GoDoFX Review

Category: Reviews | Author: Trading Brokers | Date: January 16, 2024

Navigating the world of forex brokers can be a challenge, but we’re here to help. In this review, we’re taking a close look at GoDoFX, a platform that prides itself on customer-focused service and technological innovation. With a promise of efficient operations and a seamless trading experience, GoDoFX aims to stand out in the crowded forex market. However, questions have been raised about its regulatory status and transparency. We’ll delve into these aspects and more, providing an unbiased overview to help you decide if GoDoFX is the right fit for your trading needs. Let’s get started.

Pros & Cons

  • Provide a range of educational resources including a blog, webinars, and coaching services
  • Access to a variety of markets including forex, metals, global indices, oil, stocks, and futures
  • Offers a range of trading platforms
  • The high leverage offered by GoDoFX, while potentially profitable, also carries a high level of risk
  • There are concerns about GoDoFX's regulatory status, as it's not clear whether they are properly regulated by the Financial Service Commission (FSC) in Mauritius
  • Some information, such as the specific payment methods for funding accounts, is not clearly stated on their website

Summary

GoDoFX

GoDoFX

GoDoFX is a forex trading platform that’s all about creating trading experiences that differ by utilizing technological advancements to their advantage. They pride themselves on their operational efficiency and a proven track record of achieving whatever they set their eyes on. Their core focus is always on the customer’s benefit, aiming to build a long-lasting relationship built on the foundation of trust.

They offer a variety of trading platforms, including MetaTrader 4 and MetaTrader 5, their proprietary GoDo Trader, and ZuluTrade for social trading. Traders have access to a variety of markets including forex, metals, global indices, oil, stocks, and futures. They also provide a range of educational resources including a blog, webinars, and coaching services, which can be beneficial for both new and experienced traders.

GoDoFX claims to be authorized and regulated by the Financial Service Commission (FSC) in Mauritius. However, there are concerns about its regulatory status and transparency. They offer a high leverage ratio of up to 1:100, which can potentially lead to higher profits, but also carries a high level of risk.

Despite the concerns, GoDoFX is committed to providing a seamless trading experience. They emphasize that with GoDo, your trading is done in a flash without any unnecessary delays or confusion. They also claim to not charge any fees for funding your account, which can be a plus for many traders. However, potential users should be aware of the concerns regarding its regulatory status.

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Regulation

GoDoFX is a trading platform operated by GODO LTD, which is registered and regulated in Mauritius. The company holds an Investment Dealer License number C113012295, issued by the Financial Services Commission (FSC) of Mauritius. The FSC is a regulatory body that ensures financial institutions adhere to high standards of conduct and operate with transparency, providing a level of security for traders.

However, it’s important to note that there have been conflicting reports about the regulatory status of GoDoFX. Some sources have raised concerns about the validity of its regulation, suggesting that the company may not be as trustworthy as it claims. Therefore, while GoDoFX asserts that it is regulated by the FSC through GODO LTD, potential traders should exercise caution and conduct thorough research before deciding to trade with this platform.

So, what does this all mean for you? Well, it’s always important to do your research and make sure you’re comfortable with the broker you’re choosing. If you’re not 100% sure about GoDoFX, there are plenty of other fish in the sea. Please see a list of regulated brokers for some alternative options.

Platforms & Tools

If you’re curious about the platforms and tools GoDoFX offers, here’s the lowdown:

  • MetaTrader 4 & 5 (MT4/5): This is the classic go-to for many traders. It’s user-friendly and packed with features like charting tools, indicators, and automated trading capabilities. You can use MT4/5 on your desktop or on the go with their mobile app.
    MT4 & MT5 Platforms

    MT4 & MT5 Platforms

  • GoDo Trader: This is GoDoFX’s proprietary platform. It’s designed to be sleek and straightforward, giving traders another option if they want to try something different from MT4.

Now, when it comes to tools, GoDoFX has a couple of handy ones:

  • Calculator: They’ve got a currency converter to help you figure out your trades in different currencies. It’s a simple tool that can be pretty useful when you’re planning your next move.
  • Dividend Calendar: The Dividend Calendar is a feature that helps traders understand the impact of dividends on their Contract for Difference (CFD) positions. When a company pays a dividend, the value of its stock typically drops by the amount of the dividend.
  • Economic Calendar: Keeping up with market events is crucial, and GoDoFX provides an economic calendar to help you stay on top of things that might affect your trading.

Remember, these tools and platforms are there to make your trading experience smoother, so definitely check them out and see which ones work best for you.

Education

GoDoFX has got you covered with a bunch of educational resources. Let’s dive in:

  • Blog: GoDoFX runs a blog where they post articles about various trading topics. It’s a great place to get some insights and learn more about the world of trading.
  • Research Webinar: They host free forex webinars that are perfect for both newbies and experienced traders. These webinars can help you understand the markets better and develop your trading strategies.
  • Technical Analysis: GoDoFX provides technical analysis resources to help you make sense of market trends and price movements. This can be a game-changer when it comes to making informed trading decisions.
  • Coaching: If you’re looking for more personalized guidance, GoDoFX offers coaching services. This can be a great way to get expert advice tailored to your specific needs and goals.
  • Walk-through: GoDoFX provides walk-through guides to help you navigate their platform and tools. This can be super helpful when you’re just starting out and trying to get the hang of things.
  • Learn for Newbies: If you’re new to trading, GoDoFX has a whole section dedicated to helping you get started. They offer a series of learning resources that cover the basics of trading.
  • Learn for Traders: For those who already have some experience, GoDoFX offers advanced learning resources. These can help you deepen your knowledge and refine your trading strategies.

