Golden Brokers is a Labuan-based brokerage business that entered the market in 2020. The owning company is properly regulated by the jurisdictional authority of Labuan – LFSC.
However, that is the only license that this broker can offer you for protection of funds and security measures. What exactly that means for traders and how protected they are is the main subject of today’s Golden Brokers review.
| Regulated by: | LFSA |
| Is This Company Safe? | Being regulated means that the company should be safe. |
| Known Websites: | https://goldenbrokers.my/ |
| Have Warnings from: | N/A |
| Registered in: | Malaysia |
| Operating since: | 2020 |
| Trading Platforms: | MT5 |
| Maximum Leverage: | 1:100 |
| Minimum Deposit: | N/A |
| Deposit Bonus: | Not available |
| Trading Assets: | Forex, Indices, Commodities and CFDs on Shares |
| Free Demo Account: | Available |
| How to Withdraw from This Company? | If it happens that you cannot process your withdrawal, be sure to contact our professional team for recovery services! |
LFSA Licensed Yet Struck-Off in Vanuatu
LFSA is the Labuan regulatory authority that has licensed Golden Brokers Ltd. The broker gained a VFSC license in 2018. That is not the case since Feb 2, 2022 when the company was deregistered.
Although regulated by the jurisdictional regulator, Golden Brokers operates under far more loose regulatory conditions than those ruling EEA, UK and US. In those terms, this broker cannot be considered as safe and diligent in protecting customers’ funds, providing compensation schemes or initiating the proper risk-reduction measures.
Preferred Clientele
Since 2018, through the jurisdictional or offshore entity, Golden Brokers has been providing a number of traders with financial services and products:
- United Arab Emirates
- United States
- Sri Lanka
- Brazil
- India
The Golden Brokers offer features high leverage especially attractive for the clients that are usually trading under restricted ratio. However, do not easily sign up for deals that sound overly lucrative. Especially the way this firm advertises them on social networks. Similar methods are used by fraudulent entities like Cointux.
Unsatisfactory Ratings
Based on the feedback that this company is getting, it doesn’t seem like the majority of the customers are content with the quality of service. The Golden Brokers Trustpilot page has an average rating of 2.8 out of 5.
Many of the reviewers express discontent with the broker handling their funds, especially withdrawals. The other source of concern are the unstable and changing trading conditions and costs.
KickEX is known to apply unrealistic charges to all their services.
High Leverage, High Trading Costs
The Golden Brokers leverage ratio can go up to 1:100, which is over three times higher than the standard EEA, UK and AU leverage. Although attractive to professional traders, this can be fatal for newbie investors.
Trading costs are quite high, as well. Starting pips on EUR/USD are around 4 pips, although the Demo account we’ve tested shows there numbers at ridiculous 35 pips.
Bithash is a crypto platform that easily charges insane sums per trade.
Trading Features Analyzed
As a regulated broker, Golden Brokers doesn’t quite compare to the leading world brokerage powerhouses. The firm doesn’t have their own proprietary trading app and only uses MT5.
Furthermore, besides the live and demo account, no other packages are offered. Lastly, trading only several basic instrument groups is what Golden Brokers can provide.
Web Terminal and MT5 for Desktop
MT5 offered as the main Golden Brokers platform cannot be a bad offer. This software allows copy trading and one-click trading, which is extremely useful. Other than that, there’s a whole palette of tools to customize your layout and ensure an edge on every market.
The Web Terminal on the other hand lacks all the crucial functions and can only be recommended if you do not wish to download anything.
Only Several Asset Groups
The whole spectrum of the Golden Brokers instruments only covers several tradable products groups. However, Golden Brokers still offers both Forex and CFD trading. Asset groups are as follows:
- Forex (EUR/USD, EUR/CHF, USD/JPY)
- Commodities (Aluminium, Copper, Natural Gas)
- Indices (Dow Jones, S&P500, DAX, CAC)
- CFD Shares (Alcoa, Citigroup, Duolingo)
Two Basic Account Types
Another disadvantage to opening a Golden Brokers account is the fact that there’s no customized packages. Besides the Live and Demo account, you cannot expect specific account types.
None of the web presentations explains what your live trading account brings. Not even the minimum deposit requirement is revealed. Also, you have to pass a thorough KYC procedure before learning what this account features.
Demo Account is Available
Trial trading with the virtual margin of $100.000 is available in the form of a Golden Brokers Demo account. For a limited time you can test the trading conditions and learn how trading on here works.
Incomplete Education
Two sections of educational materials exist on this site:
- Articles
- Videos
While articles only cover several basic Forex subjects, videos are a bit more specific and detailed. Still, these learning sources are quite scarce compared to what more popular brokers provide.
Potential Withdrawal Issues
As various customers have reported, issues occasionally occur with the Golden Brokers withdrawals. These primarily seem to be connected with the fact that the broker tends to withhold the funds. Due to lax regulatory oversight, this is not all that surprising, but unpleasant nonetheless.
If this ever happens to you as well, please do not hesitate to contact our legal experts as soon as you learn about the problem.
Contacting Golden Brokers
Several communication channels are available as a way to pass on your issues, feedback and other technicalities that may trouble you:
- Phone
- Physical Address
- Online form
One evident downside to the site is the lack of the online chat feature. It is known to be the most preferred and the fastest way to get in touch with the support service.
Contact Us In Case Of Trouble
It stands that Golden Brokers is a regulated firm. However, only by a jurisdictional regulator – LFSA, which is not as strict in the licensing and supervision process.
Therefore, potential issues may arise. Whether the broker may not be fully transparent or stalls with your payouts, contact us. Our team of recovery experts will act quickly and get your funds back before they’re irreversibly lost.
FAQ Section
Is Golden Brokers safe?
In terms of regulation, Golden Brokers is safe. However, due to numerous customer complaints, we recommend a better regulated firm.
What is the minimum deposit for golden brokers?
The website doesn’t reveal this information.
What Are The Golden Brokers’ Platforms?
Available platforms are MT5 for desktop and a simplified web trader.
How do I withdraw money from Golden Brokers?
You can attempt to withdraw funds by completing the request and passing the KYC procedure. However, if you’re having troubles with it, make sure you contact us for legal support.