Home Forex GoldenFX Review

GoldenFX Review

24
0

Golden FX is based in Saint Vincent & the Grenadines and offers not only offer their services via the MT5 trading platform but also offers FX tools and free educational material which can all be found on their website. The website itself has a very modern and simplistic theme, making navigation easy, and especially attractive to beginner traders.

Account Types

Golden FX offer 4 account types: Standard, Silver, Gold and Platinum. All accounts can be held in EUR or USD, but trading conditions of course vary. The Standard account must have a deposit of $$250 – $999, the Silver $1,000 – $24,999, the Gold $25,000 – $99,999 while the largest account, Platinum, must have over $100,000.

Some details are vague from the website information provided, such as spreads being ‘standard’ on the Standard and Silver accounts, while the Gold account has 1.9 pip spreads and the Platinum has 1.5 pip spreads. All accounts have access to the same markets, educational material, and Islamic account equivalent. Leverage is also favorable across the board, which we will expand on shortly.

Platforms

Golden FX offers the MT5 trading platform, which is not everyone’s cup of tea, but MetaTrader is, of course, the most trusted platform, so many clients will be happy to use MT5.

Leverage

Leverage allowances depend on the account type you opt for. The Standard account offers a maximum leverage of 1:100, the Silver account allows maximum 1:200, the Gold 1:400 and the Platinum is not stated but suggests it can be very high according to the client’s request.

Trade Sizes

The minimum trade size is 0.1 lots for all accounts.

Trading Costs

The FAQ page states that all 4 accounts do not charge any trade commissions or additional fees.

Assets

Golden FX must be commended for its provision of variety when it comes to tradable instruments; clients are at luxury to trade the following: Forex, Stocks, Commodities, Indices, and Cryptocurrencies. This really is quite the banquet for the clients to choose from.

Spreads

Golden FX offer both fixed and variable spreads, which assumably are available specifically on particular trading instruments, and could vary from account type, but this is not specifically stated. It is not possible to find live spreads or the fixed spreads, or even a full list of instruments available without opening an account to do so, which is a clever way to quickly entice clients into signing up for a live account before having a full understanding of trade conditions offered.

Minimum Deposit

As mentioned earlier, minimum deposits start at $250, which is not low or average to competitors by any means. It seems that for each account type, you must maintain a balance in your account, as stated below:

  • Standard: $250 – $999
  • Silver: $1,000 – $24,999
  • Gold: $25,000 – $99,999
  • Platinum: $100,000 or more

Deposit Methods & Costs

Golden FX does not charge clients for deposits and the following methods of funding are available: Local bank transfer, debit/credit card, and cryptocurrency.

Withdrawal Methods & Costs

Withdrawals must be completed via the same method you used to make the initial deposit of funds you wish to withdraw. No broker charges are mentioned in respect of withdrawals but of course, your banking provider, or e-wallet could carry fees, so be sure to check that before you process withdrawal requests.

Withdrawal Processing & Wait Time

Withdrawals can take up to 7 business days but to reach you can depend on your banking provider. Compared to alternative brokers, 7 business days for a withdrawal to simply be processed is incredibly lengthy and not many traders will appreciate this wait time.

Bonuses & Promotions

Each account type is eligible to be granted a deposit bonus of up to 100% of the original amount. Bear in mind the deposit requirements are rather high compared to many brokers, and this amount can essentially be doubled. Although this gives the appearance of having double the capital in your account, bear in mind that withdrawing a bonus is near on impossible unless strict trading requirements are met, which are set out to be almost impossible for a reason.

Educational & Trading Tools

Golden FX offer free educational material on their website, for those who wish to read up about trading to enrich their knowledge. A Glossary is also available to refresh knowledge on trading terminology you will encounter as a trader.

Customer Service

There is only an option to contact Golden FX via email (ticket) or via telephone. The hours of customer support operation are not stated so it is unknown when you will receive a response.

Demo Account

Golden FX does not offer any demo account version of any of the 4 account types offered. This makes is very difficult for potential clients to really know if these accounts are suitable for them or not.

Countries Accepted

The website footer makes a clear statement that all traders are welcome other than If you are a citizen and/or resident of Japan, USA, Russia, Ukraine or Canada, then you will not be granted permission to trade with Golden FX.

Conclusion

On the surface, this broker has many positive attributes. In terms of deposit methods, leverage allowance and variety of assets to trade, this broker are highly appealing. However, the minimum deposit requirements and the deposit bonuses to put a slightly sour taste in one’s mouth, especially given the absence of a demo to fully try out the broker’s services before depositing real money into a live account, and a substantial amount too.

LEAVE A REPLY

Please enter your comment!
Please enter your name here