GoldBachInvest Review – 5 things you should know about goldbachinvest.com

GoldBachInvest Review – 5 things you should know about goldbachinvest.com

Beware! GoldBachInvest is an offshore broker! Your investment may be at risk.

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GoldBachInvest wants you to believe that this is a fully regulated and award-winning broker that provides securities for your funds. It sounds attractive for sure but the question is how much of what this broker claim is true. Here are the facts.

GoldBachInvest Regulation and safety of funds

If you are trying to select a legit and reliable broker to trade with, the first thing you should do is to check its registration and whether it is regulated. From the information available on the GoldBachInvest website, we understand that the address of the company is in Vanuatu which is an offshore zone for forex trade. Upon checking the register of the Vanuatu Financial Services Commission, we found out that GoldBachInvest does not exist in it. Therefore, GoldBachInvest is non-registered and non-regulated and possibly a scammer. Please be warned that trading with this broker will put your precious funds at risk of losing them.

With the sea of online forex brokers, we understand that it is not an easy task to select one that is legit and reliable. We can help you by providing some information and links for licensed and reliable brokers from some of the well-established jurisdictions from around the world, such as the US, the EU and the UK. First of all, let us tell you that in all these jurisdictions forex brokers are strictly regulated by the relevant financial services authority and all precautions are taken into consideration to guarantee the safety of clients’ funds. For example, EU and UK brokers must invest no less than 730,000 EUR in the form of an initial capital which among other things serves as a barrier against scammers. As you can imagine, scammers will never invest so much money just for the benefit of looking legit. In additions to that, clients’ funds are kept separately from broker’s with tier-1 bank establishments, there is negative balance protection, etc. One of the biggest perks for trading with EU and UK brokers is that they must participate and deduct funds towards a local compensation fund or scheme from which in case of bankruptcy clients can get reimbursed. UK brokers participate in the local Financial Services Compensation Scheme which can repay clients up to 85,000 GBP per client if the broker goes bankrupts. EU brokers participate in a local investor compensation fund which can provide up to 20,000 EUR per client if the broker becomes insolvent.

Although US brokers are strictly regulated as well, the trading conditions with them are different from those of their EU and UK counterparts. The first thing about US brokers is that they must be really well-capitalised and we are talking about investing $20 million in initial capital. Impressive, right? That is because in the US there are no compensation funds but by being well-capitalised, US brokers will be able to protect their clients in case of unfavourable events.

GoldBachInvest Trading software

GoldBachInvest is a forex broker trading in forex, commodities, indices, shares, cryptocurrencies and stocks. the trading software that clients can use consists of a web trader and MetaTrader 4 trading platforms. Below is the image of the MT4 platform. On the left-hand side, you can see the menu with the trading products given with their bid/ask price and beneath is the navigator for the accounts, indicators, expert advisors and scripts. In the middle are displayed 4 charts of 4 currency pairs showing the fluctuation in their price in a given time frame. If we look at the top-left chart, we see that this is the EUR/USD currency pair and from its bid/ask price we can calculate that the spread is 1.2 pips. We must say that such a spread is tight and beneficial for the traders as the cost of transactions won’t be too high and they will be able to achieve a sustainable profit.

On the other hand, there is no information regarding the parameters of the leverage that this broker has set up. Please be informed that non-regulated brokers and scammers tend to offer high leverage in their attempt to lure potential traders. However, trading with high leverage increases the exposure to risk for your precious funds and traders may suffer significant financial loss amplified by the high leverage. In the well-established jurisdictions that we mentioned in the previous section, leverage is limited to 1:30 in the EU and the UK and 1:50 in the US for forex currencies.

 

GoldBachInvest trading platform

 

GoldBachInvest Deposit/Withdrawal methods and fees

GoldBachInvest offers 7 trading accounts – Basic, Discovery, Silver, Gold, Premium, VIP and VIP+. The minimum initial deposit for the Basic account is $200. The other accounts start at $2,000, $5,000, $10,000, $15,000, $30,000 and $50,000 respectively.

The existing payment methods for deposits and withdrawals include payments made via credit card, bank transfer, BPay, FasaPay and UnionPay. There is no information regarding what the minimum withdrawal amount is, only that it takes 24 hours to process a withdrawal request.

Also, you must be aware that similarly to other dodgy brokers, this one too offers bonuses. Bonuses are non-deposited funds which means that they are money belonging to the broker, not the trader and normally are subjected to some hard to fulfil requirements. However, on the broker’s website, there is no information on what exactly these requirements are. We want you to know that legit brokers do not offer bonuses or other incentives to their clients and this is how you can differentiate them from the non-legit ones.

How does scam work?

Scam works in different ways. It could be either that you receive an unsolicited telephone call or you see one of these flashy ads on the Internet or the social media promising you a quick and easy profit. Scammers will promise you the sky and the earth until you give way to temptation and deposit money. Once you give them money you get caught in the scammers’ mousetrap and the cheese in the shape of a big fat money fall is gone! It may take some time before you realise that you are being scammed. Scammers are smooth talkers and they are masters of deception. They will give you some excuses as to why the big profit hasn’t come yet and will try to lure you to make even a bigger investment because according to them, the more you invest, the more you profit. After you have been waiting for a while and you finally come to your senses, you realise that you are being scammed. All you want now is to get your money back and get out of there. However, the scammers won’t make it easy for you! They will try to delay you so that you miss the deadline for applying for a chargeback.

What to do if scammed?

There are a few things that you must do immediately – file for a chargeback if you have paid using a VISA or MasterCard. Those two payment providers allow you 540 days time frame within which you may file for a chargeback.
However, the chances are grim if you have used bank transfer or Bitcoin as a payment method. There is no chance you’ll be able to recover your money.
In such a desperate situation, some so-called ‘recovery agents’ may approach you with offers to recover your money for a fee. Be cautious as you may be dealing with another type of scammers. Always check the information about the recovery agency – make sure it is legitimate and transparent in the public eye. Also, some scammers publish personal comments after our review about how they have been scammed and how they found a recovery agent who helped them get their money back. Do not trust such comments and do not use the published contact info in them as it will lead you to another scammer!
And lastly, a reminder to cancel your credit card if you have given your CVV code to the scammers and erase any software from your PC that gives the scammer access to your personal data.

Rich Snippet Data
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Reviewed Broker
GoldBachInvest
Broker Rating
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