Golden Profits

Overview of Golden Profits

Golden Profits is a newly established brokerage based in China. As an unregulated entity, they offer trading services in various financial markets, including Forex (FX), Contracts for Difference (CFDs), stocks, and commodities. They claim their customers can access a range of instruments, such as 182 FX spot pairs and 140 forwards, over 9,000 CFDs, and 19,000+ stocks from core and emerging markets across 36 exchanges worldwide.

The company provides two types of accounts, namely Classic Account and Platinum Account, with minimum deposits of USD 200 and USD 500, respectively. Additionally, they offer a choice of deposit and withdrawal options, such as USDT, Paypal, Skrill, Mastercard, and Visa. While they don't disclose specific information about their trading platforms and customer support options, it is known that they offer Live Chat as one of their support channels.

Regulation

Golden Profits has been labeled as “Unauthorized” by the National Futures Association (NFA). This means that the company does not possess the necessary authorization or approval from the NFA to conduct its financial services within the United States. As a result, Golden Profits is not permitted to offer its services to US residents, and trading with an unauthorized broker may involve inherent risks.

The “Unauthorized” status refers to a broker or financial service provider operating without proper authorization or licensing from a regulatory body. In this case, Golden Profits has not met the regulatory requirements set forth by the NFA, which oversees and regulates futures and forex activities in the United States. Engaging with an unauthorized broker exposes traders to potential risks, including lack of investor protection, potential fraudulent activities, and limited legal recourse in case of disputes.

Pros and Cons

Golden Profits offers a wide range of tradable assets, including 182 FX spot pairs, 140 forwards, over 9,000 CFDs, and 19,000+ stocks from various core and emerging markets. They provide two types of accounts, Classic and Platinum, with minimum deposits of USD 200 and USD 500, respectively. The broker's spreads, such as 0.2 pips for FX and 0.4 on US500 CFDs, may attract traders looking for cost-effective trading options. Additionally, the availability of multiple deposit and withdrawal methods, such as USDT, Paypal, Skrill, Mastercard, and Visa, offers convenience for clients to manage their funds efficiently.

One significant concern with Golden Profits is its unregulated status, as it lacks oversight and supervision from a recognized financial authority. Being unauthorized by the NFA poses potential risks, such as the lack of investor protection and limited legal recourse in case of disputes. Additionally, the broker's website provides limited information about its trading platforms and educational content, leaving traders unsure about the available tools and resources to improve their trading knowledge and skills. The absence of office locations and specific details about their license raises transparency concerns and may deter some traders from engaging with the company. Lastly, the live chat does not work, leaving the company with no channels of customer support.

Inaccessible Website

The website of Golden Profits provides minimal information about its account types, minimum deposit requirements, leverage options, spread details, deposit/withdrawal methods, and available trading platforms. This lack of transparency can significantly impact the clarity and reputation of the company. Potential clients may find it challenging to make informed decisions due to the absence of comprehensive account descriptions. Without clear information about account features and their respective minimum deposits, traders may be uncertain about the suitability of each account type for their specific needs and financial capabilities.

The limited details regarding leverage options and spreads also create uncertainty for traders looking to assess the risk and cost associated with their trades. Additionally, the lack of comprehensive information about deposit and withdrawal methods might deter potential clients who prefer specific payment options or are concerned about the security of their transactions.

Market Instruments

Golden Profits offers multiple market instruments, including:

FX (Forex): Golden Profits offers 182 spot pairs and 140 forwards, providing traders with a variety of currency pairs to trade in the foreign exchange market.

CFDs (Contracts for Difference): The company presents a selection of over 9,000 instruments through CFDs, enabling traders to go long or short on various assets with tight spreads and low commissions.

Stocks: With claimed access to over 19,000 stocks across core and emerging markets on 36 exchanges worldwide.

Commodities: While specific information about commodities is not available, Golden Profits likely offers trading opportunities in various commodities, such as precious metals, energies, and agricultural products.

