In today’s Golden Brokers review, we analyze another Forex/CFD broker that is trying hard to convince us of its honesty. All the claims about having 1500+ instruments available for trading at all times and everywhere, attractive trading conditions, and safety are intriguing for traders. However, users may doubt whether the company is just another scam. We attempted to investigate how much trust can be placed in this platform. Here’s what we found.
Key Features
- Company Name: Golden Brokers Ltd
- Website: https://goldenbrokers.my/
- Available Contacts: [email protected]; +60 154-600 0374
- Foundation: 2021
- Services: Forex/CFD trading
- License: Labuan Financial Services Authority (LFSA) № MB/19/0030
- Initial Deposit: $10,000
From Sign-Up to Payout
The first impression of the official Golden Brokers website was quite pleasant. The design is appealing, and pages load quickly. The content and functionality are mostly in order. However, the broker has made several oversights, such as:
- Materials in the News section are updated irregularly. In the Blog, posts in 2024 appeared about once a month, and in 2025, there was nothing to write about at all. In the Technical Analysis section, the last post dates back to August 2024.
- The Education section contains only 7 articles, and calling them educational is difficult. Rather, they seem like meaningless responses designed to fill out the section.
- The company boasts a couple of awards received at the one-time Forex Traders Summit Dubai 2022. However, it has not received any more prestigious awards at globally recognized events. Based on the photo gallery, it seems the broker hasn’t participated in any of them.
- After registration, profile completion, and questionnaire submission, a new client can fund their newly opened trading account. Three payment aggregators are offered to handle all payment options. However, none of the attempts to perform a transaction with these aggregators were successful — the payment forms simply do not load. It seems assistance from support staff will be required.
Overall, the official Golden Brokers website seems quite solid. However, some oversights and issues with financial transactions in the personal account undermine trust not only in the platform but also in the broker itself.
Our Trading Experience With Golden Brokers
On the official website, the broker claims to give traders access to work with two platforms:
- Their own mobile app for iOS and Android. It can be downloaded directly from the App Store and Google Play Market, with links available on the homepage.
- MetaTrader 5 from MetaQuotes in all available versions: desktop for Windows and macOS, mobile for Android and iOS, and web.
The preferred platform is the second one, and all accounts in the personal cabinet are opened in its format. Traders are well aware of its advantages, disadvantages, and key features, so we won’t duplicate the information.
Note! For those without experience using MT5, the broker provides a detailed tutorial on the website.
When it comes to trading conditions, Golden Brokers is doing a bit worse. Let’s start with the types of trading accounts. The company has them, but the staff didn’t bother to give them names. They differ by graphical representation and some options:
- The minimum deposit is $10,000, $250,000, and $500,000, respectively.
- Account owners can receive bonuses of 10%, 25%, and 50% for different account types upon deposit.
In the table, there are many other options that seem to fill space rather than truly characterize the features of each account. We were particularly puzzled by some of them, like the “Personal relationship manager.” We still don’t understand why a trader would need a PR specialist. Also, the logic behind having more options available in the first plan than in the second remains unclear to us.
More information can be found on the Trading Conditions page. Here, on the corresponding tabs, the minimum information for each instrument is provided:
- The size of the leverage (only for currency pairs).
- The typical spread size (for all assets except stocks) or trading commission (for stocks).
- The size of the standard lot.
- The minimum trade size.
There isn’t a lot of information, but some conclusions can still be drawn. For example, the spreads for currency pairs are on the same level as those offered by other licensed brokers. The leverage for these instruments is 1:100, which is higher than what is set by reputable regulators for retail traders but lower than what is available for professional traders. At the same time, the leverage is slightly lower than what many offshore-regulated platforms offer. Nevertheless, it should be said that the risks, especially for beginners, are unreasonably high.
The trading commissions for CFD trading on stocks are also quite high. While most brokers offer them around 0.05% of the transaction amount, Golden Brokers charges significantly higher fees.
