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Golden FX Review - is it scam or safe?

Golden FX review - Is golden-fx.com scam or good forex broker?

RATING: 1 / 6 REVIEWS Golden FX
Golden FX is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Golden FX is an offshore broker, offering several account types with a good selection of currency pairs and the MetaTrader5 platform. Unfortunately the broker is not regulated, and that rises some serious issues, which we will discuss in the following review.

 

Account type Min. deposit Max. leverage Spreads
Standard Account $250 1:100 n/a
Silver Account $1 000 1:200 n/a
Gold Account $25 000 1:400 n/a
Platinum Account $100 000 n/a n/a

 

Golden FX Advantages:

 

More than 60 currency pairs

 

Checking the Golden FX trading platform we counted some 65 forex pairs with lots of exotic currencies like Chinese yuan, Russian Ruble, Singapore Dollar, South African Rand, Swedish Krona, Polish Zloty, Norwegian Krone, Turkish Lira, Danish Krone, Mexican Peso, Hong Kong Dollar, Hungarian Forint and Czech Krona. Apart form that, however, the only other CFDs on the platform were stocks, so if you are interested in crypto assets for example, here you may check our list of brokers offering Bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

Leverage of up to 100:1

 

With its Standard Account Golden FX offers leverage of up to 100:1, which is perfectly enough to accommodate even the most aggressive trading strategy. Still, have in mind that because higher leverage comes at the price of a higher risk, in early August the European Securities and Markets Authority caped the maximum leverage allowed with forex transactions on the European market at 30:1.

 

Attractive spreads

 

When tested with a Demo account the benchmark EURUSD spread floated about 1 pip – 1.1 pips, which we consider in line with what most traders would expect with a standard account. Unfortunately, as Golden FX offers four account types, we are not sure which of the account types the Demo account mirrors. Still here you may also check our list of brokers, offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

Open a trading account with 250 USD

 

This is another positive point for Golden FX - the broker will allow you to trade with an initial deposit as low as 250 USD. And although this looks fine, have in mind that there are a few bigger players like FBS and IG, who do not have a minimum deposit requirement at all.

 

MetaTrader5 supported

 

MetaTrader5, along MetaTrader5 is among the finest trading solutions on the market. The platform features excellent charting tools, and numerous market indicators and trading bots, designed to help you run automated trading sessions. Here you may also check our list of brokers, supporting the MetaTrader5:

 

>>MT5 Brokers<<

 

Golden FX Disadvantages:

 

No regulation

 

Golden FX is owned and operated by an offshore company - BR Consulting Group Ltd., which is based on St. Vincent and the Grenadines, but is not regulated by any official financial authority and subsequently does not have the right to provide financial services on regulated markets like the USA, the European Union, UK, Australia or Japan. 

 

Besides, trading with unregulated brokers is quire risky, as the safety of your investment is not guaranteed by anything else but the integrity of the people, who run those brokers. 

 

So our best advise in such cases is to choose only from brokers, regulated by respected financial institutions, such as the Cyprus Securities and Exchange Commission (CySEC), the Financial Conduct Authority (FCA) in the UK or the Australian Securities and Investments Commission (ASIC).

 

Regulated brokers are obliged to abide by very strict rules, among which to file regular reports, allowing external audits, to keep all clients funds in a segregated, protected form creditors account, to provide traders with a negative balance protection, to maintain a certain minimum operational capital and with some regulators, like FCA and CySEC, to participate in traders compensation schemes.

 

So for example with a FCA broker you have a protection for up to 50 000 GBP of your trading capital, while with a CySEc broker the protection goes up to 20 000 EUR. Here you may check our list of FCA licensed brokers:

 

>>FCA Regulated Forex Brokers<<

 

Unusual withdraw conditions

 

Beware of any trading bonuses Golden FX may offer you. Such bonuses are tied to minimum trading volume requirements, which on their part will prevent you from withdrawing your funds. Besides, Golden FX reserves the right “to change the terms of the Bonus at any time” - see for your self:

 

 

Few payment methods available

 

Golden FX accepts payment solely with credit cards like VISA and MasterCard, as well as wire transfers and a few crypto currencies like Bitcoin and Ethereum. The company, however, does not accept payments with popular e-wallets like Neteller and Skrill, so here you may check our list of brokers, where you can pay with Skrill:

 

>>Brokers where you can pay with Skrill<<

 

Conclusion:

 

Golden FX is an offshore broker with no license to provide financial services. All that makes any investment with them very risky. So here we will just repeat our best advice – trade only with brokers licensed by reputable regulators.

Latest news about Golden FX
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Traders` reviews for Golden FX

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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Withdrawal not allowed

I put €500 euro into golden fx,from day one I was not happy after a few months I wanted to withdraw from my balance account I could not do it I wasnt allowed

Patrick kavanagh 05/23/2019

Scamming forex company, can’t withdraw money

Hello . They are scamming companies. They said it’s auto trade . But they wants people deposit more .they add up virtually money on account as showing its profit to encourage people deposit more.
Initially they keep calling me to deposit more but I said I have to look up how it’s going .
I made little profit on my account ,I requested to withdraw but it’s still showing pending like 7 months. Now they don’t Raven reply me

mirja islam 03/28/2019

Scam - they not allowed me to withdraw

I tried to test withdrawals. Not only have they not allowed me to withdraw, they have also ignored countless messages via chat and email. They were also very aware that I could ill afford to lose any money :(

Steven Ferguson 02/20/2019

Fraud Company

I was scammed in to this online via one of their affiliate which then diverts to Golden FX , they start the scam asking to invest minimum 250 $ thru dodgy system once you see profits on the Automated system they force you to invest more promising bonus and special trades which is a absolute scam , when you ask them to withdraw your principle and balance they tell you cant get your money back till you do impossible volume of trades (1000 lots) , company is fraud and scam - STAY AWAY !!!

MJ 01/07/2019

They are scam

Golden-fx is a scam company, you all have to be very careful with them, they lore you into bringing more fund and when it's about to withdraw they start telling stories and playing pranks and finally they call to tell you due to financial market all your money is gone and for you to revive the account you will need to invest more.

They are real SCAM becareful dealing with the bastards.

Lola 12/26/2018

GoldenFx / BR Consulting group not giving money back

Dont trust them and dont open account with this company. They work through the GoldenFx name to.

Aldas 12/06/2018
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