Gointrading.com Review: this is the name of a binary options broker that does not disclose its location on the website. Is Gointrading a scam broker or a legit one? Binary options brokers are only good when they are licensed, many on the internet today are just shady and should be avoided. Read this review to know where this broker falls.
We start our reviews by checking if the firm under scrutiny is properly licensed in the location where it operates. For this brokerage, we do not find any mention of a location nor a license or registration. This means we are dealing with a company that has neither of this. The page is largely anonymous when it comes to corporate information.
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Most times, this is not an oversight but a deliberate ploy to leave it out. We see through this façade and warn our readers that Bexplus is not to be trusted. As an unlicensed company, there is no commission regulating their activities. They can act in any manner and most times get away with it.
Advantages of Gointrading
The website mentions that trading with this broker is 100% safe and secure. They claim that they have a demo account that traders can access for free. Not much else of value is offered on the page. But traders are promised sustained profit.
It is common for brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.
However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.
Gointrading Trading Platform
The trading platform that clients of Gointrading use is not mentioned. We discourage traders from using web-based trading platforms and instead opt for brokers offering either MT4 or MT5. The MetaTrader platforms are commonly used because they allow the use of trading robots.
Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.
These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating system. All can be used on desktops, Linus, windows, iOS and Android.
Tools that comes with these trading platforms are also found to be useful for traders. It has proven to be user friendly as well and helps traders in analyzing the market easily.
Trading instruments offered to traders is most likely to be cryptocurrency. It may not be of advantage to traders who are used to trading other assets. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.
Maximum leverages offered is not mentioned and nothing is said about spreads.
Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.
Deposit and Withdrawal methods on Gointrading
There is no mention of the means by which deposits and withdrawals are to be made for trading with this company. This is discouraging because standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on.
Minimum deposit required is not stated making it difficult to ascertain if it is within the obtainable average of $100 – $250 among brokers. Withdrawal fees are not disclosed and we prefer the broker to mention if they apply or not.
This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.
Is Gointrading Licensed?
No. Gointrading is not a licensed broker and is not registered under any recognized commission. We advise our readers to always avoid unregulated brokers because they have no obligation to keep your funds safe.
Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.
On another website, while researching this broker we found that it is mentioned among brokers to avoid by the French trading authority, the AMF. This is a red flag as well as only illegal brokers make this kind of list.
The website seems to be broken and the “contact us today” link is not working.
It is logical to conclude that Gointrading is an illegal Binary options broker. Its website seems to not work and no information is provided that is worth anything. There is also the issue of it being blacklisted by the French AMF which makes it seem all the more illegitimate. If you have anything to add to this Forex broker review, do so via the comment section.
COMPARE WITH A TRUSTED BROKER
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website
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