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Go4rex Review - is it scam or safe?

Go4rex Review - is go4rex.com scam or good forex broker?

RATING: 1 / 2 REVIEWS ForexBrokerz Go4rex
Go4rex is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Trading Accounts and Conditions

 

Trading account Min. deposit  Max. leverage Spread
Basic  $250 1:200 N/A
Bronze  N/A N/A N/A
Silver N/A N/A N/A
Gold N/A N/A N/A
Platinum N/A N/A N/A

  

Go4rex is a broker registered offshore, in the Seychelles. It offers the 5 account types listed above, but the trading conditions remain largely unclear. Apart from their account type and trading conditions, we have serious concerns about this broker and the details will be highlighted below in this review.

 

 

Go4rex Advantages

 

Solid leverage, comprehensive selection of assets

Although we generally don’t recommend Go4rex, there are a few potential benefits of its offer that could be mentioned. First of all, the broker says to offer leverage up to 1:200, which is a solid ratio. Such leverage levels will suffice the needs of most traders.

 

Furthermore, Go4rex’ offer appears to be quite broad in terms of assets available for trade. It includes many forex pairs, and CFDs on indices, commodities, precious metals, stocks, and cryptocurrencies.

 

 

Go4rex Disadvantages

 

An offshore broker

The broker says to be a trading name of FX Capital Ltd., a company licensed and regulated by the Financial Services Authority of Seychelles.

 

 

This offshore zone is a popular forex broker destination for providers looking for low registration fees and taxes, as well as freedom from all kinds of regulatory requirements and oversight.

 

In other words, offshore forex brokers are not subjected to strict oversight on the part of a governmental agency, nor have to follow any stringent rules, such as keeping clients’ funds in segregated accounts, providing insurance in case of bankruptcy, etc. This means that their clients’ funds, accounts and interests are not protected as they should.

 

So, instead of risking it with an offshore broker like Go4rex, you’d better find yourself a better trading partner.

 

Not enough information 

There is no information to be found on Go4rex’ website regarding minimum deposits, maximum leverage levels on different account types, nor any reference spreads. All in all, we learn nothing about the trading conditions of the brokerage.

 

The lack of information should always be seen as huge negative, but having in mind the lack of regulation, we should not be surprised. We would advise clients to always be as informed as possible before deciding to trade with a brokerage. 

 

 

>> Compare the spreads of top forex brokers <<

 

 

No demo accounts, no real platform

We were not able to open a demo account with Go4rex, so we signed up for a live one, without depositing any money. The web trading platform we got access to is yet another part of its “offer” that only makes us more certain this broker is a fraudster. The “platform” feels like a cardboard cutout and only propels the illusion of a web-trading interface.

 

Click on the image to zoom in.

 

This inclines us to suspect Go4rex doesn’t have a trading platform, and only aims at receiving deposits from clients that are unaware of its ill-minded intentions.

That being said, most forex brokers offer access to the MetaTrader4 or MetaTrader5, which have proved to be user-friendly, and yet equipped with all the tools and features a trader needs.

 

 

>> Check out the best MT5 brokers <<

 

 

Extra fees

In the FAQ section of Go4rex’s website we read that the broker charges a number of extra fees. In addition to the inactivity fee, which is common practice, the broker has profit clearance fee ranging from $1.50 to $5.00 per trade, and monthly maintenance fees of $7.50.

 

Besides, the broker has set minimum withdrawal amounts - $50 for credit/debit cards and $100 for wire transfers.

 

 

Conclusion

 

Go4rex is an offshore broker, whose offer is utterly unclear, which is a recipe for a forex brokerage scam. Unfortunately, the forex trading world is full of fraudsters, and the only way to stay safe is to deal with brokers licensed by reputable financial regulators, that have set strict rules guaranteeing the investors’ safety of funds.

 

That being said, one of the most trustworthy authorities is the UK’s Financial Conduct Authority. You can find more information about regulation in the UK, as well as a list of licensed brokers below:

 

 

>> Trade with a FCA-regulated broker <<

 

 

And finally, here are the highlights of the present review of:

 

Pros Cons
Sold leverage, wide range of assets Registered offshore
  Trading conditions unclear
  No real platform
  Extra fees

 

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Traders` reviews for Go4rex

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Go4rex is a scam estafa

Scamm do not trust them here are more than 50 affected people

We should all unite against them and sue this scam company, the process is really simple, if you start asking for your money they just disappear or make your account go to red numbers on purpose, then you have to "Invest" more money to "Recover" the losses

Ernesto 01/13/2020
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