GoldFX Review – Sugar Coated Offer With a Rotten Core

Well-designed, flashy websites do not necessarily guarantee safety of funds and a way to your financial freedom. If we were to start peeling off one layer after another, this suspicious scheme would soon unravel disturbing legal particularities. Lets thoroughly analyze the offer in this GoldFX review.

Broker status:	Unregulated Broker
Regulated by:	No License
Operating Status:	Active Online Trading Sham
Known Websites:	goldfx.com
Blacklisted as a Scam by:	CBR
Owner:	Olympic Markets Ltd (alleged)
Headquarters Country:	SVG / Malaysia
Foundation Year:	2023
Online Trading Platforms:	MT5
Mobile Trading:	Available – MT5
Minimum Deposit:	$250
Deposit Bonus:	25% on first deposit + 50% on each deposit
CFD Trading Option:	Available
Crypto Asset Trading:	Yes – BTC, ETH, LTC, XRP, ADA
Available Trading Instruments:	Stocks, ETFs, Indices, Commodities, Crypto, Forex, Treasuries
Maximum Leverage:	1:2000
Islamic Account:	Available
Free Demo Account:	Available
Accepts US clients:	US clients are accepted
Global Fraud Protection Experts’ Verdict:	Protect your capital from greedy and illicit financial schemes!

Impersonation Attempt

GoldFX claims to be a brokerage entity owned by Olympic Markets LLC. This company is regulated by the Labuan LFSA and has an offshore branch registered with SVGFSA.

The problem is in the fact that neither one of the databases confirms that goldfx.com is run by this business. There’s also a broker called Olympic Markets. Their site, olympicmarkets.com, lists the same firm as their parent company.

In addition to these findings, we’ve also stumbled upon a CBR warning that confirms that GoldFX broker is an illicit securities market participant that doesn’t approve of segregated accounts, compensation funds and AML measures. The case is the same with JP EX, even though they seemed legit at first.

Faking Online Reviews

The site itself will direct you towards some GoldFX reviews on different platforms. They pride themselves with their 4.0 TrustPilot rating out of no more than 50 different comments. Another lesser known site, hellopeter.com, is also mentioned with a similar average rating.

The repetitive nature of individual posts betrays the fact that they were created by review seller networks. It becomes more obvious if you consider the fact that there is no content on other platforms like SiteJabber.

If you take time to look into a few comments that are critical of the company, you’ll notice that they all complain about denied withdrawals. Should you have similar problems, feel free to contact our legal experts via the chat.

Lurking on Social Networks

Looking into the history of the scheme, we could see that the company used to hold numerous different social network profiles. Now, after the CBR warning, the only one left alive is a single LinkedIn page.

The firm works through different nouveau riche intermediaries on popular platforms like Instagram and TikTok to spread propaganda. If someone shows interest, boiler room agents will quickly swoop in to do a bit of brainwashing and investment encouragement.

Deceptively Old Domain

If you were to gauge reputability of a company by the goldfx.com domain age, you’d think these guys are some industry giants, since the actual domain was launched in 1996! Checking the website history using advanced tools, however, will show that the brokerage did not exist before January 2023.

Here are the nations that generate the most traffic to the site:

• United States
• Belgium
• United Arab Emirates
• United Kingdom

PAMM & MAM Accounts

The main website’s attraction are the GoldFX PAMM accounts, which are advertised as a trading module that allows traders to still earn, but without trading. Expert managers are there to allocate your funds in your stead, or to have your GoldFX copy trading set up.

Besides this, the company offers the following GoldFX accounts:

• Standard – $250
• Pro – $5,000
• Vip – $10,000
• Islamic

Demo Account

The GoldFX demo account may be free, but it’s not forever. The account is limited in duration to 180 days, after which you’ll get locked out. Additionally, the allotment of virtual funds is capped at €20,000 , which is not considered sufficient for prolonged practice.

Comprehensive Instrument List

It doesn’t happen often that a trading portal is so thorough when it comes to presentation of available assets, but this con went out of their way to provide a good insight:

• Stocks (Alcoa, Airbnb, Disney)
• ETFs (ProShares UltraPro QQQ, ARK Innovation ETF)
• Indices (Spain 35, German 40, Euro 5)
• Commodities (Silver, Gold, Copper)
• Crypto (Cardano, Avalanche, Bitcoin)
• Forex (CAD/CHF, EUR/GBP, EUR/USD)
• Treasuries (Euribor, Sonia 3 Month, UK Long Gilt)

Leeching on MT5 Reputation

The brokerage’s attempt to come off as credible and legit was backed by the fact that they offer the most advanced and prestigious trading software today – MetaTrader 5.

Available across all platforms and devices, this much preferred technological solution has ruled the markets thanks to its flexibility, speed, reliability and customizability. Sadly, in the case of GoldFX MT5, its popularity is ruthlessly exploited and misused in order to lure in more financial victims.

High Margin and Higher Leverage

We need to remember that con artists like this one or Net Global Markets will always have some hidden fees involved, for which they are known to charge up front.

As for the actual pricing data on the site, there’s the enormous 1:2000 leverage that will bleed you dry on a single trade, coupled with a margin call at 70% and a stop out at 30%. The spreads are relatively tight at 0.1 Pips minimum if the site is to believe, yet the commission is said to be zero.

25% + 50% Deposit Bonuses

Marketed as a “strategic advantage” these financial traps are activated when creating a GoldFX login, when traders can accept a 25% first deposit bonus.

To each deposit, first time or not, another 50% incentive is added. As expected, withdrawal conditions for the non-deposited funds are unknown.

Payment Channel Problems

We could tell you all about the diverse funding channels available on the site, like bank cards, bank wires, e-wallets and even crypto transfers, but that would be a sham. In reality, there is no automated payment processing, and you’ll have to go through your “account manager” for any financial transactions.

If the negative reviews are to be believed, and we are inclined to believe them, no GoldFX withdrawal ever takes place.

Scammers Stole From You? Get Your Assets Back!

Judging from what we saw on this alleged broker website, these people are a bunch of swindlers that use weasel words and hide their legal documents to keep you confused while they take your money.

With our help, you can still get the money they stole from you reimbursed. Book a free consultation with our leading experts via the live chat, and start fighting back for what is yours!