GOFX Forex Broker Review

Written by:
Written on:
23 February 2024
Last edit:
4 March 2024
Our rating:


GOFX Forex Broker Review

Written by:
Written on:
23 February 2024
Last edit:
4 March 2024
Our rating


Trading is risky
See how GOFX compares to it's closest alternatives.

Main summary

GOFX is a Forex and CFDs broker offering diverse trading assets and over 1000 tradable instruments to mainly Mwali traders. The broker is regulated by two authorities and targets clients from around the globe, but is more focused on Mwali and Comoros. As a result, both the support and the website of GOFX offer the Thai language together with English. 

The broker offers multiple account types with similar specs, making it a bit confusing to select the most suitable account. 

Since the broker is regulated and offers over a thousand instruments, we decided to research it thoroughly and conclude if it's a reliable company. So let’s dive in. 

Pros & Cons of GOFX broker

  • Ability to withdraw with $0 fees
  • Offers access to MetaTrader 4 for all devices
  • Fast and digital account opening/verification
  • Offers access to over 50 Forex pairs
  • There’s very low minimum initial deposit requirements, traders can start accounts from 1 USD
  • Spreads are within industry standards from 1 pip and 0.1 pips
  • Most payment options are free and instant on deposits
  • Withdrawal requests are between 1-2 business days 
  • Very high leverages of up to 1:3000 increase risks of overleveraged trading
  • Negative balance protection is not provided despite leverage limits being extremely high

GOFX Fact sheet

Main features
Regulations Mwali, Seychelles
Fees on deposits 0 USD
Fees on withdrawal 0 USD
Inactivity fees 0 USD
Minimum deposit 1 USD
Minimum account activation 1 USD
Number of available assets 82
Leverage up to 1:-
Available trading markets Forex, Commodities, Indices, Cryptocurrencies, Stocks
Account currencies USD
Demo account Yes
Islamic account Yes
Negative balance protection -
Part of compensation fund Yes
Keeps funds on segregated bank account Yes
Total -
Fees & spread
Forex From 1.0 pips
Shares From 0.01
Cryptocurrencies From 0.0001
Indices From 0.01
Commodities From 0.001
Platforms -
Mobile trading support Yes
Mac device support Yes
Commodities Yes
Payment systems
Payment methods -
Minimum deposit -
Minimum withdrawal -
Withdrawal processing time -
Time to open an account -
Show all

Safety and security of GOFX

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. 

gofx main page.png

Account types available for traders on GOFX

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

There is a very low minimum deposit of $1 appealing to new tradersThere is no noticeable difference between different trading accounts
Enables traders to use Demo and Islamic account typesHedging is not allowed on either of the accounts
All accounts come with competitive spreads 

Fees & commissions review of GOFX

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

Type of FeeGOFXInteractive Brokers
EUR/USD SpreadFrom 1.0 pipsFrom 0.6
Fees on Deposits0 USD1%
Inactivity fee0 USDNo*

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

GOFX fees compared to CM Trading fees

Type of FeeGOFXCM Trading
EUR/USD SpreadFrom 1.0 pipsFrom 0.9 pips
Fees on Deposits0 USDNo
Inactivity fee0 USDYes, 15 EUR/USD per month after 60 days of inactivity

GOFX fees compared to plus500 fees

Type of FeeGOFXplus500
EUR/USD SpreadFrom 1.0 pipsFrom 0.8 pips
Fees on Deposits0 USDNo
Inactivity fee0 USDYes, 10 USD per month after 3 months of inactivity

GOFX fees compared to XM fees

Type of FeeGOFXXM
EUR/USD SpreadFrom 1.0 pipsFrom 0.6
Fees on Deposits0 USDNo
Inactivity fee0 USDYes, 15 USD after 12 months, +5 USD/m

GOFX fees compared to AvaTrade fees

Type of FeeGOFXAvaTrade
EUR/USD SpreadFrom 1.0 pipsFrom 0.9
Fees on Deposits0 USDNo
Inactivity fee0 USDYes, 50 USD after 3 months, 100 USD administration fee after a year

GOFX fees compared to Capital.com fees

Type of FeeGOFXCapital.com
EUR/USD SpreadFrom 1.0 pipsFrom 0.9
Fees on Deposits0 USDNo
Inactivity fee0 USDYes, 50 USD after 3 months, 100 USD administration fee after a year

Trading platforms and mobile trading reviewed at GOFX

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. 

Education and research tools offered by GOFX

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. 

Customer support of GOFX

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. 

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FAQs about GOFX

Is GOFX a reliable and good broker?

GOFX is a legit broker regulated by two distinct authorities of Seychelles FSA and the MWALI International Services Authority (Comoros). The broker is excellent for local FX traders in the Comoros, but not appealing to global traders. 

What is the minimum deposit and leverage at GOFX?

The minimum deposit requirement for all trading account types at GOFX is just 1 USD, enabling even beginners to start experiencing real markets with minimum capital requirements. 

Is trading at GOFX expensive?

Spreads are pretty average and acceptable at GOFX with some accounts even offering 0.1 pips on major pairs. For other accounts, 1 pip spread is offered, which is also an industry standard.