Website URL: https://www.golden-cfd.com/
Deposit Methods: Bank wire transfer, credit and debit cards
Minimum Deposit: $250
Free Demo Account: yes
Types of Assets: CFDs, stocks, Forex, commodities, indices, futures, cryptocurrencies
Golden CFD is a suspicious broker company that has caught us by surprise when we started to research its reputation and details of its origin. The way it does business is so disgraceful that we are stunned that this company is not shut down yet. We expect it to happen any day now, but for now, let’s dive deeper into it to learn what it is all about. The first thing you should know that this broker company is located at St Vincent and Grenadines, which is a widely popular off-shore area. This should raise some red flags for you, especially if you’ve been in the trading game for some time.
The majority of the countries of the world are not accepted by Golden CFD. This means that you will probably not be able to trade with this company if you are coming from anywhere in the US and the majority of Europe. This is a clear telling sign that something might be wrong with this company, and that you should steer clear of it entirely. From what we’ve seen so far, it is clear to us that Golden CFD is here to scam you, rather than help you achieve your trading dreams.
Considering that this company is located in an offshore zone, you should keep in mind that this means that the company is not regulated. Golden CFD does not operate with any type of license, which means that there is no regulatory body to oversee its operations. This, of course, brings up the question of protecting your rights as an independent client and a trader. Unfortunately, if you happen to hit a snag with this company or find that your rights are being violated, you won’t be able to do much about it. Also, there is no regulatory body to turn to who could be able to protect you from scams or fraud.
Here is the list of some of the most common complaints that the clients have had when it comes to trading with Golden CFD. these are some clear violations of the trading practices, as well as the broader regulatory frame that the industry follows:
- Frozen accounts with no explanation
- Blocked accounts
- Not being able to log back into the account
- Brokers not answering the clients’ calls
- Website shut down
- Money missing from the account
- Offers of bonuses or additional funding to your account after you’ve lost a big sum of money.
Golden CFD makes a big fuss about being safe and secure, or at least they claim so on their website. However, the experience begs to differ – and that is what counts the most when it comes to the success of the clients.
The funny thing about this entire section is how contradictory the information is when it comes to the trading platform and the way it is used. First, the company claims that the platform is MT4, even though it lacks some basic features, not to mention speed and responsiveness. Then, the page claims that you won’t have to download it to use it, but there is no button to click on except the “Download”, so what is the point here, really?
Golden CFD is pretty bold with its claim that it offers the chance for trading over 700 assets across all major financial markets. This is definitely the biggest number we’ve seen, but it still does not prove anything, considering that we can’t even revisit the platform to confirm that claim. The range goes from CFDs and stocks to indices, commodities, and currency pairs – you name it. However, there is still a lot of facts missing such as leverage, margin, and other key requirements that you should get acquainted with beforehand.
There are 4 account types that you can find at Golden CFD. They range from the Classic one with a $1.000 minimum deposit to $100.000 for the VIP account. However, the important question here has to be raised. Namely, if the minimum deposit of $250 is accepted for trading, how can you do so if the basic account actually requires $1.000? This is highly unethical to claim if you ask us.
All these accounts offer a lot of lavish promises and benefits such as a variety of trading tools and signals. Also, access to top-notch educational material and insights can assist you with building a winning trading strategy. Also, besides there 4 account types you can also find the MAM Account, which stands for Multi-Account Manager account. With it, you can gain access to even more assistance and professional analytics for your account, as well as better spreads and leverage.
Deposits and Withdrawals
When it comes to funding your account or getting withdrawals from it, there are a lot of things to unravel here. Our main concern is the strange requirements and limitations when it comes to the amounts that you can withdraw or deposit. Namely, they depend on the payment method you will be using. For example, imagine that you want to deposit more money into your account. You will have to do so with at least $250 for credit and debit cards and $1.000 for bank wire transfers. So, what is the catch? We are still not certain about it, so we would appreciate some clarification on this.
On the other hand, the daily limit on withdrawals is $10.000, while the monthly one is $40.000. The main thing that we are concerned with here is the many fees that are applied to your transactions. A lot of them completely unnecessary in our book. For example, the withdrawal fee for credit and debit cards is 3.5% on any amount. Wire transfers require no less than $30! This is quite a lot. Also, there is a brief statement on the website that says that the company reserves the right to charge fees for some CFD instruments and transactions. But it does not specify which ones, exactly. This is another proof of shady practices on the company’s part.
The customer support team at Golden CFD consists of so many agents that speak several foreign languages. They are included specifically to fit your own needs and preferences. This includes English, Spanish and Chinese, as well as some lesser-known languages such as Slovenian and Hindi. However, this cannot change the fact that they are impossible to reach. They also take forever to respond. These are two of the most dangerous characteristics to have in a customer support team.
However, the “Contact Us” page does not depict this at all. It is professionally designed and includes a live chat option, an email address, several telephone numbers, and an online form that you can fill out and wait for a response. How long will you have to wait, however – this is a question no one can answer with certainty.
Golden CFD created quite a lot of educational material for all its clients. From video tutorials and eBooks to the glossary with the latest terms, you should get familiar with them before you begin trading. However, we have to draw your attention to a huge issue we found out about regarding this section of the company.
Namely, there have been a lot of complaints regarding the company’s free demo account feature. The sole purpose of the demo account is to simulate different conditions of the market. This is an environment that would be similar to reality. This way, the clients can get acquainted with how things work while trading without any pressure of failure. However, the clients have been complaining about this feature not providing realistic results. It is also said to be hyping up the clients, and promising them sure-fire wins, instead. This is quite harmful and damaging to all clients.
Golden CFD is definitely a broker company that you should avoid at all costs. There is no amount of bonuses or benefits that could hide the fact that they are basing their business on unethical practices. And even if you, personally, did not have something like this happen to you before. It does not change the fact that there are so many other clients who were scammed out of their money and financial stability. This is something you should definitely take into consideration when making a trading decision. It will affect a big part of your life. This is why we created this Golden CFD review. To help you make an informed and smart choice that will benefit you, and not make you lose anything you have worked so hard to earn.