February 9, 2024

Gold FX Reviews Is It a Scam or Genuine Broker? Find Out

Gold FX Reviews

Consider trading with GoldFx.com? Is this broker a reliable broker? Read Gold Fx reviews to know about this forex broker whether to use or not.

This content promises to share helpful review to support clients/traders in making the right decision. Kindly read to the end and make your verdict.

About Gold FX

Gold FX otherwise known as GoldFx.com is an offshore brokerage operated by Olympic Markets LLC with a lot of promises for forex traders. The forex company has its office addresses in Malaysia and St Vincent and Grenadines.

Further, the brokerage promises different instruments like forex, stocks, commodities, crypto, bonds and indices. Also, it presents a zero spread difference in Buy/Sell.

What is Gold FX Minimum Deposit?

Gold Fx deposit is specified 50 EUR. This is not too high, but you should keep in mind that many leading brands offer Micro and Cent accounts with an even lower minimum deposit.

As for the funding methods, the broker allows deposit by bank transfer and by credit cards through payment processors such as Pay Retailers, FairPay and Directa24.

Just so you know, offshore brokers are commonly known for accepting crypto currencies. For this purpose, payments made through this method are anonymous and can only be traced to a wallet address and not to a specific person. So beware!

Withdrawal process:

Gold Fx does not charge fees for deposits and withdrawals, but warns that banks and payment processors may charge their own fees.

GoldFx Platform:

Gold Fx openly presents the industry-standard trading platform MetaTrader 5 (MT5).

Why use forex brokers with advanced trader like MT4/MT5? You are certain to have the best features of real-time quotes, financial news and various FX and stock charts, as well as algorithmic trading sessions with the help of specially designed trading bots, called Expert Advisors.

GoldFx leverage can get up to 1:100. Honestly, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.

Won’t you rather trade with a licensed and legit broker? Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK, ASIC in Australia, NBRB in Belarus, CySEC in Cyprus as well as IIROC in Canada which makes client funds safe. They accept traders worldwide…visit their official website

What We Discovered about GoldFx.com Broker

First of, GoldFx states that it is based in Saint Vincent and the Grenadines. A quick search shows the broker is not licensed by the Financial Service Authority.

At the foot of the site, the brokerage provides a registered address in St. Vincent and the Grenadines. The institution does not license forex and other types of brokers and does not supervise the activities of International Business Companies engaged in such activities.

SVG Warning
SVG Warning

More so, this broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.

These are drawbacks for forex traders/ clients to avoid losing money with this scam broker. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.

GoldFx Licensing and Regulation

It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation which means wiring your money for trading is risky. Its unlicensed and unregulated activities are truly a red flag and must be avoided.

COMPARE WITH A TRUSTED BROKER

Fortrade

Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website

Concluding Thoughts:

Gold FX located at GoldFx.com claims to appear like a trustworthy trading broker, however, that cannot be trusted. From indications, we would advise traders to steer clear from this broker as it likely a platform run by scammers. Thus, we urge our readers to rely on regulated brokers like this or any licensed entity.

Was the information helpful? Please share with us your experience in the comment section below.

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