|Regulation and License||Labuan Financial Services|
|Leverage range||1:100 max|
Golden Brokers is a Labuan-based money broker that was founded in 2018. Although its headquarters are based in Malaysia, Golden Brokers offers its services to online traders in different parts of the world. The broker offers its clients the ability to trade CFDs across major asset classes such as forex, commodities, indices, and shares.
Trading at Golden brokers is done via the vastly used and reputable MetaTrader 5 platform. The broker's clients can access the trading platform through mobile apps, desktop apps, or via a web browser. Traders can also utilize the in-depth and timely research materials offered by the broker to stay up-to-date on the markets and make data-backed trading decisions.
|Over 700 financial CFD instruments||swap|
|24/5 multilingual customer support||Golden Brokers inactivity fees|
|Fee-free deposit and withdrawal||Fairly low maximum leverage|
|Stop protection policy|
|Commission-free trades on indices, commodities and FX|
This Golden Broker's review will explore all the important details about the company – including the available markets, the process for opening a trading account, fees, swaps and spreads, deposits and withdrawals, regulations, customer support, and more – to help traders identify if it's a good fit for them.
Golden Brokers Ltd is licensed and regulated as a money broker by the Labuan Financial Services Authority (“LFSA”) with license number MB/19/0030. The company's headquarters is based in Kuala Lumpur, Malaysia, but it operates in different parts of the globe.
According to the client agreement, Golden Brokers keep their clients' funds in a segregated account from the broker's funds. Separating client and company funds is important in protecting clients' funds, especially when a company is declared bankrupt. The broker also utilizes a stop protection policy that liquidates open trade positions after the margin level goes below 50 percent.
Risk Warning: Trading in CFD financial instruments carries a high risk and is not suitable for all investors. Using leverage means the trader is willing to lose more than their initial investment amount if the trade goes against the expectations. Golden Brokers Ltd is not responsible to the extent allowed by the law for losses, in part or whole, resulting from a client's trading activities.
From the client agreement, Golden Brokers does not charge any commission on deposits and withdrawals. Any costs incurred for deposits and withdrawals result from the client's bank services provider. Golden Brokers charge a $100 inactivity account fee for accounts that don't conduct any deposits, withdrawals, or trading activities after twelve months.
Trading FX, commodities, and indices with Golden Brokers are commission-free, but shares trading is subject to a commission. The commission on shares trading is 0.5% of the trading volume or at least $20 per trade.
The spreads vary based on the asset classes for Golden Brokers' clients. FX spreads start from three pips for a popular currency pair like EUR/USD, commodities like WTI Crude begin at 0.1 pips, and indices start anywhere from two pips.
Compared with the industry average, the spread rates offered by Golden Brokers are a bit higher.
The average swap rates for Golden Brokers are relatively high compared to what other competitive online CFD brokers offer. At the time of creating this review, the swap rates for one of the most traded currency pairs, EUR/USD, were -27 for short positions and -32 for long positions. Users can view the swap rates for different trades on the broker's MetaTrader 5 platform.
The swap fees are charged on the normal Golden Brokers trading account for positions that remain open overnight.
Both the client agreement and Golden Brokers' website don't mention the average processing time for withdrawals and deposits. However, going by the financial services providers' processing time, most transactions should complete within a few minutes and, in extreme cases, on the same day.
Golden Brokers' clients can deposit and withdraw funds from their trading accounts through several methods which include:
● Debit or credit cards
● Bank transfer
● Skrill, etc.
Golden Brokers' users need to deposit a minimum of 100 USD into their trading accounts. The broker doesn't mention the minimum or maximum amounts traders can withdraw.
The available tradable markets and products are important in determining whether a broker is a good fit for a client. Golden Brokers' clients can trade on a wide range of financial CFD instruments covering FX, shares, commodities, and indices.
Users can find the comprehensive list of available markets and assets on the Golden Brokers' website, but here are a few examples for a glance:
|Tradable Markets and Products||Examples|
Leverage is an important tool for magnifying profits for experienced traders. On the downside, it also can result in a magnified loss if the trade works against the trader. It's a good idea for traders of all experience levels to consider their risk profiles before placing orders on any leveraged products.
That said, Golden Brokers offers their clients leverage of up to 1:100 for every trade.
Disclaimer: Trading in speculative financial markets or CFDs puts the initial capital investment at risk due to leverage and market volatility.
