RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Goldenburg Group Limited sounds like a great broker, and it has all the legal backing of one. But the main issue, and perhaps the only one, is that its website is very limited in terms of information. There wasn’t even a registration page, which spawned a couple of theories. The one we are willing to abide by is that the firm might be new and still need time to develop. But whatever the case is, Goldenburg Group Limited sounds decent.
GOLDENBURG GROUP LIMITED REGULATION AND SAFETY OF FUNDS
Goldenburg Group Limited is fully regulated by CySEC, one of Europe’s leading FX overseer. With the regulation come a ton of benefits for both clients and the broker. For one, the broker can offer legit services and is authorized, which is what most brokers want.
It’s the user that benefits most though. In terms of safety, there is nothin more safe that dealing with a regulated broker, not to mention a CySEC approved one. For one all the clients’ funds are kept in segregated bank account safely tucked away from the broker’s own accounts, meaning there can be no financial mistreatment on this front. Moreover, Goldenburg Group Limited has to provide a steady €730 000 minimum capital at all times, which is one of the main requirements for any FX broker, proving that the firm is stable and can pay clients. There is also the fact that the broker is under the Markets in Financial Instruments Directive, or MiFID, which is a market directive that allows the firm to offer its services to all EEA countries.
Crucially though, for its users, all brokers regulated under CySEC are covered by the Investor Compensation Fund, covering each trader with up to €20 000 in case the firm turns bankrupt. So, technically, the broker is risk proof.
Actually, Goldenburg Group Ltd is an umbrella firm that has a bunch of approved brokers, all based in Europe. The site that we are currently reviewing seems to be both the main holding company but also a broker in and of itself.
However, there is very little information that Goldenburg Group Ltd presents to us and its users There was not even a registration process anywhere. However, the only way we can look at it is that the firm is new, and is still developing certain aspects of its site. Considering that it is regulated, it has potential.
GOLDENBURG GROUP LIMITED TRADING SOFTWARE
Goldenburg Group Limited says to be offering the MT5, and so we have no reason to doubt it, even though there are no links to it on the website.
The MT5 is the industry’s leading trading platform, and is currently on the rise since in popularity. And there are a ton of reasons why this is happening.
The MT5 includes multiple order types like stop-loss and take-profit and pending orders, dozens of chart indicators, EAs allowing for automated trading, improved back-testing capabilities, and so much more. It’s the best one for the job!
GOLDENBURG GROUP LIMITED TRADING DETAILS
As we already mentioned, there was no account creation page, probably because the broker is in its early stages. But we cannot accepts that there are no trading details to talk about.
Aside from mentioning forex currency pairs, shares, commodities, and indices as the available assets, we have no spreads or leverages. The leverage, considering the CySEC regulation, has to be capped at 1:30 for retails users. It’s the law.
GOLDENBURG GROUP LIMITED DEPOSIT/WITHDRAW METHODS AND FEES
Another thing that we found to be unacceptable was the lack of any payment details. The website does not reveal any specific payment conditions. As it currently stands, we do not have information on the payment methods, the minimum deposit, and the processing times.
Usually, legit brokers tend to average at the $250 minimum deposit requirement, and offer popular payment options such as credit cards, debit cards, bank transfer, and popular e-wallets, like Skrill, Neteller, PayPal, and Western Union.
We did find some information of fees, in this case a chargeback fee of $200. We find this to be way too high, and a very unnecessary commission:
There is also a “research” fee that is applied on top of the chargeback tax:
There are other fees, all of which (excluding the ones above) are pretty standard for most FX brokers. These include swap fees, commissions on shares, etc. It’s important to remember that the broker can change its fees by giving the user a 3 days notice.
