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GoTechFX Review - is it scam or safe?

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

RATING: 1.8 / 0 REVIEWS GoTechFX
GoTechFX is an offshore broker. Your money is not safe.

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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

Standard Account

$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

 

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:

 

>>Bitcoin Forex Brokers<<

 

Competitive spreads

 

As tested with a demo account the benchmark EURUSD spread floated about 1,5 pips and this is in line with what traders would usually expect with a standard account. Still if you want to trade with tighter spreads you may also check our list of brokers here:

 

>> Lowest spread forex brokers<<

 

Leverage of up to 1:400

 

Bear in mind that since last summer all regulators throughout Europe caped the maximum leverage allowed with forex transactions at 1:30, following similar moves by the authorities in the US, Canada and Japan. 

 

All that is meant to reduce the investment risk for retail traders and basically left Australia and the offshore territories the only places, where traders can still enjoy higher leverage. So here you may check as well our list of brokers licensed by the Australian Securities and Investments Commission (ASIC):

 

>>Brokers regulated in Australia<<

 

MetaTrader4 supported

 

GoTechFx supports several trading platform both web based and downloadable, among which we came across the MetaTrader4 – a widely used platform preferred by beginner and professional traders alike. MT4 has user friendly interface, excellent charting tools and is able to support automated trading sessions with the help of customizable market indicators and trading robots. Here you may check our list of brokers offering MetaTrader4 as well:

 

>>MT4 Brokers<<

 

Acceptable minimum deposit requirement 

 

At GoTechFx you can open a trading account with 250 USD and that is also in line with what most other brokers would ask for. Still have in mind that there are some big players on the market like FBS and IG, where you can trade with virtually 5 USD or even less.

 

GoTechFx Disadvantages:

 

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:

 

>>FCA Regulated Forex Brokers<<

 

Trading bonuses with unusual withdraw conditions

 

And that is another major issue. GoTechFx is offering trading bonuses, which come with strings attached – you will have to trade at least 25 standard lots or 2,5 million USD for every 100 USD you have accepted as a bonus, before you will be able to withdraw. And besides, you should do that within 60 days and with leverage not higher than 1:100. Honestly that might prove challenging even for professional traders.

 

Be aware as well that trading bonuses are banned throughout Europe altogether.

 

Not sufficient information about the payment methods available

 

GoTechFx do accept payments with major credit or debit cards like VISA and MasterCard as well as bank wire and some e-wallets. However, they do not elaborate which e-wallets exactly – the most popular being NetellerSkrill and PayPal -  and they do not mention to be accepting bitcoins, so here you may check our list of brokers, accepting payments with bitcoins as well:

 

>>Forex Brokers Accepting Bitcoin<<

 

Conclusion:

 

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. 

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Traders` reviews for GoTechFX

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