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GO4REX scam broker review
Go4rex is a Forex CFD broker which is owned by the FX Capital Ltd which is located in Victoria, Mahe, Seychelles. The company is regulated by the Financial Services Authority of Seychelles. The license number is SD023. In order to be trustable by traders all around the world, a broker should be licensed by a top-tier financial authority like ASIC in Australia, CySEC in Europe or FCA in UK. That is why Go4rex is not considered safe for the traders since there is no renowned regulating body governing it.
The traders who want to trade with Go4rex broker have 5 options to trade. The trading conditions seem to be unclear. There are four different account options namely Basic, Bronze, Silver, Gold and Platinum. The minimum deposit basic account is $250 which is not so much high.
There is a wide range of assets available for trading. The range includes Forex pairs, commodities, indices, stocks and cryptocurrencies. They offer leverage up to 1:200 which is a sufficient leverage for most of the traders. Regarding spreads offered by this broker, there is not much information provided by this brokerage. The lack of information is a big negative which could not be the case if this brokerage was highly regulated.
A proper demo account for learning trade with Go4rex could not be found with this broker. The web-based trading platform offered by Go4rex broker seemed to be an illusion only and it gave a feeling that this broker can be a fraudster. Most of the recommended Forex brokers use MetaTrader trading platform and some other popular trading tools. Since the trading platform provided by the Go4rex trading platform was not so user friendly and not equipped with all the tools required by a trader, we can suspect Go4rex trader as a scam broker and the funds deposited by a trader can be in risk.
Is Go4rex broker scam or not?
As stated above, Go4rex is registered in Seychelles which is a destination of many notorious Forex brokers. There is a low registration fee and taxes and that provides a freedom to brokers from many kinds of regulations.
Anonymity in terms and conditions and poor trading platform are the other factors which prove that Go4rex can be a scam broker.
Always deal with reliable brokers who are registered with a renowned regulating authority. Open your account with the brokers who are already trusted in the trading community.