Goldenbridgcap claims to accept e-wallets and local banking deposits. This information is vague, as the broker should narrow down to specific methods. If you deposit money to a crypto wallet, you cannot identify the recipient, making it ideal for cons.
Goldenbridgcap advertises itself as a legit Australian broker with state-of-the-art technology and a team of seasoned professionals. Traders using the platform can allegedly access multiple trade instruments, including forex, stocks, indices, and commodities. As the broker puts it, traders will have the “best trading experience.” However, a glance at its website reveals this is a broker joke. What with the mountain climbing and hiking images on a website that reportedly offers financial services?
Before you start trading, you should first understand the basics of forex trading and select an online broker that best meets your investing objectives. Having sufficient knowledge of the forex market is an excellent place to start. Still, it’s also crucial to understand the risk-return trade-off. For instance, a high level of leverage predisposes you to immense losses if your predictions are wrong. But most scam brokers won’t tell you that and will even try to paint high leverage as the hack to reap more returns. Also, roughly 90 percent of all forex trades are speculative. So be wary when a broker claims to have a holy grail for profitable trading.
To help you familiarize yourself with this venture, we have shared the minimum standards you should hold brokers to. Additionally, we have included several warning signs that should alert you that you are not dealing with a licensed forex broker. Read on for more on this.
The website details show Golden Bridge Capital Financial Trading PTY Ltd owns this broker. The broker somehow expects us to believe this without divulging more information, such as the registration number. This is not surprising, though – scam brokers withhold as much information as possible to avoid blowing their cover.
Goldenbridgcap also promises traders fast executions, seamless trading, market-leading spreads, and powerful performance. The broker’s cloud-based technology allegedly allows traders not to miss any trading opportunities. Further, the broker purports to protect traders’ accounts using globally renowned channels, which are unspecified. Trusting anything this broker says is risky, and you should avoid it.
Goldenbridgcap Regulation Status
Goldenbridgcap is allegedly in Australia. If that were true, we reasoned that it had to be registered with Australia’s oversight agency. Upon checking with ASIC’s registry, we found that there is a company named Golden Bridge Capital Financial Trading PTY Ltd.
However, the said company registered with ASIC on 22 March 2022. However, this is not enough to go by, as there are no website credentials for the broker in ASIC’s database. If anything, the whois database reveals that this dodgy broker registered its domain on 24 June 2022, meaning it was non-existent in March. Since there is no proof of location, we can confidently dismiss this broker as fraudulent. The broker clearly stole the identity of another registered broker.
Investing with Goldenbridgcap has its fair share of problems. Since the broker is not answerable to any oversight agency, your funds are insecure. This is because the broker does not afford zero balance protection which should stop your account from overdrawing.
Additionally, the broker does not segregate funds into separate accounts for accountability, which implies the broker will squander your funds. Again, this broker does not contribute to the compensation scheme, meaning you will not be compensated when the broker vanishes or goes bankrupt. Being offshore, the broker presents jurisdictional constraints since you cannot prosecute such brokers in an international court. Whichever way you look at it, there is no logic in engaging this broker.
Goldenbridgcap Trading Conditions
Goldenbridgcap has not shared any legal documents. This is a serious disclaimer, as you will commit to an investment contract without all the information. Legal documents clarify the requirements, obligations, risks, and relevant stipulations a trader must consider before agreeing to invest with the broker.
Important parameters such as leverage spreads and minimum deposits are also missing. It would be unwise to invest with a broker if you are not privy to such information, as these parameters determine your profit prospects.
For clarification’s sake, the industry-standard spread is 1.5 pips. Decent brokers usually offer spreads around that or below one pip. As for the leverage, the level depends on the jurisdiction. Brokers under ASIC, FCA, and CySEC should not set a leverage exceeding 1:30. For US and Canada, the CFTC and IIROC (respectively) impose a 1:50 leverage capping. The leverage capping protects traders from incurring excessive losses during market downturns.
A broker’s location, if accurate, provides further clues on a broker’s regulatory status. Although GoldenBridgcap claims to be in Australia, we cannot confirm this since the corporate address is missing. The company is virtually anonymous since the contact addresses are unavailable as well.
Moreover, thus broker does not take its customer service support seriously. What happens if you need urgent assistance? You won’t get any help since you must fill out a weird form and wait for the broker to contact you. You thus cannot trust this broker with timely communication, let alone your investments.
The industry recommends the MT4 or MT5 trading platform for competitive forex trading. The two platforms are recommended for a reason. According to statistics, 85 percent of traders use MT4, while 6 percent use MT5. The algorithmic trading option in MetaTrader 5 is among its fascinating features, as it lets you use robots to conduct automatic trading sessions. The feature also supports real-time quotations and diverse trade orders, including pending orders, along with all other common features.
Moreover, you can forecast the price changes of financial instruments using methods from fundamental analysis. The MT4 also has inbuilt indicators and timeframes, although fewer than MT5’s. The MT 5 also has more than 80 integrated indications and objects. Additionally, you have access to 100 charts in different time ranges. As a result, you can look at both long-term market fluctuations and short-term price changes.
Since we could not register an account with this broker, it was hard to confirm whether there was a functional trading platform. However, this was also unlikely since the broker is a clone. Clone brokers are as risky as any other scammer.
Goldenbridgcap Deposit & Withdrawal Policy
Goldenbridgcap claims to accept e-wallets and local banking deposits. This information is vague, as the broker should narrow down to specific methods. If you deposit money to a crypto wallet, you cannot identify the recipient, making it ideal for cons. Scammers mostly prefer crypto wallets and wire transfers as these transactions are irreversible. Additionally, crypto wallets avail the anonymity in which dubious brokers seem to thrive.
You should be keen on the minimum deposit requirement of a broker. Nowadays, legit brokers have accounts that have as low as $10 as initial deposits. This allows you to trade without risking a substantial amount of money. Not so the scammers- illicit brokers usually have relatively dear accounts as the goal is to pocket as much as possible. Other scammers have affordable accounts, but this is only a ploy to lure you. They are usually desperate anyway and would accept anything.
Conversely, legit brokers provide flexible deposit options, usually allowing digital currencies alongside conventional payments. This way, you can use methods to identify recipients or file for a refund (credit card). Although e-wallets are legit, you should only use them if you trust the broker.
The importance of investing with a licensed forex broker cannot be insisted on enough. These brokers have your back in boosting and protecting your investments, unlike brokers like Goldenbridgcap. This broker is a confirmed fraudster; you should not do business with it.
To avoid falling prey to scam brokers, you should familiarize yourself with how the forex market works. You should also research regulatory requirements for brokers in this market. Doing so will be a foolproof way to identify genuine brokers who share your investment values.