GoldWellCap – Is It a Scam?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
GoldWellCap- DO NOT TRADE WITH THIS PROVIDER
2.5/10
$100
Minimum Depositupdated 2021
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: goldwellcap.com
Founded: 2017
Regulations: Regulated in Cambodia
Languages: Chinese and English
Deposit Methods: Bank wire transfer
Minimum Deposit: N/A
Free Demo Account: Yes
Number of Assets: 3
Types of Assets: Foreign Exchange, Oil, Gold
According to Goldwell Capital Co., Ltd. (“Goldwell”), it is a worldwide online trading leader in derivatives trading and provides derivative goods such as foreign currency, precious metals, and crude oil.
Goldwell’s professional customer care staff is available 24 hours a day, 5 days a week to give exceptional online assistance and the most complete trading experience. Furthermore, Goldwell has collected a team of brilliant financial experts to give customers market analysis and research from a variety of angles, allowing them to develop an optimal trading strategy and capitalize on the greatest investment possibilities.
Trading Accounts and Conditions:
Goldwell Capital is a Cambodian forex broker that uses the industry-leading MetaTrader4 platform to provide its clients with access to the forex market. They have a license from the appropriate authorities in the nation, but they have done a poor job of explaining their trade terms.
There is only one type of account for GoldWell Capital which is the standard account: With a minimum deposit of $0, max leverage of 1:100, and a spread of 1.9 pips + $50.
Although the minimum deposit amount is an advantage for GoldWell Capital, the lack of explanation of their trading terms takes points off of their reliability. Reliability which every trader needs in a broker website.
GoldWell Capital – Advantages
Regulated in Cambodia
The Securities Exchange Commission of Cambodia (SECC) has allowed the broker’s parent firm, Goldwell Capital Co. Ltd., to act as a derivatives broker. Keep in mind that obtaining a brokerage license in Cambodia necessitates a minimum operational capital of $250 000 as well as a security bond equal to 15% of the firm’s capital.
At the same time, a central counterparty license, which permits clearing and settlement services, has a minimum capital requirement of $5 million USD. As a result, the fact that Goldwell Capital has a license from SECC assures it of a certain level of trustworthiness.
MT4 Trading
This broker’s platform of choice, MetaTrader4, is another significant selling feature. Most traders are familiar with and appreciate using this trading program for a variety of reasons, including its ease of use, dependability, and quantity of helpful tools and features. This platform, in particular, offers one of the best charting packages, excellent statistics, and customized trading boots, sometimes known as Expert Advisors.
GoldWell Capital – Disadvantages
Trading Conditions Aren’t Stated on the Website
Many significant issues about Goldwell Capital’s pricing and trading circumstances remain unresolved. The broker hasn’t given any details about the trades. As a result, potential clients are ignorant of the trading expenses, such as the needed initial deposit, spread, transfer fees, leverage levels, and so on. To say the least, this is terrible behavior from a regulated brokerage.
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.
Light-Touch Regulation
It may seem weird that a forex broker license may be both a benefit and a drawback, but we’ll explain why. Although Cambodian forex brokers must fulfill some criteria, including capital adequacy and customer account segregation, the local regulation cannot be compared to those of major financial centers such as the United Kingdom, Australia, or Hong Kong.
As a result, the legal environment for forex brokers in Cambodia is expected to be less stringent than in European Union member states, but more stringent than in off-shore zones.
Bank Transfer
When a payer entrusts a specific amount of money to a bank to send to the payee’s bank by telegraph, telex, or an interbank financial telecommunications network and instructs the bank to collect a given amount of money from the payee, this is known as a bank transfer. Bank transfer is a secure, dependable, and internationally accessible method of payment.
Furthermore, due to the time required for bank transfers and to ensure that customers do not miss out on investment opportunities, as soon as Goldwell receives bank transfer receipts, Goldwell will deposit the transferred funds into the clients’ trading account, allowing clients to place trades and take advantage of every opportunity.
This brokerage only accepts bank wire transfers as a form of payment. Other typical payment methods, such as credit cards, PayPal, and Skrill, are thus incompatible with Goldwell Capital, which may be difficult for certain traders.
Commission Fee is Excessive
The benchmark EUR/USD is now trading at approximately 1.9 pips, which isn’t terrible. However, there is a $50 fee, which makes the brokerage’s overall cost a bit exorbitant.
Conclusion
Goldwell Capital, as a Forex broker based in Cambodia, is also regulated by the government of Cambodia through the Exchange Commission of Cambodia SECC, as part of a system of financial regulation.
The SECC was established with the express goal of regulating financial sector players and protecting investors via the application of essential rules. This collection of responsibilities includes important aspects such as client capital security and tight regulations for activity monitoring, as well as protection at all levels. However, when compared to other well-known and prominent financial participants throughout the world, Cambodia is not a respectable jurisdiction.
We had mixed impressions about Goldwell Capital, a Cambodian forex broker. On the one hand, the firm is governed by the local SECC, which lends them at least some legitimacy. The trading circumstances, on the other hand, are not at all favorable to traders. Furthermore, there are undoubtedly more trustworthy forex brokers serving local clients.
There are more trading broker websites that are way more trustworthy and detailed than GoldWell Capital. Our suggestion is that you take your time to look for an online broker that you can trust with your money.
There is no distinction between account kinds; you may sign up for a Demo account or a Live account for practicing reasons.
GoldWellCap
Pros
- Regulated in Cambodia
- MT4 Trading
Cons
- Trading Conditions Aren’t Stated on the Website
- Light Touch Regulation
- Bank Transfer
- Commision Fee is Excessive
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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