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GoFX Review 2024

Written By

Tobias Robinson

Written By

Tobias Robinson

Tobias is a partner at DayTrading.com, director of a UK limited company and active trader. He has over 25 years of experience in the financial industry and contributed via CySec to the regulatory response to digital options and CFD trading in Europe. Toby’s expertise and dedication to financial education make him a trusted voice in the industry, including a BBC investigation into digital options.

» Tobias Robinson Profile Page

Fact Checked By

William Berg

Fact Checked By

William Berg

William contributes to several investment websites, leveraging his experience as a consultant for IPOs in the Nordic market and background providing localization for forex trading software. William has worked as a writer and fact-checker for a long row of financial publications.

» William Berg Profile Page

Updated

Nov 11, 2024

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Overall Rating

3.4 / 5

GoFX is #60 in our CFD broker rankings.

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Customer Reviews

Regulation & Trust

2.8 / 5

Accounts & Banking

3.8 / 5

Assets & Markets

3 / 5

Fees & Costs

3.3 / 5

Platforms & Tools

3 / 5

Customer Support

2.5 / 5

Minimum Deposit $1

Trading Platforms MT4

Instruments Forex, Cryptos, CFDs on Stocks, Indices & Commodities

Regulators FSA

Account Currencies USD

Payment Options Wire Transfer, Credit Card, Debit Card

Awards

• Fastest Growing Broker 2021 - Forex Awards

Pros

• Demo account with easy sign-up
• 24/7 customer service
• Multi-asset trading

Cons

• No additional tools or trading features
• No proprietary trading platform or mobile app
• Weak regulatory oversight

GoFX is a Thai forex and CFD broker operating from offices in St. Vincent and the Grenadines. With a low minimum deposit, high leverage, and a range of promotions, the broker offers attractive trading conditions to budding investors. This review will unpack the platforms available at GoFX, as well as the mobile investing app, forex prices, demo accounts, and more.

Company Details

Established in 2020, GoFX was formed by a team with experience in financial technology and software development.

The company is owned and operated by GOFX Limited, registered in St. Vincent and the Grenadines. The broker holds a license with the Seychelles Financial Services Authority (FSA).

Day traders can access forex, stocks, indices, cryptocurrencies and commodities with a choice of live accounts and welcome bonuses. A swap-free solution is also available for Muslim traders.

Trading Platform

GoFX offers the award-winning MetaTrader 4 platform. MT4 is available as a free download to desktop terminals or can be used as a web trader and mobile app.

MT4 is a globally recognized platform with advanced tools and functions. Traders get access to the tools and charts provided by MetaQuotes, including:

• Nine timeframes
• One-click trading
• Three order execution types
• 30 built-in technical indicators
• Customizable and in-depth charts
• Four pending order types and trailing stops
• Expert Advisors (EAs) for automated trading strategies

How To Place A Trade On MT4

1. Once registered, log in to your GoFX customer dashboard
2. Open the MT4 web terminal or download the software to a desktop device (Mac, Linux or Windows)
3. Search for the asset you want to trade using the drop-down menu or search bar
4. Click on the ‘new order’ logo (page icon with a green + symbol). An order screen will pop out
5. Add the order details including volume, order type, plus stop loss and take profit
6. Select ‘buy’ or ‘sell’
7. Confirm the trade

Assets & Markets

GoFX offers hundreds of global instruments:

• Trade 25+ major global company stocks including Disney, Google and Walmart
• Trade 20+ of the world’s largest stock indices including the FTSE100, AUS200, and S&P500
• Invest in two precious metals, two energies and five soft commodities including Brent Oil, Gold, and Cocoa
• Speculate on the price of 28 major and minor currency pairs including EUR/USD, USD/CAD and GBP/AUD
• Take cryptocurrency positions across 6 digital currency USD crosses including Bitcoin, Dogecoin and Ethereum

Note, access to assets may vary between account types.

Spreads & Commissions

Spreads start from 1 pip on the Go Mini and Go Standard accounts. Spreads start from 0.6 pips on the Go Low account and 0.2 pips on the Go Pro solution. The Go Inter profile is available with raw, market spreads.

The Go Pro account comes with a commission fee of $3.50 per lot traded. There are no additional charges for the other account types.

Swap fees apply for positions held overnight.

Leverage Review

GoFX offers substantial margin trading opportunities with limited regulatory restrictions.

