Godlight Trade – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Godlight Trade - DO NOT TRADE WITH THIS PROVIDER
2.5/10
$100
Minimum Depositupdated 2023
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://godlighttrading.com
Founded: 2014 – 2023
Regulations: Not Regulated or Licensed
Languages: English, Simplified Chinese, Filipino, French, German, Greek, Italian, Portuguese, Russian, Spanish
Deposit Methods: Cryptocurrencies
Minimum Deposit: $500
Free Demo Account: Unavailable
Number of Assets: 40,000+ Trading Instruments
Types of Assets: Digital Currencies, Fiat Currency Pairs, Stocks, Indices, Commodities
Trading Accounts and Conditions
Godlight Trade offers their clients the following types of accounts:
- Starter Account: The minimum and maximum deposit amounts are $500 and $3,500. The maximum expected profit is $5,000.
- Classic Account: The deposit range is from $5,000 to $45,000. The maximum expected profit is $50,000.
- Platinum Account: The deposit range is from $10,000 to $99,999. The maximum expected profit is not specified.
- Forex Signals: The broker does not specify anything about the deposit amount. They just claim to offer tighter spreads and commissions.
There is no mention of specific trading conditions anywhere on this broker’s website.
Godlight Trade – Advantages
There are no advantages to trading with Godlight Trade.
Godlight Trade – Disadvantages
Godlight Trade has no advantages and many disadvantages, all of which point to the fact that this broker is a scammer:
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Lack of Regulation
Godlight Trade lists two addresses on their website – one in the United Kingdom and the second one in the United States. There is no telephone number given and we only have a generic support email address. We are also not told the name of the company that runs this website and we are also kept in the dark about which financial authority has regulated them. By giving us addresses in the UK and US, this broker implies that they are regulated by the authorities in those two countries. In fact, the broker clearly tells us that they are globally licensed and regulated.
The claim of being regulated is a lie. This broker is not regulated at all. We checked.
When operating in the UK, a broker needs to be authorized by the Financial Conduct Authority. And in the US, a broker needs to be authorized by the Commodity Futures Trading Commission and be a member of the National Futures Association. We checked all three authorities’ databases that are available online. We found out that Godlight Trade is not authorized by even one of them.
This means that this broker is operating illegally in both locations and is therefore a scammer.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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Warning Against Broker
While checking up on Godlight Trade’s regulation status, we found out that the Financial Conduct Authority has already issued a warning against them. The FCA has clearly stated that this broker is operating illegally in the UK and that all traders need to avoid trading with them. The regulator warns that this broker is not to be trusted and that is clear proof that we are dealing with a scammer.
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No Legal Documents
Godlight Trade does not even have their legal documents in place – a basic necessity for legitimate brokers. These legal documents constitute the formal agreement and contract between traders and the broker. If they are missing and a trade still signs up with that broker, then that trader has unfortunately given that broker the right to do whatever they want with their funds and what personal information the trader has given the broker. No authority will be able to help you get your funds back either.
This is why it is so important to take the time to read through the legal documents on a broker’s website before you sign up with them.
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Issues with Trading Platform
On their website, Godlight Trade boasts of having a state-of-the-art trading platform that is available for download from both the Play Store and the AppStore.
However, when we checked their trading platform, we found out it wasn’t a trading platform at all! In fact, this broker has lied about having a trading platform. What they do offer is a bunch of charts that have been imported from TradingView.com – a market analysis website.
This lack of the main product offering clearly tells us that we are dealing with a scammer.
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No Trading Conditions
We now know why Godlight Trade did not bother to advertise their trading conditions beyond stating that their spreads are tight and so are their commissions. This broker does not have a trading platform, therefore, the trading conditions (even if they had been mentioned) would just be a waste of time!
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Profits Promised
Godlight Trade does not offer trading accounts like legitimate brokers do. Instead, they offer their clients trading packages. They promise that when you invest in one of their packages, you are guaranteed profits.
It is simply not possible for a broker to promise that you will make profits. The market is so dynamic that losses are far more common than profits. Therefore, if a broker makes this promise, then it is guaranteed that that broker is a scammer.
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Lies About Payment Methods
On their website, Godlight Trade displays the logos of multiple payments providers. However, when we checked their payments section, we found out that there is only one way to make payments – cryptocurrencies.
The fact that you can only pay using cryptos is a huge red flag. Crypto transactions are anonymous and permanent. If you are dealing with a trusted broker, it is not really an issue. However, when you are dealing with a practically anonymous broker like Godlight Trade, then it is clear that the broker is out to scam you; once they have your money, there is not way that you will be able to get it back.
Therefore, if you are dealing with a new broker, it would be safer to use credit cards, since there is a possibility of getting your money back if you are scammed.
Conclusion
Godlight Trade is a scammer and dealing with them would be dangerous. They cannot be trusted.
Godlight Trade
Pros
- None
Cons
- Lack of Regulation
- Warning Against Broker
- No Legal Documents
- Issues with Trading Platform
- No Trading Conditions
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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