Beware! Goldship Limited 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.
Goldship Limited is another broker that wants you to believe that they are the crème de la crème and you could never go wrong with them. But if this is a broker with a 12-year-history who supposedly “has maintained a perfect reputation” and “there has never been any bad record” why does their contact information look like that?
We will not mention the fact that on another spot on the website the broker states that it has been established in 2016 and not 12 years ago and continue with the questions. If the broker provides “customers with a stable, reliable trading environment and trading platform” why couldn’t we even open an account? And if they want to offer “professional quality, professional attitude, and timely, accurate, and perfect investment information” why were there no Terms and Conditions and very little actually useful information on the website?
You probably can answer all of these questions for yourself – the last thing Goldship Limited is, is a reliable broker you should be investing your money with.
Goldship Limited REGULATION AND SAFETY OF FUNDS
As you can see above, the broker did not provide any sort of contact information but they do claim to be UK-based. Although that is highly unlikely, we still checked the register of the UK financial regulator, the FCA, and got zero matches for a company with that name.
This means that Goldship Limited is not regulated by the FCA and therefore cannot be legally offering financial services in the UK. Such anonymous brokers who exist with the sole purpose of earning a few dollars but scamming you are a dime a dozen – and even though Goldship Limited themselves did not put a lot of effort into the scam, some scammers are actually quite imaginative and hard to tell apart from a legitimate, regulated company. That is why you should be careful – especially with offshore brokers and those who promise extremely high returns – and always check the registers of the financial regulators responsible for licensing brokers in the specific country. In nine out of ten cases the broker will have some sort of problem with its license – which should be your queue to ignore them and turn to a regulated broker instead.
For example, UK-regulated brokers are a good choice because they answer to one of the most reputable authorities in the world and have to meet many requirements before obtaining a license. The minimum capital requirement for the UK (but also for the EU) is €730 000 but the sum can be much larger if a broker is bigger and has more clients. Client money must be kept in a segregated account. This makes it impossible for the broker to reinvest your money on a whim. UK companies are obligated to participate in the Financial Services Compensation Scheme (FSCS) so if one such broker becomes insolvent, their clients could receive compensation of up to £85 000. Such protections would not be available with scam brokers like Goldship Limited.
Goldship Limited TRADING SOFTWARE
Goldship Limited provided a download link for a platform known to every trader – MetaTrader 5. However, we did not manage to get our logging-in details from the broker because, after supposedly successful registration, Goldship Limited would not let us log in to their client area. This means one of three things – a website malfunction, that the broker is not currently taking clients, or that we are not among those handpicked personally by Goldship Limited. Such scam brokers often like to choose their victims – this way, the scam remains undetected by outside viewers for a longer time. Keep a watch out for any broker who would not let you register without a promo code personally provided by them.
If you want to try MT5, there are far better brokers to do that with. We have nothing but good things to say about the platform, its interface, and its features. And those features are many – Expert Advisors, VPSs that keep EAs operating at all times, possibilities for backtesting strategies, a market for trading add-ons, and even a built-in economic calendar.
Goldship Limited TRADING CONDITIONS
What little we learned about the trading conditions we would get with Goldship Limited, was from their website – which is not our preferred way of figuring such things out because scam brokers are never very reliable in their claims. The broker did not mention anything about the minimum deposit amounts or their commision. Since trading is becoming more affordable than ever and it is very easy to find a legitimate broker who would set up an account for anywhere between $1 and $100, there is no point in dealing with such scammers.
The spreads were advertised as being as low as 0 pips but we have huge doubts about that. As for the leverage, Goldship Limited claims it is as high as 1:100 – and no legitimate UK broker could promise you such leverage because of the leverage restrictions for retail clients thta exist in the UK and the EU – up to 1:30 on forex majors. High leverage can lead to huge losses but if you know how to use it, it could also be lucrative – you can check out our list of brokers offering leverage of 1:100 but still be careful with your settings.
Goldship Limited DEPOSIT/WITHDRAWAL METHODS AND FEES
There was no information about the payment methods available with Goldship Limited, or about any additional fees. Without access to a client area, we could not establish how we could deposit but as this broker is extremely unreliable, you should not be thinking about transferring money to them at all.
HOW DOES THE SCAM WORK?
Such scams are rarely very elaborate so it is quite surprising that they manage to trick so many people. It seems that scam brokers are not going away any time soon so it would be good to know how to avoid them.
It all starts innocently enough – you see some impressive ad on the Internet promising to make you rich in a matter of months. And you would not have to do much – just invest a small amount of money with broker X. You are tempted so you provide the scammers with your email and phone numbers. After that, they won’t leave you alone before you deposit. Some scammers disappear right after you have transferred any sort of money but most of them are greedy – they will keep asking for more and more money. And you will be transferring because you will see that you are turning huge profits soon enough – it is very easy for scammers to manipulate platforms to make it look like you are doing great. Keep in mind that such people are well-versed in the arts of smooth-talking and convincing – they will charm you into transferring thousands before you know it.
But once you want to get access to all this money you have won, you will have trouble. The scammers will keep making up additional fees and clauses that prevent you from withdrawing – yet. At some point, they will just stop answering your calls and emails altogether.
WHAT TO DO WHEN SCAMMED?
Such stories rarely end well so prevention is key – always do your research, check registers of different regulators, and read Terms and Conditions carefully.
If you have already gotten scammed, there is still hope. Change any passwords you have provided the scammers with – that includes cases when you have given them remote access to your computer. Notify the responsible authorities and contact your bank or credit card provider to let them know you have been scammed. If you have used Visa or MasterCard to transfer money, you can try asking for a chargeback – this is possible within 540 days. Don’t trust any so-called “recovery agents” that offer to retrieve your money for a fee – this is just another type of scam and it would only lead to you losing more money.
Finally, sharing your story with others is important – this way, fewer people will fall into the same trap.