Updated on April 15, 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 GoldFxTrading due to the issues we've identified.
Is GoldFxTrading Scam or Legit Broker? ▲
The credibility of GoldFxTrading as a Forex broker is severely compromised by its lack of a license from any globally recognized regulatory authority. This absence of oversight suggests the broker might be involved in fraudulent activities, as it has not undergone the necessary checks for compliance, is not monitored for its operational safety, and is free to conduct its business without any lawful constraints.
GoldFxTrading is a trading name of GFT, which asserts its presence in London, UK, yet it operates from an office stationed in St. Vincent and the Grenadines. This location is infamous for its virtually nonexistent regulatory requirements and oversight, making it a haven for problematic forex brokers like CapitalXP and TraderUR. The low setup costs and lack of forex trading regulation have made St. Vincent and the Grenadines an attractive destination for these questionable operations.
GoldFxTrading positions itself as a provider of online trading services, allowing users to trade currencies, commodities, and major stocks through Contracts for Difference (CFDs) on its PROfit trading platform. The broker claims to be authorized and regulated by the Financial Conduct Authority (FCA) with Registration Number 438879. However, a verification check on the FCA's website reveals that GFT can no longer provide regulated products and services, indicating a previous authorization by the PRA and/or FCA that no longer holds.
Further confusion arises from the broker's terms and conditions, which suggest it operates under Australian jurisdiction, yet it lacks authorization in Australia or any other country. Adding to its questionable status, GoldFxTrading has been banned by Italy's financial regulator, CONSOB, for violating article 18 of the TUF.
Given the compelling evidence of regulatory concerns and operational red flags, we strongly urge investors and traders to steer clear of GoldFxTrading and similar brokers based in St. Vincent and the Grenadines. Instead, traders should seek out brokers that are well-regulated by reputable authorities such as those in the UK or Australia, ensuring a safer and more reliable trading environment with platforms like eToro and HYCM.
Recent developments indicate that GoldFxTrading's website has become inactive, and the broker is no longer offering account openings. Despite this, we caution traders to remain vigilant against any trading propositions that may arise from this broker or similar entities, underlining the importance of trading with regulated and trustworthy brokers for a secure trading experience.
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.
GoldFxTrading Review 2024
