Updated on March 18, 2024
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In our rigorous review process, a team of seasoned financial specialists, boasting more than 20 years of experience in Forex trading, carries out an exhaustive evaluation of various trading services. Our team delves deep into the investigation of fees, assesses the trading platforms, and verifies adherence to regulatory standards. We also interact directly with customer support and conduct actual trades to gain a real-world understanding of the trading conditions. This comprehensive approach enables us to provide informed insights and advice on why we recommend avoiding Golden Financial due to the issues we've identified.
Is Golden Financial Scam or Legit Broker? ▲
Golden Financial does not come across as a trustworthy Forex brokerage due to its lack of licensure from any globally recognized Forex regulatory body. This absence of a license indicates that the brokerage has not undergone the necessary compliance checks prior to its establishment, is not subject to ongoing monitoring for operational safety, and as such, has the freedom to operate its business without adherence to any established standards of practice. Therefore, it is suspected to be a fraudulent entity, posing a high risk to traders and investors.
Golden Financial presents itself as a major player in the global market for foreign exchange, precious metals, securities, futures, and stocks. The firm, Golden Financial Solutions (Service) Ltd., claims its inception took place in London, UK, positioning itself as a company with a reputable foundation. Despite its assertions of being regulated by the UK's Financial Conduct Authority (FCA) and New Zealand's Financial Markets Authority (FMA), our investigations revealed no evidence of its registration with these, or any other, regulatory bodies.
Moreover, an alert issued by New Zealand's FMA casts further doubt on the legitimacy of Golden Financial, stating:
GFS is not authorized to issue derivative products (CFDs) to New Zealand's retail investors.
GFS falsely claims regulation in New Zealand.
GFS may be implicated in fraudulent activities.
This warning, coupled with the lack of transparency and regulatory oversight, underscores the potential risks associated with engaging in trading activities with Golden Financial.
Given the misleading information regarding regulation provided by Golden Financial, along with a warning from a reputable regulatory body, we strongly advise against initiating any trading activities with this broker. The importance of investing with a broker that is properly regulated cannot be overstated, as it ensures the safety and security of investments. Noteworthy regulatory bodies include the UK's Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC), and the Australian Securities and Investments Commission (ASIC).
Traders are encouraged to seek out brokers that are comprehensively regulated by these or other well-established regulatory authorities. Brokers that are recognized for their reliability and regulatory compliance include those based in the UK or Australia, as well as other reputable brokers such as FXTM, eToro, and XM.com.
Golden Financial Update
Following an extensive review encompassing over 1000 brokers, it has come to our attention that the Golden Financial website is no longer active, indicating a cessation of its trading services. Despite this, caution is advised to remain vigilant against any potential propositions from this entity or similar unregulated entities.
When considering alternatives, brokers like Interactive Brokers, City Index, and AvaTrade stand out. They not only offer the security of stringent regulation but also bring to the table comprehensive trading solutions that can meet the needs of both novice and seasoned traders.
Golden Financial Review 2024
