Note: FX Gold official site - https://www.fxgoldtrading.com/ is currently not functional. Therefore, we could only gather relevant information from the Internet to present a rough picture of this broker.
What is FX Gold？
FX Gold, an international brokerage headquartered in Saint Vincent and the Grenadines, provides online trading services such as forex, cryptos, indices, metals, CFDs, warrants and futures to customers . However, the broker operates without any valid regulations from any regulatory authorities which raises concerns about its liability and dependability. Furthermore, the non-functional website heightens the question, significantly increasing the associated investment risks within the platform.
In our upcoming article, we will present a comprehensive and well-structured evaluation of the broker's services and offerings. We encourage interested readers to delve further into the article for valuable insights. At the end of the article, we will provide a concise summary that highlights the distinct characteristics of the broker for a clear understanding.
Pros & Cons
Pros:
Acceptable Minimum Deposit: FX Gold's minimum deposit for the Diva Cent Account is as low as $10, making it accessible to a wide range of traders, including those with limited capital.
Multiple Account Types: FX Gold offers four account types to meet the needs of different levels of trader experience, investment capital, and trading strategies, offering flexibility to its user base.
MT4 Trading Platform: The use of the well-respected MetaTrader 4 platform by FX Gold gives traders access to a wide array of research and trading tools that help enhance trading efficiency and potential profitability.
Stop-Loss and Take-Profit Orders: With these features, FX Gold offers tools to manage trading risks effectively by pre-setting the limit at which a position would be closed at a loss (stop-loss) or a profit (take-profit).
Cons:
Unregulated: FX Gold's lack of regulation might raise concerns about the security of traders' funds and the reliability of its trading operations. Regulation brings credibility and assures traders of adherence to industry standards and practices.
Website Unavailable: The unavailability of FX Gold's website negatively impacts user experience, limiting access to information about the broker's services, features and updates.
Is FX Gold Safe or Scam？
When considering the safety of a brokerage like FX Gold or any other platform, it's important to conduct thorough research and consider various factors. Here are some steps you can take to assess the credibility and safety of a brokerage:
Regulatory sight: Currently, this broker is running without any legitimate regulatory supervision, fostering doubts about its legitimacy and trustworthiness. This worry is heightened by the broker's inaccessible website. It's vital to engage in comprehensive research when involving oneself with any financial entity, particularly when clear cautionary indicators like these are evident.
User feedback: To get a deeper understanding of the brokerage, it is suggested that traders explore reviews and feedback from existing clients. These shared insights and experiences from users can be accessed on reputable websites and discussion platforms.
Security measures: FX Gold combines stop-loss orders to cap potential losses, with take-profit orders to secure gains, creating a risk-controlled trading environment.
In the end, choosing whether or not to engage in trading with FX Gold is an individual decision. It is advised that you carefully balance the risks and returns before committing to any actual trading activities.
Account Types
FX Gold offers a variety of account types tailored to different investor needs and levels of experience in the market. They have four main account types to choose from: Diva Cent Account, Standard, Pro, and VIP accounts.
The Diva Cent Account, with a minimum deposit of $10, is designed for beginners who want to gain trading experience without risking a significant amount of capital.
For more established traders, the Standard Account can be opened with a minimum deposit of $100.
Investors who have a massed more substantial trading experience can opt for the Pro Account, which requires a minimum deposit of $5000, while the VIP Account is designed for affluent traders,with a minimum deposit of $30000.
Leverage
FX Gold offers a maximum leverage ratio of up to 3000:1, as stated on their website. While this high leverage ratio may appear attractive at first glance due to the potential for amplified profits, it's equally critical to consider the escalated risk levels associated with this.
Leveraging essentially magnifies the scope of trading, thus any market movement has a proportionally larger impact on deposited funds. As such, this can lead to rapid losses in addition to potential incremental profits. Therefore, leverage should be used wisely and under careful consideration of your risk tolerance and trading strategy.
Spread & Commission
Spreads offered by FX Gold are contingent on the account type selected by the trader. For instance, the spread for the Standard Account starts from 4 pips, while for the Pro Account, the spread commences from 2 pips. Spreads fundamentally signify the cost of trading on the platform.
However, the exact commission charges linked with trading are not readily available. You should ideally seek this information to gain a comprehensive understanding of all possible costs related to trading activities and how it influences your overall trading strategy and potential profitability.
Trading Platofrms
FX Gold makes use of the highly reputable and globally recognized MetaTrader 4 (MT4) platform to offer its services. This platform is acclaimed for its powerful features, encompassing a wealth of advanced research and trading tools that significantly enrich the trading experience.
The true charm lies in its flexibility and versatility, given that MT4 is compatible with both PC and mobile interfaces. This compatibility allows traders the benefit of mobility, affording them the convenience to monitor the markets, carry out analyses, and execute trades seamlessly from any location, anytime.
MT4 offers a highly customizable user interface, which traders can adjust according to their preferences and trading style. Real-time charts provide updated market data, crucial for making informed trading decisions. The platform's sophisticated technical analysis tools aid traders in predicting potential price movements.
Additionally, the automated trading capabilities allow users to set predefined parameters for trade entries and exits, significantly reducing the time requirement and eliminating the possibility of human error.
Trading Tools
An economic calendar is one of the essential trading tools provided by FX Gold. This calendar contains all the major financial events and announcements that are likely to impact the global markets. These can include GDP releases, central bank meetings, or employment reports. They are particularly relevant for forex trading where currency movements can be heavily influenced by such events. By keeping track of these economic events, traders can anticipate market volatility and plan their strategies accordingly.
Deposit & Withdrawal
FX Gold offers traders a wide range of payment options for their deposit and withdrawal needs. They accept all major credit cards such as Visa and MasterCard, renowned e-wallets like Neteller and Skrill, as well as local payment methods and wire transfers.
An important policy that FX Gold adheres to is that the funds are always returned in the same manner that traders used to make their deposits. This procedure not only protects traders but also helps prevent potential financial irregularities.
Customer Service
Users can contact FX Gold for inquiries through a variety of channels, including social media such as Facebook, Twitter, Linkedin, etc. Also, they can contact the broker via email and address for detailed inquiries and direct communication.
Email: customerservice@fxgoldtrading.com
Hotline: +44(0)2032909143.
Conclusion
In summary, FX Gold, domiciled in Saint Vincent and the Grenadines, provides a comprehensive range of online trading services in forex, cryptocurrencies, indices, metals, CFDs, warrants, and futures catered to a global audience. However, the absence of regulatory supervision paired with ongoing issues related to website accessibility cast considerable doubts regarding its operations. Given these concerns, we recommend you to consider opting for other brokers who underscore the value of transparency, rigidly adhere to regulatory requirements and consistently deliver high-quality, professional customer service.
Frequently Asked Questions (FAQs)
Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.
In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.
