Golden Brokers is Being Investigated: Find Out Why (2024)

Golden Brokers

Golden Brokers used to be known as a trustworthy company in the business world, but now they’re in trouble because of some questionable actions. This expose looks into the uncomfortable truths that are hiding behind the facade, telling the stories of traders and investors who say they lost money because of this supposedly dishonest business.

Golden Brokers

Investment scams in the Gulf region

There hasn’t been any clear news about a scam involving Golden Brokers lately, but other investigations have shown that there is a lot of investment fraud in the Gulf, especially in Dubai and the UAE. For instance, Salik, the company that runs the Dubai toll gates, has warned people about con artists who offer quick stock purchases and phishing emails that say they can help people buy in Salik stocks. Over the past year, a full investigation has also shown that there are organized crime networks in the UAE. These networks committed frauds through fake trading companies and fake audit reports to look trustworthy.

In a different case, investors in the UAE were confused when the owner and workers of Blue Chip Group vanished with millions of dollars. There were many failed checks because this company did not have a license from the Securities and Commodities Authority. In the same way, six people were caught in Saudi Arabia scamming people out of 4 million Saudi riyals by using fake investment companies and promising fast, high returns on investments in high-end hotels.

In another well-known case, the owner of a real estate brokerage business in Dubai was jailed for tricking investors into buying fake properties. The company advertised a big housing project outside of the UAE without getting the necessary permissions. Investors lost a lot of money because of this.

Golden Brokers: Professional Claims and Disappointing Realities

Golden Brokers markets itself as a very professional and reliable brokerage company that offers training, bonuses, and support 24 hours a day, 7 days a week. But customer experiences paint a very different picture. Bonuses and longer training sessions are often just empty words. One customer said that they were offered a sign-up bonus and help 24 hours a day, but neither of those things happened.

High fees and Changed the terms of trade

The fact that Golden Brokers charges a lot of money is one of their biggest problems. People who trade have said that the company charges 2000% higher change fees than its competitors. Also, the rates are way too high, which makes it almost impossible for traders to make money. Traders get stuck in a cycle of losses because these high costs quickly eat away at their possible profits.

Golden Brokers

People have said that Golden Brokers messed with trade conditions to hurt its customers. Users have said that the bid and ask prices are purposely far apart, which makes it very hard to buy shares. This method seems to be meant to make sure that the client loses, which makes the broker money in the end.

Bad advice and empty promises

The way Golden Brokers markets their services is full of false information and empty claims. To get dealers to join, the company tells them they will make a lot of money and give them bonuses, but these things rarely happen. One customer said that the 24-hour support from a portfolio manager that was promised never came through, putting them in a dangerous position.

Issues with Withdrawal

One big problem with Golden Brokers is that it’s hard to get your money out. A lot of customers have had big problems, from long wait times to open refusals. These problems with withdrawals make things even worse for buyers who have already lost money.

Many people have accused Golden Brokers of fraud because they charge very high fees, change trade conditions, make false promises, and make it hard to withdraw money. Many traders have stopped using the broker’s services because they have lost a lot of money. These claims have hurt the company’s image, and there are now only a few happy customers among all the complaints.

How to Spot Forex Scams

A forex scam is any dishonest act that is meant to trick traders and buyers in the foreign exchange market. These con artists take advantage of how complicated and unstable the market is by often promising big gains with little risk. Unregistered brokers who take your money and then disappear, signal sellers who give you bad trading signals, Ponzi schemes that pay old investors with new investors’ money until the scheme falls, and automated trading systems that say they can prove their gains are all common examples.

Forex scam warning signs include promises of huge profits, risk-reward ratios that are too low, high-pressure sales tactics, limits on withdrawals, not having the right credentials, using complicated language, and firms that aren’t registered.

To keep yourself safe, research brokers and trading platforms thoroughly, make sure they are qualified, be wary of promised returns, stay away from high-pressure sales tactics, and make sure they have clear withdrawal procedures. Investors may be able to avoid forex scams and make smart financial decisions if they are alert and aware.

The DFSA has recently found some scams

Recently, the Dubai Financial Services Authority (DFSA) found a number of scams that trick investors by pretending to be registered businesses and DFSA officials. In one scam, con artists pretended to be from Rasmala Investment Bank Limited, a real DFSA company, and asked for a 5% fee to be sent to a fake DFSA account before they would release the money. They did this by using fake papers like “Approval of Release from the Tax Authority.” In a different scam, a fake letter from the DFSA’s Chief Operating Officer asked for a $205,000 filing fee and used the DFSA logo and name without permission.

Also, Global Financial Services lied about DFSA laws on its website, where it said it would offer asset management and brokerage services but instead told users to send money through banks or cryptocurrency exchanges. The DFSA stated that Global Financial Services is not regulated by them and has used their name and logo in a wrong way. Con artists also send fake emails saying they are from the DFSA. The emails say things like checking the recipient’s accounts, demanding money for tax clearance certificates, or saying that the recipient’s assets are being held and fees must be paid to free them.

The DFSA tells investors not to deal with or give money to these groups and to use the public register and alerts website to make sure that firms that are controlled by the DFSA are real.

Conclusion

Golden Brokers is being charged with serious crimes for acting in an inappropriate and possibly dishonest way. Traders have terrible experiences because of the huge fees, unfair dealing conditions, false promises, and problems with withdrawals. The company promotes itself as a skilled and reliable broker, but many traders have reported fraud and losing money. People who want to invest or trade should be very careful and look into any brokerage company in great detail before putting money into it.

People who are thinking about working with Golden Brokers should be aware of this scandal, which shows how important honesty and openness are in the financial world.

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