Goldman Review: Stay Away From GoldmansGroup.Com
Goldman is an EU-based broker – their headquarters are located in Bulgaria. There’s a whole page on the website dedicated to licenses and regulations that Goldman supposedly acquired.
For the purpose of seeming like a serious and globally present broker, Goldman states to be regulated by CySEC, ASIC, IFSC, and VFSC. These are some bold claims, which still doesn’t mean they’re true.
Traders investing with Goldman would have a chance to trade over 230 instruments with absolute protection ensured and on an award-winning platform.
Instead of believing the unjustified bragging, let’s dig into the actual state of matter and consider some basic details first:
|Address||Knyaz Boris I, 238, 1000 Sofia Center, Sofia, Bulgaria|
|Leverage||Up to 1:500|
Goldman Regulation and Fund Security
First off, a Bulgarian-based broker would have to be regulated by the Bulgarian financial authority and jurisdictional regulator – Financial Supervision Commission. Sadly, Goldman is not found after we searched their list of supervised entities.
To be more convincing about their legitimacy, Goldman proclaims to own licenses from the regulators like CySEC, ASIC, IFSC, and VFSC. Since each of the mentioned regulators keeps a record of licensed brokerage companies, it wasn’t hard to check if what Goldman claims is true.
After doing a thorough search of every database mentioned, we have not had a single matching. Conclusion: Goldman is not licensed by any authority it assures you to be regulated by!
If Goldman was regulated by top-tier financial authorities like CySEC and ASIC, they would be kept under the supervision of these regulators. This means that the leverage of 1:500 Goldman offers wouldn’t be possible.
Some other standards that are a must with regulatory entities are segregated bank accounts for clients’ funds, negative balance protection, compensation scheme, bonuses banned, and full transparency.
Unregulated, Goldman cannot guarantee their client’s safety and protection of investments and clients’ info.
Goldman Trading Software Overview
Simple registration without depositing has allowed us to access the trading terminal at Goldman Trading. What we got to witness was a basic, web-based trader with a simplified layout and one customizable chart.
To expect a fraudulent broker to offer a functional platform would be unrealistic. Even seemingly working software doesn’t really help you trade and grow funds, just deceives you into thinking that.
In contrast to the practice of phonies, legit brokers can provide you MT4, MT5 or other super fast competent trading software.
Deposit and Withdrawal Method
Although throwing claims about having a variety of depositing ways available, the only way of funding your trading account can be seen in the user area. That is, unsurprisingly, cryptocurrency.
The minimum amount required to start an account at Goldman Trading is $100. The price isn’t too high, but there are legal brokerage firms that allow trading with far less.
Withdrawals are also only possible in crypto. The minimum amount to attempt to withdraw is $10. However, to make it more bothersome for traders, withdrawal requests are submitted along with ID proof, proof of residence, and credit card info. The commission upon withdrawals is said to exist too.
How Does the Scam Carry Out?
For everyone familiar with scamming schemes in the slightest, it is obvious that the conditions promised are just too attractive to be real. The attention of potential victims is captured by the sweet-talking scammer. Preferred victims are usually beginners at trading, as they are less informed and easier to convince to invest.
The alleged services and features are not cheap and along with the bonuses that come at a price, traders are tricked to think they will gain big. The illusion shatters once any withdrawal attempt is made. Fees, commissions, conditions, and trading volume requirements follow and you just become more entangled in the web of lies and deception.
What you could learn from this Goldman review is that phony brokers easily claim to be regulated by some world-class financial authorities. However, that is easily checked by opening the database of regulated brokers that the particular regulator keeps.
Encountering fraud is easy, considering their numbers are constantly increasing and new unscrupulous schemes are appearing every day. To protect yourself most effectively, always double-check the company you are thinking of investing with.
In case of a scam, refer to government institutions, police, and your bank as soon as you can to stop the further misuse of your funds.
We would greatly appreciate it if you shared your knowledge with us. Reporting a scammer is of huge help as well.
FAQs About Goldman Broker
Is my Money Safe with Goldman?
No, your investment is not safe with a broker that cannot guarantee the safety of funds like regulated brokers can.
Is Goldman Legitimate Broker?
Despite the claims about being legit, Goldman is not a licensed broker.
What is Goldman's Leverage?
Leverage offered at Goldman can go up to 1:500. Regulated brokers are forbidden from offering leverage this high.