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Rarely do authorized brokers utilize such flashy vocabulary to indicate their worth. With GoldenCFD there is nothing to get excited about. Read on to find out if this gold is corrosive.
The broker says that they are located in St. Vincent and the Grenadines, which is one of the most common locales for establishing a shady brokerage firm. The main reason for this being the fact that SVG does not regulated the forex and CFD market, and so even if GoldenCFD is registered there, it certainly isn’t regulated.
We strongly advise traders to trade only with regulated brokers that hold a license from renowned and severe institutions such as the FCA or CySEC. Not only do these agencies oversee operations and require regular reports from brokers registered with them, but those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).
The leverage goes up to 1:300, which is honestly not as high as we expected seeing that this broker is offshore and illicit.
The value of the cost of trade is unsurprisingly not made available. The simple explanation behind this is based on two main issues: after our brief registration process, the trading trading platform wouldn’t give us any spreads on any of the instruments; second, the website is very confusing on the topic and so a proper EUR/USD spread is left ambiguous.
The trading instruments we got on our spread-less demo account were: Forex Pairs, Metals and Energies. In total 10 assets, which is a laughable number.
The website is exclusively available in English.
The popular MT4 makes a return, attempting to restore some balance to this disequilibrium.
Metatrader 4 still holds on its own when it comes down to delivering what is necessary. The functionalities are all there including drag and drop charts, user friendly accessibility and pending order types. With MetaTrader 4 you can set automatic trading bots to do your deals for you while you preoccupy your time with different activities.
We could not get any spread value out of the MT4 platform upon successfully registering.
The leverage is 1:300. This is slightly below the offshore broker average but is nonetheless quite risky.
The MT4 comes fully available as a desktop traders and a browser based one. Furthermore, there are also Android and iOS versions.
GOLDENCFD MINIMUM DEPOSIT
The minimum deposit is $200 which is the average amount that legit brokers ask for.
Yet when you look at the account section you will see that the minimum requirement for the Classic account is the staggering $1000.
Credit Cards, Buysmartbits and Wire Transfers are the current available methods through which money can be deposited.
We would not deposit with this one if we were you. This broker is clearly not legitimate and not regulated, meaning that who knows what they will do with your investment. Traders should deal exclusively with brokers regulated by exemplary agencies such as the FCA or CySEC, for they oversee a brokers activities from head to toe with a severe case of diligence.
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
Furthermore, for safekeeping your money NEVER share your credit card number and CVV code with a salesperson. All online payments require this 3 digit number in order to complete purchases or transactions, and by giving yours away to some offshore broker may lead only to the complete drainage of funds from your credit card.
DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER
Another novice mistake that has been numerously repeated and taken advantage of is providing access to your computer and bank account via AnyDesk or TeamViewer. These two softwares allow for others (in our case the people behind the shady brokerage) to log-in to your PC and flip through all files and browsers, essentially taking over your computer as another user and having access to your personal information like bank account passwords, credit card information etc. Thankfully, these platforms are completely legal and will need your own personal approval in order to be used.
GOLDENCFD WITHDRAWAL TIME AND FEES
The minimum withdrawal amount for Wire Transfers is $100. For all other methods of withdrawals there is no minimum.
The broker claims that they will process the request to withdraw money as fast as possible.
The fee structure for withdrawals is weird, so we’ll just lay it on you. Platinum and Diamond accounts are not charged at all. Gold account users have one free withdrawal per month; what follows after that is unknown. The Silver and Basic (Classic?) accounts are charged after the initial free withdrawal of the month: Credit/Debit Cards are taxed with 3.5%, while Wire Transfers are are issued a fee of $30.
ADDITIONAL FEES AND TAXES
We want to remind readers that many offshore brokers have no intentions of paying you back. Any effort to withdrawal your money will be unsuccessful. Either the broker will find a loophole in the terms and conditions that is completely made up, will firmly advise you against withdrawing, or they will ask more deposits needed if one wished to withdrawal. Scammers come up with additional fees and taxes for the sole purpose of keeping you on stand-by, and to deplete as much money from you as is possible.
We strictly advise against giving away an ID and proof address to this one: it’s most certainly a scam. CryptoEU will inevitably use the anti-money laundering legislation as front for when traders start to get suspicious. Once this suspicion is confirmed and you file for a charge back, they will use your details against you case.
We are positive that this so called broker will not return your funds; the evidence we have laid out before you work in sync against it. The sound thing to do is to direct your attention and investment to an FCA or CySEC licensed broker where the law is integrated in every aspect of their operations.
HOW TO RECOVER
Filing for a chargeback is the best advice we could give you. Immediately contact your bank or credit card company and lay out the circumstances.
Any details you might have shared with the broker, most notably the CVV code, are sure to be used against you, thus you should swiftly cancel your credit card ASAP.
At some point or another you might stumble upon a “recovery” agent or agency that promises to retrieve all your money back. This sounds all too good to be true, and that’s because it isn’t. Before proceeding with the recovery they will ask a payment for their services. If you choоse to indulge them, they will disappear with the money without a hint of remorse.
The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!
All that glitters is not gold. GoldenCFD has nothing interesting, not to mention that it holds no regulation. What we are left with here is a brokerage firm that is not worth anyone’s time.
GoldenCFD compared to other brands
United Kingdom, Cyprus, South Africa, Mauritius
Cyprus, Saint Vincent and the Grenadines