Is Golden Brokers a Scam?
|Company||Golden Brokers Ltd|
|Address||Jalan Merdeka Level 14 (B) & 14 (C) Main Office Tower, 87000, Labuan Malaysia & Unit 12, Level 19, GTower 199 Jalan Tun Razak 50400 Kuala Lumpur, Malaysia|
|Regulation||Regulated, LFSA (Labuan Financial Services Authority) Offshore|
About Golden Brokers:
Golden Brokers is an online trading broker owned by Golden Brokers Ltd and located at Jalan Merdeka Level 14 (B) & 14 (C) Main Office Tower, 87000, Labuan Malaysia & Unit 12, Level 19, GTower 199 Jalan Tun Razak 50400 Kuala Lumpur, Malaysia.
Their website can be found at : goldenbrokers.my
It is also important to mention that this broker is: Offshore
The first step to protecting yourself from fraudulent parties online is to do thorough due diligence on the companies and entities that you are planning to send the funds to. In all probability, there have been other users who have already used the same service, and have expressed their opinions and feedback online on various forums.
After conducting some research on various social media platforms (Facebook, Twitter, Instagram), as well as online trading forums, a general theme emerged where users were dissatisfied with their experience with Golden Brokers. Based on this user feedback, it appears that Golden Brokers is not a trustworthy broker, and hence, extreme caution should be applied before investing through their brokerage platform.
There are a lot of brokers out there operating under fake company names or that have other fraudulent operations. A little bit of preliminary research can go a long way in protecting you and your finances.
Investigating Golden Brokers: Is it a scam?
When searching for brokers to conduct your trading activities with, the first and most important step should always be to learn about their certification(s). This will tell you whether they are regulated by a central authority or if Golden Brokers is an offshore and/or unregulated entity.
When a broker is unregulated or regulated by an entity outside of your jurisdiction, you have limited to no legal recourse in the event that your funds are compromised. In an event of theft, complaints can only be made if that broker is licensed by the regulator in your jurisdiction. Some examples of regulatory authorities that issue brokerage licenses are:
- The Cyprus Securities and Exchange Commission (CySEC)
- The Financial Conduct Authority (FCA)
- The Australian Securities and Investments Commission (ASIC)
If a broker is not licensed by the regulatory authority in your jurisdiction, that likely means that they are unregulated and should be avoided. Even if the brokerage is regulated, it is best to avoid it if the regulator happens to be outside your jurisdiction.
Modus Operandi Of Online Trading Scams
One of the most prevalent online trading scams is to initially display profitable trades that give the investor a false sense of confidence, and get them hooked to the idea of ‘easy money’. Once this confidence is established, the investor will be marketed the idea of investing more money to earn greater returns. Additionally, other incentives may also be provided to encourage the investor to get their friends and family onboard the platform too.
Once the brokerage believes that they have extracted all available funds from an investor and his/her network, they will then proceed to suspend the account, and the investor will no longer be able to access the funds put in.
Many fraudulent firms will even claim to be domiciled in a regulated jurisdiction, and display fake regulatory licenses and addresses on their websites to try and improve their credibility with unsuspecting investors.
Be careful and verify your information through multiple sources. Constant vigilance should be applied at all times when sending money online.
Help For Golden Brokers Victims
If you have lost money with Golden Brokers, don’t panic. You are not the first and you likely won’t be the last. Mistakes can happen even with the most cautious of investors, and should be used as a learning opportunity.
The good news is that there is help available. The team at MyChargeBack – a specialist group dedicated to helping consumers recover funds lost online – is available 24/7 and has helped consumers all over the world recoup millions of dollars.
After filling out the form above, and validating your eligibility for their programs, MyChargeBack will help you build a solid case to regain your funds as soon as possible.
A chargeback is the retroactive cancellation and refund of a charge made using your credit card, wire transfer or some other payment methods.
By putting together a compelling chargeback strategy from beginning to end, victims of online fraud have a relatively high probability of recovering some of all of their funds lost.
However, using a trustworthy service such as MyChargeBack is critical in this endeavour as a typical chargeback process can often be complex and drawn out without the right guidance.
Is Golden Brokers a scam?
In my opinion, it is not a ‘scam’ per se, but Golden Brokers is regulated by authorities that are offshore and thus it’ll be difficult to hold them accountable in certain situations. I would recommend traders to go for more trustworthy and reliable brokers.
If you’ve been scammed by Golden Brokers and want to alert others, use the box below to share your review or opinion.
Golden Brokers is an offshore regulated broker which cannot be trusted. In my opinion, traders should stay away from Golden Brokers and instead opt for safer options.