If you take a look at GoldenCFD Forex broker, you will see a neatly done design and a lot of promises. Apparently, this broker has developed partnerships that ensure traders have an experience like no other. This means that each client gets tailored trading solutions that suit both novice and professional traders. Basically, that’s all we want to see and if that’s fulfilled, we will consider GoldenCFD a good broker.
Quality of Service
The first thing we wanted to discuss the service quality is the design. This may not be an important thing, but we have to admit the visual appearance of GoldenCFD gained our attention. Everything is simple and neat, full of modern details and that adds a plus to the whole service. So, we are starting this review with a very positive tone and let us all hope things will be the same at the end.
Trading conditions are one of the most important things when it comes to choosing a Forex broker and there is no better way to check them than to see all Account Types. If you want to see if this broker is suitable for you, there is an option to open a Demo Account. This is a free version that won’t bring you profit, but you will be able to practice and familiarize yourself with a platform. If, on the other hand, you have a lot of experience and you do not feel a need to open a Demo Account, you can choose from four different options.
The first one is Classic and the minimum deposit requirement is $1,000. You will have Daily Briefing & Research, Desktop & Mobile Trader and Video Tutorials. After that, there is a Gold one with a deposit requirement of $10,000. Of course, this one brings you more benefits but to be honest, for that amount of money you do not get much. Aside from those things that can be found within the Classic account, you will have Competitive spreads, Webinars and Seminars.
The Platinum account will give you General Account Manager, SMS News & Signals as an addition but you need to deposit at least $25,000. Lastly, there is a VIP account that provides the maximum trading conditions such as Premium Daily Analysis and Premium Customer Care and you can become a VIP member if you deposit $100,000 or more.
Well, we have mixed feelings here. Yes, the variety of trading accounts is good and we cannot say a single negative thing about that. But, there is one problem. Minimum deposit requirements are significantly higher than usual. If you choose other brokers, you will be able to deposit $250 and get better conditions than here. So, when it comes to trading conditions in general, we are not satisfied at all.
As you can see, you have to open the Platinum account to get an account manager. In most cases, you will get a dedicated manager with every account and that’s the most common thing. Also, each client deserves to have a premium customer care, not just the ones that deposit the most. Even if you deposit the bare minimum, you need to have someone who will guide you through the whole trading process and be there to help you if something goes wrong.
That said, we are disappointed with those trading conditions and we could name ten other brokers within a second who will provide you with better possibilities. So, let’s move on to the trading platform to see if GoldenCFD will be able to change our opinion and bring us back to the beginning when we thought this could be an excellent broker.
When it comes to the trading platform, this broker didn’t want to take any chances. The only option is MetaTrader 4. Well, we cannot be disappointed since MT4 is an excellent trading platform, but we cannot give them points on creativity. It’s always good to see a broker who offers innovative technology, but if you are an MT lover, you will enjoy it here. There is an option to download it on a computer and mobile device, so you can trade wherever you want.
As we already said, we are not disappointed but we are also not excited. It’s a simple solution that works just fine.
The last part of service quality would be education. Without it, everything that a broker has to offer is in vain, so let’s see what material is provided at GoldenCFD. There is a page named Academy on the website and at the first glance, it looks quite professional. Clients can see Economic Calendar, Forex Calculator, Real-Time Chart and some educational material.
The problem is, that material just looks professional, but in reality, we get a few sentences and that’s it. One article is about Forex in general, another one explains what CFD means, and there is only one eBook that explains how to trade online. Aside from that, we have Video Lessons, but in fact, that’s just one short video.
To conclude our story about education, we can say that we are completely disappointed. Everything looks flawless, there are so many options, different articles and video lessons. But once you look beneath the surface, you realise that all of that is just a good way to attract clients and not offer a single thing. So, before you open an account inspect every segment of someone’s business since there are a lot of brokers whose only purpose is to scam you.
Speed of Response
If you need any help, there is a Contact Center that contains an online form, email and phone number. Unfortunately, there isn’t a live chat and the Social Media accounts are non-existent although they said you can contact them there.
Since there isn’t a Live Chat, we decided to test the online form and see how responsive this broker is. Well, we can say one thing, it’s not responsive at all. Although we asked a question about deposits, we never received an answer. From everything we have seen so far, this is the thing that disappointed us the most. We do not expect constant support, but we do expect to have someone who will help us when a problem occurs. With GoldenCFD that’s not the case and if you run into any problem, nobody will be there to show you how to solve it.
Depositing is fast and the whole process is completed within a few minutes. That’s what we expected to see, but the thing that interested us more is withdrawal speed. First of all, you have to prepare some documentation for Identity Verification. That’s more than fine and it adds a certain dose of security. There is one problem, though. The business hours are just Monday to
Thursday from 9 to 16 and Friday from 9 to 13:30. So, you have to wait longer than usual for Identity Verification to be completed.
The main problem we have about transaction speed is that this broker never specified how many days are required to complete the whole process. The only thing that is written is that GoldenCFD aims to process the request as soon as possible, but there can be delays. So, you could be waiting for months or you may never receive the money in the end.
Commissions are charged depending on the account type. But the problem is, this broker writes one thing on the Terms and Conditions page and another one on the landing page. For example, they wrote that fees are completely free for Platinum and Diamond accounts. But the thing is, there is no Diamond account. So, something doesn’t really fit in here.
Aside from that, some fees are charged based on the transaction method. For a Credit/Debit Card that fee is 3.5% and for Wire Transfer it’s $30, €25, £20. Those are the only commissions that are listed on the website but based on everything we saw, we are certain you will have to pay some hidden fees as well.
Well, GoldenCFD does its business in a very questionable way and things are clear here. There is no license. If you decide to open an account and deposit money there is no one to help you if something goes wrong. That’s why we would recommend you to skip trading with this broker and find someone who will make sure to protect your account and funds.
Variety of Payment Options
As a payment method, you can choose Credit/Debit Card, Wire Transfer and electronic payment. This broker doesn’t accept cryptocurrencies but overall, this is a decent selection and we can say we are satisfied with it.
Of course, we do not recommend you to deposit money at GoldenCFD, but we are sure you already realised that during our review. This broker made sure to create a picture of a perfect broker, but the reality is a bit different. The whole website looks nice, but that’s the only good thing you will find here.