Pros & Cons of GOFX broker

GOFX Fact sheet

GOFX is regulated in two distinct jurisdictions, Seychelles and MWALI. In Seychelles, GOFX is overseen by the Financial Services Authority, and MWALI International Services Authority (Comoros). 

Unfortunately, there is no negative balance protection provided at this moment, which can lead to excessive losses, especially for new traders. 

The broker is a member of the investor compensation fund and keeps client funds in segregated bank accounts. 

The broker offers very diverse trading account types appealing to traders of all kinds. Five trading accounts offered are GO-MINI, GO-STANDARD, GO-LOW SPREAD, GO-PRO, and GO-INTER. 

Go mini trading account is targeted at beginner traders and offers all the basic functionality that newbies will need in trading. Because of the nature of mini accounts, GOFX offers maximum leverage that is capped at 1:500 which is a very responsible approach from the broker. The minimum deposit requirement is just 1 USD, enabling beginners with the lowest budget to start practicing their trading skills on a live account with minimum capital requirements. Hedging is not allowed, minimum lot size starts from 0.01, and there are zero service fees charged. 

The Go Standard account is targeted at general traders with some experience and offers higher leverage limits of up to 1:3000, which is very high. Lot size starts from 0.01 lots, service fees are zero, and hedging is also prohibited. The minimum deposit is 1 USD for all trading accounts, including the Go standard account. 

Go Low Spread offers the lowest spreads among the trading accounts to appeal to traders who prefer to take extremely short-term trades. The spreads for major pairs start at 0.1 pips, which is very competitive as the majority of zero spreads brokers are offering somewhere between 0.1 to 0.2 pips. It is very rare to get a truly 0 pips spread when trading Forex markets, so, this 0.1 pips spread is a very competitive offering. 

The Go Pro account is targeted at experienced traders. Go Pro mainly targets professionals who offer trading signals, as it uses ECN technology for order execution. As a result, there is a service fee charged on Go Pro accounts and leverage is reduced to 1:100. All other terms are same on Go Pro account as all the previously mentioned. The minimum lot size is also higher at 0.1 lots. 

Go Inter is an account also targeted to experienced traders, but it focuses on stock traders and investors. Leverage is also 1:100, lot size, however, starts from 1 lot. There are no service fees charged on Go Inter accounts and the minimum deposit is just like all other accounts at 1 USD. 

Pros & cons of GOFX Forex account types

Comparing GOFX fees with other brokers

Trading fees are the most important factor after safety. This is why we are going to compare GOFX fees with other popular brokers’ fees and find out whether the broker has the advantage. 

GOFX fees compared to Interactive Brokers' fees

*Inactivity fee was eliminated by IB in 2021, it used to be $20/m

GOFX fees compared to CM Trading fees

GOFX fees compared to plus500 fees

GOFX fees compared to XM fees

GOFX fees compared to AvaTrade fees

GOFX fees compared to Capital.com fees

MetaTrader 4 is offered for all devices and platforms by GOFX. MT4 is a robust trading platform and the broker offers download links for all devices without the need to open an account prior. GOFX MT4 comes with all the functions to trade any asset offered by the broker and has automatic trading capabilities. With just one trading account, it is possible to trade from mobile and PC simultaneously, which is very comfortable. 

There is only a help center consisting of tutorial articles. This is disadvantageous as the broker targets beginners with its 1 USD minimum deposit requirements, but does not provide them with proper educational resources. 

There is only one support channel available for clients to contact the broker. GOFX has a live chat which is available 24 hours a day. This is convenient, but the lack of other forms raises some minor red flags. If the broker was not regulated, we would consider this as a potential scam alert. Both the website and support are multilingual, supporting both English and Thai languages. 

As we can see, GOFX is a relatively legit broker with some attractive offerings, but it has several issues. All trading accounts are very similar and there is only one trading platform offered. The leverage is higher for beginners at 1:500, and even more so for experienced traders with some trading accounts capped at 1:3000. Minimum deposit requirements are very convenient, from 1 USD, enabling beginners to start trading with tiny capital and learn along the way. 

There is only one support option available in the form of a live chat. Local traders from Mwali and Comoros can use local bank cards for fast deposits. Withdrawals, however, require 1-2 business days to get processed, which is longer than many well-established brokers.

All in all, for global traders there are much more appealing alternatives than GOFX, but for local traders, the broker undoubtedly offers some value to consider.