Are you looking for a genuine Go365 review that you can trust? One written after careful research? You’re in the right place.
Let us first be very honest with you. Trading in foreign currencies and CFDs is not a walk in the park. However, any trader who learns how to trade safely has a high chance of reaping profits in the industry.
It is, therefore, not uncommon to find negative reviews of forex trading companies due to a prevalence of loss-making trades. In this honest Go365 review, we prove to you that it’s a scam, without a shadow of a doubt.
Go365 Review: A Total Scam?
If you search for Go365 reviews, you will get lots of negative feedback. That points to a deeper issue beyond trading. If you have had a negative experience with Go365.io and need help getting your money back, schedule a free consultation today.
For example, one trader calls the site a scam and says that despite making the decision not to trade, the brokers at Go365 went ahead and initiated trades to get their commission. They then abandoned the account when it made losses. Another investor says that agents from Go365 have asked for passwords to their account. And they swamped the investor with close to 10 calls daily.
One more illustration that is an outright red flag is that of an investor who lost their capital when an agent of this brokerage firm told them that they were investing in Bitcoin. The agent later transferred the investor’s deposits to a different business entity.
The said agent later told the investor that the monies paid were not meant to purchase Bitcoin. But were for a course on how to invest in the cryptocurrency. Most of the negative reviews on Go365 are so bizarre. That should not happen at all in a forex trading brokerage firm.
Go365.io is an unregistered business (making it an unregulated scam)
In the search for the best broker to trade cryptocurrencies, forex, CFDs, stocks, or binary options, the legitimacy of a broker is essential. Determining this legitimacy is a challenge but not an impossibility. If you want to send your deposit to any FX broker, you must take the time and search them out before trading.
Investors who rushed into the platform without a thorough background search on the company have made most of the complaints about Go365. Why? One huge red flag can be viewed by a simple search on the company’s website. Go365.io is not a regulated business. Their website does give any license numbers with licensing jurisdiction.
They only have a simple phrase on their client agreement page that states that the laws of Dominica govern the agreement made between them and the trader. They also say that any legal issues that may arise between you and their firm shall be handled by the “competent courts of Commonwealth of Dominica” to quote them verbatim.
In sharp contrast, if you access any homepage of a reputable FX market brokerage firm, you will find information regarding their licenses displayed. As an illustration, FXTM states that it regulated and authorized in different jurisdictions.
It mentions the license numbers of its Cyprus Securities and Exchange Commission, Financial Sector Conduct Authority (FSCA) of South Africa, Financial Conduct Authority licenses. It also clearly states its physical location and issues a warning about the risks of trading. This information is lacking from the Go365.io website.
So, what does this imply for any trader on Go365.io?
A trader without regulation can easily go rogue. They do not report to any governing body. If Go365 commits fraud, you have no one to turn to. Sometimes this type of trader might not defraud you outrightly. All they need to claim is that there were system malfunctions or glitches that caused severe system slippage.
They can also manipulate their systems so that on withdrawal, you do not receive your funds but have no regulatory body to lodge complaints to. In such instances, you will lose your hard-earned money.
And posting negative reviews will hardly change the behavior pattern of these malicious brokers because they are not under any legal authority.
How can you ensure that your broker is regulated?
As mentioned, all legitimate traders will post their registration and licensing details at the bottom of their homepage. They will state their regulatory body as well as their license codes for any person willing to conduct any further research.
If you do not find this information on a forex trader’s website, then move on to the next registered one. An FX firm in the market without any form of registration is a scammer.
Some brokers will claim that they are registered with a body that does not regulate FX trading companies. The regulatory body has to be trustworthy, and the best type is major hub regulators such as SEC, FCA, CySEC, and ASIC.
Benefits of working with regulated brokers
- They have transparency audits that protect the trader from irregularities such as manipulation of trades through B-booking
- A legitimate broker must repay a percentage of your money should they go burst through Investor Compensation Funds.
- Their stringent registration requirements will keep money laundering and other illegal traders off of the platform
- Regulators ensure that investor funds are kept separate from company funds so that the business may never utilize investor funds in their operations
- It is challenging to bring a fly by night company to justice because most of them cannot be contacted. Regulation enforces the discipline of transparent location and contacts, which makes it easy to report and prosecute rogue players.
How unregulated brokerage firms scam FX traders
You view an advertisement on social media or email, and the promises of fast profits and a user-friendly platform reels you in.
They even offer trading education, and their representative is super friendly, helpful, and convincing. They call themselves your new personal broker or account manager and ask you to top up your account to initiate trading.
Your broker assures you that they will profit after you profit and are therefore eager to see you succeed. Any decisions to withdraw your money later are met with resistance or complications, warning you that you might lose your money if you leave the trade too fast.
They might also tell you that as per the fine print, you cannot access your funds until you hit a specific impossible profit.
You may come to realize later that you can’t withdraw the money you put in, because the scammer routed it to their bank account. They could also hit your account with sudden losses in trades to make it look like you lost your capital.
Go365 Review: Here’s the verdict
As this Go365 review has proven, this company is a total scam, and you should stay away from it. Don’t give them your money.
If you lost money with Go365 or any other scam site, we can help you. Schedule a free consultation, and we’ll discuss exactly what to do about your circumstances. Wealth Recovery Expert has years of experience in assisting victims of fraudulent FX schemes. Let’s get you on a recovery path and help you understand this industry deeper.