GOFX
Pros and Cons
Pros
- Access to diverse trading instruments including forex and commodities
- Multiple trading platforms available: MT5 and Cerebro ECN Matching Engine
- Demo account for practice trading without financial risk
- Competitive spreads ranging from 0 to 40 pips
- Various customer support channels including email, live chat, and phone
Cons
- Not regulated by any recognized financial authority
- Limited trading instruments (no indices, stocks, or cryptocurrencies)
- High spreads ranging from 0 to 40 pips
- Limited information on trading fees
- Potential withdrawal issues reported by users
Basic Information
User Reviews
GOFX Overview
Established in 2009 and based in Indonesia, GOFX operates as a financial brokerage offering trading services across a range of market instruments, including forex, gold, crude oil, palm oil, and tin. Despite its operational history of 5-10 years, it is important to note that GOFX currently lacks valid regulation, which may pose risks for traders. The broker’s website provides access to relevant information for potential clients seeking to understand its offerings and operational status.
GOFX provides access to a demo account and features multiple trading platforms such as MT5 and the Cerebro ECN Matching Engine. Traders can engage with various instruments while enjoying the flexibility of competitive spreads ranging from 0 to 40 pips. Customer support is available through several channels, ensuring that clients can seek assistance as needed. While GOFX offers a diverse array of trading products, the absence of regulation is a significant consideration for potential traders evaluating their options in the forex market.
Is GOFX Safe? Regulation Analysis
Regulatory Information
GOFX is not regulated by any recognized financial authority. This lack of regulation poses risks for traders, as there are no investor protection mechanisms in place. As such, clients trading with GOFX may face higher potential for fraud and a lack of recourse in the event of issues with their trading activities.
Trading Products and Services
What trading instruments does GOFX offer?
| Asset Category | Available Products | Total Count (if available) |
|---|---|---|
| Forex | Major Pairs / Examples | Varies |
| Commodities | Gold, Crude Oil, Palm Oil, Tin | Many |
| Indices | N/A | |
| Stocks | N/A | |
| Cryptocurrencies | N/A |
GOFX offers a diverse range of trading instruments, focusing primarily on Forex and commodities. Traders can access various forex pairs, along with significant commodities such as gold and crude oil. This diversity caters to different trading styles and preferences, from beginners to seasoned professionals. The availability of multiple asset categories allows traders to create a balanced portfolio, enhancing their ability to implement flexible trading strategies. While indices, stocks, and cryptocurrencies are not offered, the existing range supports various market activities, satisfying the needs of traders looking for both short-term and long-term investment opportunities.
Account Types and Trading Conditions
What Account Types and Fees Does GOFX Offer?
| Account Type | Target User Group | Essential Characteristics | Applicability Notes |
|---|---|---|---|
| Demo Account | Beginner traders | Practice trading without financial risk | Ideal for testing strategies and familiarizing with the platform |
Account Opening Process
To open an account with GOFX, potential clients are required to submit personal, employment, and financial information. The process includes verifying identity through documentation such as an ID and proof of address. Clients have the flexibility to upgrade their accounts, such as transitioning to a professional account in the future, depending on their trading needs and activity.
Trading Fees
| Product | Spread (pips) | Commission | Notes |
|---|---|---|---|
| Forex (Major Pairs) | Varies (0 – 40) | Not specified | Spreads may vary based on market conditions |
| Commodities (Gold, Crude Oil, Palm Oil, Tin) | Varies | Not specified | Competitive spreads available |
| Indices | N/A | N/A | Not offered |
| Stocks | N/A | N/A | Not offered |
| Cryptocurrencies | N/A | N/A | Not offered |
Other Fees
GOFX may charge various fees related to trading and account maintenance. These include deposit and withdrawal fees, inactivity fees, platform usage fees (if applicable), overnight interest (swap rates), and currency conversion fees. It is important for clients to review these potential costs to understand their overall trading expenses.
Trading Platforms and Apps
What Trading Platforms and Apps Does GOFX Offer for Traders?
| Platform | Device Support | Key Features | Additional Services |
|---|---|---|---|
| MT5 | Windows, macOS, iOS, Android | Secure login, multiple order types, price alerts, technical indicators | Demo account available |
| Cerebro ECN Matching Engine | Web-based | Fast execution, market search, order types | API interface available |
| Mobile App | iOS, Android | Convenient access, push notifications, symbol lookup | Demo account available |
GOFX offers a selection of trading platforms, including MT5, which is well-suited for advanced traders seeking diverse tools and functionalities. The Cerebro ECN Matching Engine provides fast execution and reliable access through a web interface. Additionally, the mobile app enhances trading convenience, allowing traders to manage their accounts and receive real-time alerts on the go. Overall, these platforms support secure logins and efficient trading operations, catering to various trader preferences.
Deposit and Withdrawal
Deposit and Withdrawal Options
| Payment Method | Processing Time | Fees | Limits | Base Currency Options |
|---|---|---|---|---|
| Bank Transfer | 3–5 business days | No platform fee | Min 50, Max 10,000 per transaction | IDR, USD |
| E-Wallet (e.g., OVO) | Instant | No platform fee, but 1.5% charge | Min 50, Max 20,000 per transaction | IDR |
| Credit/Debit Card | 1–3 business days | No platform fee | Min 100, Max 15,000 per transaction | IDR, USD |
Minimum Deposit
GOFX requires a minimum deposit of 50, which remains consistent across most payment methods. This allows traders to start trading with a modest initial investment.
How to Withdraw
To withdraw funds from GOFX, follow these steps:
- Log in to your GOFX account.
- Navigate to the ‘Withdrawal’ section in the account dashboard.
- Select your preferred payment method for withdrawal.
- Enter the amount you wish to withdraw and confirm the transaction.
- Check your email for confirmation and track the status of your withdrawal in the dashboard.
Customer Support
GOFX Customer Support Overview
Support Channels
GOFX offers several contact methods to assist customers effectively. Traders can reach out via:
- Email: Clients can send inquiries through the support email provided on the GOFX website.
- Live Chat: The broker provides a live chat feature, allowing customers to get immediate assistance during trading hours.
- Telephone: Customers can contact GOFX directly at (+62) 21 3002 7788 for urgent queries.
- Social Media: GOFX maintains a presence on various social media platforms, where clients can also seek help and updates.
Service Availability
GOFX’s customer support is available during standard business hours, allowing traders to receive assistance on weekdays. Multilingual support is also offered, ensuring that clients from different backgrounds can receive help in their preferred language.
Frequently Asked Questions
No, GOFX is not regulated by any recognized financial authority. This lack of regulation poses risks for traders as there are no investor protection mechanisms in place.
GOFX offers a diverse range of trading instruments, primarily focusing on Forex and commodities, including gold, crude oil, palm oil, and tin. However, it does not provide access to indices, stocks, or cryptocurrencies.
GOFX’s trading fees include spreads that vary from 0 to 40 pips depending on market conditions. Other potential fees may include deposit and withdrawal fees, inactivity fees, and overnight interest. Clients should review these costs to understand their overall trading expenses.
GOFX provides several contact methods for customer support, including email, live chat, telephone at (+62) 21 3002 7788, and social media channels. Support is available during standard business hours.
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Risk Disclosure
Trading forex/CFDs via brokers carries high risks, including potential total loss. For any data changes, please refer to the latest information on the brokers' official websites. Trade with caution and seek independent advice.