Golden Brokers Ltd: Why You Must Avoid This Shady Broker
Golden Brokers Ltd is an offshore, licensed broker. It has a good interface but it falls flat when it comes to meeting the industry standard. There are a ton of red flags and it seems as if the people behind this firm don’t care about their clients at all.
The current forex industry has a lot of competition so companies are always trying to innovate and enhance their user experience. Then, you have companies like Golden Brokers Ltd which don’t even try to meet your expectations.
The registration process at this forex broker is rather complicated. However, we were able to set up a demo account. The user area was quite disappointing as there was nothing interesting. Obviously, the people behind the firm didn’t put any effort into making the user area enticing.
Also, the company lies to you when you start your demo account. They let you start a demo account without requiring any documents but claim that it’s a live server. In reality, the demo server is fake and is not a live server at all.
The spread for the EUR/USD pair was around 2.4 pips, which is quite high. Such a spread makes the cost of trade unprofitable for you. Hence, you should avoid brokers with such outrageous spreads.
There is more to uncover as you’ll see in the following Golden Brokers Ltd review:
Is Golden Brokers Ltd Regulated?
The one good thing about this broker is that it has a license in Labuan by the Labuan Financial Services Authority. Labuan is a federal territory of Malaysia and functions as an international offshore financial center.
It is renowned for Labuan International Business and Financial Center, which has its own financial and forex brokerage regulator, the Labuan Financial Services Authority.
Brokers with a license from LFSA don’t need to have regulation from the official Malaysian brokerage regulated, the Securities Commission in Malaysia.
Having a license shows that Golden Brokers Ltd is a legal establishment. However, in today’s competitive client, simply having a license doesn’t suffice. Forex brokers must follow certain business ethics to gain the trust of their clients.
In that regard, Golden Brokers Ltd doesn’t look very good.
What is the Trading Software of Golden Brokers Ltd?
Another good thing about this Malaysian forex broker is that it offers the MetaTrader 5 platform as its trading software. MT 5 is the most popular trading platform out there thanks to its vast selection of features, 50+ indicators, charting options and more.
While the user interface of the broker is quite terrible and plain, the presence of MT5 makes things usable.
However, we have seen many shady brokers try to capitalize on the credibility of MetaTrader 4 and MetaTrader 5 platforms to seem reliable. Such brokers tend to rely solely on the fact that they offer you the MT5 platform and have nothing else to offer. Keep in mind that just because a broker offers a reputed trading software, it doesn’t mean the broker is trustworthy.
To determine that, you must look at their trading conditions and user agreements.
What are the Trading Conditions of Golden Brokers Ltd?
The website says that you can only make transactions on the platform when you have verified your account. Furthermore, the website shares no information related to the available payment methods.
This goes to show how little this broker cares about its clients. It’s a vital piece of information which they can provide you without any difficulty. Yet, the people at Golden Brokers Ltd want you to sign up, provide them with your identification documents and get verified to find out if they accept your preferred payment methods.
That’s not all, the broker doesn’t share any information on its minimum deposit requirement. This is another shady move because the minimum deposit requirement of a broker can help you determine whether it’s worth your time or not.
Shady forex brokers tend to have a high minimum deposit requirement. Obviously, Golden Brokers Ltd has a particularly minimum deposit requirements that’s why it doesn’t disclose the same. It doesn’t want to dissuade prospective clients.
The user agreement of this company has a shady provision which made us realize that it’s probably a scam. According to the provision, Golden Brokers Ltd can change its fees and commissions whenever it wants and can charge the same without your consent.
Keep in mind that they don’t mention any fee-related information anywhere on their website.
After seeing their shady terms and conditions, one thing is certain. Golden Brokers Ltd is not an ethical and professional brokerage. It’s a shady forex broker which aims to take as much funds from its users as possible.
The purpose of this broker is not to provide a good trading experience. Instead, its sole purpose is to charge you hidden fees and commissions.
The presence of the MT5 platform and having a license made us think that they might be worth your time. But after going through their shady provisions, they showed us their true face. They are not worth your time.