Beware! GoldenBridgCap 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.
GoldenBridgCap is a very shallow website and even a more limited broker. In fact, we don’t know if we could be calling this one a broker since it’s so bad that it makes some of the worst one we have reviewed seem relatively ok. It terms of style, GoldenBridgCap absolutely misses the point, and looks more like a failed business site that catered to mountain climbers who were also traders. It’s ridiculous, but we can come up with more. But we won’t since the point of the review is to uncover how bad GoldenBridgCap is. So read on for more.
It all started as bad as we feared it would. There was no way to open an account, because of a registration page error. As far as we’re concerned there is no sign up section anywhere, and so we were not able to access a user area. As for the issue itself, the registration button lead us to an error page, meaning that oither there really is an issue, or the broker is on its last breath. Or perhaps, there is a hidden registration area saved for those special users.
Whatever the case may be, for us, we had to rely on the limited website. There we find that the available assets are forex currency pairs, commodities, indices, and other CFDs, which have been left unrevealed. There are no further details. Things such as spreads and leverages have not been alluded to.
GOLDENBRIDGCAP REGULATION AND SAFETY OF FUNDS
As far as we’re concerned, GoldenBridgCap is completely anonymous, no matter if it claims that it is incorporated in Australia. In fact, the broker mentions this only once, which means that it has come up with the lie at the last moment. But for those readers that want to be sure, we have got you covered. We of course referred to ASIC’s online databank of licensed entities, and found no result for GoldenBridgCap being regulated by it. So, considering this, the broker cannot be legally registered there because it would have already been caught.
That’s why the most probable explanation is that GoldenBridgCap is anonymous, and therefore a big risk to clients. Add to this anonymity the complete lack of legal documents, and we have on our hands a very unpredictable broker as well, one that can do what ever it wants. The missing provisions also mean that the user is not protected in any way.
GoldenBridgCap is completely unlicensed and a scam. It is a risk to all investments and personal details!
It would be a big shame to lose all that money to scammers. By registering and investing in an unlicensed broker, you are indirectly throwing your money away for a completely futile and illicit cause. There is no reason to do so. That is why we urge our readers to rely on European, UK, US, or Australian brokers, or any licensed entity for that matter. Licensed entitles are covered by hundreds of requirements, many of them apply financial compensation schemes, and anti fraud practices. In other words, they are the exact opposite of what this broker and others like it stand for.
GOLDENBRIDGCAP TRADING SOFTWARE
The broker tries to sneak in the MT5 in its website, but completely fails to do so, even though it’s not obvious.
For one, and the main point, the MT5 web trader opens with the MetaQuotes demo account servers, meaning that they do not reflect GoldenBridgCap’s values. All the spreads and tradeable assets there are useless.
Moreover, we did not have an account so there should be no way to access the MT5.
Not to mentions that the broker also offers the MT5 desktop, but it probably offers a demo server as well, so we can rule out the MT5.
GOLDENBRIDGCAP DEPOSIT/WITHDRAW METHODS AND FEES
There is absolutely no payment information anywhere. GoldenBridgCap lacks these details, which is a very bad move. How can you hope to attract an audience when it does not offer the most basic of requirements.
Usually scammers offer untraceable payment methods, and the minimum deposit really depends on the broker.
But, once again GoldenBridgCap proves to be a complete scam and a risk to all. If you find a way to invest don’t. All that money will be lost, and used to fund the fraudsters other projects.
HOW DOES THE SCAM WORK
Generally, the first step to being in a scam, whether a user is aware of it or not, is to bridge the crucial gap that exists between a user and a broker. With legit entities rarely does this go beyond the limits of formality, whereas with scammers they will try to behave as close friends, and will try to sell you as much as they possibly can.
It easy to fall prey to their sweet talk, because as financial instruments grow more complex, so do scammers, and there are surprisingly advanced swindle techniques that will leave you empty handed faster than you know. So make sure to think before you act, and to ask for professional guidance if necessary.
Contact usually begins at the online ads level, and expands to the telephone line relatively fast, depending on how good the scammer is and how susceptible he or she is to manipulations.
The ultimate goal is reached once a scammer successfully causes an initial deposit to be invested. Once this happens the user has become the victim, and from then on the fraudsters will try to retain the client for as long as possible, draining him/her along the way.
On average, it takes 2 to 3 deposits for a user to realize that something very unlawful is happening. By that point however, the broker will cut all communications with the user and will deny all withdrawal requests.
WHAT TO DO IF SCAMMED
The most common action to take is to file for a chargeback, but this happens only if the user has invested with a credit or debit card. That’s why you don’t get many investment frauds taking card payment nowadays. But the good news is that, if money was invested via a card, the chargeback period for MasterCard and VISA is 540 days.
Wire transfer deposits are harder to get back, and the only thing we recommend is contacting the bank to sort things out if possible. Oh, and make sure to change you bank account user name and password ASAP!
Crypto transactions are lost for good, unfortunately. As cryptocurrencies become more numerous and the systems underlining them more complex, scammer are taking full advantage of these aspects, and the end results are very lucrative. So, never trust unregulated brokers with crypto payments.
And then, we have to mention the other type of scammer, the recovery agents. These are either third party fraudsters or extensions of existing swindles, and will provide the seemingly impossible service of tracing your lost money. All they need is a fee for their effort, a sum of money that will be lost once paid.