In today’s Goldman Markets review, we will talk about another scam broker promising traders to help them unlock “A World of Possibilities.” Of course, with this goal in mind, potential clients are offered attractive trading conditions, the most modern technologies, and exceptional order execution speed. Furthermore, users can even receive “AI Insights,” which supposedly give them a statistical advantage over other market participants. However, we are confident that with this project, you can only lose money. What’s wrong with this company? All the answers are below.
Key Features
- Company Name: Goldman Markets
- Website: https://goldmanmarkets.net/, https://goldmanmarkets.io/
- Available Contacts: [email protected], [email protected]; +41717793387
- Foundation: 2024
- Services: Forex/CFD trading
- License: no
- Initial Deposit: $250
From Sign-Up to Payout
The developers of the official Goldman Markets website can even be praised: they put a lot of effort into creating, above all, the homepage. It seems they even overdid it a little: it turned out to be too long and very boring. The other pages aren’t much better — they’re filled with advertising slogans but almost no useful information.
Perhaps due to the frustration of visitors who have to read texts with zero informational value, goldmanmarkets.net is periodically unavailable. However, the broker decided not to give up and activated a backup domain — goldmanmarkets.io. The problem is, they did it in a rather peculiar way — as soon as you visit the site, you’re taken straight to a login page. It seems like nothing unusual, but…
After filling out the registration form, potential clients receive the message “We have received your request, see you soon!” The promised “soon” never arrives, based on our experience. However, those wanting to open an account with this broker can contact support directly. We’re sure they will help with everything.
In general, it all looks as bleak as it does with most scam brokers. A website that’s useless and the need to contact company representatives are major signs of a fraudulent web resource.
Our Trading Experience With Goldman Markets
As you’ve probably already guessed, we never received a Goldman Markets account. However, we did manage to see the broker’s trading platform: the official site has a demo version (with limited functionality).
It only took one glance for us to understand: this is not an original terminal, this software is widely used by scam platforms. We’ve seen it many times and know exactly what the problems with this program are.
For example:
- The chart window allows only one chart to be opened at a time. Clients working with a portfolio of instruments will waste time — and most likely money — switching between symbols in a dynamic market.
- The price chart (choosing timeframes and chart types, adding indicators and graphic objects) can be configured quickly. However, settings are only saved until the current browser session ends. When starting a new session, the process will have to be repeated.
- The terminal does not allow one-click opening/closing of positions.
- Developing or connecting custom indicators and trading robots is also impossible. The platform developers apparently decided that traders working with scam brokers don’t need these features.
As we can see, Goldman Markets’ terminal leaves much to be desired. However, for the broker, it might be a real find, as software with such problems definitely doesn’t promote profitable trading. Most likely, it will bring losses. For a company run by scammers, this significantly simplifies the process of appropriating client funds.
We expected Goldman Markets to publish detailed trading conditions. However, like most other scam brokers, the contract specifications are nonexistent here. In the descriptions of account types, only a few key parameters for each plan are listed:
- Minimum deposit.
- Maximum leverage.
- Minimum spread levels.
There are 5 types of accounts listed by the broker:
- Pioneer, with a minimum deposit of $250, maximum leverage of 1:30, and spreads from 3.0 pips.
- Standard, with a minimum deposit of $10,000, maximum leverage of 1:30, and spreads from 2.4 pips.
- Pro, with a minimum deposit of $50,000, maximum leverage of 1:400, and spreads from 1.9 pips.
- Pro+, with a minimum deposit of $100,000, maximum leverage of 1:400, and spreads from 1.2 pips.
- Stellar, with a minimum deposit of $250,000, maximum leverage of 1:400, and spreads from 0.6 pips.
Of course, the set of each account type is not limited to these options. However, offers such as personal manager assistance, financial planning, and risk management involving company specialists may interest beginners who lack the necessary knowledge for independent work. Experienced traders would find such limited information clearly insufficient. But it seems that scammer brokers aren’t too interested in such clients.
Attention! It looks somewhat strange when a broker’s official site provides different values for the same indicator. For example, the main page states a leverage of 1:300, while in the account list, it says 1:400. It seems the company’s staff is not fully aware of the information. How are they planning to help their clients?
In general, the account types table from Goldman Markets gives plenty of reasons to consider the company a scam. For example, as the minimum deposit requirements increase, leverage also increases. For the first two account types, owners can trade with leverage up to 1:30, while for the others, leverage up to 1:400 is available. This increases risks, especially for accounts exceeding $50,000. Do you think the broker would be happy to receive such significant amounts?