The Reality Check
Golden Brokers repeats its registration details on almost every page and claims to be licensed. The company is registered in the Labuan Financial Territory (Malaysia) and operates under the local financial regulator Labuan Financial Services Authority (LFSA) license No. MB/19/0030. Verification confirms this information.
The company is officially licensed as a broker, with the license issued on January 18, 2019. Everything seems to be in order. However, there are a few interesting questions:
- How often does the LFSA license need to be renewed? Has the broker addressed this since 2019?
- Does this license allow the company to provide international services?
- How well does the regulator protect users’ rights and interests? For example, does it require the broker to participate in a client deposit insurance program?
Overall, everything appears to be quite solid. However, without answers to the raised questions, it is difficult to consider the services provided by the broker to international clients as legal.
How Long Has Golden Brokers Been in the Game?
It seems the company has been around for quite a while. However, we still don’t know the exact duration of the broker’s presence online. To clarify, we checked the whois service, specifically the domain registration date..
According to the WHOIS service, the domain goldenbrokers.my was registered in 2021. Web archive snapshots confirm that the company has been using it since its appearance.
The company, which was licensed in 2019, creates a site in 2021. What domain did it use earlier? Was the broker’s website online before this point? If not, why did a licensed company wait almost two years? Another interesting question: why did the company representatives stop regularly updating materials and not tidy up the client portal?
Whatever is being said, we keep having questions about Golden Brokers. Such an approach from a legal, regulated firm is at least concerning.
Extra Fraud Indicators
During the broker’s existence, it would have been reasonable to expect the appearance of numerous Golden Brokers reviews online. Some of our expectations were met — more than two hundred comments are posted on Trustpilot. The platform has a relatively high rating of 4.5 out of 5. This suggests that most authors have a positive opinion about the company’s activities.
However, there are still some questions. The first posts appeared in the summer of 2021, with the next one only in August 2023. Why the nearly two-year break, if the company continued to operate? Why do users leave reviews in batches of several within 2-3 days, with only brief breaks between them? Why has none of the positive reviewers provided any proof, like photos of withdrawals showing the company as the sender?
This makes us think that the company might be conducting a deliberate campaign to build a positive reputation. In this case, all positive comments should be considered paid for.
About 10% of users post negative reviews. Their main complaint is the broker’s failure to fulfill promises. Users complain that managers call daily, trying to convince them to deposit more money. However, no real help is provided in trading, and in many cases, the advice leads to the loss of funds.
Experts on trading and investment portals don’t think too highly of the project either. Of course, they don’t yet call the company a scam, but in most of these publications, it barely receives average ratings.
Is Golden Brokers the Right Fit?
In our Golden Brokers review, we introduced you to another Forex/CFD broker who operates under the license of the Labuan Financial Services Authority. However, in our view, the company does not treat its obligations seriously, and the level of service leaves much to be desired. Otherwise, we wouldn’t have so many questions about almost every aspect of its operations. Of course, the platform can’t be called a scam, but we can’t recommend it for trading either.
Golden brokers is perceived as a reliable company that fully meets its obligations to clients. They are always ready to assist at any stage, offer consultations, and provide good support. If you don’t like the fees, no one forced you to deposit money, and all charges are disclosed in advance, so there’s no reason to complain. I have only one issue: sometimes, quotes are delayed, and it can be difficult to open a trade.
As soon as I understood the service policy of this broker, I immediately tried to withdraw everything and looked for a platform that doesn’t violate the rules. However, my withdrawal request has been pending for two weeks, and the support is coming up with a hundred excuses to avoid sending me the money. Now they’re saying it’s because I didn’t pay the full trading commissions, but they refuse to remove them from the account. That’s how Golden Brokers tries to profit from customers who trusted them.
This is my first time encountering such poor service at Golden Brokers! I deposited $15,000 into my account, they promised a bonus, but nothing was added. Then the app started to glitch, so I had to switch to MetaTrader, but I hardly know how to use it. I complained, but support took four days to respond. Now I’ve complained about the quotes, and they’ve blocked my account with the money! I think this is a company of scammers who want to steal my money.