Golden Brokers Review 2024
- Daytrading Review TeamGolden 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.
Forex Trading
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.
Stock Trading
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.
CFD Trading
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.
✓ Pros
- 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
✗ Cons
- 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.
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:
- Copy trading
- 21 timeframes
- One-click trading
- Integrated signals
- Automated trading
- Hedging and netting
- 38 built-in indicators
- 6 pending order types
Markets
- 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
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.
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.
- Email Address: support@goldenbrokers.my
- Phone No.: +60-154-877-0961
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.
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.
FAQs
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.
Top 3 Alternatives to Golden Brokers
Compare Golden Brokers with the top 3 similar brokers that accept traders from your location.
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FP Markets – FP Markets is an ASIC- and CySEC-regulated broker that offers forex and CFD trading on a broad range of assets through the MT4, MT5 and IRESS platforms. With trading available through standard and raw spread accounts on thousands of international stocks, forex, indices, commodities, cryptocurrencies, bonds and ETFs, this broker has some of the most comprehensive market coverage available. FP Markets also offers a full range of additional features, including educational resources and access to powerful software such as Autochartist.
Go to FP Markets -
Swissquote – Swissquote is a Switzerland-based bank and broker that offers online trading and investing. The company has a high safety score and is listed on the Swiss stock exchange. The firm offers a huge range of products, from stocks, ETFs, bonds and futures to 400+ forex and CFD assets. Hundreds of thousands of traders have opened an account with the multi-regulated brokerage. Clients can get started in three easy steps while 24/7 customer support is available to assist new users.
Go to Swissquote -
Pepperstone – Established in Australia in 2010, Pepperstone is a top-rated forex and CFD broker with over 400,000 clients worldwide. It offers access to 1,300+ instruments on leading platforms MT4, MT5, cTrader and TradingView, maintaining low, transparent fees. Pepperstone is also regulated by trusted authorities like the FCA, ASIC, and CySEC, ensuring a secure environment for day traders at all levels.
Go to Pepperstone
Golden Brokers Comparison Table
| Golden Brokers | FP Markets | Swissquote | Pepperstone | |
|---|---|---|---|---|
| Rating | 1.3 | 4 | 4 | 4.8 |
| Markets | CFDs, Forex, Stocks, Commodities | CFDs, Forex, Stocks, Indices, Commodities, Bonds, ETFs, Crypto | Forex, CFDs, Indices, Stocks, ETFs, Bonds, Options, Futures, Cryptos (location dependent) | CFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto, Spread Betting |
| Demo Account | Yes | Yes | Yes | Yes |
| Minimum Deposit | $100 | $100 | $1000 | $0 |
| Minimum Trade | 0.01 Lots | 0.01 Lots | 0.01 Lots | 0.01 Lots |
| Regulators | LFSC | ASIC, CySEC, ESMA | FCA, FINMA, DFSA, SFC | FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB |
| Bonus | – | – | – | – |
| Education | No | Yes | No | Yes |
| Platforms | MT5 | MT4, MT5, cTrader, TradingView, AutoChartist, TradingCentral | MT4, MT5, AutoChartist, TradingCentral | MT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade |
| Leverage | 1:100 | 1:30 (UK), 1:500 (Global) | 1:30 | 1:30 (Retail), 1:500 (Pro) |
| Payment Methods | 5 | 9 | 5 | 11 |
| Visit | Visit | Visit | Visit | Visit |
| Review | – | FP Markets Review |
Swissquote Review |
Pepperstone Review |
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 | FP Markets | Swissquote | Pepperstone | |
|---|---|---|---|---|
| CFD | Yes | Yes | Yes | Yes |
| Forex | Yes | Yes | Yes | Yes |
| Stocks | Yes | Yes | Yes | Yes |
| Commodities | Yes | Yes | Yes | Yes |
| Oil | Yes | Yes | Yes | Yes |
| Gold | No | Yes | Yes | Yes |
| Copper | No | Yes | No | Yes |
| Silver | Yes | Yes | Yes | Yes |
| Corn | No | Yes | No | Yes |
| Crypto | No | Yes | Yes | Yes |
| Futures | No | Yes | Yes | No |
| Options | No | No | Yes | No |
| ETFs | No | Yes | Yes | Yes |
| Bonds | No | Yes | Yes | No |
| Warrants | No | No | No | No |
| Spreadbetting | No | No | No | Yes |
| Volatility Index | No | Yes | No | Yes |
Golden Brokers vs Other Brokers
Compare Golden Brokers with any other broker by selecting the other broker below.
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| 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. | ||
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