Goldmar – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Goldmar - DO NOT TRADE WITH THIS PROVIDER
2.3/10
$100
Minimum Depositupdated 2022
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://goldmar.co
Founded: 2022
Regulations: Unregulated
Languages: English
Deposit Methods: Debit Card, Credit Card, Bitcoin, PayRetailers
Minimum Deposit: 250 Euros
Free Demo Account: No
Number of Assets: N/A
Types of Assets: Forex, Digital Currencies, Commodities, Indices, Stocks
Trading Accounts and Conditions
Goldmar offers their clients the following types of trading accounts:
- Beginner: The minimum amount needed to open this account is 250 Euros. The maximum leverage is 1:100. The minimum spread is 0.1 pips.
- Premium: The minimum amount needed to open this account is 2,500 Euros. The maximum leverage is 1:200. The minimum spread is 0.3 pips.
- Business: The minimum amount needed to open this account is 25,000 Euros. The maximum leverage is 1:500. The minimum spread is 0.5 pips.
The broker claims that there are no commissions charged. The minimum order is 0.01 lots and you are offered a web trader platform to trade on.
Goldmar – Advantages
There are no advantages to trading with Goldmar.
Goldmar – Disadvantages
Here are all the reasons why we are convinced that Goldmar is a scam and is not to be trusted:
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Lack of Regulation
Goldmar claims to be based in St. Vincent and the Grenadines. The broker also states that their copyright holder is a company called Combolulating Group LLC. On their Contact Us page the broker provides us with an UK number and a generic email address.
In their Terms and Conditions, this broker states that they follow Estonian governing laws.
Now here are the red flags. St. Vincent and the Grenadines is an offshore location and the country’s financial regulator, the Financial Services Authority, has publicly stated that they do not regulate forex and binary options brokers. This means that Goldmar being based in that country means that they are unregulated.
Now, referring to that one statement in this broker’s Terms and Conditions where Goldmar implies that they follow Estonian laws. To follow a country’s law means a broker is regulated by that country’s financial regulator, in this case, the Estonian Financial Supervision and Resolution Authority (Finantsinspektsioon). We checked the regulator’s online database and found out that this broker was not at all regulated by the Estonian authority.
So, this broker is actually not regulated at all – by any financial authority. Which means that we are dealing with 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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Blacklisted by CONSOB
While investigating Goldmar’s regulation status, we found out that this broker and their parent company have actually been blacklisted by the CONSOB. The CONSOB – Commissione Nazionale per le Societa e la Borsa – is the Italian financial regulator, one that is a part of the European Union and follows very strict regulations for forex brokers.
So, for a broker to be flagged off by such an authority clearly tells us that we are dealing with a scammer and that it would be best not to have anything to do with Goldmar.
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Poor Trading Software
Goldmar offers their clients a very generic web trader trading software. This trading software is okay if you are a novice and have no idea what to expect from your trading platform. There is very little in the form of functionality. In fact, the most that you can do on this software is buy and sell the limited number of assets that Goldmar has on offer.
Legitimate brokers offer their clients the best trading software in the market – the MetaTrader 4 or MetaTrader 5 platforms. These are the two foremost trading platforms in the world today, offering a wide range of tools for pro traders and simple enough for novice broker to enjoy.
Considering the fact that the trading software is the main product that a trader needs from their broker, it would be best not to settle for anything less than the best.
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Issues with Trading Conditions
Goldmar’s trading conditions looks quite decent at first glance, but let’s break it up to understand how they are actually not trader-friendly.
The minimum deposit of 250 Euros seems quite okay – until you consider the fact that there are so many fantastic legitimate brokers who invite you to open accounts with them for less than $10.
And then the spreads. They are very low – below industry standards. So, it sounds great. The lower the spreads, the lower the trading costs. However, such low spreads are not possible because a broker would actually go broke – especially since Goldmar insists that they do not charge any commissions. The interesting thing is that the spreads mentioned on their website were all lies! The actual spreads we saw on their web trader platform were actually in the range of 3 pips – extremely unfriendly and expensive!
As for the leverage ratios, they are all highly risky and illegal. Goldmar is targeting European customers, where the leverage is legally capped at 1:30. Therefore the maximum leverage of 1:500 (besides being extremely risky) is illegal.
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Bonuses Offered
Goldmar offers their clients bonuses – which are also banned in Europe (among other jurisdictions). This is because these bonuses (also called non-deposited funds) carry with them very unfair withdrawal terms.
If you accept this bonus from Goldmar, then you need to know that all the profits you make from this bonus will not be yours to withdraw – they are termed non-deposited funds and they belong to the broker. Therefore, you will, in effect, be earning for the broker!
Added to that, there will be times that the broker will deposit such funds into your account – without your permission. Which means that the broker then can call all your funds non-deposited and keep all your funds.
And if you try to withdraw your funds, you won’t be allowed to unless you first meet their condition of a reaching a minimum trading volume target of 25 times the bonus amount!
All in all, this broker will make it impossible for you to get your money back.
Conclusion
Goldmar is a scammer and therefore you cannot trust them!
Goldmar
Pros
- None
Cons
- Lack of Regulation
- Blacklisted by CONSOB
- Poor Trading Software
- Issues with Trading Conditions
- Bonuses Offered
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.
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.