Warning! GoldenBrokers is an offshore company! Your deposit may be at risk.
RECOMMENDED FOREX BROKERS
Is the aptly named GoldenBrokers (goldenbrokers.my) broker what it implies it is, or should users stick to the silver? Read the review to find out all there is to know.
GoldenBrokers is a trading name of GoldenBrokers Ltd which is located in the Federal Territory of Labuan, Malaysia. As such it is regulated by the Labuan Financial Services Authority which acts as the central supervisory and enforcement authority in Labuan. The official registry of the license issuer checks out. The broker is in fact regulated there. Here is a snap of the official license:
The main duties of this regulatory agency is to promote Labuan as a center for financial services and to regulate according to the local and international standards. Furthermore, all client money is held in segregated bank accounts
We easily opened a demo account, and yet we were unable to get a hold of a leverage value. According to the website the leverage is capped at 1:100. The demo account produced a EUR/USD spread of 2.1 pips, which is not at all a good number, especially for a regulated broker. Furthermore, the Instruments section of the website claims that the typical EUR/USD spread is 3 pips, which is even worse than the demo account cost of trade. This spread is completely useless and is only beneficial to the broker. It’s as of a regulated broker, such as GoldenBrokers is, does not know what’s good for its clients. This is a red flag for GoldenBrokers.
Currently, the broker offers the following trading assets: Forex Pairs, Commodities, Indexes, Futures, Stocks, Equities, ETFs. The only asset that is missing is the crytpocurrencies, yet even without them this list is truly impressive.
There is an abundance in the available languages: Portuguese, Malay, Vietnamese, Thai, Russian, Spanish, Arabic, and English. However, the client are offered only English and Malay.
The MT5 platform is here to give you a pushing hand towards the right direction. Although not as popular as MT4, the MT5 still retains some great features that you will want in your trader’s repertoire. MT5 allows for a centralized market trade and is certified by many stock exchanges. There are also improvements in the time frames, better charting tools allowing for greater accessibility, and more pending order types for more versatile trading options. Expert Advisors have not gone anywhere; they’re still at your service with MT5.
There are no disclosed commissions on spreads. While this is a good sign, we advice users to be careful. There are brokers that purposefully hide this information.
The MT5 is made available to iOS and Android devices, as well as a desktop trader. There is also a browser terminal.
GOLDENBROKERS MINIMUM DEPOSIT
Unfortunately, the broker keeps most of the payment information behind closed doors. The only way to get a hold of these details is for one to verify his or her account. This is not, per say, a bad thing, but it would have been informative for non-registered users to have access to this information as it is crucial.
The base currency of the broker is the USD.
Unfortunately, any other type of depositing information is not within our grasp. Personally, we find this quite suspicious. Readers tread carefully!
GOLDENBROKERS WITHDRAWAL TIME AND FEES
At this point we though that the depositing information was insignificant. Well, it turns out that the withdrawal details are even less evident. The only info is that there are bank transactions where deposits and withdrawals are concerned.
These missing pieces of crucial information are definitely off-putting, and influence our general impression of GoldenBrokers.