GoldenShare Review – 5 things you should know about goldenshare.io

GoldenShare Review – 5 things you should know about goldenshare.io

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

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GoldenShare is a textbook scam broker. All the signs we needed to reach that conclusion are there – lack of regulation, trading conditions that would be anything but lucrative and terms that are designed specifically to rob you of your savings. You cannot turn a profit with GoldenShare – what will most probably happen is that you will never see your deposit – or anything else you have invested – again.

GoldenShare REGULATION AND SAFETY OF FUNDS

GoldenShare joins the ranks of the many anonymous, unregulated brokers circulating out there. They made sure to name every country that is famous for its stern regulatory mechanisms in some way. The phone numbers the broker has provided are in the UK and Australia while their address is in Cyprus. Upon checking the CySEC register where a Cypriot broker would definitely turn up, we found nothing.

To make matters worse, a FCA warning showed up for a trading company – Golden-Gate – registered at the same address as GoldenShare – RODOS BUSINESS CENTRE P.O. Box 26585, CY – 1640 Nicosia – Cyprus. We have exposed Golden-Gate as a scam and you can check the review here.

So we what we are dealing with here is probably one of the many branches of a scam company. It is common for scammers to change names, logos and websites as soon as they are exposed so that they can attract more unsuspecting clients.

If you want to ensure the safety of your funds, make sure to check if your broker is regulated before opening an account with them. FCA, CySEC and ASIC-regulated brokers are all good choices because the UK, Australia and Cyprus impose some of the strictest trading laws in the world. If your broker is licensed by any of these financial authorities. you can be sure someone is watching carefully what they are doing and how they are handling your money. If a broker wants to hold a license in any of these countries, they have to maintain a certain minimum capital – €730 000 for the EU and the UK and A$1 million for Australia. This is done to ensure that the broker has a sufficient amount of money and won’t just go under in case of some unexpected event. Licensed brokers should also keep client deposits in segregated account which means they have very limited access to your money after you have deposited them. The results are faster withdrawals and no opportunity for the broker to just reinvest your deposit. Scammers don’t follow such rules and don’t answer to anybody – which means everything might be happening with your investment and you can never be sure you will see this money again.

GoldenShare TRADING SOFTWARE

The trading platform GoldenShare had in store for us was a simple web-based platform – we have seen such platforms time and time again and it is always scammers that prefer them because they are cheap. It does not matter this software offer next to nothing in terms of functionality.

Better opt for a broker who offers established software like MetaTrader 4 or MetaTrader 5. Both of these platforms offer an abundance of trading tools you won’t find on a regular web platform. MT is famous for its Expert Advisors but this is far from the only thing the software can offer. You can also purchase a VPS that keeps those EAs always operating or subscribe to other traders’ signals for a small fee.

GoldenShare TRADING CONDITIONS

What GoldenShare offers  in terms of trading conditions is not very impressive. While the starting deposit is reasonable – $250 – there are legitimate brokers that would ask for far less to set up an account for you. With them, you would also be sure your money won’t disappear into the blue.

In terms of spreads, matters were pretty ridiculous. GoldenShare made no claims on the topic and only advertised the spreads as ‘gold’, ‘platinum’ and ‘VIP’. It is probably for the best they did not say anything specific because you would probably run like the wind if you saw their actual spread. Those would be around 9 pips, as manifested by the platform.

Another problem was the high leverage the broker is offering – 1:100. It would be impossible for a UK, EU or Aussie broker to offer such leverage to non-professional clients as the leverage rate is restricted by law to 1:30. Considering the fact that on more advanced GoldenShare account types the number could go up to 1:400, it is clear there is something rotten here.

GoldenShare DEPOSIT/WITHDRAWAL METHODS AND FEES

GoldenShare supposedly offers Visa/MaterCard and bank transfer. This is great because such transactions are the easiest to reverse. But if you have agreed to GoldenShare’s Terms and Conditions, you have also agreed to a few interesting clauses when it comes to chargebacks.

So basically the broker wants you to agree that you would not be withdrawing your money under any circumstances which is ridiculous considering the fact that they are a scam scheme.

Furthermore, there was only one withdrawal method available -Bitcoin. This is unusual as legitimate brokers have the same deposit and withdrawal methods and would only let you withdraw your funds in the same way you have deposited them. And Bitcoin is far from the best transaction method when you are dealing with scammers- since such payment are irreversible.

HOW DOES THE SCAM WORK?

The way such scams work is usually the same.

You are browsing and you see a banner or an ad for the scammer’s website promising you enormous profit. So you take a look at the website, think it looks good, and register – after all, who would not want to earn money so easily and quickly. And the scammers promise to make an experienced trader out of you in no time. The moment they acquire your contact info, you will start receiving emails and phone calls asking you to deposit. If you do, you will probably see you are making a lot of money soon – a trick aiming to make you invest more.

Time passes, you have made good money and now you want to withdraw. This is the moment the scammers will start making up wild reasons to delay that withdrawal – usually additional taxes. At some point you will start figuring out something is wrong and at that exact moment, the scammers will stop answering your phone calls.

WHAT TO DO IF SCAMMED?

Remain calm and don’t trust any so-called “recovery agents” that say they could retrieve your money if you only paid a small fee. Often enough, these are the same people that scammed you in the first place and even if they are not – that is a whole different type of scam aimed at desperate victims. Your “recovery agent” will disappear as soon as they receive the fee.

What you could do is ask your bank or credit card provider for assistance depending on your deposit method. With credit and debit cards you can file for chargeback within 540 days. Cryptocurrency transactions are non-refundable so don’t trust brokers only offering that payment method. Still, be prepared for the worst since such situations are rarely resolved in a happy manner. If you have verified your account, the scammers might use that as a basis for revoking your claim.

Still, make sure to change any passwords or other sensitive information scammers have received. Notify the authorities and spread the word – in your acquaintance circle and online. You can save a lot of people from the awful situation you might have found yourself in.

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