GoTechFx Review Is Gotechfx.com Scam or Legit Broker

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GoTechFx Review: Is Gotechfx.com Scam or Legit Broker?

GoTechFX Review: Scam or Legit Broker? gotechfx.com is a forex and cfd broker that offers trading in a huge range of assets spanning commodities, indices, stocks, currency pairs and cryptocurrencies. They have their address at trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of Marshall Islands MH 96960 and they are owned and operated by Go T limited, with the following registration number- 97891,

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GOTECHFX TRADING PLATFORM

This broker uses Metatrader4 platform and a web based platform.

DEPOSIT AND WITHDRAWAL METHODS

We were unable to discover the payment methods accepted by this broker but we believe it accepts major cards like Master Card and standard Visa. The minimum withdrawal deposit is $250.

Is GOTECHFX LICENSED?

NO! GotechFx broker is not licensed, though they claim so. The truth is that no regulatory body is acting as a watchdog overseeing that they comply with best practices in the financial market.

SUPPORT

This broker offers support to its traders, they could be reached through phone calls or emails, whichever you prefer.

CONCLUSION

GoTechFx is an unregulated broker, this is a source of major concern. We are convinced that gotechfx.com is run by a bunch of scammers, this is why they are anonymous and also don’t accept payment in Skrill. The way these scammers work is simple- First, they make Marshall Island their location because it is very liberal laws regarding the registering of companies.After sharing your personal information, you will begin receiving calls from brokers, compelling you to invest with them and win big. After hearing their sale pitches, you become convinced to deposit some $200-250. And just like that – the scammers take a fat commission from this initial deposit. That is not how to become a broker. Not how real brokers work.

When trading forex, cfd and cryptocurrency we always recommend you use a regulated broker that is licensed to trade financial instruments.

COMPARE WITH A TRUSTED BROKER

eTORO

ETORO has registered addresses in London United Kingdom, Tel Aviv, Limassol, Australia and USA. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices and cryptocurrencies. eTORO has the best social trading platform in the forex industry where you could copy the trades of successful traders. You could also earn additionally if your trades are copied. ETORO is regulated and licensed by the FCA(Financial Conduct Authority) in the UK, NBRB in Belarus and ASIC in Australia, which makes client funds safe. They accept traders worldwide.. visit their official website

GoTechFx review – Is gotechfx.com scam or good forex broker?

GoTechFx is an offshore broker offering several account types with a leverage as high as 1:400 and the MetaTrader4 platform. Unfortunately the broker is not licensed to provide financial services on regulated markets like the European Union, the US, Australia, Canada or Japan, so if you are thinking about opening an account with them be sure to read this review first.

Trading account Min. deposit Max. leverage Spread
$250 1:400 1,5 pips
Platinum Account $25 000 1:400 n/a

GoTechFx Advantages:

Over 40 currency pairs and lots of CFDs on indices, stocks and crypto coins

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The selection of trading instruments with GoTechFx looks really good. They offer 45 currency pairs, many of which minor or exotic like USDZAR, USDSGD, USDTRY, USDSEK, USDNOK, USDPLN, USDCZK, USDHUF, USDMXN, USDCNH and USDCLP.

And they also offer a nice variety of CFDs on commodities and precious metals like silver, gold, oil, natural gas, aluminum, cocoa, coffee, cotton, nickel, soybean, sugar, wheat and zinc, 13 indices, stocks and even crypto coins including Bitcoin, Dash, EOS, Ethereum, Ethereum Classic, IOTA, Litecoin, NEO, Tron, Monero, Ripple, Zcash, Babel and Bitcoin SV. Still if you are into trading crypto you may also check our list of brokers offering bitcoin CFDs:

Offshore broker, no license

GoTechFx is owned and operated by Go T limited, which as we noted, is base offshore on the Marshall Islands – a small Pacific atoll. And unfortunately they are not licensed by any official financial regulator, such as the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities Exchange Commission (CySEC) or the Australian Securities and Investments Commission (ASIC).

That is a serous issue, because unregulated brokers are simply not accountable for the way they manage your money and too often are involved in scam.

On top of that if a broker wants to target customers in the EU, the US or Australia, it is legally obliged to obtain a license.

So here you may check our list of brokers regulated in the UK, where your trading account will even be insured for up to 85 000 GBP, meaning you will get your funds back (up to 85 000 GBP), even if your broker files for bankruptcy:

Although the trading conditions with GoTechFx does not seem bad, we can not recommend the broker, because they do not have a license to legally operate on regulated markets like EU. That said, here we will repeat our general advise to deal only with properly licensed brokers, authorized by respectable institutions like ASIC in Australia, FCA in the UK or CySEC in Cyprus.

Broker Advantages

FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.

XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.

FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.

FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.

FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.

FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.

HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.

GoTechFx Review

GoTechFx

Reason to avoid: Offshore license

Listed Date: June 18, 2020

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Beware GoTechFx is a Non-Regulated broker. It is NOT SAFE to trade.

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Is GoTechFx a scam or legit broker?

No, it is not safe to trade with GoTechFx. TurboForex is owned by Go T Limited, which is an offshore company registered in the Marshall Islands.

The Marshall Islands is notorious for its practically absent requirements and regulations. Due to the setup cost is low and it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as TurboForex, Swissinv24 and more.

According to the website, GoTechFx is a forex broker, dedicated to providing its clients with tailor-made trading solutions, including Metatrader 4, regardless of prior knowledge or experience. The company provides a contact phone number with British code, which should make traders think the broker has something to do with the UK and maybe regulation there. However, GoTechFx is not authorized in the UK or in any other country.

In fact, the broker has recently been blacklisted by Austrian Financial Market Authority:

“Go T limited (GoTechFx) is not entitled to carry out banking transactions in Austria that require a licence. The provider is therefore neither permitted to trade on a commercial basis on its own account or on behalf of others.”

We advise all investors and traders to avoid GoTechFx and other brokers from the Marshall Islands. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as IG Markets and Plus500.

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