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GFX feels like a humble broker, one that is as honest with its clients as it is with itself. However, the abundant and confusing pieces of information speak otherwise. Read on to find out more about it.
GoldFX, or GFX, claims to be a private brokerage based in Cambodia,which is powered by GDMFX, a company registered but not regulated in New Zealand, and that it (GFX) holds its payment service offices in London.
Furthermore, it claims that it is regulated by the Kingdom of Cambodia, as though the country acts in itself as a regulatory organ. In Cambodia, this job falls into the hands of the Securities Exchange Commission of Cambodia (SECC). The broker cannot be found on the license issuer’s website and so iS not regulated by the “Kingdom of Cambodia”.
Furthermore, seeing as GoldFX claims to process payments in the UK, then a proper license must ensue from the FCA. Of course the broker did not appear in our searches in the FCA’s register.
Add to that the fact that it clearly states that its operating company, namely GDMFX, is not licensed in New Zealand, and what we are left with is yet another UNREGULATED broker that poses a risk to any investor who deposits.
Always check for a proper broker license within the domains of the regulatory agencies. All of them have access to either an online database of regulated financial services providers, or separate lists of authorized companies. We advise traders to go with FCA/CySEC regulated brokerage firms, since these two agencies are some of the best for the job.
When we were opening a demo account on the trading platform, we were offered a maximum leverage amount of 1:100. The EUR/USD spread we got was 3 pips, which is ridiculous even for a demo account.
The assets we found in the trading terminal were Forex Pairs, Gold, Silver, and Oil.
English is the only language made available. Considering that GoldFX is a Cambodian broker that does not support the local language, and what we have is one more nail to the coffin.
At least the MT4 makes an appearance here, but does little to change our opinion of GoldFX.
MetaTrader’s design and interface is by now well known. The platform is abundant in trading options and possibilities, and attractive to users both rookie and pro.
The spread is 3 pips for the EUR/USD pair, and the offered leverage is capped at 1:100. The broker claims to offer a 1:200 value for its Pro Clients; the only way to make sure of this is to register and deposit… and this is an endeavor we do not recommend.
In the Order Execution Policy the company confirms that there are commissions when opening positions, but utterly fails at disclosing any specifics.
The MT4 we installed was a desktop trader. There is also a smartphone version for Apple/Android devices.
GOLDFX MINIMUM DEPOSIT
The minimum deposit is $100, if we are to trust the FAQs.
According to Deposits and Withdrawals sub-section, there are two ways to fund an account- through Cheque or Wire Transfer.
We would not deposit with this one if we were you. There is clearly somethiнg wrong with GoldFX, meaning that only they know what they will do with your investment. Traders should deal exclusively with brokers regulated by exemplary agencies such as the FCA or CySEC, for they oversee a brokers activities from head to toe with a severe case of diligence.
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
The three digit CVV code is essential to making purchases or completing transactions online. By handing this info to someone claiming to be a broker, your are exposing your savings to the biggest risk of all!
DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER
AnyDesk and TeamViewer software are double edged. For one, you provide complete access to your computer to someone else who, essentially, takes over as the new user. This can be helpful if the person with access is a friend, colleague, or acquaintance; or it can be devastating to your private information, including bank info, if you provide entry to someone with a shady background. Hence the double edge. Note that these software are 100% legal meaning that your approval will be needed if someone is to tinker inside your PC.
GOLDFX WITHDRAWAL TIME AND FEES
There is close to no info on withdrawals. Most of the legal documents don’t even mention the word “withdrawal”, not even once.
The sole details we have is taken from the Deposits and Withdrawals sub-section, stating that withdrawals can be made before 12am, and that GoldFX has the right to reject a request and suggest another payment method.
ADDITIONAL FEES AND TAXES
The only clause that seemed important enough to include is one that exempts the broker from any damage it might have caused the user.
This small piece of text gives them the right to manipulate information for their own benefit.
Heed our words. Unregulated brokers do not care who you are and what your situation is; all they see is money, and they will trick you into giving it to them every chance they get. It is only logical then, that any attempt at withdrawing will be unsuccessful. The most popular excuses for denying your withdraw requests are usually smart and for the most part scripted. These include but are not limited to loopholes in the T/C, asking for more deposits in order to withdraw, or just prolonging your pending withdrawal by claiming that the market will suddenly propel, multiplying your winnings by unrealistic proportions.
Traders will sooner or later realize that something is a foot. Filing for a chargeback might not be as easy as it seems if, beforehand, the user has given away a copy of his ID and proof of address to the unlicensed broker. With these in their possession the company can easily refute any claims you might have against them.
We are positive that this firm will not return your funds; the evidence we have laid out before you work in sync against it. The sound thing to do is to direct your attention and investment to an FCA or CySEC licensed entity where the law is integrated in every aspect of their operations.
HOW TO RECOVER
The only way to recover is by filling for a chargeback, and hoping it’s not too late.
If you have given a CVV code, be sure to cancel your credit card as soon as possible, because the people behind the scam will not delay, and draining every cent from it.
Also, beware of self proclaimed “recovery” agencies or agents. These cheeky scammers promise to fix your problem and restore the lost funds. They offer their services in exchange of a small sum from your end, after which you won’t ever hear from them again.
The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!
GoldFX is a very entangled broker, one that cannot meet two ends. If you choose to deposit despite our warning, then be ready for a heap of trouble.
GoldFX compared to other brands
United Kingdom, Cyprus, South Africa, Mauritius
Cyprus, Saint Vincent and the Grenadines