you can now see why to avoid offshore brokers. Digging deeper always reveals illicit scams such as MigoTrade.
GoDoFX Trading Software Overview
GoDoFX is claiming to offer an industry-standard trading platform that is MetaTrader4. But even though they do have MT4, it doesn’t actually mean that the platform itself works and that it is not manipulated.
Additionally, GoDoFX also utilizes ZuluTrade, which ranks traders on a scale, allowing them to customize their trading experience. This just proves that GoDoFX is not transparent with their clients and your money is at risk.
GoDoFX Account Types Offered
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
As you can see, the minimum required deposit is just too much. All legitimate brokers will ask you for little as $5 or even nothing. This just proves that GoDOFX doesn’t have good intentions.
Additionally, they do offer a Demo account but since they are not a real deal, we believe that the Demo account is also rigged. And don’t be surprised if their agents push you to open a real account. This is a tactic to get your money as soon as possible.
Deposits and Withdrawals Procedure
When it comes to deposit methods, GoDoFX only offers credit/debit cards and wire transfers. Now, there is nothing wrong with these deposit methods, heck they are always good to be used. But since they are offered by an illicit broker, don’t expect them to go well.
On top of that, we have found many complaints made against the broker regarding the withdrawals. Many people have complained that they are unable to withdraw their money.
That’s why we have checked the section of the user area and, to no surprise, it didn’t disclose anything of importance. The only mention is that there is a withdrawal fee of $10. It’s obvious that GoDoFX is not worth your time and money. It is unregulated, and a scam. Do not invest here!
How Is Fraud Carried Out?
The idea of another income does sound appealing, especially if all you need to do is invest. The internet gives the impression that making money through investing is more accessible than ever to non-experts. So, many scam brokers see this as a great opportunity and they lurk online for inexperienced traders through flashy advertisements and fake stories of satisfied clients.
In case you fall for it and give your information, they will call you non-stop all in order for you to invest. But of course, these fake brokers don’t actually invest the money you give them even though they very confidently assure you that you are generating great profits and should invest more.
And after you make some of that false profit, their agents will call you saying you need to invest more and if you do so there will be an enormous profit you will likely make. There is also the story that if you don’t invest more, you will lose all of your profits, which would never happen with a legit broker.
GoDoFX Overall Summary
We took time to conduct this GoDoFX review just to show you how often you can see a copycat website that is trying hard to present itself like a legit thing. This UAE-based investment scam allegedly offers its clients an opportunity to trade on the forex market as well as crypto, metals, and many other markets. But all you will see is some sort of web trader that barely functions and not a MT4 or MT5 that they are promising.
Even though they are trying to present themselves as a company regulated by FSC, keep in mind that the link they provided leeds to a different GoDoFX,
We would like to remind you once again to always be cautious where you invest your funds, and stay as far as possible from this unscrupulous broker
FAQs About GoDoFX Broker
How Secure is the GoDoFX Trading Platform?
Their web trader is not a secure platform at all, and MT4 and MT5 they claim to provide are nowhere to be found.
Does GoDoFX offer a Demo Account?
GoDoFX does allegedly offer a demo account for any new traders, but there are some difficulties with opening this account.
Are Payouts Subject to Taxes at GoDoFX?
Usually when dealing with a legitimate broker, your profits can be subjected to taxes, but in the case of GoDoFX we are unsure.