GOLDEN FX TRADE Forex Broker provides real users with * positive reviews, 1 neutral reviews and * exposure review!
Business
License
GOLDEN FX TRADE seems to have absconded with money. Hope the victim can get their funds back. There are a lot of scammers in the forex industry and I am always looking for reliable companies. Can anyone recommend me some? I want to trade cryptocurrencies and Brent crude oil, and my expected initial deposit is less than 500 USD.
Golden FX Trade has come under scrutiny in recent months, with numerous reports indicating that it operates as an unregulated broker, raising significant concerns about its legitimacy and safety for traders. This review synthesizes information from various sources to provide a comprehensive overview of Golden FX Trade, including user experiences, expert opinions, and critical features of the broker.
Note: It is essential to recognize that Golden FX Trade may operate under different entities across various regions, which can complicate the assessment of its reliability. This review aims to provide a fair and accurate evaluation based on the most current information available.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 3 |
| Tools and Resources | 4 |
| Customer Service and Support | 2 |
| Trading Setup (Experience) | 3 |
| Trustworthiness | 1 |
| User Experience | 2 |
We assess brokers based on user feedback, expert analysis, and available data.
Founded in 2018, Golden FX Trade operates from St. Vincent and the Grenadines, a region known for its lax regulatory environment, which has raised red flags about the broker's operations. The platform claims to offer trading services in forex, cryptocurrencies, and CFDs, primarily utilizing the MetaTrader 4 platform. However, it lacks regulation from any reputable financial authority, which is a significant concern for potential clients.
Golden FX Trade is registered in St. Vincent and the Grenadines but is not regulated by any recognized financial authority. This lack of oversight is alarming, as it means that traders have no protection for their funds. The Financial Conduct Authority (FCA) has issued warnings about Golden FX Trade, indicating that it may be offering financial services without proper authorization. According to the FCA, clients of unregulated brokers like Golden FX Trade are unlikely to recover their funds if issues arise (FCA).
The broker claims to support various deposit methods, including bank transfers, credit/debit cards, and cryptocurrencies. The minimum deposit requirement is reported to be around $250. However, users have expressed concerns about withdrawal processes, often citing delays and requests for additional fees before funds can be released. This behavior aligns with common red flags associated with unregulated brokers.
Golden FX Trade offers several account types, including trial, promo, expert, and special accounts, with minimum deposits ranging from $100 to $5,000. However, the lack of transparency regarding the specific features of these accounts raises concerns. Additionally, there are no notable promotions or bonuses mentioned, which is often a tactic used by reputable brokers to attract clients.
While the exact spread and commission details are vague, some sources suggest that spreads can be variable, which is not uncommon among forex brokers. The maximum leverage offered is reported to be as high as 1:400, which can be appealing to traders but also increases risk significantly.
Golden FX Trade primarily offers the MetaTrader 4 platform, which is widely regarded for its user-friendly interface and robust trading tools. However, the absence of any mobile trading options or additional platforms may deter some traders.
Given its unregulated status, Golden FX Trade is not permitted to provide services in many jurisdictions, including the UK and EU, where strict regulations govern forex trading. This limitation further emphasizes the risks associated with trading through this broker.
Customer support for Golden FX Trade is reportedly lacking, with many users citing difficulties in reaching representatives. The primary contact methods include email and telephone, but the absence of a physical address and clear operational details raises further doubts about the broker's legitimacy.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 3 |
| Tools and Resources | 4 |
| Customer Service and Support | 2 |
| Trading Setup (Experience) | 3 |
| Trustworthiness | 1 |
| User Experience | 2 |
Account Conditions: The various account types offered by Golden FX Trade lack clarity and transparency, leading to a low rating. Users have reported that the minimum deposit requirements are high compared to other regulated brokers.
Tools and Resources: While the broker provides access to the MetaTrader 4 platform, the absence of educational resources and trading tools limits the overall trading experience.
Customer Service and Support: Users have expressed frustration with the broker's customer support, often describing it as unresponsive and ineffective, leading to a very low rating in this category.
Trading Setup: The trading experience is marred by the broker's unregulated status, which raises concerns about the safety of funds and the reliability of trade execution.
Trustworthiness: The lack of regulation and numerous warnings from authorities contribute to a very low trustworthiness rating. Users are strongly advised to exercise caution when considering trading with Golden FX Trade.
User Experience: Overall, user experiences have been predominantly negative, with many reporting difficulties in withdrawing funds and receiving support when needed.
In conclusion, the findings from this Golden FX Trade review indicate that potential traders should exercise extreme caution. The lack of regulation, poor customer service, and numerous user complaints suggest that this broker may not be a safe or reliable choice for trading. It is recommended to consider more reputable brokers that offer regulatory oversight and better support for traders.
