Go4Rex Review Is Go4rex.com A Scam Forex Broker

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Go4Rex Review: Is Go4rex.com A Scam Forex Broker?

Go4rex.com Review: this is the website of a Forex broker that is located in the offshore location of, Seychelles. Is Go4Rex a legit Forex broker? Since this is an offshore based brokerage, funds safety is not assured. Find out more about this company.

The most vital part of our reviews is the uncovering of if a company or Forex broker is properly licensed or not. To do this, we first establish the location or region where it claims to be based. Then we check with the commission or authority regulating trade there whether it is listed among regulated companies or not.

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Go4Rex mentions on the website that it is located in Seychelles, which is an offshore location. Forex trading goes on without proper regulation in this kind of location making it a choice base for scam companies. Trading with a Forex broker that is unlicensed pose many dangers to traders’ funds. Misappropriated funds may not be recoverable by the government as well.

Unlicensed brokerages are not under any rules of traders and this puts traders in more risk than they will be in if they had chosen properly licensed ones.

Advantages of Go4Rex

They claim to be the global leader in online trading. Besides this being an outrageous claim, the website states that no commission is charged on trades. Spreads are competitive and fixed as against floating ones. There is also world class support, innovative technology, privacy & security, and it claims to be regulated.

It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.

However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.

Go4Rex Trading Platform

Go4Rex offers traders a sort of web-based platform. We advise readers and traders to always look out for the MT4 or MT5 platforms. The MetaTrader platforms are commonly used because they allow the use of trading robots.

Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.

These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating system. All can be used on desktops, Linus, windows, iOS and Android.

Tools that comes with these trading platforms are also found to be useful for traders. It has proven to be user friendly as well and helps traders in analyzing the market easily.

Trading instruments offered to traders are: currency pairs, CFDs on indices, commodities, precious metals, stocks, and cryptocurrencies. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.

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Maximum leverage offered to clients is 1:200 and while this may seem generous, it is not advisable. High leverages can lead to huge loss of funds as well. Spreads are not disclosed pips on the EURUSD pairs.

Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.

Deposit and Withdrawal methods on Go4Rex

The means that traders are to use to make deposits and withdrawals are: VISA, MasterCard, Bank Wire, Skrill, and Neteller. The fact that there are e-wallet options available is encouraging.

This is because standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on.

Minimum deposit required is $250 and this is within the obtainable of average of $100 to $250 that is common among legit brokers. Withdrawal fees are not mentioned and this may be because they do not apply. However, we will appreciate it if this is stated.

However, withdrawal amount for credit and debit cards have a minimum of $50 while for wire transfers it is $100. A profit clearance fee is also charged and they range from $1.5 to $5 every trade and account maintenance charge is $7.5 as well.

This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.

Is Go4Rex Licensed?

No. Go4Rex Markets is not a properly licensed and registered broker. Even if anyone comes across a mention of licensing from this firm, so long as it is based in the offshore location, it is not likely to be a trustworthy one.

Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.

Support

To get in touch with this broker, you can send an email to [email protected]

Conclusion

Go4Rex is not a licensed broker so we will give it a low rating. The offshore location like was stated is also a red flag. We also found ridiculous fees and charges which will eventually lead to loss of funds for clients. If you have anything to say about this broker, do so in the comment section.

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Fortrade

Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide.. visit their official website

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Go4rex review – 5 things you should know about Go4rex.com

Beware! Go4rex is an offshore broker! Your investment may be at risk.

Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

Go4rex is Forex brokerage registered in Seychelles. It provides a web-based trading platform and the required minimum deposit is the industry average of $250. The leverage is quite generous at 1:200, however, further trading conditions remain undisclosed.

Go4rex regulation & safety of funds

The company behind FinMax is registered in the Republic of Seychelles with the name Expert24Trade. Here is a screenshot:

We learn through the website that the brokerage is regulated by the Financial Services Authority of Seychelles. Here we remind readers that the financial regulator of Seychelles – the FSA – cannot compare with prestigious regulatory agencies in Europe, most importantly because it does not provide participation in a financial mechanism by which client’s losses may be recovered in case of bankruptcy or fraud. There is also no assurance for the segregation of accounts which exposes the clients to the possibility of commingling – combining the broker’s finances with that of the client. Furthermore, the agency requires a starting capital of the meager $50 000 while CySEC requires at least $730 000.