So, whether you’re just starting out or looking to level up your trading game, GoDoFX has got something for you.

Markets

So, you’re wondering what markets you can dive into with GoDoFX? Well, they’ve got quite a few options for you:

  • Forex: This is the big one, right? GoDoFX offers trading in forex, which is all about buying and selling currencies. It’s a huge market and can be pretty exciting.
  • Metal: If you’re into commodities, you can trade metals like gold and silver with GoDoFX. These can be a good option if you’re looking for something a bit different from currencies.
  • Global Indices: Want to bet on the overall direction of a country’s stock market? With GoDoFX, you can trade global indices, which represent the performance of a specific stock market.
  • Oil: Another commodity option GoDoFX offers is oil. This can be a volatile market, but it can also offer some interesting opportunities.
  • Stocks: If you’re more into individual companies, GoDoFX lets you trade stocks. You can buy and sell shares in companies from around the world.
  • Futures: Lastly, GoDoFX offers futures trading. This involves buying and selling contracts to buy or sell a specific asset at a set price in the future.

So, there you have it. Whether you’re into currencies, commodities, or stocks, GoDoFX has got a market for you. Just remember, trading can be risky, so make sure you understand what you’re getting into.

Accounts

GoDoFX offers a variety of account types to cater to different trading needs.

  • Standard Account: With a minimum deposit of $100, the Standard Account offers spreads from 1.2 pips and a leverage of 1:100. The stop out level is set at 50% and lot sizes can range from 0.01 to 100. There’s no commission on trades with this account.
  • Professional Account: The Professional Account requires a higher minimum deposit of $10,000. Spreads start from 0.8 pips and the leverage is also 1:100. The stop out level and lot size are the same as the Standard Account, and there’s no commission on trades.
  • Islamic Account: The Islamic Account, designed for traders who wish to trade according to the principles of Islamic law, has a minimum deposit of $100 and spreads from 2.2 pips. There are no swap charges, and the leverage, stop out level, and lot size are the same as the Standard and Professional Accounts. There’s no commission on trades with this account.
  • Cents Account: The Cents Account is a great option for beginners or those who want to test strategies with smaller amounts. The minimum deposit is just $10, with spreads from 1.4 pips. The leverage is higher at 1:500, and the stop out level is 50%. Lot sizes can range from 0.01 to 100 cent lots, and there’s no commission on trades.
  • Institutional Account: The Institutional Account is designed for high-volume traders, with a minimum deposit of $25,000. Spreads start from 0 pips and the leverage is lower at 1:50. The stop out level is 100% and lot sizes can range from 0.01 to 100. Unlike the other accounts, there is a commission on trades with this account.

In addition to these, GoDoFX also offers a Yield Account and a Demo Account for those who want to practice trading without risking real money

Funding

When it comes to funding your GoDoFX account, they’ve got a variety of methods to make life easier for you.

  • Jefferies: Jefferies is a diversified financial services company engaged in investment banking and capital markets, asset management, and direct investing. It’s a well-established name in the financial world, so it’s good to see it as a funding option.
  • MasterCard: One of the most widely accepted credit cards worldwide, MasterCard is a convenient and secure method for funding your GoDoFX account.
  • Neteller: Neteller is a popular e-wallet service that allows you to transfer money around the world. It’s a quick and easy way to fund your account.
  • Perfect Money: Perfect Money is another e-wallet that offers instant transactions. It’s a good option if you’re looking for an alternative to traditional banking methods.
  • Visa: Like MasterCard, Visa is a widely accepted credit card that offers a secure and convenient way to fund your GoDoFX account.
  • Afrasia: Afrasia Bank is a bank based in Mauritius. If you have an account with them, you can use it to fund your GoDoFX account.
  • Commercial Bank of Dubai: If you’re based in the UAE, you can use the Commercial Bank of Dubai to fund your account.
  • Skrill: Skrill is another e-wallet service that’s popular among forex traders. It offers quick and easy transactions.
  • SticPay: SticPay is a global e-wallet service that allows you to transfer money in multiple currencies. It’s a convenient option for international traders.
  • Equals Money: Equals Money is a UK-based financial services provider that offers international payments and currency cards. It’s a good option if you’re trading in multiple currencies.
  • SolidPayments: SolidPayments is a global payment service provider that offers secure payment solutions. It’s a good option if you’re looking for a secure way to fund your account.

Conclusion

Alright, so we’ve taken a good look at GoDoFX, from their regulation status to the markets they offer, and even their funding methods. They’ve got some strong features, like a variety of trading platforms including their own GoDo Trader, a range of educational resources, and a wide selection of markets to trade in.

But here’s the thing, while GoDoFX has some cool stuff going on, there are other brokers out there with longer track records that might be worth considering. After all, experience can count for a lot in the trading world. So, if you’re still on the fence, why not check out some other options? We’ve got a bunch of trading brokers reviews that can help you explore and find the best fit for you.

GoDoFX Logo

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GoDoFX is an online trading broker that aims to create a positive trading environment, offering traders unmatched opportunities at competitive prices. The broker provides access to various financial instruments such as Forex, CFDs, and cryptocurrencies. GoDoFX is known for its strong automated trading tools and software, providing access to renowned trading platforms.

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.


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