The table below provides a comparison of the market instruments offered by different brokers, including Golden Profits, OctaFX, FXCC, Tickmill, and FxPro.

Account Types

Due to the limited information provided on the company's website, a comprehensive description of the account types offered by Golden Profits is not possible. The website does mention the existence of two account types, namely Classic Account and Platinum Account, with minimum deposit requirements of USD 200 and USD 500, respectively. However, specific details regarding the features, leverage options, and spreads for each account type are not disclosed. Traders may find it challenging to make informed decisions without a more comprehensive overview of the account features and conditions.

How to open an account？

It appears that creating an account with Golden Profits is not possible at the moment. There is a “Sign Up” button on their website, however upon clicking the button nothing happens. Not having a working account sign-up method on the website can be detrimental to a company as it prevents potential customers from becoming active users. Without a clear and functional sign-up process, interested individuals may get frustrated and abandon the idea of creating an account altogether, resulting in lost leads and potential revenue. Additionally, it reflects poorly on the company's professionalism and may give the impression of inefficiency or lack of attention to detail.

Minimum Deposit

Golden Profits requires a minimum deposit of USD 200 for their Classic Account and USD 500 for their Platinum Account. The company's minimum deposit rates provide traders with different options based on their initial investment preferences. However, further information about additional account features and conditions accompanying these minimum deposit rates is not readily available on the website, leaving potential clients with limited insight into the overall trading conditions.

Leverage

The spread information for Golden Profits is provided for some of the market instruments, such as FX and CFDs. For FX, the spread is as low as 0.2 pip, and for US500 CFDs, the spread is 0.4. However, the website does not disclose spread details for other market instruments, such as stocks and commodities.

Deposit & Withdrawal

Golden Profits offers multiple deposit and withdrawal methods, providing clients with several options to manage their funds. The available methods include USDT, Paypal, Skrill, Mastercard, and Visa. These payment options allow traders to securely deposit funds into their trading accounts and withdraw their profits efficiently. However, specific details about transaction fees, processing times, and any restrictions associated with each method are not mentioned on the company's website.

Customer Support

While Golden Profits offers a “Live Chat” button on their website, the button is currently non-functional and does nothing.

The non-functional live chat on Golden Profits' website is a severe detriment to their customer support services. It reflects a lack of attentiveness and responsiveness towards their clients. A properly functioning live chat feature is essential for traders seeking immediate assistance, and its absence raises doubts about the broker's ability to address customer inquiries promptly. Without a reliable live chat option, traders may feel left in the dark with no convenient way to seek help or resolve issues, ultimately undermining the overall credibility of Golden Profits as a broker.

Conclusion

In conclusion, Golden Profits is a relatively new brokerage with an unauthorized status, meaning it is unregulated. The company offers market instruments in Forex, CFDs, Stocks, and Commodities with two different account types and a minimum deposit of 200USD. Making an account for this broker is impossible as it's account page is inaccessible.

The absence of detailed descriptions for account types, leverage options, and spreads further diminishes transparency, leaving potential clients uncertain about the trading conditions and overall reliability of the company. Additionally, the non-functional live chat feature reflects poorly on their customer support, potentially hindering clients from obtaining timely assistance. Without a clear display of a functional trading platform, traders are left in the dark about the technology they will be using for their trades.

FAQs

Q: What is the jurisdiction of Golden Profits' headquarters？

A: Golden Profits' headquarters are based in China.

Q: How long ago were Golden Profits established？

A: Golden Profits was established within the last year.

Q: Is Golden Profits a regulated brokerage？

A: No, Golden Profits operates as an unregulated broker.

Q: What license type does Golden Profits hold？

A: Golden Profits does not hold a valid license.

Q: What is the minimum deposit required for a Classic Account？

A: The minimum deposit for a Classic Account is USD 200.

Q: Does Golden Profits provide a live chat customer support option？

A: While Live Support Chat is listed on their website, it currently does not appear to function.