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Golden Capital FX Review - Is it scam or safe?

Golden Capital FX Review - is goldencapitalfx.com scam or good forex broker?

RATING: 1 / 2 REVIEWS ForexBrokerz Golden Capital FX
Golden Capital FX is an offshore broker. Your money is not safe.

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Trading Accounts

 

Account type  Minimum deposit  Maximum leverage Spread
Micro $200 1:500 From 1.2 pips + $10 per lot
Standard $5,000 1:500 From 1.2 pips + $10 per lot
Pro  $15,000 1:500 From 1.2 pips + $10 per lot
VIP $50,000 1:500 From 1.2 pips + $10 per lot

 

Golden Capital FX is forex broker, which also provides spot metals and some CFDs. There are multiple account types with the company, with very high deposit requirement gaps between them, as you can see from the table above. It is not exactly clear how much trading conditions vary for the different account types.

 

The Company. Security of Funds

Company Country Regulation
GOLDEN CAPITAL FX INC LTD Saint Vincent and the Grenadines FSA(SVG)

 

Golden Capital FX Inc. Ltd. is the company behind the similarly named broker. It is registered on Saint Vincent and is regulated by the Saint Vincent and the Grenadines Financial Services Authority. As we have mentioned numerous times, there are serious risks involved with off-shore companies

 

Saint Vincent and the Grenadines may not be as notorious as Vanuatu (where there is a $2,000 capital requirement, in order to open a broker), but they are sill an off-shore zone. On the other hand there are islands with reputable regulatory agencies. Take Cyprus for instance, it is a member of the EU and follows the MIFID rules. The local watchdog CySEC enforces strict rules on brokers, who are registered under it. For one all client deposits must be kept in the so called segregated accounts – accounts which the firm can’t freely access. This stops scammers, who just want to set-up a “brokerage” to take people’s money. 

 

Another key CySEC ruling is the compensation scheme. All brokers are forced to part with a small portion of their profits, in order to form a collective pool. It then serves as guarantee against future broker insolvency. If you trade with a CySEC regulated broker, which happens to go under, your investment would be guaranteed, up to €20,000.

 

 

Trading Conditions

 

Minimum Initial Deposit

Golden Capital FX requires a minimum deposit of $200. This is a bit higher than the current industry average, but not as absurd as the levels required to gain access to a better account type at Golden Capital.

 

If you are relatively new to trading, you can start for much less. For instance, the FCA-regulated broker and spread betting provider IG, has no minimum deposit requirement. 

 

Average spreads & Commissions

Trading costs at Golden Capital FX are not clear from one look at the website. This is generally a bad sign. We gave their platform a test and found out the spread on EUR/USD starts at 1.2 pips and there is a $10 commission per lot. This makes the effective costs start from 2.2 pips, which is simply not good enough, given the current state of the financial services industry. 

 

Do you want to know what spreads you should be expecting nowadays? The answer lies in the real-time spread comparison which we have set-up. Feel free to check it here

 

Leverage

Golden Capital FX provides a 1:500 maximum leverage ratio. This may sound a bit absurd, if you are used to trading other asset classes, but it is not that unique, when it comes to FX. 

 

 Do keep in mind, the higher your leverage ratio, the more likely you are to loose your entire investment. Although it is possible to make a lot of money if you “bet the ranch” on a single trade, with high leverage, this will become a habit. Once this happens you aren’t trading, but essentially gambling.

 

Trading Platforms

 

MetaTrader 4 (MT4) is Golden Capital FX’s platform of choice. It is a solid option, which many traders around the world love. This feeling, combined with the easy to learn coding has led to an explosion in the number of custom tools available for MT4. They mostly include technical indicators, market screeners and automated trading robots

 

The platform is admired for its charting potential, although it does come with one flaw – there are no detachable modules in MT4. This limits the ability to use multiple monitors with the platform. Despite this little flaw, MT4 is the most popular currency trading platform and there is a reason for that: Here is a preview of what Golden Capital FX’s version looks like:

 

(MT4, as offered by Golden Capital FX, click to zoom-in)

 

Methods of Payment

 

Payment methods at Golden Capital FX are rather limited. The more traditional Bank Transfer and Credit/Debit Card are only accompanied by Skrill.

 

Conclusion

 

Golden Capital FX is an off-shore forex broker. The company is regulated in Saint Vincent and the Grenadines, but that doesn’t stand for much. If that wasn’t enough, trading conditions are not competitive with the offers, given by well-regulated brokers. Overall, we can not say clearly say this is a scam, but there is virtually no reason to want to trade with this broker. Here are this broker’s strong and weak sides:

 

Pros Cons
MetaTrader4 Platform Off-shore regulation
  High spreads
  Few payment methods
  Big deposit requirements for a better account type
  Lack of clear trading conditions on the website

 

Latest news about Golden Capital FX
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Traders` reviews for Golden Capital FX

Spread

Pros

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Slippage

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Requotes

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Price feed

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Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

They are scammers

I came to this golden Fx via another affiliate. 1st they was asking my bank details to deposit I thought it's helpful to deposit.i deposit $250 after my account showing some profit from auto trade .i was checking if it's virtually or real .after I made an small amount withdraw I m still waiting like month ...
I don't see any auto trade or withdraw money to my account.

Customer Service talk me to talk account manager ... account manager used to call me 10 times a day to deposit more money .now I can't reach her ..

It's 100

mirja islam 11/07/2018
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