Golden Brokers Review 2023
- DayTrading Review Team
Golden Brokers will appeal to traders looking for high leverage up to 1:1000 in return for limited regulatory safeguards. It will also appeal to traders familiar with MetaTrader 5.
Golden Brokers is a Malaysian headquartered forex and CFD broker established in 2016. The brand is regulated offshore by the Labuan Financial Services Authority. Retail traders can speculate on 700+ products via the MT5 platform with no commission and a choice of international payment methods.
Speculate on 60+ major, minor and exotic currency pairs such as EUR/AUD, USD/JPY and EUR/GBP with leverage up to 1:100. Fees are not the most competitive, with average spreads of between 3 and 5 pips for major forex pairs.
You can speculate on the price of hundreds of shares spanning US, EU and Asian markets. On the negative side, the $20 minimum commission is higher than the best stock brokers.
Trade 700+ products as CFDs on the powerful MetaTrader 5 platform. Access leverage up to 1:100 on major forex pairs with a 50% stop-out level on the standard account.
- Multiple deposit methods including credit/debit card, wire transfer, Neteller and Dragonpay
- Deposits accepted in all major currencies, though will be converted to USD at current market rates
- Free demo account available to practise trading risk-free with $100,000 in virtual funds
- No commission when you trade forex, indices and commodities
- Some educational content and integrated video tutorials
- High trading fees with average spreads of 4 pips for major currency pairs such as the GBP/USD
- Weak regulatory oversight from the LFSA raises safety concerns
- No proprietary trading platform or mobile application
- Reports of customers' funds being withheld
- No live chat support
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.
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.
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:
- Copy trading
- 21 timeframes
- One-click trading
- Integrated signals
- Automated trading
- Hedging and netting
- 38 built-in indicators
- 6 pending order types
- Forex – Over 60 major, minor and exotic currency pairs
- Commodities – 15 commodities, including precious metals and crude oil
- Stock CFDs – Large multinational companies such as Apple, Google and Volkswagen
- Indices – 14 global equity indices, such as the Dow Jones & FTSE
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.
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.
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.
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.
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.
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.
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.
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.
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.
- Email Address: email@example.com
- Phone No.: +60-154-877-0961
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.
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.
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 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.
Golden Brokers Details
|Minimum Trade||0.01 Lots|
|Mobile Apps||iOS & Android|
|AI / Machine Learning||No|
|Negative Balance Protection||No|
|Trade Signals||MT5 integrated|
|Guaranteed Stop Loss||No|
CFD Trading Details
Forex Trading Details
Compare Golden Brokers
Compare Golden Brokers with similar brokers that accept traders from your location. Among available brokers these are the most similar to Golden Brokers:
IG Group – IG is an award-winning broker that has an excellent reputation globally. The brand-US offers spread betting, CFD and forex trading across a comprehensive suite of markets. IG is also multi-regulated, provides a great trading app and has 50 years experience.
Go to IG Group
Just2Trade – Just2Trade is a reliable multi-regulated broker registered with FINRA, NFA and CySEC. The company has 155,000 clients from 130 countries and stands out for its huge suite of instruments and additional features, including a social network, robo advisors and a funded trader programme.
Go to Just2Trade
Scope Markets – Scope Markets offers day trading and investing in multiple spot and CFD instruments. The group of brokers is regulated in several locations, including Belize, Kenya and South Africa. Users get competitive trading conditions, a range of payment methods, strong support and can get started in a few straightforward steps.
Go to Scope Markets
Golden Brokers Comparison Table
|Golden Brokers||IG Group||Just2Trade||Scope Markets|
|Markets||Forex, Stocks, Commodities||CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting||Stocks, ADRs, ETFs, Futures, Options, Commodities, Bonds||Forex, Stocks, Commodities etc.|
|Minimum Trade||0.01 Lots||0.01 Lots||0.01 Lots||0.01 lots|
|Regulators||LFSC||FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA||CySEC, NFA, FINRA, Bank of Russia||CMA, FSC, FSCA|
|Bonus||–||–||Up to $2,000 for professional accounts||50% Deposit Bonus Up to $50,000. *Bonus promotions do not apply to all entities. Depending on the jurisdiction chosen to open an account with, different regulations apply.|
|Platforms||MT5||MT4, AutoChartist, TradingCentral||MT4, MT5, TradingCentral||MT4, MT5|
|Leverage||1:100||1:30 (Retail), 1:250 (Pro)||1:20||1:2000 (location dependent)|
Compare Trading Instruments
Compare the markets and instruments offered by Golden Brokers and its competitors. Please note, some markets may only be available via CFDs or other derivatives.
|Golden Brokers||IG Group||Just2Trade||Scope Markets|
Golden Brokers vs Other Brokers
Compare Golden Brokers with any other broker by selecting the other broker below.
|Golden Brokers is a Malaysian headquartered forex and CFD broker established in 2016. The brand is regulated offshore by the Labuan Financial Services Authority. Retail traders can speculate on 700+ products via the MT5 platform with no commission and a choice of international payment methods.|