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: Consulting Group Ltd.
- Registration/license: St. Vincent and the Grenadines
- Registration/license requirement: USD 2,000
Golden FX is a Forex, CFD and cryptocurrency broker. The website is owned and operated by Consulting Group Ltd., a company organized and existing under the law of St. Vincent and the Grenadines. St. Vincent and the Grenadines is a popular offshore zone for the forex brokers as they can be easily incorporated under the countries law. 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.
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. Instead, we recommend choosing among brokers licensed by FCA in the UK or CySEC in Cyprus. Check the list of the FCA-regulated brokers.