Do Not Trust This Fraudulent Broker

Goccfx claims to be a world-class trading platform with top conditions and high leverage. Yet, the broker is virtually anonymous, and key legal information is missing. We had a similar case in our TradeFX review. 

If you’re not careful, you can easily fall into this cyber trap and lose your hard-earned funds. Should that happen, we recommend you contact us because we can help you get a chargeback. Read our entire Goccfx Review to learn how these shady scams work.

Legal Info: Is Goccfx Regulated?

First stop – the Goccfx regulation, or lack thereof. According to the website, this firm was founded in the United Kingdom while alleging to be registered with the US National Futures Association (NFA). However, there is no evidence to support that claim. It’s an inadmissible lie to mislead users.

The firm is nowhere to be found in the company registers of the two countries. Moreover, on November 9, 2023, the Bank of Russia (CBR) detected “signs of illegal professional securities market participant” and issued a warning against Goccfx.

The broker is not licensed to provide Forex trading services and for that reason, the platform can potentially scam all of its users.

Instead of trusting unlicensed tricksters, you should stick to regulated providers operating under the supervision of esteemed financial authorities such as the FCA (UK), CFTC & NFA (US), ASIC (Australia), IIROC (Canada), BaFin (Germany), MAS (Singapore), CySEC (Cyprus), etc.

Who Are Goccfx’s Targets?

According to godaddy.com/whois, the goccfx.com website domain was created on April 18, 2023. Since then, the financial swindler has mainly been targeting unsuspecting traders who reside in the following countries:

• United Kingdom;
• United States:
• United Arab Emirates;
• Germany;
• India.

Each of these countries boasts heavy financial regulations and laws in order to prevent unauthorized imposters from defrauding local traders. The UK and US are known for enforcing tight market regulations.

Goccfx directly violates their rules by offering retail clients leverage that’s higher than allowed in the UK (1:30) or the US (1:50). One common law stipulates that each financial market participant is required to possess a necessary license or permit and this broker does not.

There are plenty of phonies such as Goccfx and 2invest lurking online so make sure to always check what the regulators say about a certain provider before making any deals.

Trader Reviews – Sharing Experiences

Trader Goccfx reviews are pretty scarce. A couple of Russian victims wrote negative reviews against the platform, explaining how they lost money to the anonymous fraudster. The CBR also received complaints and reacted accordingly, warning local traders not to invest money in the Goccfx platform. 

In a nutshell, the criminals behind the shady website are “masquerading as financial experts but they are nothing but low lives who want to ruin you as they will never allow you pull out your funds from the site,” one trader said on scamadviser.com. 

Which Trading Platform Is Available?

The Goccfx trading platform is a relatively simple browser-based trading terminal that supports popular trading instruments such as Forex currency pairs, indices, commodities, stocks, and cryptocurrencies. 

We got to see the platform and it looks pretty unpolished and ineffective. The interface is quite lackluster, consisting of just some basic charts, graphs, and indicators. Surprisingly, there is a demo account option but it wasn’t useful because you cannot get the real trading feel out of it.

If you want a pure trading experience, you should stick to licensed providers that support recognized third-party software such as MetaTrader 4, MetaTrader 5, SiriX, or cTrader. 

MT platforms are arguably the best in the industry, enabling traders to utilize innovative tools such as automated & algorithmic trading, advanced charting, live market reports, branch optimization, 20+ timeframes, EAs, a user-friendly interface, etc.

Leverage, Spreads, Commissions

The maximum leverage that Goccfx offers is capped at 1:500, which, as we mentioned, is significantly higher than the legal cap in force in the UK (1:30) or US (1:50). High leverage can amplify potential profits but also potential losses.

The spread for the benchmark EUR/USD pair can allegedly be as tight as 0.7 pips. If true, that’s quite competitive but we doubt the website is honest. Trading commissions, on the other hand, were not disclosed and scammers are known for charging hidden fees.

Deposit and Withdrawal Process

The bogus website did not disclose which payment methods can be used to deposit funds and withdraw profits. Fees and the minimum deposit requirement are unknown as well, which raises concern. Nevertheless, there are three payment methods that are usually accepted – credit/debit cards, wires, and crypto.

In case you deposited funds via MasterCard or VISA credit/debit cards, you can request a chargeback at the issuing bank within 540 days and reverse the transaction. Wires can be reversed via a recall but this action can only work for transactions yet to be completed.

The reason why scammers prefer crypto payments is that they are extremely hard to trace and undo, plus such a method allows them to remain anonymous and run their schemes.

To reverse crypto transactions, you’re going to need to seek out professional assistance as these types of payments can be a nightmare to undo. Luckily, we have a team of experts that can help you recover your funds.

Key Facts To Consider About Goccfx

To sum up, Goccfx is an anonymous trading scheme aiming to defraud traders from the US, UK, UAE, India, and Germany. The platform is blacklisted by the Russian Central Bank.

We do not recommend this platform because it is unregulated and not transparent at all. In case you’ve lost money to the Goccfx scam, you must seek our professional help to recover your funds!

Use the form below to book your free consultation with Scam Brokers Reviews and tell us more about your case. Our team will gladly guide you through the fund recovery process and assist you every step of the way.

Book your consultation with us today and start the chargeback process.

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