Golden FX Review
Reason to avoid: Offshore license
Listed Date: November 29, 2018
Top 3 Regulated Forex Brokers
Beware Golden FX is a Non-Regulated broker. It is NOT SAFE to trade.
- Company name: TBI Management Group
- Registration/license: St. Vincent and the Grenadines
Is Golden FX a scam or legit broker?
No, it is not safe to trade with Golden FX. Golden FX is own by TBI Management Group which is an offshore company registered in St. Vincent and the Grenadines.
St. Vincent and the Grenadines is notorious for its practically absent requirements and regulations. Due to the setup cost is low and it does not regulate forex trading. It is even possible to register online without providing the names of the shareholders or directors of the firm. That is why this location is considered to be dangerous, as there are no guarantees that the company is legit. Therefore, it became an offshore zone for shady forex brokers such as AitsFX, Ace Forex and more. You can read a detailed article explaining the risk of trading with brokers from St. Vincent and the Grenadines.
Golden FX is not regulated by any official financial authority and subsequently does not have the right to provide financial services on regulated markets like British, Swedish, Danish or Norwegian. However, the firm provides the contact numbers with the phone codes of the mentioned countries which means it has been targeting EU residents.
We keep reminding traders that dealing with offshore brokers is quite risky as clients have no protection of their funds and sometimes such entities turned out to be scams. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as eToro and Plus500.