Gotrade Update: Not Recommended Anymore

gotrade update

I have just opened my Gotrade account in May 2023 and it has reviewed its fee structure in June 2023. With this fee revision, I would not recommend this brokerage now.



Gotrade fee update

Previously, Gotrade did not charge any trading fee. However, with this fee revision, it starts to charge 0.3% commission per trade, with a minimum of $0.10. When selling, this fee would be deducted from the transacted amount. When buying, this $0.10 is deducted from the cash account. Though the commission is not high, it is not a commission-free broker anymore.

There is another change in fee that really surprised me. Gotrade has increased the withdrawal fee from $12 to $50! I am wondering whether it is doing this to prevent investors from taking money out of the platform.



Conclusion

Although it is really easy to trade on Gotrade, with the fee revision, I should not recommend it now. Nonetheless, as the $50 withdrawal fee constitutes a significant part of my capital on this broker, I am still going to use it to continue my experiment. Luckily I did not put in a lot of capital to run this experiment. Let’s see if I am able to make a profit that exceeds this withdrawal fee or lose all.

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