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GoldingFX Review: A False UK-based Broker

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GoldingFX Review: A False UK-based Broker

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GoldingFX claims to be a UK broker but, the Financial Conduct Authority disputes it. Golding FX offers over 240 financial trading instruments to clients. The address listed on the homepage is Essex, London, the United Kingdom. We have seen several offshore brokers claiming to reside in the United Kingdom. The reason for it is to try and appeal to European investors and traders. No one wants to trade with an offshore broker. Get the truth in this GOLDINGFX Review.

GoldingFX Review

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About GoldingFX

On their about us page, there’s no information on their actual history. We don’t know whether the broker has a long history of trading or is a new platform. The about us page only reveals what the broker plans to do with funds.

There’s a claim of offering 100 percent safety of funds which is not true. We have received complaints from users who have gone through hell with this broker. There’s no way GoldingFX is a legit broker, and this is a risky trading platform.

Once you land on their homepage, you get a call of instant investing. There’s also a referral program that members use to enlist other investors. The broker claims to offer several advantages, including institutional spreads and world-class support.

Of course, all these are false promises. No one has come out with proof of profiting with the platform. You should stay away from the broker, seeing that it’s a front to fund their scam activities.

Accolades and awards on display

Just below the homepage, the broker claims to have several accolades. All these accolades start from 2017 to 2019. We checked with the supposed issuer of these accolades for confirmation. The broker was not even on the list of nominees.

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This goes to show the extent the broker will go to fool investors. All the awards are just logos of broker awards. If this broker won these awards, they would have their names engraved on these awards.

Affiliate program

Before joining their affiliate program, there are a few issues to iron out. The affiliate partnership only makes you an accessory to online fraud. Victims will point the finger at you for directing them to fraud.

The platform is, without a doubt, one of the biggest scams we have so far. Please stay away from it or else risk losing your entire funds. The broker also fails to pay commissions to affiliate partners.

Available trading instruments

Golding FX Trading Features

There are four assets on display on the platform’s homepage. Members get to trade with commodities, forex, indices, and stocks. Spreads of most of the major currency pairs start at 1.5. Expect to get shares from leading companies all over the world.

Most brokers will offer shares from the FAANG group as they are hotly contested shares. There’s no information on the leverage on their homepage.

Complaints from users

Gavin Moore is one of the victims who deposited funds hoping to profit from the platform. All his efforts to withdraw funds are hitting the wall, with the broker breaking all communication. After the broker lost all his money, Gavin got a call from the bank about a withdrawal request.

He did not want to deposit more funds, and yet, the broker was trying to withdraw funds. With the broker having his financial details, Gavin had to transfer money to another account.

Custodian of the platform

There’s no mention of who actually owns this trading platform. All we know is that the broker is having a hard time trying to convince us of their UK address. We sent someone to check it out, and it turns out that the address belongs to an empty building.

The building is under renovation, and no one has been a tenant since 2019. It goes to show that we are dealing with yet another anonymous online trading platform.

Domain details (goldingfx.net)

70 days was the time the website was online as we were publishing this post. The website went live on February 04, 2021. There’s no name of the registrant as it’s held for privacy purposes. We didn’t expect to find any names as no scam artist wants their name in the open.

It also goes to show that the broker didn’t receive any awards. The awards from 2017 to 2019 are all false claims. Please stay away from any broker that has no online reputation.

GoldingFX License and Registration

GoldingFX is not a valid trading platform and does not have a license from the FCA. This proves that the broker probably resides offshore and wants to claim the European market scene. One way to determine their illegitimacy is by searching through the regulator’s database.

None of the regulators in Europe have this broker under their wing. The broker holds no license or registration number.

A genuine broker would have posted copies of their license documents for all to see. It helps show transparency leading to users confirming the documents with authorities. With Golding FX, everyone is jumping in without looking at the broker’s validity.

The regulator will not come to anyone’s help as they signed up with an unregistered platform. It’s best to confirm a broker’s compliance before committing funds to them.

Hallmarks of GoldingFX

Account types

GoldingFX Account Types

GoldingFX furnishes members with four account types. These four include Mini, Standard, Gold, and Platinum. The mini account holder must deposit $500 to $5,000 to start trading. And this is another red flag as FCA-regulated brokers must follow set depository requirements.

The industry has set $250 as the minimum deposit. Other legit brokers have $10 as the minimum deposit. We don’t understand why an unregulated broker has such a high regulatory amount.

Contact and support

There’s no live chat, and users have to send emails to communicate with the broker. Although the broker claims to reside in the UK, the phone number has the country code of Spain. The number rarely goes through, and a bot will answer you with numbered requests.

If a broker does not avail themselves, there’s no need to trade with them. Most victims are angry with the broker for not responding to their emails.

Trading platform

Although the broker claims to have MT4, they push members into using their custom-built platform. The custom-made platform doesn’t have advanced trading tools. When you sign up with a real broker, the recommended platforms are MT4, MT5, and SIRIX.

Safety of funds with GoldingFX

There’s no safety of funds with a broker who hides their actual location. The broker doesn’t have valid trading documents making them a burst. Segregation of accounts is not taking place, meaning the broker transfers funds to a private account.

Scam or Legit GoldingFX

goldingfx.net Trading Platform

GoldingFX is another offshore scam trying to rip off unsuspecting investors. We hope our clear facts will make you change your mind about investing with them.

Bottom line

There’s no way we will encourage using unregulated UK brokers. We will add Golding FX to our blacklist.

Choose the right broker who has your welfare at heart. With the best broker by your side, you stand a chance of winning big. Make the bold move today and sign up with top-notch brokers.

Our team wishes everyone all the best in their trading endeavors.

 

 

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