Golden Brokers Review 2021

Flag Traders in United States welcome
Golden Brokers Facts & Figures

Golden Brokers supports MT5 trading for forex, commodities, stocks and indices with low commissions and mobile functionality

InstrumentsCFD, Forex, Stocks
Demo AccountYes
Min. Deposit$100
Payment MethodsCredit Card, Debit Card, Dragonpay, Neteller, Wire Transfer
Min. Trade0.01 lots
Regulated ByLFSC
MetaTrader 4No
MetaTrader 5Yes
cTraderNo
STP AccountNo
ECN AccountNo
DMA AccountNo
Mobile AppsiOS & Android
Margin TradingYes
Auto TradingNo
Social TradingNo
Copy TradingYes
Trade SignalsMT5 integrated
Islamic AccountYes
Account
Currencies
USD
CFD
Golden Brokers offers leveraged CFD trading with forex pairs and unleveraged index, commodity and stock assets
FTSE Spread5
GBPUSD Spread3
Oil Spread0.1
Stocks SpreadVariable
Leverage1:100
Forex

Golden Brokers supports forex trading for clients across the world with more than 60 different currency pairs.

GBPUSD Spread3
EURUSD Spread3
EURGBP Spread4
Assets62
Risk Warning – Your capital is at risk

This review will discuss the Malaysian-based forex broker, Golden Brokers Ltd. We explore its features with information on the trading platform, available markets, fees, regulation, pros, cons and more. Find out whether to open a live account with Golden Brokers.

Headlines

Golden Brokers Limited was founded in 2018. It is regulated by the Malaysian financial regulator Labuan FSC and its headquarters is based in Kuala Lumpur, Malaysia. It is not quite a global broker as many major geographical locations such as France, Germany and Switzerland are restricted, which other brokers for forex and all manner of trading cater to.

Trading Platforms

MetaTrader 5

MT5 is a world-leading platform with many tools and instruments that can be customised to help each user carry out thorough technical analysis and manage their positions. MT5 is a further development of the MetaTrader 4 platform, offering greater functionality, faster processes and a more intuitive layout. This platform is available on your web browser and downloadable on Windows and Mac.

MT5 platform features include:

Markets

Trading Fees

Golden Brokers offers quite large spreads, with typical rates around 3-4 pips for major currency pairs like GBP/USD and EUR/GBP. Spreads for indices range from 2 to 50 pips, while commodities sit between 0.07 and 14 pips.

No commissions are charged, though there are overnight swap fees on CFD positions, which sit at a 0.5% charge, with a minimum fee of USD 20. Additionally, there is a dormancy charge of USD 100 for accounts that remain inactive for an entire year.

Mobile Apps

Golden Brokers clients can access mobile trading through the MetaTrader 5 application. This can be downloaded for both Apple (iOS) and Android (APK) devices from the relevant stores, boasting much of the functionality of the desktop versions. The app offers all supported order types, account management systems and asset classes, with 24 analysis tools and 30 indicators.

The broker’s website also links to a proprietary application on the Apple App Store and Google Play Store. However, there is no mention of the functionality of the application, except for the fact that 24/5 customer support is integrated. From the images provided, the application seems sleek, with at least line, area and candlestick chart support.

golden brokers limited review 2021
Golden Brokers Mobile Platform

Payment Methods

Users can make deposits to and withdrawals from their Golden Brokers accounts using bank wire transfers, credit cards, debit cards and online payment services like Neteller. Deposits can be made in any currency, though they will be converted to USD. A minimum deposit limit of USD 100 is imposed.

Leverage

Golden Brokers clients can access leverage for forex pairs, though not for any other assets offered by the broker. All currency pairs have a maximum rate of 1:100, though this is flexible.

Account Types

To open an account with Golden Brokers you will need to provide personal information like your home address and date of birth, as well as income information like annual income and total net worth. Additionally, you must provide documentation showing proof of identity and residence. It is important to note that the broker will only accept transfers of funds from bank accounts listed on the application forms.

