Golden Brokers review – 5 things you should know about goldenbrokers.my

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Beware! Golden Brokers is an offshore broker! Your investment may be at risk.

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Golden Brokers is a regulated broker, that nevertheless leaves us wanting more. Please don’t get us wrong; the brokerage is very good, yet there are certain standards that it has yet to live up to. In the modern FX industry, the competition is fearse and one cannot expect to get big if it offers average conditons. With that said, we leave to the user to decide for him/herself.

The registration process was a little bit odd and confusing, but in the end, we were able to access a user area, and that is what matters most. The client area itself was nothing special, and we were honestly somewhat disappointed by the simplistic and uninspired visuals. Moreover, we were somehow able to open a live account with the web MT5 without having to give away any verification documents. Yet, as it turns out the server was a demo one, even with “live” as its title.

Nevertheless, we were able to read a EUR/USD spread of around 2.3 pips, which is not the best spread and is literally at the border with a cost of trade that would be unprofitable to traders. Here’s hoping for a better spread for those users with live accounts!

The leverage cap is at 1:100, which is honestly quite low for an offshore brokerage. Usually, they can go as high as 1:500, and sometimes even more!

Users are given the following assets with which to trade: forex currency pairs, commodities, futures, ETFs, indexes, and stocks. The only thing that is missing are cryptocurrencies, which have become a staple in the industry.

The website of Golden Brokers is available in English, Arabic, Vietnamese, Spanish, Thai, Russian, and Indonesian.

GOLDEN BROKERS REGULATION AND SAFETY OF FUNDS

The main thing to know of Golden Brokers is that is regulated in Labuan by the Labuan Financial Services Authority.

For those of you that don’t know, Labuan is a federal territory the Malaysian. Labuan was established as an international offshore financial center best known for offering offshore financial services through the Labuan International Business and Financial Centre, a specialized economic zone. This small business area has its own financial and FX brokerage license issuer called the Labuan Financial Services Authority.

Furthermore, brokers can be regulated just by the Labuan license issuer, and operate legally, even without being regulated by the official Malaysian FX and CFDs brokers overseer is the Securities Commission in Malaysia (SCM).

In the case of Golden Brokers Ltd, the broker is fully regulated by the economic zone’s regulator and is thus a legitimate FX and CFDs services provider.

GOLDEN BROKERS TRADING SOFTWARE

Here is a snip of the MT5 web trader:

There is also a full desktop version of the superior MT5. The inclusion of this terminal is definitely one of the broker’s high points.

GOLDEN BROKERS DEPOSIT/WITHDRAW METHODS AND FEES

The client area reveals that payments are done only after a user verifies her account. The website discloses no payment info anywhere, which is a sloppy move on the part of the broker. By payment details, we also mean that there is no withdrawal information.

Usually, the most common payment methods are credit/debit cards, wire transfers, and a couple of alternative methods. Crypto gateways have also become very popular. The usual minimum deposit is $250. As for withdrawals, fees are mostly paid by the brokers, but at times brokers themselves charge commissions. We don’t know what the case with Golden Brokers is, but seeing that there are no withdrawal fees indicated, we can thus deduce that there are no such commissions.

We find a suspicious clause in the terms and conditions, which sort of reminds us of ones we have read at many unregulated brokers. The following clause tells us that the firm will receive fees from its users as compensation for the services it provides its clientele. Moreover, Golden Brokers has the full right to modify the fees without prior consent from the client!

Although a couple of these fees are explained, we cannot shake off the feeling that there might be other charges, that the company has not disclosed.

Moreover, the broker can close trading positions opened by clients in order to settle commissions and charges.

Furthermore, any unpaid sums will accumulate interest on a daily basis! If a user fails to deliver the payment on the due date, the broker has the power to sell his or her financial instruments!

The one fee that is given an explanation is the so-called administrative fee, which is actually the dormant fee. If there is no account activity within a year, the broker will charge the user $100.

We find no other revealed fees, which worries us. These clauses definitely had an impact on our opinion of Golden Brokers.

Because of these clauses, we really had to take the time to consider if Golden Brokers is worth it. After some thought, we decided that it is, but that does not mean that users should let their guard down.

Rich Snippet Data

Reviewer

TheForexReview

Review Date

2021-05-28

Reviewed Broker

Golden Brokers

Broker Rating

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