In this review, we will introduce you to a brand new broker – GoCapitalFX. This broker claims to offer a demo account, reliable trading platform and a great variety of assets, so we decided to put it to the test and find out more to see if we can recommend it to you.
In this honest review, you will learn more about what this broker has to offer. Want to know more about account types? Do you need an unlimited free demo account? Are you very interested only in mobile trading? Read this GoCapitalFX and find out if this broker is the right choice for you.
We do not recommend this broker. Try trading with most popular broker in South Africa – IQ Option!
GoCapitalFX Account Types
There are no special account types with GoCapitalFX. All traders get access to the same features no matter whether they deposit $250 or $25,000. Even though we believe that fair trading conditions should be accessible to everyone, additional features and services for more professional players would be nice. Unfortunately, GoCapitalFX doesn’t state the minimum deposit limit which is somewhat unusual. It means that you learn the minimum deposit only after you register with the broker.
Of course, we decided to do exactly that, all in order to find out the minimum deposit. However, our trading account was still waiting to be approved at the time of publishing this review. South African traders should be careful around brokers who don’t let them know the minimum deposit limit on the very beginning.
GoCapitalFX Demo Account
GoCapitalFX has one very useful feature – the demo account. The demo account is part of the Metatrader4 platform and is very popular among forex traders. The demo account is the exact copy of real trading account with one major difference – the money is virtual. Traders can’t make or lose money on this account. Still, they can gain precious knowledge on how to trade, use different features, control emotions, etc. Only when you are ready to start trading can you switch to the real trading account and utilize the skills developed on the demo.
Demo account is very popular among beginners, but more experienced traders will find it useful as well.
GoCapitalFX Islamic Account
Sharia law forbids trading with one side making commissions on behalf of the other side, so GoCapitalFX decided to offer a swap-free account. This account is also known as Islamic account. Traders must understand how this account type is available only for traders of Muslim faith.
To activate this account type, please contact customer support after you register and they will assist you. GoCapitalFX didn’t provide any other specific requirements regarding this account type.
GoCapitalFX Trading Software
Traders who open account with GoCapitalFX will trade on MetaTrader4 platform provided by MetaQuotes. This is one of the most popular forex trading platforms in the world. It comes in several versions so that every trader can choose one that fits them.
MT4 Web Trader for Beginners
Web trader is the top choice for beginners. MT4 Web trader can be used from the internet browser. You don’t have to worry about any downloads, installations or updates – everything is already there. Also, MT4 has integrated some advanced data protection protocols, so you don’t have to worry about someone breaching your privacy. With web trader, you can try one-click trading and follow your trading history to make conclusions and improve in the future. There are 30 technical indicators at your exposal and you can use them in all types of trading. Real-time quotes and 9 time frames put this platform in front of the others.
MetaTrader4 for Advanced Trading
There is also a variation of the MT4 platform that needs to be downloaded and then installed on your personal computer, mobile phone or tablet. It is used by professionals and experienced traders as it looks a bit different than the web trader and can be harder to navigate. On desktop platform, traders will get access to online real-time quotes and interactive charts where they can use 23 analytical objects. There are also 30 technical indicators and different trading tools. The platform can be upgraded and there are additional services like copy trading.
GoCapitalFX has a MT4 mobile app that can be downloaded from the app store. After download, install the app and log in with your account. Now you can trade anytime and anyplace. Make sure to utilize all the latest news as you have the trading interface right in your hands. Mobile apps are very popular as they allow traders more freedom and better control over the trades placed.
GoCapitalFX also has a MetaTrader4 manual you can use to understand this platform better.
GoCapitalFX Support information
When we did GoCapitalFX review, we decided to check out customer support as well, simply to see what traders from South Africa can expect.
It is important to say how this broker doesn’t offer live chat customer support. This means that you can’t expect instant assistance. In case you decide to use the phone, you will have to pay for an international phone call, or if you use email, you will have to pay with your time and wait for an answer. It would be great if this broker added live chat, WhatsApp or Skype. That way traders would get the support they need in crucial moments without any wait.
Traders from South Africa understand the importance of education and appreciate brokers who have a great education section. GoCapitalFX is not such a broker. They offer little to none educational materials, and there is definitely some place for improvement. Still, traders can use the MT4 demo and learn about the trading by themselves by searching other sources.
GoCapitalFX Deposit and Withdrawal
GoCapitalFX doesn’t state the minimum deposit amount needed to open an account which is quite unusual. The minimum withdrawal is $50. Even though the broker is not advertising any bonuses, there are mentioning bonus on their website.
Traders who accept the bonus have to reach all requirements within 60 days in order to be eligible for a withdrawal. Trading volume is calculated only with fx trades, and not CFDs. The minimum trading volume is the bonus amount divided by four. For example, if you get a $200 bonus, you have to trade 50 lots. You can’t make any profit withdrawals with a bonus on your account prior to fulfilling the requirements.
GoCapitalFX is operated by Lancelot Equity Ltd.
Verdict: Is GoCapitalFX a Scam?
There are many unusual things about this broker, but we can’t be 100% sure it is a scam. However, we can definitely recommend you a regulated broker, with minimum deposit of just $10. Try trading with IQ Option and enjoy transparent trading conditions!
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