Before us is a forex broker operating under the jurisdiction of Malaysia and holding an LFSA license. The main question is whether such a company can be trusted or if it is a scam. In this Golden Brokers review, we will try to answer this question by looking not only at the company’s activities but also at the official website, contact information, and trading conditions.
Brief Overview
- 🖥Official Website: https://goldenbrokers.my/
- ✈️Contact Address: Office Suite 1666, Level 16 (A), Main Office Tower Financial Park Complex Labuan Jalan Merdeka, 87000 Labuan F.T, Malaysia
- 📞Customer Support: +60 154-600 0374, support@goldenbrokers.my
- 🔐Licensing and Accreditation: LFSA
- ⏳Track Record: 2019
- 🧰Specialization: brokerage service
- 🤝Terms of Cooperation: $10,000
- 💰Additional Services: personal manager, analytics
Goldenbrokers.my Examination
The official website of Golden Brokers looks unappealing. Yes, it differs from the standard templates typically used by brokers, but this doesn’t make it high-quality. The design here is far from stylish or professional. Instead of smooth transitions between sections, there are abrupt jumps. The images on the site are inserted without borders, and the light gray font on a white background makes the text difficult to read.
The menu is located on the right side of the page. Here, you can find all the information about the company, trading conditions, account types, and legal documents. Above the menu are buttons for selecting the language (English, Portuguese, Indonesian, Arabic, and Thai) and for logging into your account. Golden Brokers provides information about available trading platforms, assets, and trading conditions, but due to the inconvenient interface, understanding it won’t be that easy. At the bottom of the page, there is a risk warning and information about the license and address.
The main downside is the dreadful design. However, aside from that, there are no other complaints about the site. Golden Brokers discloses its activities, and provides trading conditions, and legal documents. So, let’s move on.
Company Contacts
The company provides one email address and one phone number for contact. We checked this information and found nothing suspicious. They do exist. However, there is no live chat on the official website. Golden Brokers also maintains social media accounts, such as YouTube (youtube.com/@goldenbrokers_official) and Instagram (instagram.com/goldenbrokers_official). The number of followers is low, and content is posted very rarely. If you want to interact with the broker’s accounts, it’s unlikely to yield much result.
Key Conditions
The trading conditions at Golden Brokers seem suspicious. They offer three types of accounts with different minimum deposits: from $10,000, from $250,000, and from $500,000. All accounts include basic privileges, such as professional trading tools and access to intuitive platforms.
The minimum deposit of $10,000 looks huge. It’s significantly higher than most major brokers, where minimum deposits start from $100. However, Golden Brokers offers to test the service via a demo first, but ultimately, you will still have to invest a large sum of money.
The broker does not charge fees for deposits and withdrawals, nor does it take account maintenance fees. There is no specific information on trading fees. Are they included in the “no account fees”? This lack of clarity from Golden Brokers makes it difficult to fully assess the profitability of trading. Clients are left to either take the risk of trading with unknown fees or spend time contacting support for clarification.
Bonuses ranging from 10% to 50% are very risky because such “generous offers” come with difficult-to-meet conditions. Usually, companies require large trading volumes before a bonus can be withdrawn. So, we do not recommend blindly trusting these privileges.
Spreads and leverage are listed in a separate section — tradable assets. For forex, leverage is capped at 1:100, and the average spread for the EUR/USD currency pair is 3 pips. This is quite high, especially considering that for less popular assets, the spread will be many times higher. By the way, we didn’t notice that Golden Brokers offers cryptocurrency for trading. Here, only the stock market, commodities, metals, and forex are available. This can also be considered a downside.
Exposing Golden Brokers
It cannot be claimed that they are scammers, as we did not find any serious red flags. Yes, there are some small downsides regarding the trading conditions, but that’s not enough. We need to figure out whether the company truly holds licenses, how long it has been operating, and if there are any other suspicious aspects.
We checked the LFSA registry, which is the regulator in Malaysia. Golden Brokers has indeed received a license from LFSA. However, it is too early to draw conclusions. This is far from the most reliable and reputable regulator. While this license allows the company to operate in a specific financial zone of Malaysia, it does not carry the same reputation and stringent requirements that regulators like the CySEC, FCA, or SEC impose.
LFSA allows companies to operate in Malaysia with less strict requirements than in Europe or the USA, where regulators such as the SEC ensure a higher level of protection for clients. For example, the SEC requires companies to provide regular reports and follow strict procedures to protect investors.
If a broker is regulated only by the LFSA, it means that their activities are not scrutinized as thoroughly as brokers with more serious licenses. This increases the risk that your funds may be unsafe. For instance, if the company faces problems or bankruptcy, it will be much harder to recover your money than if the broker were licensed by organizations like the FCA or CySEC.
Golden Brokers has no other licenses. Therefore, the level of security for traders here is very low. Moreover, clients are asked to risk a large sum, as the minimum deposit here is $10,000.
What Reviews Do Users Leave?
There are not many reviews about Golden Brokers online, and most of them are on Trustpilot. We would also like to remind you that the broker has few followers on social media and low activity. For example, videos on YouTube don’t even reach 100 views. However, the issue lies elsewhere.
The reviews are mostly positive. Moreover, the texts are strange: they are short, no more than 3-4 sentences long, and lack specifics. The authors leaving positive comments don’t provide any details of their experience: no information about spreads, how much money was made, how much was withdrawn, or any smaller details. All of this suggests that Golden Brokers may be buying fake positive reviews. This is a serious red flag that reveals the dishonest nature of the platform.
Conclusions
The LFSA license does not provide full confidence in the company’s reliability, and trading conditions, such as the high minimum deposit and unclear fees, only increase the risks. The lack of additional licenses and weak social media activity are also concerning. We cannot recommend trading with Golden Brokers. It’s a high risk to lose your deposit.
Pros/Cons
- The company has been granted an LFSA license in 2019.
- Demo account.
- $10,000 is a very high starting deposit.
- No licenses from serious regulators, and this is a big risk for clients.
- Fake positive reviews.
- The company is not popular among traders.
I didn’t want to take the risk, so I decided not to open an account with GOLDEN BROKERS. I don’t like that they don’t have serious licenses. It’s strange that they seem to have a branch in the UAE but no license from DFSA. DFSA >>> LFSA. If they had a license from DFSA, I would have agreed to trade here, as it would provide more reliability guarantees for traders. But no. I also didn’t like that many reviews seem fake. Ask yourself: would an honest and safe platform publish fake reviews about itself? I doubt it. So, these reasons made me refuse to cooperate with such a platform. It could easily turn out to be a scam.
I’ve dealt with Golden Brokers. I started with a demo account, everything was great, but then I opened a real account – and everything got worse. The spreads increased several times, and order execution was slow. I was constantly getting calls from managers, trying to offer me a 50% bonus and other options I didn’t need. I couldn’t make any money, so I switched platforms. In general, I want to say that it’s very difficult to trade here. I cannot recommend this broker.