Is GoodTrade Capital Legit or Scam?
GoodTrade Capital LLC raises significant red flags and exhibits characteristics commonly associated with scam brokers. While the company offers a variety of trading instruments and utilizes the popular MetaTrader 5 platform, its lack of regulation and concerning customer feedback paint a worrying picture.
Company Overview
Feature | Details |
Company Name | |
Years of Establishment | 1-2 years |
Headquarters | Saint Vincent & the Grenadines |
Office Locations | Saint Vincent & the Grenadines, Australia |
Regulation | Unregulated |
Tradable Assets | Forex, Indices, Commodities |
Account Types | Not specified |
Minimum Deposit | Not specified |
Trading Platforms | MetaTrader 5 |
Customer Support | Phone Lines (English), Email, Physical Mail |
Services or Products
GoodTrade Capital offers trading in forex, indices, and commodities. However, the lack of detailed information regarding account types, minimum deposit requirements, spreads, and leverage makes it difficult to assess the specific services and their suitability for different trading styles and risk tolerances.
If you have lost money to companies like Inftrade, or Puprime; please report it to us on our Report a Scam form.
Trading Platform & Leverages
The company utilizes MetaTrader 5 (MT5), a widely recognized platform with advanced features. However, crucial details like available leverage ratios, which can significantly impact trading risk, are absent from their website.
Spreads and Cost of Trading
No information regarding spreads, a crucial cost factor in trading, is available on the GoodTrade Capital website. This lack of transparency makes it impossible for potential clients to accurately assess the cost associated with their trades beforehand.
License and Regulations
GoodTrade Capital operates without any regulatory oversight, a major red flag. Regulation helps ensure fair market practices and client protection, which are absent in this case.
Legal Warning Against GoodTrade Capital
It’s crucial to note that regulatory warnings have been issued against GoodTrade Capital by financial authorities in the UK and Belgium, urging individuals to avoid trading with them.
Deposit and Withdrawal Methods
GoodTrade Capital provides no information regarding deposit and withdrawal methods, further raising concerns about transparency and potential difficulties in accessing one’s funds.
GoodTrade Capital Pros and Cons
Pros | Cons |
MetaTrader 5 trading platform | Unregulated |
Customer support options (phone, email, mail) | Lack of transparency on crucial aspects (account types, minimum deposit, spreads, leverage, deposit/withdrawal methods) |
Offers forex, indices, and commodities trading | Concerning customer feedback regarding withdrawal issues and unclear communication |
Why Dealing With An Unlicensed Broker Is Risky
Unregulated brokers like GoodTrade Capital pose significant risks to investors:
- Lack of Client Protection: Regulatory bodies enforce rules and procedures to protect investors, which are absent in unregulated environments.
- Increased Risk of Fraud: Unregulated brokers are more susceptible to engaging in fraudulent activities with little to no legal repercussions.
- Difficulty Resolving Disputes: In case of disputes or issues, recourse options are limited when dealing with unregulated entities.
Client Feedback
Customer feedback reveals concerns regarding withdrawal processes with GoodTrade Capital. Reported difficulties include delays, inconsistent explanations, and changes in withdrawal rules without prior notice. These red flags raise serious doubts about the company’s legitimacy and its commitment to fair treatment of its clients.
How Can “Reviewsadvice” Help You If You Get Scammed?
While recovering funds lost to scams can be challenging, organizations like “Reviewsadvice” may offer guidance and support to affected individuals. We can help you understand your options, report the scam to relevant authorities, and potentially seek legal recourse.
Our professionals will provide you with a free consultation call and recovery service recommendations to help you recover the lost funds.
File A Complaint Against Scammers
Final Thought
Given the lack of regulation, concerning customer feedback, and limited information on crucial aspects, strongly consider avoiding GoodTrade Capital. Opting for a regulated and reputable broker with transparent practices will significantly reduce your risk and ensure a safer trading experience.
