Golden Brokers Review 2024
Pros
- Free demo account available to practise trading risk-free with $100,000 in virtual funds
- 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
Cons
- Weak regulatory oversight from the LFSA raises safety concerns
- No proprietary trading platform or mobile application
- High trading fees with average spreads of 4 pips for major currency pairs such as the GBP/USD
Golden Brokers Review
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
3.3 / 5The 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.
- IG – Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand-US offers spread betting, CFD and forex trading across an almost unrivalled selection of 17,000+ markets, with a range of user-friendly platforms and investing apps. For 50 years, IG has maintained its position as an industry leader, excelling in all key areas for traders.
- Interactive Brokers – Interactive Brokers (IBKR) is a premier brokerage, providing access to 150 markets in 33 countries, along with a suite of comprehensive investment services. With over 40 years of experience, this Nasdaq-listed firm adheres to stringent regulations by the SEC, FCA, CIRO, and SFC, amongst others, and is one of the most trusted brokers for trading around the globe.
- World Forex – World Forex is an offshore broker registered in St Vincent and the Grenadines, offering commission-free trading with a $1 minimum deposit and 1:1000 leverage. Digital contracts are also available, offering beginners a straightforward way to speculate on popular financial markets.
Golden Brokers Comparison Table
| Golden Brokers | IG | Interactive Brokers | World Forex | |
|---|---|---|---|---|
| Rating | 3.8 | 4.7 | 4.3 | 4 |
| Markets | CFDs, Forex, Stocks, Commodities | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting | Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies | Forex, CFD Stocks, Metals, Energies, Cryptos, Digital Contracts |
| Demo Account | Yes | Yes | Yes | Yes |
| Minimum Deposit | $100 | $0 | $0 | $1 |
| Minimum Trade | 0.01 Lots | 0.01 Lots | $100 | 0.01 Lots |
| Regulators | LFSC | FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB, AFM | FCA, SEC, FINRA, CFTC, CBI, CIRO, SFC, MAS, MNB, FINMA, AFM | SVGFSA |
| Bonus | See website for details in your region | – | – | 100% Deposit Bonus |
| Education | No | Yes | Yes | No |
| Platforms | MT5 | Web, ProRealTime, L2 Dealer, MT4, TradingView, AutoChartist, TradingCentral | Trader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral | MT4, MT5 |
| Leverage | 1:100 | 1:30 (Retail), 1:250 (Pro) | 1:50 | 1:1000 |
| Payment Methods | 5 | 6 | 6 | 10 |
| Visit | Visit | Visit | Visit | Visit |
| Review | – | IG Review |
Interactive Brokers Review |
World Forex 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 | IG | Interactive Brokers | World Forex | |
|---|---|---|---|---|
| CFD | Yes | Yes | Yes | Yes |
| Forex | Yes | Yes | Yes | Yes |
| Stocks | Yes | Yes | Yes | Yes |
| Commodities | Yes | Yes | Yes | Yes |
| Oil | Yes | Yes | No | Yes |
| Gold | No | Yes | Yes | Yes |
| Copper | No | Yes | No | No |
| Silver | Yes | Yes | No | Yes |
| Corn | No | No | No | No |
| Crypto | No | Yes | Yes | Yes |
| Futures | No | Yes | Yes | No |
| Options | No | Yes | Yes | No |
| ETFs | No | Yes | Yes | No |
| Bonds | No | Yes | Yes | No |
| Warrants | No | Yes | Yes | No |
| Spreadbetting | No | Yes | No | No |
| Volatility Index | No | Yes | No | No |
Golden Brokers vs Other Brokers
Compare Golden Brokers with any other broker by selecting the other broker below.
Customer Reviews
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