Trading platforms impact a trader's experience with a broker. Golden Brokers' clients use the popular MetaTrader 5 platform. MT5 is popular and widely used in the financial markets industry. It has a user-friendly interface and is suitable for both novice and experienced traders. MT5 is accessible via the web, mobile apps, and desktop apps. Here is a closer look at the Golden Brokers' MT5 platforms:
Golden Brokers MetaTrader 5 is accessible via any internet browser and on both PC and Mac. Clients need not download or install anything to use the Golden Brokers MT5 WebTrader. The platform gives users access to a wide variety of useful features like
● Executing various order types
● Trading multiple asset classes
● Accessing technical tools and indicators
The Golden Brokers' clients can also access the trading platform via the MT5 terminal for desktops. Clients need to download the correct version for either Mac or windows to use the trading platform on their devices. The MT5 desktop terminal has crucial trading features like trading signals, one-click trading, and various technical tools.
Golden Brokers' clients can also trade on their mobile devices, both Android and iOS. The Golden Brokers' MT5 app allows traders to place trades, manage their accounts, access multiple asset classes, and more at any time, anywhere! The app also notably has a user-friendly dashboard and interface.
Most CFD brokers provide different types of accounts that impact a trader's experience. For example, some brokers offer accounts with varying deposits and withdrawal limits, fees, spreads, leverage limits, and more.
With Golden Brokers there is no such type of categorization of account types. Instead, traders have access to the following accounts:
● Demo account
● One live trading account
● Islamic account
The demo account is perfect for beginners. The free account comes with $100k virtual cash to help the users practice their trading skills and familiarize themselves with the Golden Brokers MT 5 platform before trading with real money. Every user who signs up for the standard Golden Brokers trading account gets a free demo account.
Golden Brokers' users can access all the available financial instruments using a single live account. While one type of account can seem limited, it comes with all the necessary features:
● Access to over 700+ financial CFD instruments.
● Account leverage of up to 1:100.
● A minimum deposit of $100.
Users can also open multiple sub-accounts of their main live trading account.
The Islamic account is a swap-free account. This means that Golden Brokers' traders are not charged any swap fees for positions held overnight when using the Islamic account. However, the Islamic account enjoys swap-free overnight positions for only 20 calendar days. If any trade positions are held longer than 20 calendar days, the account will be charged swap fees like the normal Golden Brokers' live trading account.
Registering with Golden Brokers is a straightforward process. Here are the steps to follow:
It's worth noting that Golden Brokers' does not accept clients from certain jurisdictions, such as Malaysia, Afghanistan, Cuba, Bosnia and Herzegovina, Sudan, Crimea, Israel, North Korea, Syria, Lao People’s Democratic Republic, Ethiopia, Iran, Yemen, Uganda, Vanuatu, and EU residents.
Golden Brokers provide customer support 24hours a day for five days each week. It offers multilingual support in English, Russian, Vietnamese, Arabic, and Spanish. The support is usually done via email and phone. Clients can also use the contact form on the broker's website under the ‘Contact Us’ page.
Below are the contact details:
● Email: email@example.com
● Phone: +60 154 877 0962
When it comes to market research, Golden Brokers provides a comprehensive research package. Both seasoned and new traders can benefit from the research materials. The materials include
● Daily Market News: This section covers the most recent events and stories across the financial markets.
● Weekly Reviews: This section recaps the previous week, including market performance and top stories that affect the markets.
● Technical Analysis: This section provides detailed market analysis articles that include price levels and targets for currency markets.
Golden Brokers provides a good number of educational materials, which include different articles on Trading Platforms, instruments, CFD, leverage, and an introduction to forex. While the content is comprehensive, it's targeted more toward those who are in the early stages of their trading journey. Experienced traders may already have a firm grasp of the basic trading topics.
Golden Brokers was awarded two prizes at the Forex Traders Summit in Dubai (2022). The two prizes are:
● Best customer service
● Fast-growing forex broker
Golden Brokers accommodate both new and experienced traders by offering the world-renowned MetaTrader 5 platform alongside a good range of educational/research materials and a demo account. The broker allows clients to trade 700+ CFDs across forex, indices, stocks, and commodities.
Traders can magnify their positions by utilizing the 1:100 maximum leverage with caution. While most of the Golden Brokers' features are competitive, the spread and swap rates are above the normal industry rates, affecting traders' profitability.