Day traders can access leverage up to 1:3000 on the Go Mini and Go Standard accounts, 1:999 on the Go Low account, and 1:100 on the Go Pro and Go Inter profiles.

Available leverage also depends on trading values:

• 1:3000 – Below $999
• 1:2000 – $1000 to $1999
• 1:999 – $2000 to $9999
• 1:500 – $10,000 to $19,999
• 1:400 – $20,000 to $49,999
• 1:200 – $50,000 to $199,999
• 1:100 – Above $200,000

GoFX Mobile App

There is currently no proprietary mobile app offered by GoFX. However, the MetaTrader 4 (MT4) terminal is compatible with iOS and Android devices.

The MT4 application supports account management, customizable charts with zoom and scroll functions, plus traders can open and close positions with the click of a button. Additionally, mobile investors can overlay technical indicators and graphical objects.

Payment Methods

Deposits

GoFX offers several fee-free deposit options. This includes bank wire transfers, credit/debit cards, e-wallets and cryptocurrencies.

Credit/debit cards, e-wallets, and cryptos often provide instant account funding. Bank wire transfers can take up to five working days.

One factor to consider is the requirement of deposit confirmation ‘slips’ that must be uploaded for some payment methods. This includes the FundPay platform that allows customers from Thailand to transfer money from Thai bank accounts to GoFX trading accounts. Traders can also connect their bank account to their GoFX account by inputting the account number and swift code.

How To Deposit Funds & Upload Payment Verification

1. Login to the client dashboard
2. Go to the menu on the right navigation bar
3. Under ‘Transactions’, select ‘Deposit’
4. Click on ‘Bank Wire Transfer’
5. Enter your bank credentials and the value to deposit
6. Confirm the transaction
7. Upload verification slip confirming the payment (this can also be done via the ‘Transaction History’ tab)

Withdrawals

Bitcoin is the only internationally accepted method of withdrawal. The other option is a local bank transfer.

Withdrawal requests are processed by the broker within two business days.

GoFX Demo Account

A free MT4 demo account is available to GoFX day traders. You can practice trading forex and CFDs risk-free with up to $100,000 in virtual funds and flexible leverage up to 1:3000.

To open a demo account, sign up for a new GoFX profile. From the menu on the right-hand side, select ‘demo account’. You can choose the investment value, leverage, and an account nickname.

Bonuses & Promotions

While using GoFX, our experts were offered several deals:

Open An Account For $50

Traders can open a ‘promotion account’ via the client dashboard for a $50 no deposit bonus.

When our experts reviewed the terms and conditions, they noted that clients must trade five standard lots within 30 days to claim the bonus.

Loyalty Bonus Program

The broker also offers a loyalty program for existing traders. All GoFX users automatically begin gaining points when they trade.

There are four loyalty levels based on trading volumes. The more points received the more rewards that are unlocked. Prizes range from electronic devices to cars and more.

Loyalty status requirements:

Go Trader

• Lots traded: 1 to 279.99
• Lots per point: 1 lot = 10 GO points

Advance Trader

• Lots traded: 280 to 9779.99
• Lots per point: 1 lot = 12 GO points

Expert Trader

• Lots traded: 4780 to 40,999.99
• Lots per point: 1 lot = 15 GO points

Master Trader

• Lots traded: 41,000+
• Lots per point: 1 lot = 20 GO points

Regulation & Licensing

The GoFX (Thailand) company is registered in Saint Vincent and the Grenadines, under the name TouchStone Markets Limited. TouchStone is registered as a Securities Dealer in the Seychelles and regulated by the Financial Services Authority (FSA). However, when we searched this entity name on the financial watchdog’s website, this company name was registered under Gold Touch.

If you sign up, trade with caution and be careful when sharing sensitive financial information. You may not have access to negative balance protection, compensation schemes or segregated accounts.

Additional Features

GoFX offers limited additional tools. There is no educational content, such as a learning academy to help up-skill beginners.

Having said that, there are some useful articles within the help center. This includes information on how to start trading on the MT4 terminal, how to search for assets and counting lots.

Consider third-party plug-ins for the MetaTrader terminal to enhance your trading experience.

Account Types

GoFX offers five accounts for retail clients; Go Mini, Go Standard, Go Low Spread, Go Pro and Go Inter.

All profiles have a minimum deposit requirement of $1 while a maximum of 1000 positions can be opened at any time. Halal, swap-free trading conditions are available on all accounts.

Hedging is not permitted.

