Godofx: Is It a Scam? The Truth Exposed 2023
Godofx is a trader that initially seems to be great, but upon deeper inspection, it becomes clear that this is really a front. Here is the Godofx reality:
Godofx: Is it a trustworthy broker?
Godofx asserts to have a license in Mauritius’ offshore jurisdictions. We think the broker is not, and this is why:
The Mauritian FSC is the governing body of Mauritius. It necessitates that each broker who conducts business in the nation apply for authorization with it. For a company to demonstrate that it has what it needs to survive the turbulent FX markets, it must have over $25,000 in liquid funds. As you can see below, Godofx does actually claim to be in possession of such a license.
However, we found the following information when we searched for the company in the Mauritian FSC register:
An organization with a name similar to Godofx exists; the information provided for that business is as follows:
Instead of GoDo Limited, the name of such a company is GODO LTD. Why would somebody misspell their own name? This leads us to believe that Godofx is a copycat company. Another factor that makes us suspect the broker’s licensing is as follows, which can be found on another page of the broker’s website, which talks about its regulation:
The second nation named is St. Vincent, which has made it clear time and time again that it does not in any way regulate its foreign exchange markets. As a result, scammers find it to be one of the most alluring places to operate, taking advantage of the regulatory gap to do so with no checks and balances!
Furthermore, no trustworthy broker would include St. Vincent as a jurisdiction where it is governed; this is only a hollow claim made by Godofx to appear more trustworthy.
The final point we want to emphasize about Godofx’s control is that even if the company obtained a license in Mauritius, that would not significantly enhance its situation because there are far more stringent regulatory bodies.
For instance, the UK requires an equity minimum of not less than 730 000 euros and offers traders a whole host of additional protections, such as a Negative Balance security policy and much more.
Is Godofx a viable source of income?
Without a doubt not; given that the broker misrepresents the nature of its regulation, it is impossible to trust that it is working in good faith.
Instead, refer to the following list of authorized brokers; if you stick with them, your trading experience will be significantly more successful. The broker’s bonus scheme, which is described below, is also a concern.
Consequently, a trader would have to perform an amount traded of the bonus multiplied by five in normal lots in order to claim a bonus. Given that each ordinary lot is equal to 100 000 pieces of the base currency, if the reward is $100, 20 lots would need to be transferred, or $2 million.
The client is going to lose 10% of their initial reward if they withdraw any of their money, which is completely out of proportion. This is really concerning because it appears that
The forex company is merely using these perks to keep client funds to themselves.
How much leverage does Godofx offer?
Godofx 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.
With Godofx, what is the bare minimum deposit?
Godofx’s $100 minimum deposit requirement simply means it cannot compete in a market where micro accounts with authorized brokers cost little more than $10.
Godofx offers what types of trading platforms?
With its strong automated trading tools and other features, its software has earned a reputation as a provider of access to the renowned trading platform MetaTrader 4. What it looks like when it is distributed via Godofx is as follows:
What kinds of deposits does Godofx accept?
Deposits may be made at Godofx utilizing Neteller and credit cards. It’s important to keep in mind that both of these payment methods allow for a chargeback – within 30 days for Neteller and within 540 for Mastercard and Visa – when working with businesses like Godofx!
There are plenty of additional reasons why you should not do business with this dangerous company.
Additionally, you may determine its summary view:
Fee Charges of Godofx
According to GoDo FX, accounts that are inactive will be charged a monthly fee equal to 10% of the account balance, with a minimum charge of $25 (or the equivalent in the trading account currency) and a maximum penalty of $49.90, applied until the balance in the account is zero.
These fees pay for the administration and upkeep costs of such accounts which are inactive.
Online trading carries a high amount of risk, and you run the danger of losing every penny you put in.
Not all investors and traders are suited for it. Please make sure you are aware of the hazards involved and keep in mind that the information in this article is just meant to provide general information.
Godofx User’s Reviews
Let us share some reviews supplied by its consumers who have genuinely suffered as a result of its deception.
#1. Godofx are scammer!
He did not receive his $47,000 back, which means that the organization is a scam broker, according to the review up top. Aside from Dubai, they are not subject to any licensing requirements or laws.
Fake reviews of Godofx:
Let’s move on to the fake reviews of Godofx:
The idea of encouraging additional customers to join this scam network is utterly false.
Now that you are aware of Godofx’s entire history and trading procedure, you can decide if you want to do business with them. Therefore, exercise caution before engaging in dealing with companies like this.
Godofx has all the red flags of a typical forex scam. Beware of this company and avoid dealing with them at all costs.