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GoldmanCFD Review - is it scam or safe?

GoldmanCFD Review - is goldmancfd.com scam or good forex broker?

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

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Trading Accounts and Conditions

 

Trading account Min. deposit Min. trade size Max. leverage Spread
Mini  $500 0.01 1:200 3 pips, fixed
Standard  $5 000 0.01 1:200 N/A
Gold  $10 000 0.01 1:200 N/A
Platinum  $15 000 0.01 1:200 N/A

 

Clients of GoldmanCFD can trade in wide array of financial instruments on the MT4 platform by choosing one of the account types listed above.

 

 As you can probably figure out by the rating we gave this broker, we don’t like it much, but let’s start off with the few good things about it.

 

 

GoldmanCFD Advantages

 

MT4 available

GoldmanCFD uses the most popular forex trading platform, the MetaTrader4 (MT4). It is enjoyed by professionals and beginners alike, because the software is easy to use and yet has a full set of professional features and tools. The MT4 is especially popular for its advanced charting package and the automated trading via the so called Expert Advisors.

 

 

>> Find the best MT4 brokers <<

 

 

Leverage up to 200:1

Another possible benefit of GoldmanCFD, provided that it is not a scam, is that the broker offers solid leverage ratios, reaching 1:200. Such leverage will suit most trading styles and isn’t dangerously high.

 

Have in mind that in August 2018 the European Securities and Markets Authority (ESMA) capped the maximum leverage allowed with forex trade on the European market at 1:30, while similar restrictions are already imposed in the US, Japan, and other countries. The reason for introduction of these restrictions is that the use of high leverage levels brings along greater risk of loss.

 

Rich product portfolio

GoldmanCFD’s offer is very broad in terms of assets available for trade. Its clients can trade in many currency pairs, as well as various CFDs – on indices, commodities, precious metals, wide range of stocks, as well as Bitcoin.

 

 

GoldmanCFD Disadvantages

 

Not regulated

GoldmanCFD is allegedly owned and operated by GOLDMANCFD LTD. From the broker’s website it does not become clear where is the company based, as it features an address on the Marshall Islands (an offshore zone) and in Bulgaria. According to the broker’s Terms and Conditions, GoldmanCFD operates in accordance with the international financial and money laundering laws and also mentions MiFID 2006/73/EC Directive. Nonetheless, it is not licensed by the Bulgarian Financial Supervision Commission, nor by a similar institution in another Member State.

 

Dealing with offshore and/or unregulated brokers brings along significant risk, as they are not supervised by any authority and are pretty much free to do as they please. Unsurprisingly, many of them run various investment scam schemes.

 

Spreads aren’t clear, high ones in the platform

Despite offering a broad range of tradeable assets, GoldmanCFD has not announced in detail the trading costs. However, the spreads we saw, when testing the broker’s MT4 were wider than the current industry averages (a 3 pips fixed spread on EUR/USD).

 

 
>>Compare some of the tightest spreads here<<

 

 

Negative feedback. Related to iForex24

When we downloaded GoldmanCFD’s platform, we saw that it is in fact iForex24’s MT4.

 

 

Click on the image to view full size.

 

This is a dubious unregulated broker blacklisted by the Italian financial regulator that is most likely a scam. Looking at the user comments on our review of iForex24, it seems that a lot of Italian investors have been swindled out of their money. That being said, we also found a number of negative user comments on GoldmanCFD in Italian on the web, so you’d better stay away from this broker.

 

$500 required as a start

Yet another thing we don’t like about GoldmanCFD is the fact that it requires live account holders to deposit at least $500, while most brokers require $100 - $250 as a start. This is too much, especially on the part of unregulated broker. 

 

 

Conclusion

 

Although GoldmanCFD appears to have several strong sides, they are definitely outweighed by the disadvantages of this broker. Although it offers a lot of assets for trade on the MT4 platform, the costs of trading appear high, both in terms of spreads and initial deposit required. What is worse, GoldmanCFD is not regulated, but nonetheless operates illegally in Europe and seems to target mainly Italian investors.

 

Considering the above, our best advice is to only deal brokers, regulated by respected financial institutions, such as the Cyprus Securities and Exchange Commission (CySEC), or the Financial Conduct Authority (FCA) in the UK, for example. These agencies have strict rules in place that guarantee the safety of your investment.

 

 

>> Check out some of the best brokers licensed by CYSEC <<

 

 

The key points about GoldmanCFD, one more time:

 

Pros Cons
Supports the MT4 No financial regulation
Solid leverage Spreads aren’t clear, high ones in the platform
Wide range of tradeable asset Related to iForex24
  $500 required as a start

 

Latest news about GoldmanCFD
No news about GoldmanCFD . Check back later.
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Traders` reviews for GoldmanCFD

Spread

Pros

Cons

 

 

Slippage

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Requotes

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Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Scammed by GoldmanCFD

I have been scammed by Goldman cod for quite an amount
They assign a broker who makes money for you the they ask for you to deposit more because of the margin required for trading certain instruments my account was up to 105,000 euros when I asked for a withdrawal filled out the form . Heard nothing for a few days I asked again was carrying some trades all in profit out of nowhere they adjusted the platform so all my trades were showing 93,000 euros in loses . I think this is there way to wipe out your account so they don’t have to pay out. Just be aware don’t have anything to do with them they are scammers.

Jim patterson 01/11/2019
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