GoldenShare Review(2021): Why goldenshare.io is a Scam?

Thinking of getting into business with GoldenShare? Here is what you must know about this broker. Carefully read this review to find out if goldenshare.io is the trading platform you will want to trade with.

About GoldenShare Broker

GoldenShare is an offshore brokerage company with a lot of promises for traders. The broker address shows it is from Nicosia – Cyprus.

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There are different account types GoldenShare offers. See below.

Account Types

To clarify, in spite the trading instruments GoldenShare claims to offer, traders must know they are dealing with an unknown broker which does not have a regulation over its head.

Here is a warning from Financial Conduct Authority, UK of which we see that this broker operates on different websites.

FCA Warning

goldenshare.io: Reasons to Avoid This Broker

Firstly, goldenshare.io is a platform with no financial authority overseeing its financial services. We discover the broker is not recognized under Cyprus Security and Exchange Commission (CySEC) as a licensed entity.

Secondly, we noticed goldenshare.io has no demo account for traders. Since traders can’t test the broker on a free account, we can’t know its viability in the forex market.

More so, this broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.

These are red flags for forex traders to avoid losing money with this scam broker. In fact, It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.

Withdrawal and Deposit

Withdrawal process

Under the withdrawal policy, GoldenShare withdrawal process takes 7 to 10 working days. The brokers charges 1% on minimum withdrawal of $30 and max withdrawal $300. Added, it discusses minimum withdrawal amount of $50.

For an inactive account of 30 days, the broker deducts $99 on each period.

Minimum Deposit

GoldenShare minimum deposit is €250 according to the account type.

As for the payment methods, the broker accepts Debit/Credit and Bank Transfer. But, you should not consider making any payment with this broker because it is a risk. So beware!

GoldenShare Platform

GoldenShare offers web based trading platform and not MT4 or MT5 (Industry standard trading platforms) which gives us more reason not to take this broker serious.

As for the leverage, it can get up to 1:400. Nevertheless, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.

GoldenShare Licensing and Regulation

It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation that means your money is at risk. Its unlicensed and unregulated activities are truly a red flag and must be avoided.

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Licensed in UK(FCA), Dubai(DFSA), St Vincent and the Grenadines, Cyprus(Cysec) and Cayman Islands

Accepts Traders Worldwide

Minimum Trade Deposit $100

Maximum Leverage
1:500

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Licensed in Australia(ASIC) and Cyprus(Cysec)

Accepts Traders Worldwide

Minimum Trade Deposit $100

Maximum Leverage
1:500

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Conclusion: Is goldenshare.io a Reliable Broker?

No, goldenshare.io does not seem like a reliable broker for traders even though it promises offers that look good to be true.

Most importantly, the broker is unregulated which means it is not authorized to operate in any regulated country and you should definitely not put any money into it.

Because we have taken it as a duty to review scam forex brokers and also share reasons, we will not recommend this broker for trading.

Kindly share your comment about this broker in the comment section.

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