Demo Account

Golden Brokers have provided users with the opportunity to practise making trades on their platform and explore the various markets offered with a free demo account. Each account is given USD 100,000 of digital funds to execute forex, commodities, indices and CFD trades in a simulated environment.

Live Accounts

There is a standard live account on the Golden Brokers platform that provides access to the MetaTrader 5 platform and the many financial instruments. There is also the option for an Islamic account, with which users are entitled to 20 calendar days per year that are swap-free.

Regulation

Golden Brokers is regulated by the Labuan Financial Services Authority in Malaysia with License number MB/19/0030. This means that the company is authorised to conduct its business and must maintain certain industry standards, such as protection of funds, for example. Client funds are kept safe through account segregation with tier-1 banking institutions, meaning that money can be returned if the broker collapses.

Customer Support

The customer service team of Golden Brokers can be contacted via email or telephone, with multilingual support offered, including English, French, German, Chinese and Arabic. The broker can also be contacted on social media like Facebook, LinkedIn, Twitter and the website blog, which are also used for news and announcements.

Additional Features

There is an Education tab on the Golden Brokers website that provides many helpful guides and videos that can be taken advantage of to boost your knowledge and understanding of topics like trading platforms, instruments, CFDs and leverage.

Benefits

Drawbacks

Golden Brokers Verdict

Golden Brokers caters to both new and veteran traders, offering the advanced but intuitive MetaTrader 5 platform alongside a range of educational guides and tutorials. The firm boasts over 100 forex, equity and CFD instruments, which can be traded with 1:100 leverage and low commission charges. However, Golden Brokers does not have the best level of regulation and spreads are not very competitive.

Accepted Countries

Golden Brokers accepts traders from Australia, Thailand, Canada, United States, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.

Alternatives to Golden Brokers

If you are looking for alternatives to Golden Brokers we have compiled a list of the top 5 brokers that are similar to Golden Brokers below. This list of brokers like Golden Brokers is in order of similarity and only includes companies that accept traders from your location.

  1. eToro – eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.
  2. LQDFX – LQDFX offers online trading with multiple STP accounts and MT4 analysis tools.
  3. Forex.com – Forex.com boast a global reputation. Regulated in the UK, EU, US and Canada they offer a huge range of markets, not just forex, and offer very tight spreads and a cutting edge platform.
  4. Paxful – Paxful is a crypto trading exchange and digital wallet offering low fees and easy sign-up.
  5. Exinity – Exinity provides flexible low-cost trading in FX, commodities, indices and equities alongside unique education and support provided by teams located across the world. Now operating in the Middle East, through regulation from the Financial Services Regulatory Authority in Abu Dhabi and the Financial Services Commission of Mauritius, Exinity provides a range of services to traders and investors looking for new opportunities in the financial markets.

FAQ

Is Golden Brokers Legitimate?

Golden Brokers Ltd. is regulated by the Labuan Financial Services Authority, with registration number MB/19/0030. This means the broker follows industry rules and regulations to ensure that client accounts are secure and funds are protected.

What Are Golden Brokers’ Trading Hours?

The Golden Brokers trading hours vary depending on which assets you wish to trade. Most forex pairs can be traded 24 hours a day, five days a week, though many commodities, indices and shares are restricted to a few hours per day.

Which FX Currency Pairs Does Golden Brokers Offer?

There are over 60 forex instruments to choose from, including major, minor and exotic pairs. Examples include EUR/CAD, GBP/CHF and USD/JPY.

What Leverage Does Golden Brokers Allow?

Golden Brokers allows a maximum leverage rate of 1:100 for forex trading.

How Can I Contact Golden Brokers Customer Support?

Golden Brokers provides two main channels for clients to seek support: email and telephone. Alternatively, you can try to contact them on one of the official social media accounts on Twitter, Instagram, Facebook or LinkedIn.

Golden Brokers supports MT5 trading for forex, commodities, stocks and indices with low commissions and mobile functionality

Golden Brokers vs Other Brokers

Compare Golden Brokers with any other broker by selecting the other broker below.