Gofx 2025 Review: Everything You Need to Know
Gofx, an online forex and CFD broker, has generated mixed reviews among users and experts alike. Established in 2020, Gofx operates under the regulatory oversight of the Seychelles Financial Services Authority (FSA) and the Mwali International Services Authority. Despite its low minimum deposit requirement of just $1 and the provision of the popular MetaTrader 4 platform, concerns regarding its regulatory status and customer service persist.
Note: It's important to highlight that Gofx operates through different entities across regions, which may affect user experience and regulatory protection. Therefore, conducting thorough research is crucial for potential traders.
Rating Overview
We score brokers based on a combination of user feedback, expert analysis, and the overall trading experience provided.
Broker Overview
Gofx, operated by Touchstone Markets Limited, is primarily focused on forex and CFD trading. The broker is registered in Saint Vincent and the Grenadines and holds licenses from the Seychelles FSA. Gofx offers a variety of trading instruments, including forex pairs, commodities, indices, stocks, and cryptocurrencies. The trading platform used is MetaTrader 4, which is widely recognized for its user-friendly interface and advanced trading capabilities.
Detailed Breakdown
Regulatory Overview
Gofx is regulated in offshore jurisdictions, namely Seychelles and Mwali. While it does have regulatory licenses, the oversight is not as stringent as that of top-tier regulators like the FCA or ASIC. This raises concerns about the level of investor protection offered to traders. According to 55Brokers, the lack of negative balance protection and compensation funds is a significant red flag for potential investors.
Deposit/Withdrawal Options
Gofx provides several deposit methods, including bank transfers, credit/debit cards, and e-wallets like Skrill. The minimum deposit requirement is notably low at just $1. However, withdrawal processes have been reported to be slow and problematic by users, with many expressing frustration over delays and difficulties in accessing their funds. For instance, one user stated, "I couldn't withdraw my money, and whenever I spoke to support, they always wasted my time" (source: WikiFX).
Minimum Deposit
The minimum deposit across all account types is $1, making it accessible for traders with limited capital. This feature is particularly appealing for beginners looking to enter the forex market without significant financial commitment.
Gofx offers various promotions, including a welcome bonus for new clients and a loyalty program that rewards traders based on their trading volume. However, the specifics of these promotions can vary and may come with conditions that could be challenging for traders to meet.
Tradable Asset Classes
Gofx provides access to a range of asset classes, including:
- Forex: Over 25 currency pairs.
- Commodities: Precious metals like gold and silver, and energy products.
- Indices: Major global indices such as the S&P 500 and FTSE 100.
- Cryptocurrencies: A limited selection of cryptocurrencies including Bitcoin and Ethereum.
Costs (Spreads, Fees, Commissions)
The spreads offered by Gofx vary by account type, with the Go Standard and Go Mini accounts starting at 1 pip, while the Go Low Spread account offers spreads from 0.6 pips. The Go Pro account charges a commission of $3.50 per lot traded, which is considered high compared to many competitors. Users should also be aware of potential swap fees for non-Islamic accounts.
Leverage
Gofx offers high leverage options, with some accounts allowing leverage up to 1:3000. While this can enhance profit potential, it also significantly increases the risk of losses, which is a critical consideration for traders, especially beginners.
Gofx primarily utilizes the MetaTrader 4 platform, which is compatible with desktop and mobile devices. While MT4 is well-regarded for its comprehensive trading tools, the absence of MetaTrader 5 or other proprietary platforms may limit advanced trading capabilities for some users.
Restricted Regions
Gofx does not provide services to residents of several countries, including the United States, Canada, and Japan. This is a common practice among brokers operating in offshore jurisdictions, and potential clients should verify their eligibility before attempting to open an account.
Available Customer Service Languages
Customer support at Gofx is available primarily in English and Thai, with support channels including live chat and email. However, the lack of phone support has raised concerns among users regarding the accessibility of assistance during critical trading times.
Repeated Rating Overview
Detailed Rating Analysis
-
Account Conditions (6/10): Gofx offers a variety of account types with low minimum deposits, but the similarities between accounts can be confusing for new traders. The lack of distinct features across accounts is a downside.
Tools and Resources (4/10): The broker offers limited educational resources and trading tools, which may hinder the development of new traders. The absence of comprehensive training materials is a significant drawback.
Customer Service and Support (5/10): Customer support is available through live chat, but the lack of phone support and reports of slow response times raise concerns about the effectiveness of their service.
Trading Setup (6/10): Gofx provides a solid trading experience through the MT4 platform, but the absence of MT5 and other advanced tools may limit some traders' strategies.
Trustworthiness (3/10): The offshore regulatory status and numerous negative reviews regarding withdrawal issues significantly impact Gofx's reputation. Caution is advised when dealing with this broker.
User Experience (5/10): While the low minimum deposit is appealing, the overall user experience is marred by reports of withdrawal difficulties and a lack of transparency regarding fees and trading conditions.
In conclusion, while Gofx presents some attractive features such as low minimum deposits and high leverage, significant concerns regarding its regulatory status and customer service persist. Potential traders should weigh these factors carefully before deciding to engage with this broker.
