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Golden FX Link Review - Is it scam or safe?

Golden FX Link Review - is goldenfxlink.com scam or good forex broker?
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Trading Accounts

 

Account type Minimum deposit  Minimum trade size Maximum leverage Average Spreads
Standard $2,000 0.1 1:100 3 pips + $50/lot*

 

*Commission is calculated per 1 standard lot of 100 000 base units round trip.

 

Golden FX Link offers a single forex trading account with variable spreads, and leverage up to 1:100 on the MetaTrader 4. Unfortunately, this broker does not offer micro tradeable lots to those unwilling to put much at stake.

 

The Company. Security of funds

 

Company

Country

Regulation

Golden FX Link Co Ltd.

Cambodia

SECC

 

Golden FX Link is a young Cambodian broker offering trading in currency pairs and precious metals on the industry’s favorite MT4. The company behind the brand, Golden FX Link (Cambodia) Co., Ltd is in fact the first regulated broker in Cambodia. It has obtained both a central counterparty license and a derivatives broker license.

 

The country’s financial regulator is the Securities and Exchange Commission of Cambodia (SECC) - it is responsible for the licensing and supervision of local brokerages. The latter have to adhere to considerable capital requirements in order to operate: market makers have to park $5 million at the National Bank of Cambodia and another $250 000 if they want a derivatives broker license.

 

Brokers also need registration at Cambodia’s Ministry of Commerce and at the General Department of Taxation in the country.

 

Trading conditions

 

Minimum initial deposit

The minimum initial deposit required by Golden FX Link is pretty high, amounting to $2000.

 

Spread and Commission

Spreads at Golden FX Link are also high, averaged around 3 pips for the EUR/USD. Unfortunately, this is not the only cost to be considered when trading with this broker. A commission of $50 per standard lot also applies – the highest we have encountered in the forex industry.

 

So, average trading costs per lot are around 8.0 pips on the EUR/USD, while most brokers provide spreads within the range of 1.0 – 1.5 pips for this pair. Not to mention that brokers offering spreads around 3 pips (mostly fixed), do not charge commission at all.

 

Leverage

As we have already mentioned, this broker offers leverage up to 1:100, which is somewhat mediocre, yet higher leverage levels involve greater risk.

 

Trading platforms

 

Golden FX Link offers its clients the popular MetaTrader 4 (MT4), available as a downloadable PC versions and mobile applications.

 

 

The MT4 is equipped with an advanced charting package, a number of technical analysis indicators, Expert Advisors (EA) and extensive back-testing environment.

 

Payment methods

 

Clients of Golden FX Link may use solely bank wire transfer to make deposits to and withdrawals from their accounts. Popular e-wallets such as Skrill, Neteller and PayPal are not available with this broker.

 

Conclusion

 

Golden FX Link is a well-regulated Cambodian broker that supports the industry standard MT4 platform. We find its offerings quite limited in terms of financial products, platforms, payment methods, etc. There are no VPS hosting services, social trading options, but what is worse, the cost of trading at Golden FX Link is very high. Here are, in a nutshell, the advantages and disadvantages with regards to Golden FX Link:

 

Pros Cons
Well-regulated broker  High spreads and salty commission fees
MT4 and EAs available High minimum initial deposit
  Market Maker Model
  No indices and stock CFDs
  Limited payment methods
   

 

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Spread

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Deposit/Withdraw

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Customer service

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Summary

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Traders` reviews for Golden FX Link

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