Is Godofx a secure platform to trade on? The Revealed Truth
Godofx is a trader who at first glance appears to be excellent, but it soon becomes apparent that this is just a front.
Table of Contents
Godofx: Is it a trustworthy broker?
Godofx claims to be licensed in the offshore jurisdictions of Mauritius. Here are the reasons we believe the broker is not:
The Mauritian FSC is Mauritius’s governing body. Every broker who transacts business in the country must apply for authorization with it. A company needs to have more than $25,000 in liquid funds in order to show that it has what it takes to survive the volatile FX markets. As demonstrated below, It does assert to possess such a license.
However, when we looked up the business in the Mauritius FSC register, we discovered the following details:
There is a company that goes by the name Godofx; the details that are available for that company are as follows:
Such a company is called GODO LTD, not GoDo Limited. Why would someone spell their own name incorrectly? This makes us think that is a clone business. The following information, which is located on a different page of the broker’s website that discusses regulation, is another thing that raises questions about the broker’s licensing:
The second country mentioned is St. Vincent, which has consistently stated that it does not control its foreign exchange markets in any manner. Because of this, con artists consider it to be among the most attractive locations to operate, taking advantage of the regulatory gap to do so without any oversight!
Furthermore, this is merely a fictitious assertion made by Godofx to look more reliable; no reliable broker would list St. Vincent as a jurisdiction under which it is governed.
The last thing we want to stress regarding Godofx’s control is that, even if the business managed to secure a license in Mauritius, that would not materially improve its circumstances because the island nation has far stricter regulations.
For example, the UK offers traders a plethora of extra protections, including a Negative Balance security policy, and requires an equity minimum of at least 730,000 euros.
Is Godofx a viable source of income?
Definitely not; it is hard to believe that the broker is operating in good faith when it misrepresents the extent of its regulation.
You will have a much more successful trading experience if you stick with the approved brokers on the following list. Another issue is the broker’s bonus program, which is explained below.
In order to be eligible for a bonus, a trader would need to trade an amount equal to the bonus multiplied by five in regular lots. Since each ordinary lot is worth 100,000 pieces of the base currency, 20 lots, or $2 million, would need to be transferred if the reward was $100.
If the client takes any money out, they will forfeit 10% of their original reward, which is wildly excessive. This is troubling since it seems that
These benefits are only being used by the forex company to hold onto customer funds.
How much leverage does Godofx offer?
It allows users to access a ratio of up to 1:100, which is more than the amount that most regulators consider appropriate for regular traders.
Unregulated brokers, on the other hand, are not constrained by any of these guidelines, allowing them to provide as much leverage as they like.
Therefore, if you come across a company that advertises high-leverage trading, avoid it since you can be working with an offshore brokerage or a fraud.
What is the bare minimum deposit required for it ?
It had inability to compete in a market where micro accounts with authorized brokers cost little more than $10 stems from its $100 minimum deposit requirement.
Godofx offers what types of trading platforms?
Its software has established a reputation for offering access to the well-known trading platform MetaTrader 4 thanks to its robust automated trading tools and other features. When distributed through It , it appears like this:
What kinds of deposits does Godofx accept?
At , credit cards and Neteller can be used for deposits. When working with companies like Godofx, it’s crucial to remember that both of these payment methods allow for a chargeback: within 30 days for Neteller and within 540 for Mastercard and Visa!
There are many more reasons why doing business with this risky company is not advisable.
You can also ascertain its overview view:
Fee Charges of Godofx
GoDo FX states that inactive accounts will incur a monthly fee equal to 10% of the account balance, with a $25 minimum (or equivalent in the trading account currency) and a $49.90 maximum penalty. This fee will be applied until the account balance is zero.
These charges cover the maintenance and administration expenses of these dormant accounts.
Risk Alert
You could lose every cent you invest when trading online because it is very risky.
Not every trader or investor is cut out for it. Please be mindful of the risks involved and remember that the information in this article is only intended to be general in nature.
Godofx User’s Reviews
Allow us to present a few testimonials from customers who have actually suffered because of the company’s deceit.
#1. Godofx are scammer!
According to the review above, he did not receive his $47,000 back, indicating that the company is a scam broker. They are not bound by any laws or licensing requirements, with the exception of Dubai.
Fake reviews of Godofx:
Now let’s discuss the fake reviews:
It is completely untrue to suggest that this scam network is meant to entice more victims to sign up.
Conclusion
Having learned about background and trading process, you can now make an informed decision about whether or not to do business with them. Thus, proceed with caution when doing business with organizations such as these.