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GoldFxTrading Review - is it scam or safe?

GoldFxTrading Review - is web.goldfxtrading.com scam or good forex broker?

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

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Trading Accounts and Conditions

 

Trading account  Min. deposit Max. leverage Spread
Basic  €500 1:1000 N/A
Professional  €5 000 N/A N/A
Extended  €20 000 N/A N/A

 

GoldFxTrading claims to be a UK-based forex and CFD broker. It offers trading on the MetaTrader4 via the account types listed above. As you can guess by the rating we gave this broker, we don’t recommend it. Read on to understand why.

 

Also, note that GoldFxTrading is not associated with Cambodian forex broker GoldFX.

 

 

GoldFxTrading Advantages

 

MT4 supported

Like more than 80% of all forex brokers worldwide, this one also uses the MetaTrader4 (MT4) platform. This trading terminal is highly praised by traders and brokers alike due to its ease of use and great functionality. The MT4 offers top-notch charting, flexible customization options, and is especially popular for its automated trading bots, a.k.a. Expert Advisors.

 

 

>> Check out the best MT4 brokers <<

 

 

GoldFxTrading Disadvantages

 

False claims of regulation

GoldFxTrading is allegedly owned and operated by a company with the strange name GFT. Its website mentions an address in London, UK, and a phone number with Italian country code. 

 

 

Click on the image to zoom in.

 

Furthermore, the broker claims to be authorized and regulated by the Financial Conduct Authority and provides a Reg. No 438879, which belongs to GFT Global Markets UK Limited. First of all, this company used to provide forex and spread betting services, but went out of business in 2016, and is no longer licensed by the FCA. Second, we suspect that GoldFxTrading has nothing to do with this UK company, but simply uses its name and Registration number, a scam tactic also known as “a clone firm”.

 

 

Related to a shady company

Another alarming fact about GoldFxTrading is that its MT4 is provided by a third party, and more specifically, FAH Investment ltd. This offshore firm operates Time4X brokerage brand and is blacklisted by both the Italian CONSOB and the Estonian Finantsinspektsioon.

 

 

Click on the image to zoom in.

 

Trading conditions not disclosed, demo spreads too variable

The website of GoldFxTrading contains no essential trading information, other than the initial deposit required for each of the account types, which, by the way are quite high. This is always a sign of trouble, as it shows lack of commitment and transparency.

 

Besides, when we tested the broker’s MT4, we found the spreads floating quite frantically in a very broad range. For example, the EUR/USD spread varied from 0.2 to 1.8 pips in a matter of seconds, which is not normal in the middle of the European session without any major news to shake the market.

 

For a real-time comparison of some of the best offers in the forex sector, check out our dedicated page.

 

 

>> Compare the spreads of some of the best forex brokers <<

 

 

No CFDs on stocks and cryptocurrencies

When we tested GoldFxTrading’s MT4, we also noticed that the broker does not offer trading in popular instruments such as CFDs on stocks and cryptocurrencies. This is not a major flaw, yet some traders will miss those CFDS.

 

 

Conclusion

 

GoldFxTrading is a MT4 forex brokerage that does not fall under any regulatory oversight. Its claims of regulation by the UK’s FCA only make matters worse, as we are almost certain that GoldFxTrading uses the company name and the registration number of a firm it has nothing to do with.

 

On top of that, this broker is related to a shady company that has been blacklisted by several regulators. Considering the above, you’d better not risk a single cent with GoldFxTrading, let alone 500 Euro or more.

 

Unfortunately, investment scams are very common in the trading world, so we always urge investors to deal only with brokers regulated by prestigious regulatory agencies, such as the FCA and CySEC, which require compliance with a set of strict rules that give significant assurance for the security of clients‘ funds.



>> A list of FCA-regulated brokers <<

 

 

Here is a summary of our review on GoldFxTrading:

 

Pros Cons
MT4 supported False claims of regulation
  Related to a shady company
  Trading conditions not disclosed
  Demo spreads too variable
  No CFDs on stocks and cryptocurrencies
  High initial investment required

 

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Traders` reviews for GoldFxTrading

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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scam broker

With me they did a series of cheating, I protested, but the more nobody replied- I was scammed for 5000 euros
Stay away from this broker

gianfrancesco mistrorigo 05/07/2019
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