Goccfx review – 5 things you should know about goccfx.com

Beware! Goccfx is an offshore broker! Your investment may be at risk.

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Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

The low-quality and content-deprived website of the Goccfx gives us many reasons to doubt that this is the regulated forex broker it claims to be. A basic fact check leaves no doubt that this is yet another online scam disguised as an investment firm. In this review, we will show you how to distinguish the fake brokers from the real ones, using Goccfx as an example.

Goccfx Regulation and safety of funds

If a financial services provider is legitimate, you will find on its website clear and detailed information about the company that owns and operates it, where it is based, and what licences it has. Genuine brokers also provide access to a comprehensive set of legal documentation. The availability of such information does not guarantee that it is not false or misleading. But the absence of these elements is very indicative that in all likelihood you are dealing with scammers.

Goccfx does not disclose which company is behind the website and does not provide access to a Client Agreement or other required documentation. If you don’t know exactly who you are dealing with and what the terms of the deal are it would be an obvious mistake to put your money on the line.

Goccfx on the one hand claims to be based in the UK, but on the other hand claims to be licensed by the National Futures Association (NFA).in the US.

Such an anonymous website could not represent a licensed broker in a regulated jurisdiction. A check of the records of licensed brokers in the United Kingdom and the United States confirms that Goccfx is not one of them.

The financial authorities in another country, Russia, have issued a special warning that this website is not authorised.

Before investing your money in financial instruments, it is imperative to make sure you do so through a licensed intermediary and not one of the many scammers lurking online.

Depending on your location, it is advisable to choose a company that is regulated by an institution such as Commodity Futures Trading Commission (CFTC) in the US, Australian Securities and Exchanges Commission (ASIC), UK’s Financial Conduct Authority (FCA) or some EU regulator like Cyprus Securities and Exchange Commission (CySEC).

Clients of these brokers receive protections such as negative balance protection and segregation of the client’s funds from the broker’s funds.  In the EU and the UK, brokers must also participate in guarantee schemes that cover a certain amount of the trader’s investment if the broker becomes insolvent. These guarantees amount to up to 20 000 EUR in the EU and 85 000 GBP in the UK. However, the likelihood of such a bankruptcy is low because regulators also have significant net capital requirements that companies must maintain – EUR 730 000 in UK and Cyprus, AUD 1000 000 in Australia and at least 20 million USD in the United States.

Goccfx Trading software

Goccfx implements fairly rudimentary web trading software. It should be noted that the presence of a trading platform does not make this website any more legitimate and does not guarantee that this alleged broker offers real trading. Many scammers use rigged trading software to fool their victims that their money is being invested.

We were only able to test it in demo mode because account registration requires an invitation code. Financial scammers sometimes prefer to handpick their potential victims through social networks and online forums, which is why they do not allow free registration. Genuine brokers allow easy Demo account creation.

Legitimate brokers offer clients a wide selection of trading software, including desktop, mobile apps and web-based platforms. The most widely used platforms in the industry are MetaTrader 4 (MT4) and MetaTrader 5 (MT5).

Goccfx Trading instruments

The trading software includes instruments from all major asset classes, including cryptocurrencies. This also indicates that Goccfx is not a licensed broker in the United Kingdom because regulations in that jurisdiction prohibit the trading of crypto derivatives.

Goccfx Spreads and cost of trading

Goccfx  provides no information on the parameters of the trade it claims to offer. When you visit the website of a legitimate broker you will find proposals for different types of trading accounts suitable for investors with different preferences, as well as detailed descriptions of trading parameters – minimum deposit, order execution method, tradable financial instruments, leverage, spread, swap, commissions, etc.

Goccfx Maximum leverage

Goccfx’s trading platform allows trading with leverage between 1:100 and 1:500. These levels are significantly higher than those allowed in the jurisdictions in which Goccfx claims to operate.

Regulated brokers offer higher leverage only to professional clients who must meet very high standards for capital and experience and forgo the guarantees enjoyed by retail traders.

If you don’t qualify as a professional trader but are willing to take the risk of high-leverage trading, the most viable option is to use the services of an offshore affiliate of an established brand.

Goccfx Deposit and withdrawal methods

Due to our inability to register an account, we were unable to ascertain what payment methods Goccfx uses. Experience has shown that fraudsters direct their potential victims to cryptocurrency transactions that do not allow refunds to be requested.

Legitimate brokers typically offer clients a wide choice of transparent payment methods, including bank transfer, credit/debit cards and established e-wallets such as PayPal, Skrill or Sofort.

Goccfx Minimum deposit

The leading brands in the industry offer beginner traders starter accounts with a very low minimum deposit. You have no good reason to take chances with shady brokers like Goccfx.

Goccfx Withdrawal requirements

The lack of a publicly available Terms and Conditions or Client Agreement means that scammers may have set many traps such as hidden fees and impossible-to-meet  withdrawal terms.