Beware! Goldver is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Are you looking at Goldver brokerage and wondering whether it’s ok to trade via that company? You might be confused in fact because all these companies look kind of the same. So, let’s take a tour.
We can see on its website, that the company is trading in forex, stocks, gold, oil, gas and stock indices and claims to have opened more than 13 offices around the world.
If you choose to trade via this company, you will have a choice of 6 accounts. What each account entails, we’ll discuss a little later, so keep reading.
Goldver Regulation and safety of funds
Are you curious about the company’s registration? Do you think this is an important feature? If you say yes, then you are right! So, let’s take a look!
From the company’s webpage footer (screenshot above), we can see that the company’s address is in the Marshall Islands and the phone number provided is the country code for UK. You are thinking perhaps, so what if it is in the Marshall Islands, big deal! Let us tell you that where a company is registered is a sign whether it is reliable or not. Marshall Islands is an offshore zone, there is no regulatory body and you can register a forex company without actually being in the country. Trading via such company may present some risks for your funds because there are no safety precautions in place if the company goes bankrupt or if you deposit your money and the next day the company does not exist anymore. Would you take such risks with your hard earned money?
Now, if you are looking for a legit forex company that has safety precautions in place, we advise you to research and choose among the companies registered and regulated by financial authorities, such as FCA and CySEC . Why? Because companies registered there must have an initial capital of 730,000 euros and compensation funds of 20,000 euros for EU companies and 85,000 pounds for UK companies. As you can see, these are rigid requirements, which allow only genuine and legitimate companies to offer forex trading. This way, if something goes wrong, you won’t lose your money. So, here is our piece of advice for you – look at well-established jurisdictions, such as UK, EU, US and Australia when considering what forex company you can entrust your money to.
Goldver trading software
For its clients, Goldver offers Web Trader, an online platform that does not require download. Easy-peasy!, you think, just register and start trading, yay! Not so fast! Let us take a look and see what the platform offers and then we’ll compare it to some other trading platforms to evaluate its advantages or disadvantages.
On the left hand side, we see a menu which options are not that crucial to the trade activities. On top, we see the type of trades that you can choose from – forex, crypto, indices, commodities, USA , Australian, European stocks, etc. When you choose a pair of currencies, the interface shows you the fluctuation for a chosen period of time, leverage, margin, sell and buy price. What is alarming to see here is the high leverage which is 1:200. We are in a hurry here to explain that high leverage is not such a good thing. Yes, it allows for higher profit but only if you are an experienced trader. Otherwise, it may present risks as the chances of losing your money are higher with higher leverage. Normally, forex companies that are legit and regulated would have a leverage cap which for Europe is 1:30 and for USA is 1:50. Now, we want to underline that high leverage is not necessarily a bad thing. For example, Australia and New Zealand do not have leverage caps. However, the risks for inexperienced traders using high leverage are considerate. So, you have been warned!
Another sign you should be watching for when deciding on a trade platform is the spread. In this case, we see from the screenshot that the spread is 1.4 pips – not better than the spread offered by legit and regulated forex brokers, providing top customer service and guarantee for your funds. There is no need to take unnecessary risks with offshore brokers like Goldver.
Now, after you have taken a look at that trading platform and are considering whether you should choose this platform or not, we are going to let you in a little secret – if you are a newbie, you need a trading platform that has a demo account! Why? Because it allows you to practice on it without executing real transactions in order to gain knowledge and experience in the forex trade. There are such platforms that allow you to do that and are very well reputed and popular among legit forex companies. They are MetaTrader4 and MetaTrader5. The advantages of these platforms, in addition to the demo account are that they have tools and instruments that help analyse the markets and facilitate the transactions, such as the financial calendar, VPS, the app market and the trading signals. Of course, a good platform is not a guarantee on its own against scammers but at least it has some safety precautions against taking unnecessary risks by using other shady trading platforms.
Goldver Deposit/Withdrawal methods and fees
Now, let’s take a closer look at the different accounts and the deposit and withdrawal methods and see how they are organised on Goldver webpage.
The minimum deposit with Goldver is $250. An amount of $250 may not seem so high but if something goes wrong, are you prepared to lose it? Let us tell you that legit and regulated forex companies would ask for a much lower initial deposit, i.e., $100 or less which will limit the risks of losing your money in unsuccessful transactions.
On the company’s website, we notice payment methods shown as wire transfer, WebMoney, Visa, Nasdaq, Dowjones, DAX, Six, Swiss Exchange and London Stock exchange but in fact only wire transfer, Web Money and Visa will work to make a deposit as the others are stock exchanges. We do not know why they were shown as payment methods.
Another discrepancy that we noticed is that the currency for the initial deposit is shown in USD in the screenshot above and in euro on the company’s Terms and Conditions, as cited below:
1.2 Unless we agree otherwise, you agree to pay us a minimum initial amount of € 250 in cleared funds and maintain those funds with us at all times. We will hold funds in accordance with clause 3.6.
How do you explain that? Oh, and also this one – the company shall not take responsibility if the client suffers losses due to errors in quotes which are the result of typing errors. Isn’t that too brazen?! And who would agree to trust its money to a company which does not take responsibilities for its own mistakes?
Withdrawals, as per the company’s policy may take up to 3 business days and also, the company may ask for additional documents. Too long and complicated, we say.
Where fees are concerned, we find out that Goldver will charge its clients fees when making deposits or withdrawals. The amount is not specified in the Terms and Conditions. In addition to that, the company reserves the right (as per clause 10.20 of the Terms and Conditions) to charge additional fees or the increase the current fees.
Overall, we find that the Terms and Conditions of this company are not beneficial to its clients where deposits and withdrawals are concerned. The fees are not specified and the company may play with them any way it likes. Would you choose be a client in such company? Think carefully!
How does scam work?
Scammers prey on people who are after an easy and quick profit. The procedure is simple but works nonetheless. The scammers usually place an attractive ad on news websites or social media and wait for the fish to fall into their nets. So, you are tempted and decide to try. After all $100-200 is not such a big amount of money! And there is going to be a huge profit! Right? Wrong! Because your money has gone as commission to the scammer. Next, you will be inundated by telephone calls congratulating you for joining in, promising you big money fall and also asking you if you would invest more money to increase your profit.
By the time you start to smell rat, it might be too late. Ans also, getting out of the scammers’ clutches might not be so easy. Scammers know how to manipulate people and play on their emotions. They will ask you to be a bit more patient and wait just a few more days enticing you with pictures of what you can do with the money you are about to win. If this doesn’t work, next they will try to delay you so you miss the deadline for chargeback. They will ask you for this document, and that document until it’s too late.
What to do if scammed?
You must immediately apply for a chargeback. If you were lucky and made a deposit using a credit card, you may still have a chance of getting your money back. Visa and MasterCard, for example, allow a 540 day period in which to file for a chargeback.
However, you have used bank wire or Bitcoin, you may have to kiss your money goodbye. So when selecting a payment method for your deposit, please bear this in mind!
Another thing we want to warn you about – beware of the so-called ‘recovery agents’. They prey on people in desperate need to get their money back. They will promise that they can do it but it is in fact another form of scam. And don’t trust those lowlives who write in the comments section how they were scammed and a recovery agent helped them get their money back. They are liars and scammers out there to get you.