Goose24 review 2023: 5 things you should know about goose24.com

Goose24 review 2023: 5 things you should know about goose24.com

Rating: 1

Beware! Goose24 is an offshore broker! Your investment may be at risk.

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Goose24 is the type of broker who hides its identity and tries to mislead potential customers that it’s reputable and regulated. In fact this broker doesn’t specify any corporate address, company name or at least phone number, so this website happens to be virtually anonymous. And as we don’t know where Goose24 operates from we are pretty sure this firm lacks any kind of forex license and isn’t authorized to offer financial services.

Not to mention the risky leverage and too high minimum deposit this broker offers – they are disadvantageous at least to say. Plus its trading platform is so basic and plain that we wonder how anybody could trade successfully using it. So if you consider investing with Goose24 the following lines will change your mind!

Regulation and safety of funds

Taking a closer look at this website we couldn’t find any useful information about this broker’s identity. There is no registered address, corporate name, phone number nor any legal documentation like license number or the jurisdiction it operates under. In short – this website turns out to be completely anonymous, as we don’t know who stays behind it. This is also a pretty clear sign that we are dealing with an unregulated broker. The reason being that every reputable firm would normally display all the essential information in order to prove its credibility.

In the case of Goose24 we don’t know anything about this broker so it would be highly unwise to put your money on the line. Also remember that you won’t be able to get any client protection and no financial authority would be able to help you in case you become a victim of a scam.

Don’t trust anything this website states, as it bears all signs of scam possible. Despite its claims to keep your funds in a secure place apart from its own capital, we simply don’t believe it’s true. In fact regulated brokers are obligated to store their clients’ deposits in segregated accounts, but since Goose24 is obviously unlicensed it’s highly improbable for it to comply with the rules.

What’s more this broker also promises to guarantee the safety of your money in the unfortunate event of the company’s insolvency. However it doesn’t specify anything else like for example if it takes part in any client protection schemes. In general all licensed brokers in the UK and the EU must participate in such compensation schemes which can compensate the client with a certain amount – up to 85 000 GBP for the UK and up to 20 000 EUR for most of the countries in the EU. Again, we have no reason to believe that Goose24 would abide by the rules, so don’t expect any client protection if you decide to deal with it.

Trading software

Goose24 claims it offers the industry standard MetaTrader 5, a WebTrader as well as its own mobile trading app.

After we registered however we were presented to a very simple web-based platform that doesn’t even meet the standards when it comes to forex trading. Take a look at it down below:

This is a basic chart that looks somehow flawed and old fashioned. It has some custom indicators and tools but certainly can’t compare to more advanced pieces of software that reputable brokers usually offer.

What’s more, there is no MT5 platform, as Goose24 falsely claims. Obviously this broker mentioned it just to convince unwitting investors to open an account.

In case you want to trade with forex pairs, cryptocurrencies, precious metals or shares, we encourage you to choose a legitimate broker, who offers MetaTrader 4 or MetaTrader 5 for real.

MT4 and MT5 are appropriate even for both advanced traders and beginners. You can be assured that the safety of your funds and personal information is granted as all transactions are encrypted as well as your IP address.

You can also choose between a wide range of educational resources, forex news and technical analysis tools. Most of the customers consider the trading bots to be the best part however. These bots, also called Expert Advisors, analyze the forex market in a search of certain conditions and then perform trading operations once they find them.

MT5 and MT4 can be easily downloaded on PCs, smartphones and tablets and have regular updates. Unfortunately, since Apple removed both MetaTrader 4 and 5 from its AppStore, these platforms can’t be downloaded any more from iPhone/ iPad users. All of you that have already installed the apps can continue using them, but without the above-mentioned updates. On the contrary you can still download MT4 and MT5 from Google Play Store.

Trading conditions

Goose24 claims to offer five different account types – Standard, Goose24+, Gold, Goose24PERT and Platinum. Take a look at some more details about a couple of them:

The Standard account requires a minimum deposit of 500 USD. This is too high of an amount and certainly isn’t worth the risk of investing with such a shady broker. Not to mention that licensed brokers usually ask for around 250 USD or even less – micro accounts require around 10 USD.

The leverage of 1:100 that Goose24 suggests is also on the debit side. This amount is proven to be very risky and is not recommended for retail traders. In fact in most of the countries the leverage is limited – 1:30 for the UK and the EU and 1:50 for the US exactly because of the associated danger of losing your money. If you still want to try and invest with higher leverage we advise you to choose a reliable firm – for example some of the offshore subsidiaries of reputable forex brokers.

The chart doesn’t say anything about the spread this broker offers and there is no data on the whole website as well. After we registered and saw the trading software, there was a spread of 2 pips for EURUSD, which in fact just borders on being unfavorable for trading. Remember that any spread higher than 2 pips respectively comes with higher trading costs, so what this broker offers is yet another drawback in its trading conditions. In order to benefit from competitive spreads less than 2 pips, better turn to a legitimate broker instead.

Deposit/Withdrawal methods and fees

Goose24 also doesn’t specify what payment methods it accepts and there was no data even after we registered. To be precise, this is what is being displayed every time we try to add funds to our account, take a look:

There is no data about the payment options nor any possibility to choose a desired amount or to fill in any card details. We don’t know the reason for this, however one is for sure – stay away from this scam broker for your own good!

How does the scam work

Be very careful to whom you provide your personal information like email or phone number. The moment scammers have your number they will start calling you in an attempt to make you invest right away.

They will most certainly assure you that trading with them is risk-free, which is highly doubtful at least to say. Also be prepared to hear that you can get a fast and incredibly high return on investment – this is also a shameless lie of course. Scammers tend to sweet-talk traders into making a deposit and then vanish like thin air.

Before that however they might try to manipulate their trading software so it looks as if your money is being invested. They might also fool you into believing that your results are very profitable. This is done with one specific purpose – to make you invest even more before you find out that everything is a lie.

Expect all kinds of hidden fees the moment you try to withdraw even a cent and what is the worst part – to find out that a withdrawal is declined no matter what you do.

What to do when scammed

If you have been scammed, the first thing you can do is to turn to the bank that issued your credit or debit card and ask for a chargeback. If you have paid with your Visa/ Mastercard, a chargeback is eligible within 540 days.

Wire transfers are more difficult to return, and the best thing you can do in this situation is to change your online banking username and password as soon as possible.

Using payment methods like Neteller, Paypal or Skrill also gives you the opportunity to open a dispute in case of online scam.

Unfortunately crypto transactions are irreversible as we already stated and therefore your money can not be returned. All in all we advise you not to trust brokers that use only crypto coins such as Bitcoin or Ethereum.

Last but not least, certainly don’t trust people on the internet offering to return your funds only after you pay a certain fee. They might also be scammers so don’t risk losing more money than you already have!

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