The situation with the spreads is no less telling. In the Pioneer and Standard plans, the minimum spreads are 3.0 and 2.4 pips, respectively. First of all, it’s not easy to trade profitably with such “narrow” spreads (by the way, almost all regulated brokers have abandoned such spreads, even for cent accounts). Goldman Markets has intentionally set them: they try to lure the client’s attention to more favorable conditions. It’s worth mentioning that to benefit from these conditions, much more money is needed.
The company also has a special offer for wealthy traders. Traders with a balance of $250k and above can choose from 3 account types. To learn the terms, they need to contact a personal manager. We are curious, though — will the manager inform the clients that they might not be able to expect any returns on such large sums?
The Reality Check
Goldman Markets does not publish information about the company’s registration location or its licenses on the website. However, the broker did publish an office address in Switzerland. For its operations in Europe, registration in Switzerland is quite sufficient, provided they have a license from the local regulator.
However, a search in the Swiss registry yielded no results. This means that neither a company named Goldman Markets nor a similar business name is registered in Switzerland.
In the documents (in particular, in the Terms&Conditions), there are other references to the company’s registration location. The document states that the company conducts activities and resolves disputes in the courts of “Saint Vincent and the Grenadines” (this is the exact quote, which perfectly demonstrates the level of literacy of the platform’s specialists).
A check in the registry of the financial regulator SVGFSA showed that Goldman Markets is not registered in this Caribbean country either. Therefore, we can see that the broker operates without official registration. Naturally, in this case, it has no licenses, and its activities are entirely illegal.
How Long Has Goldman Markets Been in the Game?
The question about how long the company has been in business can be answered by the whois service. We will use its information about the registration date of the domain goldmanmarkets.net.
According to the service, the domain goldmanmarkets.net was registered on November 26, 2024. From that moment until the time of writing our review, only 2.5 months have passed. This completely disproves the statistics published on the company’s website.
In such a short period, it is impossible to gather 50,000 clients (it would require accepting an average of nearly 700 registrations daily, which is an unattainable figure for a newly launched website). The information about turnover also looks implausible. Simple calculations show that each registered user made at least 2 trades per day, each worth $110,000.
We are sure that in the owners’ fantasies, anything is possible. But a simple check revealed that their pretty legend doesn’t hold up. A similar example is landsonfinhold.com review.
Extra Fraud Indicators
Although the company has been around for a very short time, its creators are not wasting any time. In the 2.5 months since it started operating, an indecently large number of Goldman Markets reviews have appeared online. On the website reviews.io, there are almost 40, and the absolute record holder is the HelloPeter portal, where 130 posts about the broker’s activities have been published.
Try to guess what the authors of the comments are writing about. You’re right, almost nothing, but most of them thank the company for its excellent work and give it high ratings. This situation gives no room for doubt; it’s clear that all of these posts are paid for.
Articles about the broker on specialized trading portals tell a completely different story. Experts believe that Goldman Markets is a scam broker, its activities are illegal, and clients are at risk of losing all their money.
Is Goldman Markets the Right Fit?
Everything we wanted to say about this scam broker has been outlined in our Goldman Markets review. There are enough signs of a project created by fraudsters here to understand that traders won’t get their money back from this platform. It would at least seem strange for a platform without registration or a license to start paying out profits and withdrawing deposits. Perhaps this is only possible in the positive reviews ordered by the company, but we all know how reliable those are.
Goldman Markets managers called themselves and were very convincing. They spoke so vividly that I agreed to deposit not the minimum amount I planned to start with, but a full 25,000 bucks. I shouldn’t have rushed, I should have checked this broker first, but it didn’t occur to me right away. I regretted everything when I tried to withdraw $2,000, and my request was not approved. That’s when I realized who I was dealing with. Now I understand that the scammers will never return my invested funds, unfortunately.
Honestly, I’ve never seen such blatant fraudsters. Even their registration on the islands is fake (it’s not there, but it’s written in the documents). What I don’t understand is where all these positive comments on Goldman Markets are coming from, were they paid for?? The scammers took $12,000 from me, and I got absolutely nothing in return! Trading is inconvenient, the commissions are sky-high, making it impossible to earn anything! And then there are problems with withdrawals. I should have never gotten involved with them; my money and nerves would have been better off.