Goldmar Review: The Truth About This Exposed Scam Broker
We have conducted an in-depth investigation to uncover the truth behind this firm and provide assistance to those seeking to recover their funds.
In this Goldmar review, we will delve into the identity of the scammer behind the operation and offer solid insights on how to avoid falling victim to their deceptive tactics. So, join us as we uncover the main issues surrounding Goldmar. Let’s dive in!
Also, we recommend you not invest in the fraudulent brokers TradaCoin, Motion Markets, and Varianse.
|Leverage||Up to 1:500|
|Headquarters||Saint Vincent and the Grenadines|
|Minimum Deposit||250 EUR|
License and Regulation
Goldmar operates under Combobulating Group LLC and is registered in Saint Vincent and the Grenadines. However, the main issue is that the Financial Services Authority (FSA) of SVG doesn’t regulate FX and CFD firms. A legit brokerage would need to register with the FSA and acquire a license in the country where it provides its services.
We searched for Goldmar’s regulation in major databases of CONSOB, FCA, ASIC, BaFin, and other reputable Tier 1 license providers. Yet, we didn’t find anything. In summary, Goldmar is an unregulated offshore broker that has been blacklisted by one regulator – Italian CONSOB. As such, it’s not a broker worth your time and money.
Regulation is crucial in the forex trading industry. It provides a level of protection to traders against fraud and scam brokers. Regulated brokers have to follow specific rules and guidelines set by the regulatory bodies, which helps to ensure that they are operating fairly and transparently.
Trading Software Overview
The trading platform offered by Goldmar is solid for beginners. It’s a WebTrader with a variety of charts, pending orders, and some indicators.
However, it is not good for advanced trading strategies since it doesn’t support social trading, EAs, and other advanced features. It is advisable to find a trustworthy trading company that provides MT4 or MT5 to ensure the most dependable software and the highest level of fund security. With these avant-garde platforms, you will enjoy trading to the fullest.
Tip: MT5 is a multi-asset trading venue designed for trading in various financial markets. It offers advanced charting and analysis tools and automated trading capabilities. Moreover, it supports a wide range of trading instruments.
Trading Instruments at Goldmar
This broker offers a variety of assets that you can trade. Take a look at the following list of instruments that you can trade:
- Forex pairs: EUR/USD, GBP/USD, AUD/CAD
- Commodity futures: Corn, Sugar, and Crude Oil
- Stock indices: DJIA, NASDAQ, AU 200
- Company shares: Amazon, Google, Bank of America
- Crypto assets: BTC, USDT, ADA
Fake brokers like to promote many trading instruments to attract potential clients and make them think that they have a wide range of investment options. By offering a variety of trading instruments, they can appeal to different types of investors with varying risk tolerance levels. This goes without saying! However, in reality, these trading instruments may be worthless.
Deposit and Withdrawal Methods
The way you can deposit money with Goldmar is different from what’s written in their Deposit Policy. You can deposit a minimum of 250 EUR using your credit or debit card or through crypto.
They also mentioned wire transfer in their policy, but it’s not available on the deposit page. To stay safe, we recommend using your credit card since you can request a chargeback for up to 540 days.
Note: Chargebacks are a safety net for consumers who have fallen victim to scams and can help them recover their funds. Also, chargebacks are typically granted when there is evidence of fraudulent activity.
How Offshore Brokers Use Scams to Deceive Investors
Offshore brokers often use various scam tactics to deceive traders. This truly goes without saying. One common approach is to entice people with nice offers, such as low minimum deposits or high leverage, to deposit their funds into the broker’s account.
The broker may then delay or refuse withdrawals. In some cases, they may disappear with the funds entirely. Another tactic is to manipulate the market, causing traders to lose their investments. Several offshore brokers may also use misleading advertising to convince their customers to deposit money with them. It’s important to be cautious when dealing with offshore brokers and to thoroughly research them before investing any money.
Note: Occasionally, people and organizations that advertise trading systems such as robot trading or signal sellers may offer untested products that fail to produce profitable outcomes. Always remember this.
Goldmar, an offshore forex broker, has been investigated for deceptive tactics and scams. Combobulating Group LLC is the company behind Goldmar, registered in Saint Vincent and the Grenadines. However, the Financial Services Authority (FSA) of SVG doesn’t regulate FX and CFD firms.
Additionally, Goldmar is an unregulated offshore broker that has been blacklisted by one regulator – Italian CONSOB. To ensure fairness and transparency, regulated brokers must follow rules and guidelines set by regulatory bodies. Goldmar’s trading platform is not advanced, and it doesn’t support social trading, EAs, and other advanced features.
The broker offers a variety of trading instruments, including forex pairs, commodity futures, stock indices, company shares, and crypto assets, to appeal to different types of investors with varying risk tolerance levels. However, these trading instruments may be worthless in reality. Goldmar’s deposit policy differs from its deposit page. So, it’s important to be cautious when dealing with offshore brokers and to thoroughly research them before investing your money.
Is My Money Safe with Goldmar?
Your money may not be safe with Goldmar as they have been flagged as a fake broker.
When Was Goldmar Founded?
Goldmar was allegedly founded in 2022, but it is uncertain whether this is true or not.
How Long Do Goldmar Withdrawals Take?
Goldmar withdrawals may take a long time or may not be possible due to their fraudulent practices.