GoldTreasureFX presents itself as a regulated trading platform with attractive features like high leverage, tight spreads, and low fees. However, a deeper investigation reveals that the platform might be a scam. In this GoldTreasureFX scam broker review, we will explore the reasons why you should be cautious before trusting GoldTreasureFX with your money.
Is GoldTreasureFX Legit or Scam?
GoldTreasureFX is a scam broker. There are numerous red flags that suggest this company is not trustworthy.
Reasons Why GoldTreasureFX is a Scam:
- No proper regulation: The company is not licensed by any reputable financial authority.
- False claims of regulation: They claim to have licenses but are blacklisted by regulators like the FCA.
- Lack of transparency: They don’t disclose crucial company details or legal documents.
- No reliable trading platform: The trading software provided is subpar and lacks essential features.
- High-risk leverage: The leverage offered is dangerously high, which increases the risk for traders.
- Limited payment methods: The only accepted payment method is Bitcoin, which is often used by scammers for anonymity.
Company Overview
Company Name | GoldTreasureFX |
Website | goldtreasurefx.com |
Country of Origin | Unknown |
Licenses | None |
Regulation | Not regulated, blacklisted by the FCA |
Minimum Deposit | $50 |
Payment Methods | Bitcoin (only) |
Trading Platform | Web-based platform with basic features |
Services or Products
GoldTreasureFX claims to offer a range of trading products such as forex, cryptocurrency, commodities, and indices. However, these offerings are not backed by a proper platform or sufficient tools, making it unlikely that they provide a legitimate service. The lack of variety in payment methods, trading instruments, and transparent fees further casts doubt on their credibility.
Trading Platform & Leverages
GoldTreasureFX offers a simple web-based trading platform. This platform lacks advanced trading tools such as auto-trading and custom indicators, which are common features in legitimate brokers. Additionally, the leverage offered is extremely high, up to 1:500, which far exceeds the limits imposed by reputable regulators like the FCA and the EU, where leverage is capped at 1:30 for major currency pairs.
- Leverage: Up to 1:500 (extremely high)
- Platform: Web-based with basic features, lacking important tools and custom indicators.
Spreads and Cost of Trading
GoldTreasureFX does not provide clear information about the spreads or commissions associated with trading. Hidden fees are a common practice among scam brokers. Legitimate brokers always disclose spreads and commissions upfront to help traders make informed decisions.
- Spreads: No clear information
- Commissions: Not disclosed
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License and Regulations
GoldTreasureFX makes bold claims of being a licensed broker, but the reality is far different. The platform is not regulated by any known financial authority. In fact, the Financial Conduct Authority (FCA) has issued a warning against the company, confirming it is a scam. Legitimate brokers must comply with strict regulations to protect traders and ensure transparent operations.
- Regulation: No regulation
- FCA Warning: Issued on November 27, 2023, highlighting that GoldTreasureFX is not authorized to offer financial services.
Legal Warning Against Sante Limited
GoldTreasureFX operates under the name Sante Limited, which is not authorized by any financial regulator. This lack of authorization means that investors have no protection, and they cannot file complaints with the Financial Ombudsman Service in case of issues with the broker. Always check if a broker is licensed before committing funds.
Deposit and Withdrawal Methods
GoldTreasureFX only accepts payments through Bitcoin, which raises concerns about the platform’s transparency and trustworthiness. Bitcoin payments are often irreversible, making it difficult for traders to recover their funds if they are scammed. This is another indication that GoldTreasureFX is not a legitimate broker.
- Deposit Method: Bitcoin only
- Withdrawal Process: No clear withdrawal terms are mentioned
- Withdrawal Time: Unspecified
GoldTreasureFX Reviews: Pros and Cons
Pros | Cons |
None | No proper regulation or licenses |
Extremely high leverage (up to 1:500) | |
No clear information on trading fees or spreads | |
Limited payment methods (Bitcoin only) | |
No access to a demo account or advanced trading tools | |
FCA warning against the platform |
Why Dealing With An Unlicensed Broker Is Risky?
Trading with an unlicensed broker like GoldTreasureFX is extremely risky. Unlicensed brokers do not follow the necessary financial regulations, and your funds are not protected. If you encounter issues with such a broker, you may not have any legal recourse to recover your money. Legitimate brokers are required to keep client funds in segregated accounts and provide negative balance protection, which GoldTreasureFX does not offer.
Client Feedback
Clients who have dealt with GoldTreasureFX report that they are unable to withdraw their funds. Many users have also complained about misleading promises of guaranteed profits, which are common tactics used by scammers. If you find yourself in a similar situation, it is advisable to seek professional help.
How Can “Reviewsadvice.com” Help You If You Get Scammed?
If you have fallen victim to the GoldTreasureFX scam, “Reviewsadvice.com” can help you recover your funds. We offer a free consultation where you can share your case details with our experts, who will guide you through the steps of recovering your hard-earned money.
Final Thought
GoldTreasureFX is a scam broker with no proper regulation, hidden fees, and a lack of transparency. It is important to avoid dealing with such unlicensed platforms and to choose brokers that are licensed by reputable authorities like the FCA, CFTC, or ASIC. Always conduct thorough research before investing your money to avoid falling prey to scams.
