Why They are a Terrible Choice
Golden FX Link is a popular name in the forex trading sector. They have been present in the industry for several years now and they have built a reputation. But this reputation isnít positive. In my Golden FX Link review, youíll find out why this broker isnít the right choice for you. I have tried to keep it concise and comprehensive.
For starters, they have scammed many people by stealing their deposits. The web is filled with complaints of people who have lost their money to these people. Here is all the information about this trader:
About Golden FX Link:
Golden FX Link is a forex broker based in Cambodia.Their regulation authority is the Securities and Exchange Commission of Cambodia (SECC). They primarily operate in the Cambodian market and deal in currencies, precious metals, and derivative products.
Their main office is situated in Phnom Penh, which is the capital of Cambodia.
They are registered at the General Department of Taxation of Cambodia and their Ministry of Commerce as well.
Their parent company was the first forex broker of Cambodia, thatís why theyíve stood out from the rest of the market. The capital requirements there to start a brokerage firm like this are quite high. Youíd have to store $5 million at the National Bank of Cambodia to get your license. And if you want a license to become a derivatives broker, youíll need to pay $250k more.
To trade with Golden FX Link Co, youíll need to fulfil their trading requirements. Their conditions are a major red flag because they require a lot of investment from a trader to open an account with them.
Another significant issue with this broker is its high charges. I have discussed all of their trading requirements in detail here:
Youíll need to make a minimum deposit of $2,000 to open a trading account with Golden FX Link. This is significantly higher than other forex brokers. The usual amount for a minimum deposit stays around a few hundred dollars. But Golden FX Link requires you to pay $2,000 upfront to open an account.
The brokers at Golden FX Link charge extremely high commissions of $50 per lot along with a usual spread of 3 pips for the currency pair of EUR/USD. When you combine their fixed spread with their commission charges, the cost comes out to be around 8 pips for this pair.
Most brokers charge only 1 or maximum 1.5 pips for EUR/USD, so you can understand how expensive these guys are.
In most cases, brokers only charge one of these things. That means, theyíd either have a fixed spread or a commission, not both. This is another reason why you should avoid Golden FX Link. These guys overcharge their customers and claim to be focused on their interests.
At Golden FX you get 1:100 leverage, which is the average. Apart from that, there isnít anything special in their offered leverage.
Youíll be using the MetaTrader 4 platform with Golden FX Link. MetaTrader 4 (MT4 in short) is a product of MetaQuotes Software Corporation and it entered the market in 2005. Many brokers and traders have its license.
At the time of its arrival, it was widely popular because itís free to download. It has been present in the industry for over a decade so you can see how common it is.
MT4 is quite popular among brokers because it is flexible and has multiple features. However, many forex traders hate this platform because it lacks many basic functionalities and restricts the user.
If youíre new to trading, then youíll have to spend a lot of time learning how it works because itís a little difficult to do so. But if youíve used it before, you wouldnít face any issues.
Golden FX Link doesnít offer any other trading platforms to its users. So, youíll only be using MT4 to trade.
You can use the trading platform on desktop and mobile devices.
Supported Modes of Payment:
At Golden FX Link, they only use bank wire transfers to make payments. This puts a major restriction on traders who use e-wallets or other payment methods to make transactions.
Whether you want to deposit an amount in your trading account or withdraw something from it, youíll have to rely on bank wire transfers.
Why you shouldnít Trade with Golden FX Link:
Now that Iíve discussed all the major aspects of this broker, Iíll share why this is not the right broker for you. In this Golden FX Link review, I wanted to make sure that you get all the information you need to make an informed decision about this broker.
Golden FX Link has an abnormally high commission and spread. Their charges are 6 to 8 times the average rates of forex brokers. Such high rates force the trader to invest more money in their accounts so they can earn substantial profits.
High rates reduce the earnings of a trader. Moreover, many people have complained of hidden fees which is a considerable problem.
You shouldnít trade with a broker who charges hidden fees. And with such high fees placed beforehand, they can hide their hidden charges easily.
High Minimum Deposit
The minimum deposit to open a trading account with Golden FX Link is $2000. You should know that the average minimum deposit among forex brokers is around $200.
So, they have a 10 times higher minimum deposit. They are forcing YOU to deposit more in your account so they can charge more.
Iíve already mentioned they have some of the highest commission rates and spreads for any international forex broker.
A high deposit also means that youíll be at a higher risk. And they wonít budge in charging their commissions, so it puts the trader (you) in a compromised position.
Notorious for Scamming
I must mention this here. Golden FX Link has a terrible reputation.. They are popular for freezing their clientsí accounts, and charging hidden fees.
Here are some reviews of disgruntled customers who lost their deposits to these scammers.
You can see how people have shared their concerns over the legitimacy of this broker.
Many people complain that Golden FX Link doesnít process withdrawals. Some people have been waiting for months and havenít received any response from the support staff.
No CFDs and indices
You can only trade in currency pairs. As a forex trader, you donít get many trading options here. Considering how high their commissions are, they couldíve at least provided their customers with several trading options, but they donít.
So, youíll only get to trade in a few currency pairs.
Bad for All kinds of Traders
The high minimum deposit deters small or new traders from opening an account with these people. But at the same time, the high charges and a mediocre leverage makes it difficult for large traders.
Iím not even mentioning their high commissions, they alone are enough to drive people away. Golden FX Link isnít a suitable choice for any kind of forex trader.
Only One Payment Method
You can only deposit money (or make withdrawals) through bank wire transfers. Usually, forex brokers provide their customers with multiple payment methods, especially when they have such a huge minimum deposit.
Bank wire transfers take longer than online payment methods, so youíll have to wait for a long time to get your withdrawals.
And seeing how many people have complained about their stuck withdrawals, itís highly probable that you wonít get to see your withdrawn money at all.
Stay Safe and Avoid Golden FX Link
I hope my review of Golden FX Link helped you in making an informed decision about this broker. Many prominent brokers hide customer complaints to maintain their good reputation. I wanted to ensure that you knew the truth.This review (GoldenFX Link Capital) was originally published at The Skeptic Tank. To read the full review, go to – www.skeptictank.org/goldenfx-link-capital-review/