Putting all that aside, the lack of credible regulation inclines us to suspect that potential clients of the brokerage may be open to substantial risk.

Traders needn’t have to worry themselves with such risk if they choose to trade with a brokerage regulated and authorized by a prestigious regulatory agency. Such agencies are the FCA in the UK or CySec in Cyprus which have been leading names in Forex trading for some time now. Their regulatory framework is composed of a number of strict rules which prevent clients from falling victims to fraud. Such rules include the segregation of accounts which assures that commingling with the client’s money is not possible. Furthermore, a license by such a regulatory body entails participation in a financial mechanism by which clients may be compensated if they suffer losses due to fraud or bankruptcy. With the FCA the compensation is up to 85 000 pounds, where as with CySEC it is up to 20 000 euro per person.

Go4Rex trading software

The brokerage does provide a web based trading platform and offers a test-drive as well, which isn’t something common with scammers, however, the MetaTrader 4 trading platform is not provided which we always consider a huge disadvantage since it is the foremost trading terminal at the moment equipped with features such as almost a 100 market indicators, as well as customizable trading robots. It is also the preferred choice for more than 80 percent of the traders in Forex Through the demo account we were able to get a glimpse of the platform.

The platform itself appears to be quite fake and we highly doubt it is actually functional and we weren’t even able to discern what the spread is which is crucial information in Forex trading. Above all, on the website there aren’t any references regarding the spread which means we have no legitimate information regarding the trading conditions of the broker.

Go4Rex deposit/withdrawal methods and fees

Potential clients of the brokerage may deposit or withdraw via the standard Visa and MasterCard, as well as bank transfer and e-wallets Skrill, Neteller and Bitcoin.

In the terms and conditions we come across a couple worrisome provisions. Here is a screenshot:

We read that Go4Rex charges a dormant account fee which isn’t uncommon with unregulated brokerages. All accounts that have been inactive for more than two months shall be charged a monthly fee of $50 which is quite excessive in our view and too high. Furthermore, the brokerage offers bonus promotions which are always tied with nasty trading volume requirements for withdrawal. With Go4Rex traders have to achieve a staggering amount of 25 thousand times the leveraged amount of the initial deposit which is absurd and purposefully excessive so as to impede any potential withdrawal of funds on part of the client.
This is why we remind readers of all the ways a trader may test the brokerage’s intentions. Firstly, traders are advised to always put up only the required minimum deposit, instead of risking a bigger amount with no certainty. Afterwards, they may also try to withdraw a small amount in order to check for any unexpected fees or delays. Such fees and delays are usually the signs of a scammer.

How does the scam work?

Besides judging the brokerage beforehand through the info given on its website, a valuable piece of information in the trading world would be precisely how a scam would go about. Here is a description of the typical three steps:

Through clicking an ad with promises for fast money, you will be redirected to a website such as Bitcoin Evolution or Crypto Cash where registration will require you to give your address, email and phone number. After sharing your personal information, you will being receiving calls from brokers, compelling you to invest with them and win big. After a few minutes hearing their pitches, you decide to deposit some $200-250. And just like that – the scammers take a fat commission from this initial deposit.

After they are done with you, senior scammers begin working you into putting even more money. They say it’s the only way to profit from trading even more. After making the mistake of investing even further, you’ll begin wanting to get out of this and withdraw what you have left.

Unfortunately, the con-artists have no such thing in mind. They will now begin persuading you to wait it out and not withdraw right now. The motive here is quite straightforward – traders have a limited time window for filing a chargeback with their bank and get their money back. The “recovery department” will simply want to mislead you into missing this crucial period and, along the way, losing any chance you might have of getting the money back.

What to do when scammed?

As was mentioned above, scamming is quite the common in the trading world and, sadly, even you might suffer from it. In such an unfortunate case there still may be some available options for you.

You may contact your bank or credit card provider and file a chargeback. The growth of scammers that are spawning everyday in forex trading has forced both financial services giants Visa and Mastercard to step up and take action. MasterCard has already increased the previous time period of six months for filing a chargeback to a year and a half, effectively bypassing the “recovery department” part of the scam.

If, however, you have provided the broker with your credit card number and CVV code, immediately cancel your credit card.

If you have given information regarding your online banking pass – you should switch it asap!

Beware of potential calls from self-described “recovery agencies”! They prey on scammed and vulnerable traders who are desperate to recover their losses. They will require an “up-front” payment to help you, but after paying them, no such help will be coming your way!

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