Is Golden Brokers Scam or Legit Broker?

No, Golden Brokers cannot be considered a reliable broker as it lacks a top-tier license. Golden Brokers Ltd. is authorized and regulated by the Labuan Financial Services Authority (LFSA) with license number MB/19/0030. LFSA is a financial authority in Labuan (Malaysia) responsible for developing and administrating the Labuan International Business and Financial Centre (Labuan IBFC).

  •  LFSA is a local regulator and does not hold enough power and intricate regulatory oversight to ensure a risk-free trading environment. The regulatory standards set by LFSA do not match the rigorous criteria established by well-respected authorities such as ASIC and FCA. As a result, participating in trading activities with offshore or unregulated brokers is generally regarded as unsafe.

About Golden Brokers
🏢 Registered inthe Labuan Financial Services Authority
🗺️ Type of LicenseOffshore
🛡️ Is Golden Brokers safe to trade?No
🗺️ Recommended LicensesFCA in the UK 🇬🇧 and ASIC in Australia 🇦🇺
🖥 Alternative BrokerFP Markets - licensed by ASIC in Australia

What is Golden Brokers?

Golden Brokers provides trading in Contracts for Difference (CFDs) across major products such as forex, commodities, indices, and shares to both beginner and professional traders. Traders have the opportunity to speculate on over 700 products using the MT5 platform, without incurring any commission fees. Additionally, they have the flexibility to choose from a variety of international payment methods. Golden Brokers enables access to leverage of up to 1:100 when trading major forex pairs. The broker also provides technical analysis

Through our research, we uncovered additional information about the broker and gained insights into various aspects of Golden Brokers’ operations. 

  • Lack of serious registration: Golden Brokers Ltd. is authorized and regulated by the Labuan Financial Services Authority (LFSA) under license number MB/19/0030. Accordingly, Golden Brokers Ltd. is permitted to engage in business as a Money Broker and conduct specific categories of financial investment activities as allowed by the Labuan Financial Services and Securities Act 2010. This means Golden Brokers operates as an offshore broker. While some offshore brokers have quite good trust records, it’s essential to conduct thorough research and carefully consider the risks before entrusting your funds to any offshore or unregulated broker.
  • Mostly negative client feedback: Golden Brokers does not stand out for its positive reviews from clients. The negative reviews are mostly about the unfavorable conditions of the broker, lack of transparency, bad customer service, impossibility of withdrawing money, etc. 
  • Market Manipulations: Typically, when there is a lack of transparency and regulatory supervision, it creates conditions that are susceptible to market manipulation, posing threats to both market integrity and investor confidence. Therefore, it is imperative to select a broker that operates within a well-regulated framework to guarantee a secure trading environment. 
  • Insufficient withdrawal process: Prioritizing the withdrawal process is essential as it is a vital aspect of the trading experience. Numerous traders have reported encountering similar issues with Golden Brokers, expressing concerns that when attempting to withdraw profits, the support team encourages further investments. This scenario often results in the loss of their funds and is typical to many offshore brokers.

Overall Golden Brokers Ranking

Thorough research showed significant concerns regarding the reliability of Golden Brokers and its compliance with regulatory standards. Consequently, we are unable to provide a positive rating for Golden Brokers.

  • Golden Brokers Overall Ranking is 2 out of 10 based on our testing and compared to 500 other brokers. See Our Ranking below compared to other popular and industry-leading Brokers.
RankingGolden BrokersXMFXTM
Ranking⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐
Is Broker safe?NoYesYes
AdvantagesNoneEducationTrading Conditions

Golden Brokers Alternative Brokers

Given the apprehensions regarding the reliability and security of Golden Brokers, we strongly advise traders to explore alternative options that provide stronger regulatory oversight and improved trading conditions. Below, we have compiled a list of reputable brokers that offer dependable choices and a secure trading environment for your consideration:

  • ThinkMarkets – Competitive Spreads
  • FXTM – Good for Beginners and Good Fees
  • Go Markets – Wide Range of Trading Instruments

Deposits and Withdrawals

Users have the flexibility to make deposits to and withdrawals from their Golden Brokers accounts using various methods, including bank wire transfers, credit cards, debit cards, and online wallets such as Neteller. There is a minimum deposit limit of $100.

  • There is not much information regarding the broker’s withdrawal process. Given Golden Brokers’ offshore registration, we recommend being very careful while considering investing with the broker. 

Account Types

Golden Brokers facilitates trading through the widely used MT5 platform, which offers a plethora of tools and instruments that users can customize to conduct comprehensive technical analysis and manage their positions effectively.  This platform is accessible on both Windows and Mac operating systems. When conducting trades through the MT5  platform, traders have access to Copy Trading, technical analysis, automated trading, hedging, trading signals, and other favorable features and strategies.

Golden Brokers Review Conclusion

Based on the information we have gathered regarding Golden Brokers, there are notable concerns about the broker’s trustworthiness and credibility. The primary apprehension revolves around the absence of tight regulation. Golden Brokers is only regulated by the Labuan Financial Services Authority, lacking a top-tier license.  Besides, along with the lax regulation,  there is a multitude of complaints and negative reviews related to the broker’s withdrawal process, insufficient customer support, transparency, etc. 

Our recommendation is to prioritize brokers that hold licenses from reputable authorities such as FCAASIC, or CySEC. Most regulated brokers offer excellent services and favorable trading conditions, at the same time following top-tier regulations, thus ensuring a secure trading environment. Some of the regulated brokers with good standing in the market are EightcapOANDA, and FP Markets

  • Overall ranking and experience for Golden Brokers is Negative.

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