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GoldenCFD Review - is it scam or safe?

GoldenCFD Review - is goldencfd.com scam or good forex broker?

RATING: 1 / 1 REVIEWS GoldenCFD
GoldenCFD is an offshore broker. Your money is not safe.

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Trading Accounts and Conditions

 

Trading account Min. deposit  Max. leverage Spread
Standard  $250  N/A  1.9 pips

 

GoldenCFD claims to offer several different account types, but has not disclosed any trading specifics, other than the minimum investment amounts. That is why we only included the spreads we saw on the broker’s demo in the table above.

 

In the present review, you can find all the details of GoldenCFD’s offer, as well as corporate information and analysis. Make sure you read it before investing any money, as we have major concerns regarding this broker.

 

 

GoldenCFD Advantages

 

Access to the MT4

The presence of the industry standard MetaTrader 4 (MT4) is always a good news. The MT4 is a perfectly equipped trading terminal highly praised by the trading community. The main advantages of the platform are the superior charting, the automated trading strategies (EAs), and the programming environment, which allows for easy customization.  Besides, the MT4 is user-friendly and available as desktop download, web version, and mobile apps.

 

 

>> Wanna trade with a MT4 broker? <<

 

 

GoldenCFD Disadvantages

 

Registered offshore

GoldenCFD is allegedly owned by Pro Star, an offshore company registered in St. Vincent and the Grenadines (SVG). Offshore zones such as the SVG are generally known for their lax business rules and non-existent corporate taxes. This makes them very attractive for scam companies and those seeking to cut financial and regulatory corners.

 

 

Click to view larger.

 

Actually, the local Financial Services Authority (FSA) has explicitly stated that it does not license, nor oversee financial services providers.  This means that clients of GoldenCFD don’t have any assurance for the safety of their investment, and no guarantee that the broker will fulfill its part of the contract.

 

As a matter of fact, most offshore brokers are not only looking to cut regulatory corners, but are also engaged in fraudulent practices. 

 

Related to other shady brokers

Pro Star, an offshore company registered in St. Vincent and the Grenadines (SVG). Brokers in such offshore zones are not licensed, nor supervised by any authority, and many of them are engaged in fraudulent practices.

 

The company behind ColdenCFD, Pro Star, also operates Traderia, which seems to have scammed a lot of Investors and was blacklisted by the Italian regulator CONSOB. This inclines us to suspect that clients of ColdenCFD are subjected to the risk of being ripped off the same way. Actually, the websites of the two brokers are almost identical.

 

Besides, when we signed up for a demo account, we were transferred to some client trading dashboard on another website, and the e-mail with the log in credential received was sent by the support of another SVG-registered broker - GallantFinance.

 

To make things even more complicated, some comments on our review GoldmanCFD suggest that the latter changed its name to GoldenCFD. We don’t know whether this is true, but the situation with ColdenCFD seems all too messy, and it is most likely a scam broker.

 

Uncompetitive spreads

While this broker has not disclosed any spreads on its website, we discovered that they are actually not that good. When we tried out the broker’s demo web platform, we saw the benchmark EUR/USD spread floating around 1.9 pips, which is higher than the average in the sector.

 

 

GoldenCFD`s web MT4. Click on the image to view full size.

 

For further information and comparison, check out the below link:

 


>> Compare the real-time spreads of some top brokers <<

 

 

Not that broad product range

Another thing we noticed while testing GoldenCFD’s platform is that the broker offers trading in 20-something forex pairs, CFDs on silver and gold. Most brokers provide trading in wider range of forex pairs, and their clients are also able to trade in stocks, indices and cryptocurrency CFDs like Bitcoin.

 

 

Conclusion

 

It seems that GoldenCFD is one of the many con-artists on the forex market. The company does not hold a valid license, and is anything but transparent about its operation and trading conditions. What is worse, it is operated by a company that was flagged by the Italian regulator, and seems related to a bunch of shady brokers.

 

As the forex and cryptocurrency markets are plagued with scammers, the only way to trade safely is to only deal with entities holding licenses from reputable financial regulators like UK’s FCA, or Cyprus’ CySEC (in Europe). These regulatory agencies require compliance with a number of strict rules that give significant assurance for the security of the clients funds.

 

 

>> Trade with a broker licensed in Cyprus <<

 

 

Let’s sum up the most important things about GoldenCFD:

 

Pros Cons

Access to the MT4

Registered offshore
  Related to other shady brokers
  Spreads not disclosed, demo ones a bit high
  Not that broad product range

 

Latest news about GoldenCFD
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Traders` reviews for GoldenCFD

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Ecnpremium scammers!!!!!!

This company is a big scam, the scammers of ecnpremium. You will have to pay them first for a withdrawal. I had to pay them 4000. They have stolen my deposit of 2000 euro as well!!! They keep changing their company name because of bad reviews. Dont deposit a single cent with them. Let them work with their own family if they are so convinced about their business. Do never deposit with whatever company, they are all scams!!!!!! You are WARNED!!!!!!!!

Roey. M 07/02/2019
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