Golden Brokers ReviewCategory: Reviews | Author: Trading Brokers | Date: September 9, 2023
Golden Brokers, established in 2019, is making significant strides in the industry. Regulated by the Labutan Financial Services Authority (LFSA), this broker boasts a diverse portfolio of financial instruments, ranging from the dynamic forex market to the exciting realm of cryptocurrencies, and beyond. In this comprehensive review, we’ll take an in-depth look at Golden Brokers, highlighting its robust regulatory framework, exploring its versatile array of trading platforms and resources, uncovering its extensive educational offerings, and delving into the diverse markets it ventures into.
Pros & Cons
- It offers the MetaTrader 5 platform, which is one of the most popular and advanced trading platforms in the industry
- It offers an Islamic account that is compliant with the Sharia law and does not charge any interest or swap fees on overnight positions
- It offers multiple deposit methods, including credit/debit card, wire transfer, Neteller, and Dragonpay
- It does not charge any commission for most instruments, such as forex, indices, and commodities
- It offers a free demo account that allows traders to practice trading with virtual funds without risking real money
- It does not offer any mutual funds to its clients, which are popular investment products that allow diversification and risk reduction
- Does not offer much regulatory protection or compensation to investors
- It has high spreads for some instruments, especially cryptocurrencies, that increase trading costs and reduce profit potential
Founded in 2019 and headquartered in Malaysia, Golden Brokers Ltd. is a regulated forex and CFD broker under the Labuan Financial Services Authority (LFSA). They offer a diverse range of over 300 trading instruments, spanning forex, commodities, indices, stocks, cryptocurrencies, and futures. Golden Brokers provides access to the advanced MetaTrader 5 platform alongside their user-friendly proprietary web-based platform. The broker boasts competitive fee structures, including commission-free trades and tight spreads on major currency pairs. They offer leverage up to 1:100 to potentially amplify trading opportunities. Golden Brokers provides 24/5 customer support via phone, email, and live chat, along with educational resources, market news, and analysis. It caters to traders of all levels and enjoys a solid reputation.
Golden Brokers operates under the regulatory purview of the Labuan Financial Services Authority (LFSA) in Malaysia, holding the license number MB/19/0030. This regulatory status authorizes the broker to function as a money broker and engage in specified categories of financial investment business in compliance with the Labuan Financial Services and Securities Act 2010. Notably, the LFSA is a recognized regulatory body committed to fostering Labuan as an international financial center while upholding the interests of both investors and consumers.
Moreover, being regulated by the LFSA mandates that Golden Brokers align with international standards for anti-money laundering (AML) and counter-terrorism financing (CTF), as set forth by the Financial Action Task Force (FATF). The broker’s adherence to the stringent segregation of client funds from its own accounts further bolsters its regulatory compliance.
Opting to trade with a regulated broker like Golden Brokers provides a layer of assurance regarding the safety and reliability of your funds and interactions. However, it’s imperative to remain mindful of the inherent risks tied to leveraged trading, along with the regulatory limitations concerning investor protection and compensation schemes.
Platforms & Tools
Golden Brokers extends its traders two primary platform choices: MetaTrader 5 (MT5) and Golden Brokers Web Trader. These platforms are versatile, accessible through web, desktop, and mobile interfaces, and grant traders entry to over 300 trading instruments across diverse markets.
Offering a number of features and analytical tools, MT5 empowers traders with diverse order types, market depth insights, hedging and netting capabilities, automated trading, copy trading functionality, and the ability to employ custom indicators. Moreover, MT5 includes a built-in economic calendar, a real-time news feed, and a chat function, fostering an all-encompassing trading experience.
On the other hand, Golden Brokers Web Trader is an in-house creation, a web-based platform cherished for its user-friendliness. Its intuitive interface simplifies market monitoring, order placement, position management, and access to charts and indicators. Notably, it features a one-click trading functionality, facilitating lightning-fast trade execution.
Golden Brokers doesn’t stop at platforms; they augment their client’s trading journeys with invaluable tools and resources:
- Educational Materials: Traders can access a treasure trove of video guides, articles, a comprehensive glossary, FAQs, and informative webinars, all tailored to aid traders in mastering the fundamentals and refining their skills.
- Market News and Analysis: Golden Brokers keeps traders well-informed with daily market updates, technical analysis reports, an economic calendar, and sentiment data. These resources empower traders to stay abreast of the latest market trends and developments.
- Social Media Presence: Golden Brokers maintains active profiles on Facebook, Twitter, and Instagram, serving as hubs for sharing pertinent trading insights and information. Additionally, traders can follow the market research analyst, Muhammad Zulbahri Mohd Rajdi, who regularly disseminates daily market news and technical analysis.
Golden Brokers steps up to the plate by offering an array of educational materials, including informative articles on subjects such as Trading Platforms, Instruments, CFDs, Leverage, and more. These articles serve as a roadmap, elucidating how various instruments and platforms function, elucidating the advantages and risks associated with CFDs and leverage, and providing guidance on navigating the Golden Brokers Web Trader and MT5 platforms.
To cater to diverse learning styles, Golden Brokers provides a library of video guides that walk traders through the intricacies of using the Golden Brokers Web Trader platform. These videos cover essential topics like opening and closing positions, harnessing charts and indicators, and mastering risk management. These resources are particularly valuable for newcomers seeking to grasp the trading fundamentals.
For traders hungry for in-depth knowledge, Golden Brokers conducts insightful webinars that explore a broad spectrum of trading-related topics. These webinars delve into market analysis, technical analysis, the psychology of trading, and effective trading strategies. Led by experienced traders and analysts, these sessions offer a unique opportunity for participants to interact, pose questions, and gain insights from experts in the field.
