Goldman Markets

Investigating Goldman Markets: A Comprehensive Review

The CFD brokerage market is full of scam companies that try to lure users’ money. Goldman Markets is no exception, given its obvious shortcomings and unfavorable trading conditions. The broker lacks regulatory licensing, physical offices, and legal registration. The reviews about this platform are generally negative, with plenty of criticism and accusations. This article will look into whether this broker is a scam.

Key Takeaways

• Fake dealer privileges and excessive advertising on the website.
• The risk of losing personal data during verification and account funding.
• Inability to contact support and fake payment details.
• Manipulative trading conditions.
• Suspicious domain change.

Overview of Goldman Markets

This section explores the broker’s background, website features, and the registration process.

Broker History

Goldman Markets presents itself as a reliable intermediary, offering access to a wide range of financial instruments. The platform advertises educational resources and expert guidance for novice traders. It also claims to offer several software versions and emphasizes a high level of confidentiality during registration and verification.

However, these so-called “advantages” are misleading. A closer examination of Goldman Markets’ promotional statements reveals that they are deceitful and not supported by real-life experiences.

Goldmanmarkets.net Website

The website of this CFD broker is designed in English and divided into several sections. The homepage is heavily populated with promotional content, while additional services and FAQs are detailed on supplementary pages.

The website has several serious deficiencies, including slow page loading and issues with registration-related functionality. There are also security concerns regarding account funding and file uploads.

A major red flag is a generic template applied on many scam brokers’ websites. The administration has deliberately spread misleading information about trading conditions, regulatory status, customer reviews, and reputation.

Registration Process and Personal Account

To open an account on Goldman Markets, users need to click on a button located in the right upper corner of the homepage. The following information has to be filled: first and last name, state of residence, phone number, e-mail, password. The registration form includes links to documents such as the “User Agreement” and “Risk Disclosure Notice,” but nothing is said about the affiliate program.

Upon completing the registration, users receive a notification that says “See you soon.” However, the confirmation email has never been sent, not even to the spam folder. This means that account activation is only completed through direct contact with customer support representatives, who then guide new users to particular services.

Despite the difficulties in accessing the personal account, Goldman Markets does require verification. The documentation section of the website includes links to AML guidelines. The verification process may involve submitting a scanned ID, proof of payment method, and confirmation of residential address. Considering the broker’s questionable reputation, it’s dangerous to share personal data.

Trading Platform

Goldman Markets has a minimalistic web-based trading terminal. The platform is equipped with ‌asset charts, an order book, and basic timeframes. However, rudimentary indicators and tools are only accessible.

The most critical disadvantages of the platform include very low liquidity and, therefore, susceptibility to manipulation. Since the broker is a CFD provider, it benefits from the clients’ losses.

It should be added that only the desktop version of the website is available; there isn’t a mobile trading app to download.

Contacts

Goldman Markets has given the following customer support information: e-mail — support@goldmanmarkets.email; phone number — +41 717 793 387. The problem is that this information is apparently fabricated, and because of this, customers will not be able to resolve disputes in a timely manner — if, for example, they have problems with the withdrawal of funds.

The headquarters address provided in Zurich is also fabricated, and there are no physical offices at the mentioned address. The company employs only advertising managers and administrators.

Analysis of Services Offered by Goldman Markets

This segment will discuss the trading conditions of the dealer, its withdrawal process, and other company services.

Funding and Withdrawal

Goldman Markets primarily processes transactions through cryptocurrency and strongly encourages Bitcoin deposits. This is a way for the company to maintain anonymity in light of fraudulent activities. Other payment options include credit cards and bank transfers.

The minimum withdrawal amount is $100 for standard methods and $250 for crypto transactions. Withdrawal fees range from $30 to $300, depending on the amount requested. Processing times can take up to seven business days. Furthermore, the administration may decline any withdrawal request in case verification has not been completed or in case of some issues with the documentation.

Goldman Markets Trading Conditions

The broker offers Pioneer, Standard, Pro, Pro+, and Stellar accounts. However, each of them also involves differences in the deposit you are expected to make, the level of leverage, and the exclusive features

Spreads at Goldman Markets start at 0.6 pips and can exceed 3 pips for some currency pairs. It’s worth noting that the platform charges an inactivity fee of $99 after 30 days of no trading activity. Additionally, there are overnight rollover fees and discretionary penalties, and the details of trading commissions are not transparently disclosed.

The minimum deposit is $250, but can go up to $250,000. Larger deposits allegedly provide “special” privileges, following a classic scam scheme where traders pay more for supposedly better trading conditions.

Goldman Markets leverage ranges from 1:30 to 1:400. While 1:30 is a standard industry ratio, the leverage of 1:400 is highly dangerous and is a sure sign of an untrustworthy broker. High leverage creates very high risks in CFD trading and frequent balance liquidation even with minor price movements.

Unique Features

Goldman Markets claims to also offer additional services, including some training on how to transact cryptocurrencies, among others. Also add e-books, a glossary, and an FAQ section. For larger deposits, personalized account management is promised. Other ancillary services include: elite events, trading signals, VIP and an investment portfolios service.

Is Goldman Markets Trustworthy and Reliable?

This section examines the broker’s legitimacy and compliance with regulatory requirements.

Assessing Legitimacy

Most CFD brokers do not have tier-1 regulatory supervision or offshore licenses, and Goldman Markets is no exception. Its website does not offer any details regarding regulatory approval or legal jurisdiction but only a risk disclaimer for CFD trading. The broker was reported to be unlicensed in Australia, while the firm still targets users there.

These are also frauds of legal registration. The published address is false and there is no supporting document to prove the existence of the company. Consequently, clients have a very high chance of losing money with minimal legal recourse.

Established Track Record

Goldman Markets claims to be a reliable and progressive trading platform, whereas, the actual period of its work is concealed. According to the domain registration date revealed by Whois, the project appeared only in the second half of 2024.

Moreover, this website is no longer accessible. We found goldmanmarkets.io, which only has a form to login or create an account. It has been operational since December 24, 2014.

Implications for Traders

Goldman Markets is not a good broker. The company doesn’t have regulatory approval, and there is no official representation in Europe either. Trading software is low-quality, and user reviews are absolutely negative, including several accusations of fraud. Investors are strictly not recommended to invest with this dealer.

Strengths and Weaknesses