GOtechFX

GOtechFX offers a good-to-look-at website, but as we know this isn’t a criteria for a good/bad broker. Is GOtechFX more than a pretty facade, or is it a causality for suspicion.

GOtechFX immediately establishes itself as a shady brokerage. Why? The address given in the footer locates the broker in the Marshall Islands, which has no financial regulator, thus safely concluding that GOtechFX is UNLICENSED.

Do not force your luck and go with brokers that are regulated by trustworthy organizations like the FCA or CySEC. These entities work closely with the law, enforce it when called for, and have strict requirement for those under their gaze. Not to mention that those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).

The maximum leverage is 1:400. This is a typical value for offshore brokers, and opens traders to an equivalent amount of opportunity or/and risk. However, on the EUR/USD sub-page the broker mentions that the 400:1 leverage is for Pro traders only, while retail ones are given a leverage of 1:30.

Meanwhile in the FAQ page it clearly says that it offers 1:400.

This is a classic facet of unregulated brokers: to deliver contradicting information.

The spread is indicated as being a fixed 1.9 pips for the EUR/USD pair.

The only tradeable assets we could trade in our demo account with GoTechFX were Gold and currency pairs.

English, Italian and German are the languages available.

GOTECHFX LOGIN

The broker has included two trading platforms, which is saying something for someone without a regulation. These are the MT4 and ACTIV8.

METATRADER 4

MetaTrader 4 is by far the most popular trading platform out there, making it the number one choice for trading. MT4 encompasses a to-the-point look and feel without sacrificing any accessibility. With MT4 you can set automated bots to trade instead of you so that you can indulge in other activities while profit is made (or lost). MT4 also comes with over 50 customizable trading indicators, great options for managing your charts, a drag and drop feature and many more pros.

Our demo web version of it gave us a EUR/USD spread of 1.5-1.6 pips. The leverage on the other hand, reaches 1:400, but as discussed above we are uncertain if this value is only for Pro traders or open for all.

The platform is available as a web trader, a desktop trader and on mobile devices.

ACTIV8

This terminal is briefly mentioned, and, as of writing this review, is inaccessible to us. We tried registering an account, but were given no directions to follow. All we got was a user name and a pass, but no link into which to input said details. As such, we are unable to give you an overview of it.

This isn’t the first time we encounter (nor will it be the last) a platform that is completely out of reach for us. MaBanqueCrypto did the same thing, where it promoted a platform that was simply not there.

GOTECHFX MINIMUM DEPOSIT

The minimum deposit is $250. This is the industry standard minimum.

Reading from the Credit Card Transaction Confirmation Form the payment methods are VISA and Mastercard. There are no other means of funding an account, limiting options for many traders.

We remind reader that the broker is not to be trusted due to its lack of regulation. It’s only logical that we advice traders against it. Brokers with proper licenses from the FCA and CySEC (among others) operate in ways that put the trader’s security of funds and personal information as a pivotal priority. Brokers regulated by these agencies 99% of the times offer diverse payment methods.

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! Even though the broker deliberately warns users to hide it when proving an ID for registration, we are still obliged to advise you against giving it away.

DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER

Be sure to never give AnyDesk or TeamViewer access to your PC to unverified agents. These 2 platforms allow for your PC to be taken over by a second party, often times for help or guidance, but in the case of these brokers for the sole purpose of looting your bank account(s) and personal information. However, in order to do so your consent is needed, and this is the only thing standing in the scammers’ way.

GOTECHFX WITHDRAWAL TIME AND FEES

The minimum withdrawal is $100. In the TC, however, this amount is cut in half:

The waiting time for withdrawals is the astonishing 30 days. Never have we seen such a waiting period, and this is probably the biggest tell that this withdrawal request will never be processed.

However, refunds take only 3 days to process by the broker:

Withdrawal fees are as contradictory as ever. The broker claims that there are no fees on credit cards, but later on generalizes that it charges clients between $20-$40:

ADDITIONAL FEES AND TAXES

Unlicensed brokers utilize smartly crafted tactics to keep you as invested as possible into their schemes of deception. Even though GOtechFX has no hidden fees written anywhere, unregulated brokers will nevertheless find ways to postpone your withdrawal and squeeze every cent out of your account.

ACCOUNT VERIFICATION

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 broker can easily refute any claims you might have against them.

We are positive that this so called broker will not return your funds, given their unregulated status. The sound thing to do is to direct your attention and investment to an FCA or CySEC licensed broker where the law is integrated in every aspect of their operations.

HOW TO RECOVER

Don’t delay, and file for a chargeback ASAP with your bank or credit card company, but also ask them what the situation with your current account is.

Any details you might have shared with the broker, most notably the CVV code, are sure to be used against you, thus you should swiftly cancel your credit card ASAP.

At some point or another you might stumble upon a “recovery” agent or agency that promises to retrieve all your money back. This sounds all too good to be true, and that’s because it isn’t. Before proceeding with the recovery they will ask a payment for their services. If you chose to indulge them, they will disappear with the money without a hint of remorse.

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!

BOTTOM LINE

Without a proper regulation we strictly advice against depositing any funds with this broker.