Updated on April 2, 2024
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Pros
Cons
Conclusion
In our rigorous review process, a team of seasoned financial specialists, boasting more than 20 years of experience in Forex trading, carries out an exhaustive evaluation of various trading services. Our team delves deep into the investigation of fees, assesses the trading platforms, and verifies adherence to regulatory standards. We also interact directly with customer support and conduct actual trades to gain a real-world understanding of the trading conditions. This comprehensive approach enables us to provide informed insights and advice on why we recommend avoiding Golden Brokers due to the issues we've identified.
Is Golden Brokers Scam or Legit Broker? ▲
Golden Brokers fails to meet the criteria for being considered a reliable broker due to its lack of a prominent license. It holds authorization and regulation under the Labuan Financial Services Authority (LFSA) in Malaysia, with the license number MB/19/0030. The LFSA, while being a recognized body within Labuan, does not possess the extensive regulatory oversight or the power that is characteristic of more esteemed regulatory entities like the ASIC or FCA. Trading with offshore or unregulated brokers is widely viewed as precarious due to the insufficient protection for traders and investors. Therefore, it's crucial to exercise caution and prioritize brokers with stringent regulatory oversight for a safer trading environment.
Golden Brokers offers its clients the opportunity to trade Contracts for Difference (CFDs) on a broad spectrum of products, including forex, commodities, indices, and shares. Catering to both novice and experienced traders, it provides access to over 700 trading products via the MT5 platform, all without charging commission fees. Clients are also given a choice of international payment methods and can utilize leverage up to 1:100 on major forex pairs. Despite these offerings, Golden Brokers is marred by concerns over its registration status and regulatory oversight. Being regulated by the LFSA means it operates as an offshore broker, which generally requires careful consideration and due diligence on the part of the investor due to the heightened risks involved. The broker has also garnered mostly negative feedback from clients, citing issues such as poor customer service, lack of transparency, and difficulties with withdrawing funds.
Overall Golden Brokers Ranking ▲
In comparing Golden Brokers against a vast array of over 1000 brokers, its performance and trustworthiness have raised significant concerns. The broker’s overall ranking is 2.0 out of 5, reflecting the apprehensions regarding its regulatory compliance and client service issues. This assessment places Golden Brokers significantly lower in our rankings, especially when contrasted with industry-leading brokers that adhere to high regulatory standards and offer better trading conditions.
Pros ▲
Offers trading on a wide variety of products including forex, commodities, indices, and shares.
Utilizes the MT5 platform, providing a comprehensive trading toolset.
No commission fees on trades.
Offers leverage up to 1:100 on major forex pairs.
Provides a choice of international payment methods.
Cons ▲
Lacks a prominent regulatory license, being regulated by the LFSA, which does not offer the same level of protection as toptier regulatory bodies like ASIC or FCA.
Primarily negative client feedback concerning customer service, transparency, and withdrawal processes.
Registration as an offshore broker poses inherent risks and requires investors to proceed with caution.
Reports of market manipulations and other unethical practices due to lack of stringent regulatory oversight.
The withdrawal process is described as inefficient, with numerous traders experiencing difficulties in retrieving their funds.
Conclusion ▲
The comprehensive evaluation of Golden Brokers has unveiled considerable concerns regarding its credibility and the safety of trading with this broker. The primary issue stems from its lack of stringent regulation, as it is only overseen by the Labuan Financial Services Authority (LFSA). This lack of robust regulatory oversight is compounded by numerous client complaints regarding the broker's operational practices, including issues related to withdrawals, customer support, and transparency.
Given these significant concerns, our advice is to prioritize trading with brokers that are licensed by reputable regulatory authorities such as the FCA, ASIC, or CySEC. These brokers not only provide a secure trading environment but also maintain high standards of service and trading conditions. Based on our findings, the overall experience and ranking for Golden Brokers are decidedly negative, highlighting the importance of conducting thorough due diligence before engaging with any broker.
When considering alternatives, brokers like Interactive Brokers, City Index, and AvaTrade stand out. They not only offer the security of stringent regulation but also bring to the table comprehensive trading solutions that can meet the needs of both novice and seasoned traders.
Golden Brokers Review 2024
