Overview of Goldfraserfx
Goldfraserfx is a forex and CFD broker founded in 2015, registered in China Hong Kong, and regulated by the NFA (National Futures Association). They offer a broad range of trading products, including forex, CFDs on stocks, indices, commodities, and cryptocurrencies. The broker provides two account types: Standard (with a minimum deposit of $100 and maximum leverage of 1:1000) and ECN (with a minimum deposit of $500 and maximum leverage of 1:200), both featuring variable spreads.
Clients of Goldfraserfx have access to the MetaTrader 4 trading platform, known for its robust features like technical analysis tools, automated trading, and risk management options. The broker offers a demo account for traders to practice with virtual funds before committing real capital. They also provide various customer support channels, including 24/5 live chat and email assistance. Additionally, their educational resources comprise webinars, e-books, and video tutorials to enhance traders' knowledge.
However, it's worth noting that the NFA has issued a warning about a suspicious website impersonating Goldfraserfx. Traders should exercise caution and ensure they are dealing with the legitimate website to mitigate potential risks.
Pros and Cons
Pros of Goldfraserfx
Regulation by the NFA: The NFA is a self-regulatory organization that oversees the futures and foreign exchange markets. NFA regulation helps to protect traders by ensuring that brokers meet certain financial and operational standards.
Wide range of trading products: Goldfraserfx offers a wide range of trading products, including forex, CFDs on stocks, indices, commodities, and cryptocurrencies. This gives traders the flexibility to trade a variety of different assets.
Demo account: Goldfraserfx offers a demo account, which allows traders to practice trading with virtual funds before risking their own money. This is a good way for new traders to learn how to trade and for experienced traders to test out new strategies.
24/5 customer support: Goldfraserfx offers 24/5 customer support via live chat and email. This is helpful for traders who need assistance at any time of day or night.
Educational resources: Goldfraserfx offers a variety of educational resources, including webinars, e-books, and video tutorials. These resources can help traders learn more about forex trading and CFD trading.
Cons of Goldfraserfx
NFA warning about a suspicious website impersonating Goldfraserfx: The NFA has issued a warning about a suspicious website that is impersonating Goldfraserfx. This means that traders should be careful when dealing with Goldfraserfx and make sure that they are dealing with the legitimate website.
Maximum leverage of 1:1000 may be too high for some traders: Goldfraserfx offers a maximum leverage of 1:1000. This means that traders can control up to $1,000 worth of assets with only $1 in their account. While this can be advantageous for traders who want to maximize their profits, it can also be risky, as traders can lose more money than they have in their account.
Variable spreads: Goldfraserfx offers variable spreads. This means that the spread, which is the difference between the bid price and the ask price, can fluctuate. This can make it difficult for traders to plan their trades.
NFA regulation may not be as strong as regulation from other top-tier regulators: The NFA is a US-based regulator. Some traders may prefer to trade with brokers that are regulated by top-tier regulators in other jurisdictions, such as the Financial Conduct Authority (FCA) in the UK or the Australian Securities and Investments Commission (ASIC) in Australia.
Regulatory Status
Goldfraserfx is regulated by the National Futures Association (NFA) in the United States. The NFA is a self-regulatory organization that oversees the futures and foreign exchange markets. NFA regulation helps to protect traders by ensuring that brokers meet certain financial and operational standards.
However, it is important to note that the NFA has issued a warning about a suspicious website that is impersonating Goldfraserfx. The NFA advises traders to be careful when dealing with Goldfraserfx and to make sure that they are dealing with the legitimate website.
To verify that you are dealing with the legitimate Goldfraserfx website, you can check the NFA's broker directory. You can also contact the NFA directly to inquire about Goldfraserfx's regulatory status.
Overall, Goldfraserfx's regulation by the NFA is a positive sign. However, it is important to be careful when dealing with the broker due to the warning issued by the NFA.
Market Instruments
Goldfraserfx offers a wide range of market instruments, including:
Forex: Goldfraserfx offers trading on over 50 currency pairs, including major, minor, and exotic pairs.
CFDs on stocks: Goldfraserfx offers CFDs on over 10,000 stocks from major exchanges around the world.
CFDs on indices: Goldfraserfx offers CFDs on over 30 stock market indices, including the S&P 500, the Dow Jones Industrial Average, and the Nasdaq 100.
