GoldmanBanc – Can You Trust This Broker?

| Publish date: 05/21/2020 (Last updated: May 21, 2020 07:31 AM)
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Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.

GoldmanBanc - DO NOT TRADE WITH THIS PROVIDER
2.6/10
$100
Minimum Deposit
X

updated

GoldmanBanc offers their clients the following trading accounts:

  • Micro: The minimum deposit you need to make to use this account is $1,000.
  • Classic: To use this account, you first need to make a minimum deposit of $5,000.
  • Silver: To trade on this account, you need to make an initial deposit of $20,000.
  • Gold: For this type of account, the minimum amount you need to deposit is $50,000.
  • Platinum: The minimum deposit is not mentioned for this account type.

The leverage ratio offered by this broker is at a maximum of 1:200, but there is no information about the spreads.

Try these regulated brokers if you want to start trading cryptocurrencies

Plus500 Review - Regulated broker
Plus500CY Ltdauthorized & regulated by CySEC

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://goldmanbanc.com

Founded: N/A

Regulations: Not Regulated

Languages: English

Deposit Methods: Bank Wire, Visa, MasterCard

Minimum Deposit: $1,000

Free Demo Account: No

Number of Assets: 1,000+

Types of Assets: Forex

Trading Accounts and Conditions

GoldmanBanc offers their clients the following trading accounts:

  • Micro: The minimum deposit you need to make to use this account is $1,000.
  • Classic: To use this account, you first need to make a minimum deposit of $5,000.
  • Silver: To trade on this account, you need to make an initial deposit of $20,000.
  • Gold: For this type of account, the minimum amount you need to deposit is $50,000.
  • Platinum: The minimum deposit is not mentioned for this account type.

The leverage ratio offered by this broker is at a maximum of 1:200, but there is no information about the spreads.

GoldmanBanc – Advantages

The only advantage to trading with GoldmanBanc could be the fact that they offer relatively high leverage ratios. With a leverage of 1:200, traders can adopt a wider range of strategies. However, such a leverage also comes with significantly higher risks, because of which most authorities have capped the leverage levels that brokers can offer their customers.

GoldmanBanc – Disadvantages

Here are the serious disadvantages we found about GoldmanBanc:

  • Unregulated Broker

GoldmanBanc claims to be owned and operated by Ozava Partners Ltd., a company that is based in St. Vincent and the Grenadines (SVG), which makes it an offshore broker. While being an offshore broker is not as big an issue, the problem is that the financial authorities in SVG have publicly announced that they do not offer regulatory oversight for forex brokers.

Since GoldmanBanchas is not regulated by any other authority, it means that this broker is actually not regulated at all.

A regulated broker is governed by laws that ensure traders’ safety of funds – brokers are required to segregate their accounts from their clients’, and are required to participate in programs that ensure traders are compensated if they incur losses due to broker insolvency or fraud. Furthermore, they are required to maintain a level of operational capital, which is to be used to cover all payments that need to be made to traders.

Dealing with an unregulated broker, on the other hand, puts your funds at risk as such entities operate outside the law. You get no protection from being scammed and you really don’t know how your funds are being handled.

Plus500
$100
Minimum Deposit

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.

 

AvaTrade
$100
Minimum Deposit

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.

 

  • Blacklisted by FCA

While checking for this broker’s regulation status, we found out some very disturbing information – GoldmanBanc has been blacklisted by the Financial Conduct Authority (FCA) of the UK for being a scammer.

The warning issued by the FCA states that this broker has being providing its services illegally, and that they are probably scammers.

  • Unfair Fees and Conditions

Another reason why you should not trade with this broker is their unfair fees and conditions.

First, if you do not manage to complete a minimum of 200 trades on your deposit, then you will be charged an additional 10% fee on your withdrawal amount. No regulated broker will charge you such an unfair fee.

Second, you will be charged a 10% inactivity fee – over and above other transaction fees.

And third, GoldmanBanc states that they do not commit to any time frame for processing withdrawal requests. This is a ridiculous condition, since most brokers today promise that your withdrawal request will be processed within 24 hours. In fact, there are many reputed brokers who can process such requests in just a few hours.

  • Very High Minimum Deposit

GoldmanBanc states that it has a $1,000 minimum deposit requirement. This requirement is more than 4 times the market average, which ranges from $100 to $250. And there are even some big brokerages that require you to make a deposit of as little as $5 to start trading.

  • No Demo Account

This broker does not offer their customers a demo account, which is another point against them. A demo account is important because it allows traders to test trading conditions and platforms before they invest their money with a broker.

The lack of a demo account is usually common with scammers, so the fact that GoldmanBanc doesn’t offer one should be a warning to all traders to stay away from them.

  • Unknown Trading Platform

GoldmanBanc claims that they offer their clients state-of-the-art trading platforms in mobile as well as web-based versions. The broker also claims that they also offer the MT4 (MetaTrader 4) trading platform.

The MT4 platform is the world’s favorite platform because it is easy to use even for beginners, and has a host of additional features such as charting tools, market indicators, trading bots and more that make trading easier.

We tried to download the platform, but were unsuccessful, and since this broker does not offer any demo account, we could not check the platform that was available.

Therefore, we cannot say for sure what kind of platform is offered by this broker.

  • Trading Bonuses Offered

Traders are offered a bonus of 90% upon creating a new account with GoldmanBanc. However, it needs to be remembered that such bonuses come with unfair conditions. You are required to meet impossibly high trading turnover targets, and when you don’t, your withdrawal requests will be denied.

No regulated broker can deny you the right to withdraw funds from your own account, but such bonuses are common among scammers.

Conclusion

GoldmanBanc is not a broker that you should trust. It is unregulated, has been flagged off by one of the world’s most prestigious financial authorities, has unfair fees as well as terms and conditions, and we don’t know for sure whether they actually have a functional trading platform.

We recommend that all traders stay far away from this broker.

GoldmanBanc

2.6

User Experience

3.5/10

Payment Options

2.2/10

Security

2.5/10

Support

2.4/10

Reputation

2.3/10

Pros

  • Solid Leverage Ratios

Cons

  • Unregulated Broker
  • Blacklisted by FCA
  • Unfair Fees and Conditions
  • Very High Minimum Deposit
  • No Demo Account

Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:

Plus500
$100
Minimum Deposit

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.

 

AvaTrade
$100
Minimum Deposit

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.

eToro
$200
Minimum Deposit

eToro is a multi-asset platform which offers CFD and non CFD products. 74% 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.

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