Beware! Goat4x is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
In this review, you are going to see one of the very few brokers based in Kosovo. In fact, we can’t even validate their actual presence there because they do not show address, contact number or any other helpful piece of information.
Well, things don’t look good in general. First of all, their website is awfully cheap and doesn’t deliver any practical information except for the leverage level and the platforms they can offer. Other than that, it’s beyond comprehension what this name stands for. Anyway, it’s a shady business we are going to expose, so read the whole review to find all the details you need to know about Goat4x.
Goat4x REGULATION AND SAFETY OF FUNDS
Goat4x is a trading name of TRINKET SUPPORT LLC, a company allegedly based in Kosovo, which itself is a problem. The Balkan country is poorly regulated, and the brokers operating there can’t offer any protection whatsoever. In fact, the local regulator doesn’t even license the FX companies, which makes these entities risky. Your funds are not safe if you deposit with Goat4x because it’s an unregulated Forex broker and very likely a scam.
Avoid Goat4x and check some trusted EU brokers and British brokers if you are into trading and investing. We recommend those because Europe regulated companies are covered by deposit insurance funds protecting traders and investors’ money in case of insolvency or fraud. For example, CySEC brokers’ clients can claim up to 20 000 EUR in compensation, while the British guarantees are up to 85 000 GBP per person. Overall, Europe offers high-grade security, so the FX companies operating there are safe to trade with, and you should bear this in mind when searching for a broker. Unregulated entities like Goat4x can’t offer any protection whatsoever, so make sure to keep your money safe.
Goat4x TRADING SOFTWARE
Goat4x provides MetaTrader4 and MetaTrader5, which is the only positive feature of this broker. Both platforms are considered the best in the retail FX market, but we don’t recommend shady MT brokers like Goat4x.
Instead, see those MetaTrader4 brokers and MetaTrader5 brokers. MetaTrader is a stable software featuring advanced trading tools such as Expert Advisors, Algo Trading and many complex indicators. The platform also has a marketplace with more than 10 000 apps you can use in your strategy.
The EUR/USD spread is 1.7 pips, which isn’t the Best Buy/Sell difference you can find. The spread forms part of the trading costs, so brokers offering lower rates are generally better. The FX market is vibrant, and it’s not challenging to find a regulated, tight-spread broker. Follow the links provided throughout the review to see much more favourable options for you.
The maximum leverage possible is 1:500, a ratio utterly risky for traders and investors. Such a level can inflict instant-quick losses on traders, and we do not recommend 1:500 for traders with little or no experience. In fact, it’s too dangerous for experienced traders, too. Worse though, the minimum leverage is 1:100, also too risky a ratio. Goat4x knowingly put their clients into an utterly dangerous trading environment, and that’s not acceptable.
Due to the leverage hazardous nature, many financial regulators restricted its usage to secure additional protection for traders. As a result, EU, British and Australian brokers (to come in effect later in 2021) are limited to 1:30, while the Canadian brokers and the US brokers can’t provide higher ratios than 1:50. Most of the brokers offering greater leverage are offshore based and poorly regulated, so not recommended.
Goat4x DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit with Goat4x is $50, and you can’t open a real account unless you transfer the requested money. Typically, you fund the account after you’ve created it, but Goat4x is doing things upside down, which is annoying. On top of that, in their T&Cs, we saw them claiming that the minimum deposit is $10, so we have a discrepancy, which should be put down as a red flag.
Goat4x accepts only cryptocurrencies as funding methods– Bitcoin, Ethereum and USDT. That’s worrying because it’s impossible to get a refund if you deposit cryptos. Those transfers are final, and it’s also unknown whom you are sending money to. At the same time, in the T&Cs, they claim that the only possible funding is via Wire Transfers, which is yet another discrepancy and more evidence of a scam.
By far, the safest deposit method is Credit/Debit cards because it’s possible to a chargeback for an extended period of time. Anyway, see our lists with trusted Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers if you have a trusted payment system.
There is no information about the withdrawal requirements or fees. The request processing time is said to be within 2-5 days, but we sourced this information from their T&Cs documents, which is full of discrepancies indeed. Therefore, we can’t validate this information.
The dormant policy isn’t that bad if it’s trustworthy. After 6 months of inactivity, an account becomes dormant and will be charged $10 per month, which is generally in line with the rest of the industry.
Bonuses or other forms of trading incentives are not available, at least according to the T&Cs.
Overall, Goat4x is a shady broker displaying too much scam evidence, so stay safe and avoid it.
HOW DOES THE SCAM WORK
People can see many fraudulent ads on the Internet and social media posted by scammers who want to steal as much as possible from traders and investors.
If you click on the post and submit your e-mail and contact number, they’d ring you immediately and would promise you anything to make you deposit money as quickly as possible. Most of the scammers are experienced manipulators, and before you know it, they’d ask for your bank card numbers out of the blue. Urgency is a treacherous sign, so if someone pushes you to start trading ASAP, then it’s most probably a scam.
However, the first deposit is just the beginning. Gradually they’d ask for more money from you no matter what. If you lost on the market, they’d persuade you to put more money and recover the losses. If you traded well, they’d convince you to put more money and increase the profits. The troubles start when you ask for a withdrawal. The scammers would do anything to discourage you and would even ask you to deposit even more funds if you want to withdraw. The scammers’ mantra is “give me your money”, they’d insist every day you should fund your account over and over again for no obvious reason. Legit companies do not bother you over the phone to deposit with them, so if someone pushes you to invest, it’s most probably a scam.
WHAT TO DO WHEN SCAMMED
Unfortunately, no one is immune to scam. If this unfortunately happens, the first thing to do is to protect yourself from further risk. Contact your bank and explain what happened to you so that they can give you instructions and help you, if possible, recover your money.
Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing, call the police if you feel necessary. Seek help actively!
Remember, it’s crucial not to rush blindly trying to recover your funds because many scam chargeback agencies and individuals are trying to double scam the victims. They ask for upfront payment, take the money, but won’t do anything to help you!
Share online your experience; it’s important to protect others, as well. Be responsible!