GoTradingLive: traders’ reviews in a detailed company overview
Отзывы о платформе GoTradingLive
Platform GoTradingLive invites everyone interested in joining investors from all over the world and start earning money without leaving home. Simple registration, training, and support at all stages promise easy and stable income. However, how true it is and what users write in their reviews, we will tell you in this review.
Getting Started with GoTradingLive
The website design is high-level, which cannot be overlooked. The site is carefully developed, the interface is convenient and attractive.
In the “About us” section, it is reported that the company was founded by young brokers with over 10 years of experience. The company’s founding date is not specified, but they claim that the worldwide pandemic was the stimulus for its creation. Coincidentally, this coincided with the domain registration in 2020.
Also, in the same year, a Facebook page was created.
However, the account is clearly not intended for active communication. Posts are not commented on, with only 162 followers. An even more lifeless channel on YouTube, with only two videos and 13 subscribers. There are no reviews, comments, or even lively views on the website.
And the Instagram page – either it does not exist, or it has been deleted. For a serious company, such an attitude towards communication channels with the audience is unacceptable unless the channels were created solely for show.
In the “Contacts” section, no office addresses or representations are found. Apparently, the company only exists in the virtual space and appeared relatively recently. Also, the complete absence of feedback from English-speaking clients seems strange, which often indicates that the broker is focused solely on the audience from the former Soviet Union countries.
Licenses and Documents of GoTradingLive
The website states that the trademark GoTradingLive belongs to the company Paxton Trade Limited registered in the offshore zone of Mauritius.
Information about this organization holding a license is available on the Mauritius resource.
However, this does not mean that the trader is insured against potential broker fraud. The license from the financial regulator of the Republic of Mauritius does not guarantee compensation for possible damages, as the licensing conditions do not include the creation and replenishment of a compensation fund. Furthermore, the regulator does not properly control the company’s activities, which explains the popularity of this jurisdiction among brokers. For example, license owners do not have the right to trade EUR/USD pairs. And what do we see on the GoTradingLive website (besides an obvious mistake)?
Also, the prohibition on trading gold and silver is ignored. This attitude towards the regulator’s requirements clearly demonstrates a negligent attitude towards accepted standards and rules.
Another significant point: for conducting investment activities among Russian citizens, a license from the Central Bank of the Russian Federation is required. This is a mandatory condition according to legislative acts from December 29, 2014. However, all of this was overlooked by GoTradingLive.
This means for a trader from Russia that any financial transactions with this company are done at their own risk. No compensations, refunds, or any sanctions will be taken in case of fraud since the broker is not within Russia’s jurisdiction.
The document regulating relationships is the “Terms and Conditions.” It is recommended to carefully study the rules, even though they are not fully translated and contain fragments in English.
Part of the paragraph listing the client’s obligations was noticeably “forgotten” to translate. As a result, this could have been used to withhold a significant amount of funds or to refuse their withdrawal. Complaining about unfair fund withholding would be pointless: the explanation is detailed below.
Thus, it is clearly stated the right not to initiate any proceedings in case the plaintiff does not appear at the specified address on the island of Mauritius.
Offers for GoTradingLive Clients
Trading conditions are very attractive, with plenty to choose from: global currencies, cryptocurrencies, metals, commodities, various stocks, including shares of fashion houses, restaurant stocks, and automakers. Two types of accounts are available: demo and real. The minimum deposit to start is $100.
The leverage level is very high – 1:500.
This is inconsistent with the requirements of international regulators on a leverage level of 1:30-1:50. High leverage does not give newcomers a chance to avoid significant financial losses in their initial transactions.
Reviews of Real Clients on the Internet
GoTradingLive has not yet gathered enough clients for a full analysis. However, available reviews could serve as a warning to those in doubt.
If new comments revealing fraudulent schemes appear, they will undoubtedly be published in this section.
Types of Deception in GoTradingLive
The project looks credible and honest, which is its main danger. GoTradingLive does not seem like a fleeting company, rather, it is principled pyramid-like activity. Investors’ money is not directed to the market but accumulates in internal accounts, covering expenses and providing the appearance of payouts. However, as in all pyramids, sooner or later the fund inflow will decrease below the minimum cost level. At such a moment, the broker will start rejecting fund withdrawal requests, and then simply disappear under the stream of negative comments and reviews online.
Summary Conclusion of the Review
The new broker GoTradingLive is a licensed brand of Paxton Trade Limited, operating from an offshore zone (Mauritius). The company blatantly violates the regulator’s requirements and the legislation of the Russian Federation. By all indications, this is another financial pyramid, so there are no reasonable grounds to invest even minimal funds here. Minor reviews only confirm this conclusion. It is recommended to turn to a proven forex broker with a long history, and it is better to ignore GoTradingLive.