Goldmar Review- Is Goldmar scam or legit?

It’s important to be aware that Goldmar, like most offshore brokers, is potentially operating a scam. We want to be upfront about this fact before we provide our review of the company. The regulatory body responsible for overseeing Italian markets has issued a warning about Goldmar. However, even without warning, there are clear signs that the company may not be reputable. Read a complete Goldmar review, and you’ll see that not all things are as good as they appear. We’re going to expose a scammer.

Website: goldmar.co, goldmar.io, and goldmar.cc

Address: First floor, First St Vincent Bank Ltd Building, James Street Kingstown, St. Vincent and the Grenadines

Warning: Commissione Nazionale per le Società e la Borsa (Italy) and The Central Bank of Russian Federation (Russia)

Regulated? Unregulated

Table of Contents

Regulation

The broker’s only slightly redeeming quality is its honesty about being registered in a fraudulent location — the firm is located in St. Vincent and the Grenadines. Despite this, most companies from this area attempt to conceal this fact by falsifying their addresses and licenses due to the country’s negative reputation among traders. St. Vincent does not regulate its forex markets, which allows anyone to run scams without consequence. As a result, these companies often end up on regulators’ blacklists in more stringent jurisdictions.

Warning

It’s crucial to remember that unlicensed brokers can’t be trusted with your funds. Here’s why you should steer clear of these companies. In fact, four different regulatory bodies, including Italy’s CONSOB, Spain’s CNMV, the Bank of Russia, and Belgium’s FSMA, have issued warnings about the fraudulent activities of Goldmar and its owner.

Trading Accounts

Goldmar provides three trading account options – Beginner, Premium, and Business – with corresponding minimum initial deposit requirements of €250, €2500, and €25000. In contrast, licensed brokers offer starter accounts with minimum deposit requirements as low as $100 or less.

Trading Platform

While some basic charting tools and the ability to open pending orders are available on certain platforms, it’s essential to choose a reliable provider. Even though certain platforms may lack the sophisticated features of industry-standard Metatrader 5, it’s not necessarily a deal-breaker.

The real problem arises when the platform is offered by a scam broker. These brokers manipulate their clients by showcasing fictitious trading activity on the platform, while in reality, they steal their clients’ deposits. It’s crucial to do thorough research and choose a trustworthy trading platform to avoid falling prey to fraudulent activities.

Trading Conditions

There are a few concerning aspects of Goldmar’s trading conditions that should be noted. While the leverage of up to 1:200 may seem appealing, it poses a high risk for the retail client. It’s important to be cautious of scammers who use such generous amounts as bait. Additionally, the company’s spreads are too wide at 3 pips for FX majors, which is unacceptable.

Deposit and Withdrawal Methods

Goldmar offers two primary deposit options – credit card and cryptocurrency payments. However, it’s important to be cautious when using cryptocurrency, as scammers often exploit the irreversibility of these transactions. Additionally, this broker has a relatively high minimum deposit of $250, which could result in significant losses if one is unable to secure a chargeback.

Regarding withdrawals, Goldmar accepts credit/debit cards and wire transfers. Although the broker claims that withdrawals take 4-7 business days, it’s unclear if fees apply. It’s important to consider these factors when selecting a broker.

Conclusion

Goldmar operates as an unregulated forex broker, resulting in a lack of customer protection. As a result, there is a high probability that they may abscond with your hard-earned money, and there is no regulating agency to hold them accountable. Contact us if you’ve been scammed, and our team of experts will assist you in recovering your funds.

Also, read Kryptod review to know about similar scams.