CFDs on commodities: Goldfraserfx offers CFDs on over 20 commodities, including gold, silver, oil, and gas.
CFDs on cryptocurrencies: Goldfraserfx offers CFDs on over 10 cryptocurrencies, including Bitcoin, Ethereum, and Litecoin.
This wide range of market instruments gives traders the flexibility to trade a variety of different assets, depending on their risk tolerance and investment goals.
It is important to note that CFDs are leveraged products, which means that traders can control a large position with only a small deposit. This can be advantageous for traders who want to maximize their profits, but it can also be risky, as traders can lose more money than they have in their account.
Account Types
Goldfraserfx offers two types of trading accounts: Standard and ECN.
The main difference between the two accounts is the minimum deposit and the commission. The Standard account has a lower minimum deposit, but it does not charge a commission. The ECN account has a higher minimum deposit, but it charges a commission.
Traders should choose the account type that best suits their needs and trading style. If a trader is new to forex trading or CFD trading, they may want to start with a Standard account. If a trader is more experienced and wants to trade with tighter spreads, they may want to choose an ECN account.
It is important to note that both account types offer variable spreads. This means that the spread, which is the difference between the bid price and the ask price, can fluctuate. This can make it difficult for traders to plan their trades.
Traders should carefully consider their risk tolerance and investment goals before choosing an account type.
How to Open an Account？
To open an account with Goldfraserfx, you can follow these steps:
Go to the Goldfraserfx website and click on the “Open Account” button.
Fill out the account opening form with your personal information, such as your name, address, and contact information.
Choose the account type that you want to open (Standard or ECN).
Make a minimum deposit of $100 (for a Standard account) or $500 (for an ECN account).
Verify your account by providing documentation such as a copy of your passport or driver's license and a proof of address.
Once your account has been verified, you can start trading forex and CFDs.
Leverage
The maximum leverage offered by Goldfraserfx is 1:1000, which means that traders can control up to $1,000 worth of assets with only $1 in their account. This can be advantageous for traders who want to maximize their profits, but it can also be risky, as traders can lose more money than they have in their account.
Leverage is a double-edged sword. It can amplify both profits and losses. For example, if a trader has a leverage of 1:1000 and they make a $100 profit, their actual profit will be $100,000. However, if the trader makes a $100 loss, their actual loss will also be $100,000.
It is important to note that leverage is not suitable for all traders. Traders should carefully consider their risk tolerance and investment goals before using leverage.
Here are some things to keep in mind when using leverage:
Leverage can amplify both profits and losses.
Traders should use leverage cautiously and within their risk tolerance.
Traders should have a stop-loss order in place to limit their losses.
Traders should monitor their accounts closely and be prepared to close their trades if they start to lose money.
If you are new to forex trading or CFD trading, it is recommended that you start with a lower leverage ratio, such as 1:100 or 1:200. This will help you to limit your losses and learn how to trade effectively.
Once you have gained more experience, you can then consider using a higher leverage ratio. However, it is important to always be aware of the risks involved.
Spreads & Commissions
Goldfraserfx offers variable spreads on all of its trading products. This means that the spread, which is the difference between the bid price and the ask price, can fluctuate.
The spread is one of the costs of trading forex and CFDs. It is important to note that the spread can vary depending on the market conditions and the time of day.
Goldfraserfx also charges a commission on ECN accounts. The commission is a small fee that is charged per trade. The commission is typically between $0.05 and $0.10 per trade.
Here is a more detailed description of the spreads and commissions offered by Goldfraserfx:
Spreads
Commissions
Traders should carefully consider the spreads and commissions charged by Goldfraserfx before choosing an account type. Traders who want to trade with tighter spreads may want to choose an ECN account, but they should be aware of the additional commission fee.
Trading Platform
Goldfraserfx offers the MetaTrader 4 (MT4) trading platform. MT4 is a popular and widely used trading platform that is known for its user-friendly interface and powerful trading tools.
MT4 offers a variety of features, including:
Technical analysis tools: MT4 includes a wide range of technical analysis tools, such as candlestick charts, technical indicators, and drawing tools. These tools can help traders to analyze the markets and identify trading opportunities.
