HeadlinesTrading PlatformsMarketsTrading FeesMobile AppsPayment MethodsLeverageAccount TypesRegulationCustomer SupportAdditional FeaturesBenefitsDrawbacksGolden Brokers VerdictAccepted CountriesAlternatives to Golden BrokersFAQ
This review will discuss the Malaysian-based forex broker, Golden Brokers Ltd. We explore its features with information on the trading platform, available markets, fees, regulation, pros, cons and more. Find out whether to open a live account with Golden Brokers.
Headlines
Golden Brokers Limited was founded in 2018. It is regulated by the Malaysian financial regulator Labuan FSC and its headquarters is based in Kuala Lumpur, Malaysia. It is not quite a global broker as many major geographical locations such as France, Germany and Switzerland are restricted, which other brokers for forex and all manner of trading cater to.
Trading Platforms
MetaTrader 5
MT5 is a world-leading platform with many tools and instruments that can be customised to help each user carry out thorough technical analysis and manage their positions. MT5 is a further development of the MetaTrader 4 platform, offering greater functionality, faster processes and a more intuitive layout. This platform is available on your web browser and downloadable on Windows and Mac.
MT5 platform features include:
Copy trading
21 timeframes
One-click trading
Integrated signals
Automated trading
Hedging and netting
38 built-in indicators
6 pending order types
Markets
Forex – Over 60 major, minor and exotic currency pairs
Commodities – 15 commodities, including precious metals and crude oil
Stock CFDs – Large multinational companies such as Apple, Google and Volkswagen
Indices – 14 global equity indices, such as the Dow Jones & FTSE
Trading Fees
Golden Brokers offers quite large spreads, with typical rates around 3-4 pips for major currency pairs like GBP/USD and EUR/GBP. Spreads for indices range from 2 to 50 pips, while commodities sit between 0.07 and 14 pips.
No commissions are charged, though there are overnight swap fees on CFD positions, which sit at a 0.5% charge, with a minimum fee of USD 20. Additionally, there is a dormancy charge of USD 100 for accounts that remain inactive for an entire year.
Mobile Apps
Golden Brokers clients can access mobile trading through the MetaTrader 5 application. This can be downloaded for both Apple (iOS) and Android (APK) devices from the relevant stores, boasting much of the functionality of the desktop versions. The app offers all supported order types, account management systems and asset classes, with 24 analysis tools and 30 indicators.
The broker’s website also links to a proprietary application on the Apple App Store and Google Play Store. However, there is no mention of the functionality of the application, except for the fact that 24/5 customer support is integrated. From the images provided, the application seems sleek, with at least line, area and candlestick chart support.
Golden Brokers Mobile Platform
Payment Methods
Users can make deposits to and withdrawals from their Golden Brokers accounts using bank wire transfers, credit cards, debit cards and online payment services like Neteller. Deposits can be made in any currency, though they will be converted to USD. A minimum deposit limit of USD 100 is imposed.
Leverage
Golden Brokers clients can access leverage for forex pairs, though not for any other assets offered by the broker. All currency pairs have a maximum rate of 1:100, though this is flexible.
Account Types
To open an account with Golden Brokers you will need to provide personal information like your home address and date of birth, as well as income information like annual income and total net worth. Additionally, you must provide documentation showing proof of identity and residence. It is important to note that the broker will only accept transfers of funds from bank accounts listed on the application forms.
Demo Account
Golden Brokers have provided users with the opportunity to practise making trades on their platform and explore the various markets offered with a free demo account. Each account is given USD 100,000 of digital funds to execute forex, commodities, indices and CFD trades in a simulated environment.
Live Accounts
There is a standard live account on the Golden Brokers platform that provides access to the MetaTrader 5 platform and the many financial instruments. There is also the option for an Islamic account, with which users are entitled to 20 calendar days per year that are swap-free.
Regulation
Golden Brokers is regulated by the Labuan Financial Services Authority in Malaysia with License number MB/19/0030. This means that the company is authorised to conduct its business and must maintain certain industry standards, such as protection of funds, for example. Client funds are kept safe through account segregation with tier-1 banking institutions, meaning that money can be returned if the broker collapses.
Customer Support
The customer service team of Golden Brokers can be contacted via email or telephone, with multilingual support offered, including English, French, German, Chinese and Arabic. The broker can also be contacted on social media like Facebook, LinkedIn, Twitter and the website blog, which are also used for news and announcements.
Email Address: support@goldenbrokers.my
Phone No.: +60-154-877-0961
Additional Features
There is an Education tab on the Golden Brokers website that provides many helpful guides and videos that can be taken advantage of to boost your knowledge and understanding of topics like trading platforms, instruments, CFDs and leverage.
Benefits
MT5 access
Demo account
Education centre
Range of instruments
Mobile trading support
No commission for forex, indices and commodities
Drawbacks
No live chat
High spreads
Inactivity fees
Limited client base
Does not have top-tier regulation
Limited leverage access for non-EU broker
Golden Brokers Verdict
Golden Brokers caters to both new and veteran traders, offering the advanced but intuitive MetaTrader 5 platform alongside a range of educational guides and tutorials. The firm boasts over 100 forex, equity and CFD instruments, which can be traded with 1:100 leverage and low commission charges. However, Golden Brokers does not have the best level of regulation and spreads are not very competitive.
Accepted Countries
Golden Brokers accepts traders from Australia, Thailand, Canada, United States, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.
Alternatives to Golden Brokers
If you are looking for alternatives to Golden Brokers we have compiled a list of the top 5 brokers that are similar to Golden Brokers below. This list of brokers like Golden Brokers is in order of similarity and only includes companies that accept traders from your location.
Pacific Union – Pacific Union is a multi-asset broker offering trading via the MT4 and MT5 platforms.
Admiral Markets – Admiral Markets is leading Forex and CFD broker offering the MT4 & MT5 platforms
TMGM – TMGM is a competitive Australian forex and CFD broker with a wide range of instruments, features and tools provided at low-cost
Fondex – Fondex is an award-winning forex and CFD broker with industry low trading costs.
Just2Trade – Just2Trade offer high tech trading on stocks and options with some of the lowest prices in the industry.
FAQ
Is Golden Brokers Legitimate?
Golden Brokers Ltd. is regulated by the Labuan Financial Services Authority, with registration number MB/19/0030. This means the broker follows industry rules and regulations to ensure that client accounts are secure and funds are protected.
What Are Golden Brokers’ Trading Hours?
The Golden Brokers trading hours vary depending on which assets you wish to trade. Most forex pairs can be traded 24 hours a day, five days a week, though many commodities, indices and shares are restricted to a few hours per day.
Which FX Currency Pairs Does Golden Brokers Offer?
There are over 60 forex instruments to choose from, including major, minor and exotic pairs. Examples include EUR/CAD, GBP/CHF and USD/JPY.
What Leverage Does Golden Brokers Allow?
Golden Brokers allows a maximum leverage rate of 1:100 for forex trading.
How Can I Contact Golden Brokers Customer Support?
Golden Brokers provides two main channels for clients to seek support: email and telephone. Alternatively, you can try to contact them on one of the official social media accounts on Twitter, Instagram, Facebook or LinkedIn.