GO-MINI

• Spreads from 1 pip
• Leverage up to 1:3000
• Minimum trade size 0.01 lots
• Maximum trade size 100 lots

GO-STANDARD

• Spreads from 1 pip
• Leverage up to 1:3000
• Minimum trade size 0.01 lots
• Maximum trade size 50 lots

GO-LOW SPREAD

• Spreads from 0.6 pips
• Leverage up to 1:999
• Minimum trade size 0.01 lots
• Maximum trade size 50 lots

GO-PRO

• Spreads from 0.2 pips
• Leverage up to 1:100
• Minimum trade size 0.1 lots
• Maximum trade size 50 lots

GO-INTER

• Raw spreads
• Leverage up to 1:100
• Minimum trade size 1 lot
• Maximum trade size 50 lots

How To Open An Account

1. Select ‘Subscribe’ found on the top right of each webpage
2. Complete the online registration form (email address and phone number required)
3. Confirm your registration via email
4. Login to the client dashboard with your registered credentials
5. Select ‘live account’ from the navigation bar
6. Verify your profile
7. Make a deposit
8. Start trading

Trading Hours

Trading hours vary by the instrument which will be reflected within the broker’s platform. The forex market, for example, is available 24 hours per day, Monday to Friday.

GoFX provides some useful information for local investors regarding periods with the highest liquidity (7 PM to 12 AM Thailand time).

Customer Service

GoFX customer support is available 24/7. This includes a contact phone number (02-026-6559) and live chat service. The broker also has a comprehensive help center with step-by-step guides and support.

When we tested the chat functionality, we faced challenges receiving instant support and had to request information via an online contact form.

Support considerably improves for registered clients, with access to a personal account manager and 24-hour guidance.

GoFX is present on social media including Twitter and Facebook. Here you can find company updates, upcoming financial rewards and changes to trading hours.

GoFX Verdict

GoFX is a forex and CFD broker aimed at traders from Thailand. With 100+ assets, welcome bonuses, and the award-winning MT4 platform, the broker has its positives. However, the lack of robust regulatory oversight and high leverage does pose a risk to new and inexperienced traders.

FAQs

Does GoFX Offer A Demo Trading Account?

Yes, GoFX offers a free demo trading account. It provides access to all the features and functionality of the MT4 terminal with virtual funds and flexible leverage. Up to $100,000 is available alongside leverage up to 1:3000.

Is GoFX A Legit Forex Broker?

GoFX is a legitimate brokerage, offering forex and CFD trading on the MetaTrader 4 (MT4) platform. Our experts were concerned by the lack of regulatory oversight, however. As a result, traders should be careful when opening a new account.

Is GoFX Halal?

The topic of forex trading is divisive in the Muslim community. If the correct approach is taken – with adequate research – it is considered by some to be halal. Additionally, GoFX has taken additional steps by offering swap-free trading.

Do I Need To Verify My Identity To Use GoFX?

Like most online brokers, to gain access to all GoFX’s services you will need to verify your identity with a copy of your passport or valid driver’s license. This is required by most financial institutions.

Are My Details Secure In My GoXF Account?

User accounts and personal details are password-protected. Traders can also activate 2-factor-verification on the MetaTrader 4 platform.

Top 3 Alternatives to GoFX

Compare GoFX with the top 3 similar brokers that accept traders from your location.

1. IG – Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand-US offers spread betting, CFD and forex trading across an almost unrivalled selection of 17,000+ markets, with a range of user-friendly platforms and investing apps. For 50 years, IG has maintained its position as an industry leader, excelling in all key areas for traders.
   Go to IG
2. Interactive Brokers – Interactive Brokers (IBKR) is a premier brokerage, providing access to 150 markets in 33 countries, along with a suite of comprehensive investment services. With over 40 years of experience, this Nasdaq-listed firm adheres to stringent regulations by the SEC, FCA, CIRO, and SFC, amongst others, and is one of the most trusted brokers for trading around the globe.
   Go to Interactive Brokers
3. World Forex – World Forex is an offshore broker registered in St Vincent and the Grenadines, offering commission-free trading with a $1 minimum deposit and 1:1000 leverage. Digital contracts are also available, offering beginners a straightforward way to speculate on popular financial markets.
   Go to World Forex

GoFX Comparison Table

Compare Trading Instruments

Compare the markets and instruments offered by GoFX and its competitors. Please note, some markets may only be available via CFDs or other derivatives.

GoFX vs Other Brokers

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