GoldFX is a Cambodian-based forex broker, also known as GFX. Although the company is based in Cambodia, they accept customers from all over the world. Unacceptable countries are listed in the footer of the official website. You can see countries like Afghanistan, Ghana, Iraq.
The official website is very amateurishly designed. Many of the images on the website are of very low resolution. It is unacceptable that the official website of a company you invest your money is so amateur in 2018.
In this GoldFX review, you can find detailed information about account types offered by the broker, minimum deposit, leverage ratios and funding & wihdrawal methods. You will also have information about GoldFX scam or a reliable broker.
Let’s take a look at the details together.
I reviewed GoldFX based on the following criteria.
- Payment methods are so limited and primitive
- Not regulated broker and the partner is not full regulated.
- Spreads are not competetive.
- Design of official web site is so ameteurish.
GoldFX claims to be regulated by a Cambodian-based forex broker and the Kingdom of Cambodia. But there is no such regulation in Cambodia.
The GFX’s explanation in this regard is not clear enough. Normally, brokers clearly share the record and information of their regulator on their web sites. You can also see a license number on the broker’s web site where you can inquire from the regulator’s website. Some brokers even share their license certificate as PDF. However, it is not clear whether GoldFX is licensed or not. According to the broker’s claim, it is regulated by the kingdom of Cambodia. However, it is not mentioned that the broker was ruled by the king himself or by a dedicated government institution.
So I can say that Gold FX is an unregulated and unlicensed broker.
GFX has a partnership relationship with GDMFX, a the New Zealand-based broker. This partnership relationship is a frequent occurrence in the forex industry. A new broker wants to enter the forex industry but does not have enough knowledge, experience and technique and finds an experienced partner.
GoldFX’s partner GDMFX is a broker registered in New Zealand but not fully regulated. Because the broker does not implement the new rules introduced by the New Zealand regulator, the situation is a bit complicated.
I would advise you to think again before opening an account with GoldFX and funding it.
Account Types Offered by GoldFX
GoldFX offers two different account types: Pro and VIP. Pro account type spreads are of 4 pips on EURUSD. These spreads are rather high and not competitive compared to their competitors.
In addition, detailed information about account types is not available on the official website. It is not possible to find a comparison table about account types.
Minimum deposit for Pro account is $100 and maximum leverage is 1:200. Minimum deposit offered by GFX is at average of the industry but the leverage ratio is at under the average.
GoldFX offers only two options for deposit and withdrawal: wire transfer or cheque To make a deposit you need to send a cash or Cheque to the account of the broker in Vattanac Bank, a local bank in Cambodia. This is a very primitive method while today’s popular e-wallet systems are being offered by brokers as a payment method.