Beware! GoldenForexTrade is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
We are reviewing GoldenForexTrade, an offshore broker unable to offer anything at all, and we’ll discuss why we say so later in the review. Otherwise, it’s unlicensed but falsely claiming to be regulated, so we had to put it on the list of suspected scams immediately. GoldenForexTrade is a dangerous entity, and you’d better read this review before investing has occurred.
GoldenForexTrade REGULATION AND SAFETY OF FUNDS
GoldenForexTrade is a brand of GFT Group Ltd, a company allegedly registered in St. Vincent and the Grenadines. The mentioned country is a non-transparent tax haven that poorly regulates its financial markets and doesn’t license Forex brokers. In fact, the lack of regulations led SVG to get overcrowded with scammers, and things won’t change unless the island undertakes some measures. It’s so shady that we can’t verify GFT Group Ltd even exists. Therefore, your funds won’t be safe if you deposit with GoldenForexTrade because it’s anonymous and unregulated. Worse, though, the broker shamelessly claims to be transparent and regulated, so we can safely label it as a fraudulent scheme. We’ll support our accusations with more evidence of a scam later in the review.
Avoid GoldenForexTrade and better see the high-rated EU brokers and British brokers on both lists if you are interested in trading and investments. The European companies are well regulated, but most importantly, covered by deposit insurance funds created to protect investors’ money if things go wrong. For example, CySEC brokers’ clients can claim up to 20 000 EUR in case of bankruptcy, while the British guarantees are up to 85 000 GBP. Overall, CySEC (Cyprus) and FCA (Britain) licenses are trustworthy, and you can safely open accounts with companies regulated in both countries.
GoldenForexTrade TRADING SOFTWARE
GoldenForexTrade has no platforms whatsoever. The broker doesn’t utter a word on the website, and upon registration, it turned out that the trading software is simply non-existent. However, the Deposit button is fully active, and we were able to send money if we wanted to. That’s a scam! For more info, check the screenshot at the bottom of this section and make sure to avoid this fraudulent broker.
Now we’d like to offer the high-rated MetaTrader4 brokers and MetaTrader5 brokers on both lists while talking about software. The MTs are market leaders packed with advanced features such as Expert advisors, many indicators, and excellent charting tools. The software also includes a marketplace with more than 10 000 apps and third-party developed solutions, which is an unrivalled advantage.
GoldenForexTrade is deficient, having no trading software, but that doesn’t stop the scammers from making false claims. For example, they pretend to offer spreads as low as 0.1 pips and 1:1000 leverage. Well, that’s a lie! Nevertheless, as leverage is dangerous for retail traders, we need to dedicate a paragraph about it outlining some critical restrictions.
So, due to regulations, licensed EU, British and Australian brokers have to limit retail clients to 1:30 for FX majors, while Canadian brokers and US brokers to 1:50. Swiss brokers are trustworthy but not leverage restricted, so experienced, and risk-tolerant traders eligible to open an account in Switzerland can safely go for it.
GoldenForexTrade DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit is $5, which would be a favourable requirement if GoldenForexTrade wasn’t a crooked scheme. The funding methods are Bitcoin direct deposits, PayPal and Bitcoin via Paxful. Now we need to note that Bitcoin transactions are anonymous and non-refundable, so people sending cryptocurrencies won’t be able to get a refund if things go wrong. GoldenForexTrade apparently wants to evade chargebacks, and we know why- it’s a scam broker ripping off its clients.
Anyway, while talking about deposits, see our lists with Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers if you have a preferred e-wallet or a trusted payment system. The high-rated companies are well-regulated, and you won’t face scammers, so you can safely open accounts.
Overall, GoldenForexTrade is a scam scheme we exposed in this review, so you should stay away from this crooked business.
HOW DOES THE SCAM WORK
The scam usually starts with the deceitful ad, the cold call or the fraudulent social media profile, and once you get enticed, you’ll be constantly manipulated by the con artists. In most cases, the scammers will claim to manage your account and will show you winning trades at the beginning to make you believe it’s worth dealing with them. By doing so, they aim to gain your confidence and trust, which helps them in the following stages.
From there on, scammers won’t let you withdraw profits but will constantly urge you to invest, again and again, asking for much greater sums. Make no mistake about it; those criminals will try to squeeze as much as possible from you, so they’ll advise you to put all of your savings in the scheme.
You’ll probably understand what’s going on as soon as you try to get your money back. At this point, scammers will try to persuade you not to do so and will even shamelessly say that you can’t withdraw unless you deposit once more. If you are persistent and refuse to follow their instructions, they will simply cut the communication and close your account. Then, whenever fraud becomes publicly exposed, scammers will abandon the website and create new ones, carrying on with their criminal activities.
WHAT TO DO WHEN SCAMMED
Unfortunately, no one is immune to scams. If you get scammed, the first thing you need to do is to consider the secondary risks. Deactivate your credit card and contact your bank and ask for advice.
Then, report what happened to you, file a complaint, contact the authorities, call the police if you feel necessary. Seek help actively!
Remember, it’s crucial not to rush blindly to recover funds because fraudulent chargeback agencies and individuals are stalking, trying to double scam the victims. They ask for upfront payment, take the money but won’t do anything to help you!
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