Furthermore, Golden Brokers provides a glossary that demystifies the often confusing terminology and concepts prevalent in the trading world. This glossary serves as a handy reference, helping traders decode the language of the markets and enhance their understanding of key terms and jargon.
Golden Brokers extends a broad canvas to its clients, providing access to an impressive array of over 300 trading instruments spanning multiple markets. Here’s a glimpse of the trading horizons they offer:
- Forex: The forex market takes center stage with more than 60 currency pairs on Golden Brokers’ palette. This includes major, minor, and exotic pairs, making it the largest and most liquid market globally. Forex trading through Golden Brokers is accessible 24/5.
- Commodities: Golden Brokers extends CFDs on a spectrum of commodities such as gold, silver, oil, natural gas, coffee, sugar, and wheat. These tangible goods are influenced by intricate factors including supply and demand dynamics and geopolitical events. Commodities trading is a 24/5 affair with Golden Brokers.
- Indices: Traders can delve into CFDs linked to prominent indices like the S&P 500, Nasdaq 100, Dow Jones 30, FTSE 100, DAX 30, Nikkei 225, and more. Indices represent baskets of stocks, serving as barometers for specific markets or sectors. Golden Brokers offers access to indices trading around the clock, 24/5.
- Stocks: Golden Brokers unlocks the door to CFD trading in a wide spectrum of stocks hailing from the US, UK, Germany, France, Spain, Italy, and beyond. Stocks represent ownership stakes in companies and are actively traded on stock exchanges. Trading hours align with the respective market hours of each country.
- Cryptocurrencies: The world of digital assets shines brightly with CFDs on cryptocurrencies such as Bitcoin, Ethereum, Litecoin, Ripple, Bitcoin Cash, and more. Cryptocurrencies, operating in the digital realm, provide 24/7 trading opportunities through Golden Brokers.
- Futures: Golden Brokers unfurls CFDs on various futures contracts, including Brent Crude Oil Futures, WTI Crude Oil Futures, Natural Gas Futures, Gold Futures, Silver Futures, and more. Futures contracts, with their obligations for future asset exchange, follow specific market hours.
In essence, Golden Brokers opens a gateway to a multifaceted trading universe, catering to a wide spectrum of instruments and trading preferences. From the fast-paced world of cryptocurrencies to the timeless allure of gold, traders have a diverse array of markets at their fingertips through this broker.
Different account types often come with varying features, encompassing minimum deposit requirements, leverage options spread, commissions, available instruments, platforms, and associated services. Golden Brokers extends two distinct types of trading accounts: Standard and VIP. Here’s an in-depth look at what each account has to offer:
- Standard Account: Designed with beginners and intermediate traders in mind, the Standard account provides a commission-free trading experience and boasts a low minimum deposit requirement of $100. Traders can harness leverage of up to 1:100 for forex pairs and other assets. With variable spreads that start from 1.6 pips for major currency pairs and no commission on most instruments, the Standard account strikes a balance between accessibility and cost efficiency. This account unlocks access to over 300 trading instruments, spanning forex, commodities, indices, stocks, cryptocurrencies, and futures. It also grants traders access to both the robust MT5 platform and the user-friendly Golden Brokers Web Trader platform.
- VIP Account: Tailored for seasoned and professional traders seeking competitive advantages, the VIP account boasts tighter spreads and higher leverage. However, it comes with a higher minimum deposit requirement of $10,000. With leverage extending up to 1:1000 for forex pairs and other assets, the VIP account offers substantial trading flexibility. Variable spreads starting from a mere 0.6 pips for major currency pairs and zero commission on most instruments elevate the cost-efficiency quotient. Like the Standard account, the VIP account opens doors to a diverse array of over 300 trading instruments, including forex, commodities, indices, stocks, cryptocurrencies, and futures. It also provides access to both the MT5 platform and the Golden Brokers Web Trader platform.
In addition to live trading accounts, Golden Brokers offers a valuable demo account. This virtual trading environment mirrors the features and conditions of live accounts, except for fixed leverage set at 1:100. The demo account equips traders with $100,000 in virtual funds, providing a risk-free avenue for honing their skills and testing strategies.
Golden Brokers simplifies the funding process by offering a range of convenient methods for its clients, including credit/debit cards, wire transfers, Neteller, and Dragonpay. These options are chosen for their convenience, security, and speed. Notably, Golden Brokers refrains from imposing any fees on deposits or withdrawals. However, it’s important to note that certain fees may be levied by payment providers or banks.
When it comes to currency flexibility, Golden Brokers shines. They accept deposits in major currencies, including USD, EUR, GBP, AUD, CAD, CHF, JPY, ZAR, INR, CNY, and HKD. Yet, it’s worth noting that all deposits will be converted to USD as the settlement currency before being credited into the client’s trading account. The conversion rate adheres to current market rates.
For prospective traders, Golden Brokers has set a minimum deposit threshold of $100 for the standard account and $10,000 for the VIP account. Similarly, the minimum withdrawal amount stands at a reasonable $50 for all funding methods. In terms of processing times, these may vary based on the selected method and banking institutions. Typically, deposits are executed promptly, often instantaneously or within a few hours, while withdrawals may take up to 3 business days to complete.
Golden Brokers, a regulated player in online trading, offers a robust platform and tools, supported by a wealth of educational resources. Its diverse market coverage includes over 300 instruments spanning forex, commodities, indices, stocks, cryptocurrencies, and futures. Two account types cater to traders of varying experience levels. The broker’s commitment to regulatory compliance with the Labuan Financial Services Authority (LFSA) enhances security. Funding is streamlined with various methods, currency flexibility, and reasonable minimums. However, it’s worth noting that while Golden Brokers offers strong features, there are other Brokers with longer track records that might be worth considering as alternative options. For additional choices, we encourage you to explore our trading broker reviews.