Golden CFD is one of the new kids on the block. The online trading industry has seen a steep increase in the number of new brokerages over the last two years, and today we discover whether these newbies have what it takes to compete with the big boys. The first thing you are bound to notice is the fairly nice presentation on the homepage of their website. Compared to some brokerages we reviewed recently, this presents a nice change. However, we wanted to find out whether these qualities were just skin deep, or whether Golden CFD really has what it takes to satisfy a modern trader.
Quality of service
Navigating the website is a breeze given how user-friendly it is. You can easily locate everything you need within seconds with carefully placed shortcuts. There isn’t an abundance of information, but what is on display is very useful. Trading platform, tools and educational material are highlighted for the easiest access.
Speaking of educational content, there is plenty to be found within the Golden CFD Academy. Similar to other brokerages, there is content that is hidden behind the paywall, and there is something that can be accessed by anyone at any time. The free material is divided into several categories. Compared to its closest competitors, there is much more on offer. First of all, the most important tools are the economic calendar, trading calculators and real-time charts. These are of massive help to experienced traders who have the knowledge to make the most out of them. For beginners, on the other hand, there are eBooks, the Glossary, and probably, most impressively, video tutorials. These are an excellent aid to those just starting out, as they cover the most basic and intermediate aspect of the industry and give you a good foundation for your trading career.
There are several account types including Classic, Gold, Platinum and VIP. There is even a Demo account available for those who wish to experience what Golden CFD has to offer before fully committing. While we have to comment on its inclusion, we have to note that it does not offer the full trading experience but comes with a lot of limitations. As far as the other account types go, we were dissatisfied to realize there isn’t a good balance between what you pay and what you get in return. The minimum deposits vary from $1,000 for the Classic and a $100,000 for the VIP tier. However, there isn’t a big difference between those tiers. According to their website, there is a slight bump in the spreads, but it is not advertised how big of a gap there actually is. The majority of upgrades consists of educational tools and “premium customer care”. The former will not be as attractive to experienced traders, so take your needs and budget into consideration when making your decision. In our mind, you won’t go wrong if you select the most basic tier.
Speed of response
Having a strong customer support team is hugely important for any brokerage. It is what builds long-term relationships with their clients. Any trader will surely need assistance at one point or another and it is exactly in these type of situations, where trust is built. Golden CFD does a half-ass job in this department. While it doesn’t offer nearly as many communication channels as its competitors, those that are on offer do a decent job. You can reach a Golden CFD representative in three ways, although only two are usable.
Quick chat feature might seem appealing at first, but after some interaction, you will realize that it is not operated by a real person, but a chatbot instead that takes you to the F.A.Q. page. Alternatively, you can try and contact the U.K. call centre, but it can be problematic. The working hours are not displayed on the contact us page, so you are left guessing if your call will actually go through. This is a huge issue given that the call centre doesn’t work 24/7. Your best choice would be to write an email via the on-page form. The waiting time is just about reasonable. Most times, we would receive a reply within 48hours, which is slightly lower than the industry standard.
As many new brokerages so often do, Golden CFD offers its clients the true and tested Meta Trader 4 trading platform. It has been around for a while and has established itself as pretty much the industry standard over the past several years. However, it is not without its flaws. Beginners will be facing a steep learning curve since the user interface isn’t really intuitive. You are best seeking a tutorial on how to navigate it. There is a somewhat useful MT4 F.A.Q. on the website, but it fails the address all the queries a new trader might have. You are better off simply looking up a video tutorial on YouTube.
Experienced traders will face a different set of issues. Meta Trader platforms have always offered an abundance of tools for traders to analyse and predict trends in the industry. This does come at an expense thought. Your trading experience might get drastically impaired with laggy performance. The more tools you use, you are bound to experience more slowdowns, which is a big problem in this industry.
There is one more benefit Golden CFD offers, and that is taking your trading on the go with the MT4 mobile app. This means that you can do your trading wherever you are as long you have a stable internet connection. The bad thing is that all the drawbacks of the desktop version translate to the mobile as well. This is even more noticeable given the inferior performance of mobile and tablet devices. These should be used just to check on your portfolio performance and making quick and small alterations if extremely necessary.
Calculating your trading fees should be very important to any trader. For this reason, transparency is one of the most significant features of any brokerage. While Golden CFD doesn’t hold back this type of information, it is buried very deep in the terms and conditions. We always advise going through these legal documents beforehand, but we have highlighted the most important notes regarding the commissions.
Platinum and Diamond account holders can withdraw their funds without any charges. Gold ones can make one withdrawal per month for free. Basic and silver accounts can make one withdrawal for free, with charges applying from then on. Fees vary depending on your payment method and they are as follows:
- Credit card: 3.5%
- Debit card: 3.5%
- Wire transfers: $30, €25, £20
There is no minimum amount for withdrawals made to credit cards, Skrill or Neteller. However minimum limits apply for withdrawals made by wire transfer: $100, €100, £80, ¥10,000 (jpy), 700 (cny), 7,000 (rub).
As expected, Golden CFD is not regulated. Obtaining and maintaining a trading licence can be a big burden on a new brokerage, and this is why many of them consciously chose to operate without one in the first few years. This isn’t a huge red flag, given how the big portion of the industry follows the same practices, but if you wish to be extra careful with your investments, then there are plenty of other brokerages who have financial guard dogs overseeing their operations.
Variety of Payment Methods
When it comes to making deposits and withdrawals, Golden CFD has a similar offer to every other competitor on the market. The only noticeable absence is the Bitcoin transfer, so if you are accustomed to using your eWallet, you will be out of luck. You can use Credit and Debit cards, Wire transfers, or online payment systems such as Skrill and Neteller. All deposits are nearly instant, while withdrawal times can vary depending on your payment choice. Be prepared to wait up to several days to get your money when using any bank-related payment system. Despite being the most expensive choice, we would advise using 3rd party services such as Skrill. This is more efficient and should always be your preferred choice.
At the end of our Golden CFD review, we are left wondering how things would’ve ended up If this broker paid more attention to details. As is, we are left with a broker with a lot of potential, but currently riddled with many obstacles that are bound to irritate many traders, thus making them less likely to commit long term. When Golden CFD invests more in their trading platform, customer support team and offers better payment solutions that are regulated, we have no doubt they will become one of the best brokers out there. For now, traders should seek out better alternatives, as Golden CFD just doesn’t cut it in such a competitive market.