Beware! Goldentradesfx 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.
Goldentradesfx is a forex broker that trades in forex, shares and metals using cryptocurrency. What we noticed at first site is that there is some information missing from the company’s website or at least not visible enough.
Goldentradesfx Regulation and safety of funds
The rule of the thumb when it comes to selecting your forex broker is that if they are from an offshore zone and are not regulated, then you shouldn’t be trading with them. Goldentradesfx which is operated by Tradomart SV Ltd. with an address in St. Vincent and the Grenadines (SVG) is exactly such broker. The Financial Authority in St. Vincent and the Grenadines does not regulate forex brokers and chances are you are dealing with scammers.
If you are looking for a forex broker and are not sure how to select them, we suggest that you research some well-established jurisdictions where there are stringent requirements in place to make sure that scammers cannot sneak in. In US, for example, the initial capital that forex broker must have is so high ($20 million) that no scammers will think of paying so much just to look legitimate. In Australia, the requirement for the initial capital is 1 million AUD! In EU and UK, brokers must have no less than 730,000 EUR in order to be licensed and in addition to that, they must make contributions towards a compensation scheme from which traders will be compensated in case the broker goes bankrupt. If the broker is regulated by FCA, then the traders will be compensated by up to 85,000 GBP per person and if regulated by CySEC, then the compensation will be up to 20,000 EUR per person. These are measures put in place to provide a guarantee for the safety of clients’ funds and you will be well advised to seek forex brokers from the jurisdictions we mentioned above.
Goldentradesfx Trading software
If you visit the website of the company, you will see that the trading software consist of web trader, mobile app and MetaTrader 4. However, due to technicalities related to the website, we were not able to download any of the trading platforms.
However, when you register and open an account, you see a trading chart provided by TradingView with a Bitcoin chart showing the fluctuation in price in a given timeframe. This chart is informative only and there are no trading options. Not surprisingly the values for spread and leverage are not provided either.
This brokers claims to offer MetaTrader 4 perhaps knowing that trader will be attracted to the fact that such an excellent trading platform is being offered on the company’s website. We agree that MT4 offers a lot of excellent trading tools and instruments to its clients and is not by chance of the most used by brokers trading platform. We want to mention here that the MT4 offers an auto trading option, VPS and code base with customs scripts. Also, it has an app market, a financial calendar and can provide trading signals for a subscription fee. This platform also offers a huge variety of charting options with technical analysis indicators that help predict the future direction of exchange rates and make profit, such as the Fibonacci retracement, moving averages and Bollinger Bands, to name a few. However, as you can see offering an excellent platform or claiming that they offer one, is not enough to compensate for the fact that this broker is not regulated and if you choose to trade via it your funds will be at risk.
Goldentradesfx Deposit/Withdrawal methods and fees
On the company’s website the information about what accounts are on offer is missing. When you register, you just open a live trading account. We noticed that Goldentradesfx offers on its website different payment methods, such as MasterCard, Skrill, Neteller, bank transfer, PayCo, QIWI, Union Pay and Alipay. However, when you register an account and want to deposit money, the only option is make a deposit in Bitcoin. The initial minimum deposit for feeding your account is $300. On the website, we did not information about deposit or withdrawal fees.
In the Terms and Conditions document, we found out that an account that has stayed inactive for a period of 6 months is considered dormant and there are fees for the maintenance. However, how much the fee is unknown and the company states that the fee will be announced under ‘account information’. Again, as we already pointed out, this lack of transparency in the information is not beneficial to the clients and once again we recommend that you do not trade via this broker.
How does scam work?
A lot of people get scammed in different scammers’ schemes not because they are naive but because scammers are masters of persuasion and manipulation. It all starts with unsolicited telephone calls or a flashy ad on the Internet or the social media. Sometimes people give up to temptation and invest money in shady schemes made to look legit and attractive and always promising quick and easy money fall. Once you deposit money into any of these schemes, you reach a point of no return! Your money is gone down the scammers’ food chain and you’ll have a lot of trouble recovering it. Scammers will do anything in their power to delay you, so you miss the opportunity to file for chargeback. They will ask you for this and that document and will find hundreds of reasons not to let you retrieve your money. The trick with offering bonuses in forex trading is one of those as your funds are mixed with the bonus money and it takes a lot of hassle to fulfil the broker’s requirements before you are able to withdraw any funds.
What to do if scammed?
Speed does it! You need to act very quickly if you want to recover your money. Immediately apply for chargeback if you have made your deposit via credit card. Fortunately, VISA and MasterCard give you 540 days within which to apply for chargeback.
If you have paid via wire transfer or Bitcoin, chances of retrieving your fund are grim. Anyway, we want to warn you that some of the so-called recovery agents may approach you and offer to retrieve your funds. For a fee, of course! Be cautious when dealing with them as it may be another form of scam! Always check if the recovery agency is legitimate and visible to the public!
Another thing we advise you to do is to immediately cancel any credit cards if the scammers have your CVV code. Also, make sure to erase any programs on your computer that give scammers access to your personal data on your PC.