Is GoldFxTrading a scam or legit broker?

No, it is not safe to trade with GoldFxTrading. GoldFxTrading is owned by GFT, which claims to be located in London, UK. However, company’s office is based 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. Therefore, it became an offshore zone for shady forex brokers such as CapitalXP, TraderUR and more. You can read our detailed article about the risk of trading with brokers from St. Vincent and the Grenadines.

Gold Fx Trading offers its customers online trading of currencies, commodities and of major stocks via CFDs (Contracts for Difference) in a sophisticated trading platform called PROfit. According to the website, GFT is authorised and regulated by the Financial Conduct Authority (Reg.438879). However, the regulator’s website states that: “This is a firm that can no longer provide regulated products and services, but was previously authorised by the PRA and/or FCA.”

It gets more confusing with the terms and conditions of the company that state it is under the Australian jurisdiction. GoldFxTrading is not authorized in Australia or any other country.

Moreover, the broker has recently been banned by Italy’s regulator CONSOB:

“The National Commission for Companies and the Stock Exchange has also ordered the following company GoldFxTrading (Gft) to cease infringement of art. 18 of the TUF”

We advise all investors and traders to avoid GoldFxTrading and other brokers from St. Vincent and the Grenadines. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as eToro and HYCM.

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