The broker, operating under the domain goldmanmarkets.io, functions exclusively as a contract-for-difference (CFD) intermediary. The trading platform provided is rudimentary, lacks liquidity, and features significant operational restrictions. Concerns regarding its regulatory compliance and legal registration have surfaced, while client reviews are predominantly negative, citing numerous issues. This analysis aims to determine whether the dealer is a scam.
Company Highlights
Official Website | https://goldmanmarkets.io |
Company Name | Goldman Markets |
License Status | None |
Account Types | Pioneer, Standard, PRO, PRO+, Stellar |
Demo Account | None |
Assets Offered | Currency pairs, crypto, commodities, indices, ETFs, CFDs |
Leverage | Up to 1:600 |
Trading Platform | WebTrader |
Deposit Methods | Credit card, wire transfer, crypto |
Withdrawal Time | Up to 10 business days |
Affiliate Program | Available |
Key Goldman Markets Trading Features
Goldman Markets offers multiple account types that vary in terms of additional services, deposit requirements, leverage, and spreads. Available accounts include Pioneer, Standard, PRO, PRO+, and Stellar. The trading conditions reveal a pattern of manipulations, high leverage, and unfavorable spreads, which pose risks to investors.
The minimum deposit required to start trading is $250, but higher-level accounts demand significantly larger sums, sometimes reaching $100,000 or even exceeding $250,000. The broker’s strategy appears to be selling premium services based on deposit size to attract more novice investors.
Spreads begin at 3 pips for basic accounts, gradually decreasing to 0.6 pips for premium accounts. However, there are no fixed limits on spreads, leaving room for manipulation. In addition, the broker’s documents are not very transparent about the trading conditions, but they do describe in detail the fines and penalties, which will be discussed later.
In summary, the dealer’s trading conditions raise multiple concerns due to unfavorable terms, misleading claims, and a lack of regulatory compliance.
Overview of Available Trading Instruments
The company provides access to over 500 financial instruments, including currency pairs, cryptocurrencies, commodities, and indices. Additionally, the broker promotes ETFs and CFDs. However, the browser-based trading terminal imposes significant restrictions, limiting the selection of available instruments.
As a CFD-focused broker, Goldman Markets exposes clients to high risks. CFDs are inherently speculative and can be used for market manipulation. Since the broker does not collaborate with liquidity providers, it acts as the counterparty to trades, meaning it benefits from client losses — an inherent conflict of interest.
Goldmanmarkets.io Trading Platform Analysis
Goldman Markets offers only a browser-based trading terminal, which functions exclusively on desktop devices. There are no downloadable applications for iOS or Android, nor are there any links to such software on the website.
Upon visiting the website, users are immediately prompted to register, as access to the platform is restricted without authorization. The terminal includes basic features such as candlestick charts, an order book, and trade history. However, the interface lacks advanced order settings like stop-out levels. Performance issues, including price slippage and execution delays, are frequently reported, indicating fake liquidity and price manipulation.
Additional Services
Goldman Markets’ supplementary services depend on the selected account type and deposit amount. Full access to privileges requires a deposit exceeding $100,000. These services appear to be part of an aggressive marketing strategy rather than genuine benefits.
The broker advertises daily market reviews, expert assistance, and bonus offers that increase the initial deposit but require a mandatory wagering condition. Additional services include personalized financial planning, invitations to special events, and educational webinars. Higher-level accounts also promise faster withdrawals.
The referral system offers financial rewards for attracting new traders, but details regarding fees and withdrawal conditions remain undisclosed. The VIP program claims to provide personalized account management, investment portfolio creation, and access to exclusive events.
Fee Structure. Are You Paying More Than You Should?
Goldman Markets is not transparent about its fee structure. While there are no deposit fees mentioned, the withdrawal fee is 1% of the withdrawal amount, with a minimum of $30 and a maximum of $300 per transaction. Refunds incur the same fees. Additionally, withdrawal requests take up to 10 business days and are subject to compliance with the broker’s wagering conditions.
Legitimacy of Goldman Markets
Goldman Markets operates illegally in Europe and the UK, lacking authorization from any recognized financial regulatory body. Even offshore regulators have not issued the firm any official licenses. These factors pose significant risks to customers, including security concerns, data privacy issues, and difficulties in withdrawing funds.
The Broker’s Past and Present
A domain name search via Whois and Webarchive reveals that Goldman Markets has only been operational since late 2024. Despite this, the company presents itself as a long-established, reliable trading platform with advanced technology and extensive achievements in its “Who We Are” section.
Conclusion
Goldman Markets is an unreliable broker specializing in fraudulent CFD tools. The firm operates without regulatory oversight, has garnered numerous negative reviews, and offers trading conditions that are detrimental to clients. Its platform lacks essential features, while its fee structure and withdrawal policies raise concerns.
Weighing the Pros and Cons
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Verified email support for customer inquiries.
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Lacks authorization from European financial regulators.
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Engages in high-risk CFD trading.
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No mobile trading application available.
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Poorly trained customer support staff.
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Excessive fees and withdrawal refusals.
Common Questions
How can I request a refund?
Clients must contact customer support via email to initiate the refund process.
What trading platform versions are supported?
Trading is only available through the browser-based platform.
I have a negative opinion after losing my initial $250 deposit. Although the amount is small, it is an obvious scam – otherwise why would the transaction be carried out at a price other than the market price??
The customer support team is incredibly rude. Withdrawal requests are always rejected. Definitely a scam, I do not recommend it.