Unreasonable withdrawal fee - 10%! GOLDEN FX TRADE refused withdrawal after getting investor's money

A few days ago, an investor sent a message to WikiFX through Facebook, sharing his bad forex trading experience at goldfxts.

The investor knew a forex account manager on Instagram, who works for GOLDEN FX TRADE. The manager told the investor that she could help him earn higher profits at goldfxts, but would charge 10% commission as a return. The investor invested 25,500 USD and submitted a withdrawal application 7 days later. But the investor was unable to contact the manager, then he decided to visit goldfxts‘s website to seek help from their customer service. He entered the customer services interface through the pop-up conversation window on the goldfxts’ website home page, and was told that paying a 10% commission is needed, if he wants to withdraw his money. The investor said that goldfxts‘s account manager just mentioned the need to pay a 10% commission to the manager, instead of the broker. The investor didn’t want to pay a 10% commission to them, so the 25,500USD was still in his trading account. It is unreasonable for forex broker to charge high commissions. In other words, a legal forex broker does not charge commission fees.

The screenshot of investors trading history on goldfxts.

According to the brokers website, it can be seen that “GOLDEN FX TRADE is regulated by the Cyprus Securities and Exchange Commission(CySEC) and licensed by the Financial Services Board (FSB). The company is also registered as a member of the Financial Conduct Authority(UK). GOLDEN FX TRADE is regulated by the International Financial Services Commission(Belize)”. However, these are not real. WikiFX contacted goldfxts to confirm their regulatory information, but got the feedback that they are regulated by the Financial Commission.

WikiFX has mentioned that the Financial Commission is not a regulatory body. And there is no denying that there are many illegal brokers who claimed they are regulated by the Commission. When asked to provide information about other regulatory licenses, they refused on the excuse of high online fraud rate, which shows the suspicious regulatory information presented on the brokers website.

The following is a transcript of a chat with GOLDEN FX TRADE's official customer service about regulatory information.

All in all, charging investor high fee is not a normal phenomenon in forex market. What's more, the broker has no valid regulatory license. After investigation, WikiFX confirms that the official website of goldfxts contains false regulatory information.

Per checking WikiFX App, goldfxts has a poor rating of 0.99, and the broker currently has no valid regulation status, bearing great risks. The broker is currently active on large social networks such as Telegram and Facebook, please stay away!

Declaration:

The article evidence exposed by WikiFX is verified by the following processes:

1: Evidence Collection: (Chatting history records, Trading history records, Banking Transaction records and recording videos from victim).

2: These evidences will be evaluated and verified by expert who has been work in forex industry for many years.

3: The editor will review it again before the article is published.

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