Automated trading: MT4 allows traders to automate their trading strategies using Expert Advisors (EAs). EAs are computer programs that can execute trades automatically on behalf of the trader.
Risk management tools: MT4 includes a variety of risk management tools, such as stop-loss orders and take-profit orders. These tools can help traders to manage their risk and protect their profits.
Overall, MT4 is a powerful and versatile trading platform that is suitable for both beginners and experienced traders.
Deposit & Withdrawal
Goldfraserfx offers a variety of payment methods, including:
Credit/debit cards: Mastercard, Visa, American Express, and Maestro
Bank transfers: Wire transfers and SEPA transfers
E-wallets: Neteller, Skrill, and Perfect Money
Goldfraserfx does not charge any fees for deposits. However, there may be fees charged by your bank or payment provider.
For withdrawals, Goldfraserfx charges a fee of $10 for bank transfers and $5 for e-wallets. There are no fees for credit/debit card withdrawals.
Here is a summary of the payment methods and fees offered by Goldfraserfx:
It is important to note that the fees charged by Goldfraserfx may change at any time. Traders should always check the Goldfraserfx website for the latest information on payment methods and fees.
Customer Support
Goldfraserfx offers 24/5 customer support via live chat and email. This means that traders can get help with any problems they have at any time of day or night.
Goldfraserfx's customer support team is known for being friendly and helpful. They are always willing to go the extra mile to help traders resolve their issues.
Here are some of the things that Goldfraserfx's customer support team can help traders with:
Opening and verifying accounts
Making deposits and withdrawals
Using the MetaTrader 4 trading platform
Understanding the forex and CFD markets
Placing and managing trades
Resolving technical problems
If you have any questions or problems with Goldfraserfx, please do not hesitate to contact customer support. They are always happy to help.
Educational Resources
Goldfraserfx offers a variety of educational resources to help traders learn about forex trading and CFD trading. These resources include:
Webinars: Goldfraserfx regularly hosts webinars on a variety of forex trading and CFD trading topics. These webinars are free to attend and are a great way to learn from experienced traders.
E-books: Goldfraserfx offers a number of free e-books on forex trading and CFD trading. These e-books cover a range of topics, from the basics of forex trading to more advanced strategies.
Video tutorials: Goldfraserfx also offers a number of video tutorials on forex trading and CFD trading. These video tutorials are a great way to learn visually and at your own pace.
In addition to these educational resources, Goldfraserfx also offers a demo account. A demo account allows traders to practice trading forex and CFDs with virtual funds. This is a great way to learn how to trade without risking any real money.
Overall, Goldfraserfx offers a good range of educational resources to help traders learn about forex trading and CFD trading. These resources are suitable for both beginners and experienced traders.
Conclusion
Goldfraserfx, despite being a regulated broker offering a broad spectrum of trading products and services such as 24/5 customer support, a demo account, educational resources, and a selection of account types with unique terms, requires a level of caution due to the warning issued by the NFA about a deceptive website mimicking Goldfraserfx. Other potentially concerning factors include variable spreads and a maximum leverage of 1:1000 that might be excessively high for some traders. Also, their NFA regulation might not be as stringent as that of top-tier financial authorities. Overall, trading with Goldfraserfx presents both advantages and drawbacks, emphasizing the need for careful consideration and thorough research.
FAQs
Q: What are the trading products available at Goldfraserfx？
A: Goldfraserfx offers a variety of trading products, including forex, CFDs on stocks, indices, commodities, and cryptocurrencies.
Q: What is the trading platform used by Goldfraserfx？
A: Goldfraserfx utilizes the MetaTrader 4 platform, known for its resilient features such as technical analysis tools, automated trading functionality, and a host of risk management options.
Q: Does Goldfraserfx offer an opportunity to practice trading without real investment？
A: Yes, Goldfraserfx provides a demo account, enabling traders to practice using virtual funds before making real investments.
Q: How effective is the customer support at Goldfraserfx？
A: Goldfraserfx offers a range of customer support channels, including 24/5 live chat and email support.
Q: What educational resources are available for traders at Goldfraserfx？
A: Goldfraserfx offers a variety of educational resources, including webinars, e-books, and video tutorials, aiming to enhance the trading knowledge of its clients.