In its short history of being in business, Golden Brokers has built a solid foundation and trust with its client base. It has a wide range of CFD products across the forex, commodities, indices, and stock markets readily accessible to its clients.
Golden Brokers Ltd is licensed and regulated by the Labuan Financial Services Authority (LFSA) with the license number MB/19/0019. This means the broker must adhere to the licensing regulations, and the LFSA constantly monitors the company’s activities.
While the broker doesn’t have a long history in the CFD trading industry, its unique offerings, and award-winning customer support services make it promising. The broker may not be ideal for every trader due to certain downsides like higher spreads and swap rates, but from this review, we can say that Golden Brokers Ltd is legit and Golden Brokers is not a scam.
Licensing by credible regulatory bodies is usually a good indicator of an authentic broker. Golden Brokers Ltd is licensed and regulated as a money broker by the Labuan Financial Services Authority (LFSA). The broker may still have a long way to go to get multiple licenses from internationally reputable regulators. Top international regulatory authorities regulate the most competitive brokers in various jurisdictions like the FCA (United Kingdom), CySEC (Cyprus), and FSCA (South Africa).
Golden Brokers store client funds in a separate bank account from the company’s funds. Any funds used to make trade orders can be lost if the trade goes against the trader’s speculation.
Golden Brokers Ltd. is a Labuan-based money broker that offers Contracts for Difference ("CFDs") trading on major markets: shares, indices, commodities, and forex. Users trade on the popular MT5 platform which they access on their mobile devices, desktops, and web browsers.
Trading with Golden Brokers is quite straightforward. Users need to create a live trading account by visiting the broker’s website, completing KYC, accessing the right trading platform for their devices, and depositing the required minimum balance to begin trading. Traders who want to practice their trading skills before risking their real money can do so by signing up for the demo account. In addition to the live trading account, traders can also use the Islamic account, which doesn’t have any swap fees on overnight positions for 20 calendar days.
At Golden Brokers, traders need to deposit a minimum of $100 into their trading accounts. This amount is higher than what’s offered by other established brokers. Some brokers offer minimum deposits starting at $10 for certain account types.
Unfortunately, Golden Brokers, like many other industry players, doesn't support PayPal deposits or withdrawals. However, clients can use other payments methods accepted by the broker, for instance:
● Credit/Debit Cards
● Bank Wire Transfer
Based on the regulatory status and good reviews from certain clients, Golden Brokers is relatively safe to trade with. Just proceed with caution when using leverage. Traders should, however, pay attention to other factors like fees, spreads, and swap rates which impact the profitability of successful trades. Such factors are helpful in determining if the broker is a good fit for a trader’s trading needs.
At the time of writing this review, there are no bonuses and promotions available at Golden Brokers. The company can develop such offerings from time to time, so it’s a good idea to check the broker’s website for updates.
Withdrawals are one of the areas where most traders get frustrated with online trading brokers. It’s important to understand all the conditions a trader must meet to withdraw funds before even depositing any funds. Golden Brokers doesn't provide detailed withdrawal conditions on their website or in the client agreement. However, clients can withdraw their funds to the same payment methods they used when registering or making deposits.
At Golden Brokers, client funds are stored in a separate account from the company’s funds. Separating client funds from company funds comes in handy, especially when a company is declared bankrupt.
Opening a trading account with Golden Brokers is as simple as following and completing a few steps. The first step is to visit the Golden Brokers website and click the ‘Create live account’ button on the homepage. Then enter all the required information, verify your email address, compete for KYC, and download the right trading platform app for your device. For anyone who’s new to CFD trading, it’s best to start with a free demo account to sharpen their trading skills.
Even though Golden Brokers has had a lot of success with different traders, trading CFDs on the platform is not a guaranteed way to earn profits. In fact, traders should never invest funds that they cannot afford to lose. It’s best to take time to learn more about the markets, practice on the demo accounts, and plan trades strategically. This way, traders can increase their likelihood of success significantly.
Golden Brokers Ltd. utilizes the multi-asset trading platform MetaTrader 5, which is compatible with various devices, including Android, Apple, and Windows. It will satisfy both novice and experienced traders. It’s simple to use, has a user-friendly interface, and is very feature-rich.
Golden Brokers accepts payment methods such as debit cards, credit cards, Neteller, and bank wire transfers.
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