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Goldens London Trading Review - is it scam or safe?

Goldens London Trading Review - Is gltradings.com scam or good forex broker?

RATING: 1.1 / 3 REVIEWS ForexBrokerz Goldens London Trading
Goldens London Trading is an offshore broker. Your money is not safe.

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Goldens London Trading is a forex and CFD broker, which offers two account types with the MetaTrader platform. If you are thinking about opening an account with them be sure to read this review first.

 

Account type Min. deposit Max. leverage Spreads
Standard Account $250 1:400 2,2 pips, floating
Professional Account $5000 1:400 1,2 pips, floating

 

Goldens London Trading Advantages:

 

Two different account types

 

Goldens London Trading is offering its clients two account types – a Standard Account with a minimum trading volume of 0,01 lot or 1000 base currency units and a Professional Account with a minimum trading volume of 0,1 lot or 10 000 base currency units. The broker however does not offer a swap-free or Islamic account, where no interest on positions held over night is accrued. Here you can check our list of brokers, offering Islamic accounts:

 

>>Islamic Forex Broker<<

 

High maximum leverage

 

The maximum leverage with Goldens London Trading is 1:400, which is generous enough to fit most trading strategies. Still, having in mind that higher leverage means higher risk, you may check our list of brokers offering leverage of up to 1:500 and above:

 

>> Brokers offering at least 1:500 in leverage <<

 

MetaTrader4 available

 

Goldens London Trading is offering its clients MetaTrader4 – the most popular trading platform, preferred both by experienced and beginner traders. MT4 has a large array of in-build indicators and excellent charting tools to explore the markets. Its most popular feature however is the automated trading option and the ability to compile your own trading bots and indicators that best fit your trading strategy. Here you can check our list of brokers also offering the MetaTrader4:

 

>>Find other MT4 brokers here<<

 

Goldens London Trading Disadvantages:

 

Misleading information on the regulatory status

 

Goldens London Trading wants its clients to believe it is a UK registered company with a license form the well respected Financial Conduct Authority (FCA) and they are even providing us with a reference number for their registration. Our investigation however shows that this is not the case.

 

First, it was not immediately clear if the reference number is for a FCA registration or for a Virgin Islands license, where Goldens London Trading also claims to be registered. In the same time in the “About Us” section of its website Goldens London Trading says to be a  subsidiary of Golden High Trading Limited, based in the Virgin Islands. And again they are giving us the same reference number, this time as Virgin Islands license number.

 

 

So we checked the link with the reference number and it lead us to a company with a completely different name - Goldens London Ltd, registered with the FCA, but as a PSD agent – a firm that can act on behalf of another firm (its 'principal') as a payment or e-money institution. The principal company in that case is PayPoint Payment Services Ltd.

 

 

From a legal point of view there are two discrepancies here – first, Golden High Trading Limited is not the same company as Goldens London Ltd and second the license Goldens London Ltd holds does not give it the right to operate as a forex and CFD broker under FCA supervision.

 

This is the reason we will treat Goldens London Trading as an unregulated, offshore broker and that significantly lowers its credibility.

 

Traders can not have security about their investment with brokers, which are not licensed by a trusted financial regulator. 

 

On the other hand financial authorities, such as the FCA, Cyprus Securities and Exchange Commission (CySEC) or the  Australian Securities and Investments Commission provide traders with sufficient security as they force all supervised brokers to abide by strict financial and ethical rules, among which to maintain a minimum operational capital and to keep all clients funds in a segregated, trust account.

 

In addition CySEC and FCA brokers have to participate in client capital insurance schemes, which guarantee traders money in case the broker goes insolvent. The insured amount with FCA brokers is up to 50 000 GBP, while with CySEC brokers you can get back up to 20 000 EUR of your trading capital. Here you can check our list of FCA regulated brokers:

 

>>Find FCA regulated Brokers here<<

 

Uncompetitive spreads

 

As advertised on Goldens London Trading's website spreads start form 2 pips with the Standard Account and form 1 pip with the Professional Account, without a commission in both cases.

 

However, when tested with a Demo Account the EURUSD spread was between 2,2 – 2,3 pips, which is much higher than what traders usually expect to see with a standard account. Besides in the “Spread” section of the website we see that with the Professional Account the EURUSD spread is advertised to start at 1,2 pips, which we were not able to test, but in any case it is higher than what we want with a premium account. Here you can check our list of brokers offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

Few trading instruments

 

Goldens London Trading is offering 30 forex pairs, with the Chinese Yuan and the Hong Kong dollar the only exotic currencies. The broker also offers CFDs on spot metals and oil. However there are no CFDs on indices, stocks or crypto currencies. Here for example you may check our list of brokers, offering CFD trade with Bitcoin:

 

>>Bitcoin Forex Brokers<<

 

Few payment methods

 

With Goldens London Trading you can deposit or withdraw funds via a credit card, bank transfer and PayPal – the only e-wallet available. Have in mind that with most forex brokers you can pay with e-wallets such as Skrill and Neteller and even with Bitcoins. Here you can check our list of brokers accepting payments with Bitcoins:

 

>>Forex Brokers Accepting Bitcoin<<

 

Excessive minimum deposit requirement

 

250 USD is the minimum deposit to open a Standard Account with Goldens London Trading. In the same time for a Professional Account you will have to deposit as much as 5000 USD. With most brokers however you can open a starting account with a hundred USD dollars or less, while with some big players such a s XM and FXTM the minimum deposit requirement is just 5 USD:

 

Conclusion:

 

Goldens London Trading is an unregulated, offshore broker with low credibility, which fails to impress us neither with competitive spreads, nor with trading instruments. The broker offers MetaTrader4 and has good maximum leverage, but these features are common among many other financial intermediaries.

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Traders` reviews for Goldens London Trading

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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Cons

 

 

Customer service

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Summary

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申請出金相關問題

我申請出金也超過兩個禮拜都沒有下文,官網客服也都沒回應,信箱也沒有回應,出金信箱更是空信箱,錢應該拿不回來了

Translated by Google:

I applied for a deposit for more than two weeks, and the official website customer service did not respond. The mailbox did not respond. The deposit box was an empty mailbox, and the money should not be returned.

李旻 02/11/2019

申請出金相關問題

申請出金已經兩個禮拜都沒有下文,沒有客服可以詢問,信箱也沒有回應,很擔心錢拿不回來...

Translated by Google:

The application for the withdrawal has not been made for two weeks. No customer service can ask, the mailbox does not respond, and I am worried that the money will not come back...

林昀樓 07/31/2018
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