GoldenShare Review: Why You Should Avoid This Unregulated Broker
Before you invest your hard-earned money through a broker or brokerage firm, it’s vital to find out whether it’s legitimate or not. A little research can reveal a lot or put your mind at ease.
Are you considering getting into business with GoldenShare? Is it legit, and are your funds safe with GoldenShare? Read on to find out why you should avoid trading with GoldenShare.
Have you already traded with GoldenShare and lost money? We can help. Our trusted and experienced experts have helped many investors like you recover their funds. Schedule a free consultation with us today.
GoldenShare Review: Who Is GoldenShare?
GoldenShare is an offshore brokerage firm with lots of promises for unsuspecting traders. It claims to be an award-winning CFD and FX broker with superb trading conditions for clients.
You’ll find a web-based trading platform on their website instead of established software like MetaTrader 4 or MetaTrader 5 that meet industry standards. It offers four trading account types: basic, silver, gold, and platinum.
You can trade CFDs on FX, indices, Crypto, Stock, and Commodities. The minimum deposit is $250 for the basic account. Although it’s reasonable, many legitimate brokers ask for far less to set up an account for you.
Is GoldenShare Regulated?
A quick look at the GoldenShare website, and you’ll realize it’s among the many unregulated, anonymous brokers in the market. The operational address is in Cyprus, while contact phone numbers are for Australia and the United Kingdom.
A quick search at the CySEC register where a regulated broker operating in Cyprus should turn up brings up nothing.
GoldenShare has set its address as RODOS BUSINESS CENTRE PO Box 26585, CY – 1640 Nicosia – Cyprus. A brokerage firm called Golden-Gate uses the same address, and the Financial Conduct Authority (FCA) flagged it in 2021. The FCA warning also lists the GoldenShare website address and the Australian contact number on GoldenShare’s website!
GoldenShare is a subsidiary of this scam company with no oversight from any financial authority. Always ensure you check whether a broker is licensed by authorities like the FCA, ASIC, or CySEC before opening an account to ensure the safety of your funds.
Such financial authorities have strict broker rules and a keen eye on how a broker handles your money and what they do. Brokers must file regular reports, allow external audits and participate in client compensation schemes for your trading capital.
GoldenShare Trading Conditions
GoldenShare offers different features and significant leverages across its trading accounts. Features from silver to platinum are way better than the basic, a clever tactic used by scammers to get investors to pay the highest minimum for access to better features and trading tools.
Legitimate, well-established brokers rarely have minimum deposit requirements. They also provide equally good features and services across all account levels to maintain a fair trading environment that doesn’t break your bank.
The leverages at GoldenShare are pretty high, starting from 1:100 for the basic account and going up to 1:400 for the platinum. It’s a common luring feature of trading scams meant to lure you in because who doesn’t want the highest possible returns on their investment?
Regulated brokers in the EU, UK, US, Canada, or Japan can’t offer such leverages. Reputable brokers under the European Securities and Markets Authority (ESMA) and other financial authorities can only offer a maximum leverage of 1:30 for forex transactions.
What are the GoldenShare Scam Signals?
First impressions can leave you in a world of hurt in Forex trading. Don’t let the sleek design and user-friendly interface of the GoldenShare website fool you. Here’s why you should avoid trading with GoldenShare:
1. High GoldenShare Inactivity Fees
GoldenShare has a very exploitative inactivity policy. If you fail to execute a transaction through your account for 30 consecutive days only, GoldenShare will charge you dormant account fees of 99 USD/GBP/EUR for every such period.
The firm deducts the fee automatically, and in less than a year, it can accumulate to over 1,000 USD/GBP/EUR! While inactivity fees are standard across all brokers, reputable brokers only charge a small fee, usually after six months of inactivity.
2. Differing GoldenShare Deposit and Withdrawal Methods
While GoldenShare allows you to deposit funds through bank transfers and credit card payments, they don’t allow you to reverse or conduct any chargebacks after making a deposit. According to their policy, simply attempting such action is forbidden, and you’re liable for reimbursing them if you do.
You also can’t withdraw your funds through your bank or credit card. GoldenShare only offers one withdrawal method, Bitcoin transfers. This is highly irregular and hidden in the terms and conditions, so if you fail to read the fine print, it will likely go over your head.
Bitcoin is irreversible and loved by scammers. Legitimate brokers provide you with the same deposit and withdrawal method and will only let you withdraw funds the same way you deposited them.
3. MetaTrader Absent At GoldenShare
More than 80% of forex traders prefer the MetaTrader4 or five trading platforms. They’re designed for trading and offer benefits like improved functionality, language scripts, advisors, community support, and 128-bit encryption security.
It ensures your safety when trading, and your data or funds cannot be compromised. GoldenShare only offers a basic web-based platform, which scammers prefer because it’s cheap. It compromises your safety and offers limited trading tools.
4. GoldenShare Country Restrictions
Although GoldenShare claims to be a worldwide brand, it has a disclaimer on its website stating it doesn’t accept traders from the US, North Korea, Cuba, Syria, and Iran.
It’s likely because of its legitimacy and the strict regulations protecting citizens from potential scammers.
GoldenShare Review Conclusion: Avoid This Scam!
All the signs that show GoldenShare is a textbook are evident. It’s not regulated, and its policies only aim to rob you of your earnings.
Its promises are nothing but smoke and mirrors, and you can never turn a profit with GoldenShare. Avoid trading with this broker because you’re more likely to lose your deposit.
If you have lost money to GoldenShare, talk to us. Thanks to years of experience dealing with such scammers, Trader Protection can help you get your money back. Book a free consultation today.