Goldpackfx broker claims to be based in the United Kingdom but fails to supply us with the FCA license number. And this is just the first of many warning signs. We decided to investigate the company after receiving numerous complaints to ensure that your funds are safe.
To learn everything, read our comprehensive Goldpackfx review.
Furthermore, we strongly advise you not to invest in the bogus brokers Innovationforex, Libre Holdings, and Rockchainfx. If you want to save money, don’t trade with these unlicensed brokers!
Is Goldpackfx a Reliable and Licensed Broker?
Goldpack forex is a registered trademark of Goldpackfx. According to the company’s website, it is a “Swiss financial institution registered with the Financial Services Authority of Saint Vincent and the Grenadines.”
This alone leads us to suspect the brokerage. First and foremost, Switzerland has a strong regulatory body, FINMA. It ensures that firms adhere to strict rules, limit their leverage, offer negative balance protection, and keep client funds in segregated accounts.
On the other hand, we have FSA from SVG, the Forex firm register, but no regulator. As a result, even if Capitality is on the FSA commercial register, it has no bearing on license and business regulations.
Reasons to Avoid Using an Unlicensed Broker
As previously stated, licensed brokers must follow the rules and have sufficient funds to compensate potential victims. Offshore brokers, on the other hand, are under no obligation.
Assuming the firm is in SVG, it is operating without any valid regulations. Simply put, it can disappear at any time with your funds, leaving you with nowhere to file a complaint.
How Trustworthy Is Goldpackfx Broker?
Goldpackfx is a Saint Vincent and the Grenadines-based offshore firm. As a result, it is not subject to any regulations. Negative feedback indicates that the company cannot be trusted.
What Do Traders Believe About Goldpackfx?
Goldpackfx reviews highlight the most serious problems with the brokerage. While customers are depositing funds, the company is friendly and helpful. This firm freezes their access to money and trading accounts once they decide enough is enough and request a payout.
If this story rings a bell, it’s time to file a complaint.
Goldpackfx, according to its website, provides two trading platforms: WebTrader and MT4. While web-based software is a simplified tool with no special features, MT4 includes all of the advantages. Customers can use EAs and social trading to tailor the platform to their specific needs.
Having MetaTrader would be ideal in most cases. However, in this case, the broker offers unregulated trading conditions, which can affect the outcome of your trades.
Goldpackfx Broker – Service Countries
Goldpackfx, according to reviews, primarily targets residents of UK and Australia. However, because the firm lacks a license and operates offshore, it can provide its services anywhere.
If you see any advertisements for Goldpack Forex broker, you should ignore them. This company will only cause you stress and worry about your money.
Goldpackfx Security Methods
According to reports, the firm takes every precaution to prevent theft and money laundering. They adhere to KYC/AML standards and protocols. However, we have not been able to locate any measures or protocols that they actually use.
All of this is just a nice show for inexperienced investors. Don’t be taken in by it.
What is known about the trading conditions of Goldpackfx
Given that we’ve already discussed broker regulation, it’s easy to see why provided trading conditions are unregulated. For example, leverage exceeds the regulatory limit, and swaps are relatively expensive, starting at $3. The spread is also higher than the industry average. Overall, trading with Goldpackfx will not be cheap or advantageous.
What Is the Leverage and Spread of the Broker?
For the Forex market, the company offers leverage of up to 1:500. This limit is set at 1:30 in the EU and the UK. It is slightly higher in Canada and the United States, at 1:50. Capitality exposes your funds to ten times the risk that any global regulator would tolerate.
For EUR/USD pairs, the spread starts at 2.3 pips, while the industry standard is 1.5 pips.
Minimum Capital Deposit and Unfavorable Withdrawal Terms
We can only find information about the minimum deposit and withdrawals in the FAQ. The company requires investors to begin with at least 250 GBP, which is double the industry standard.
In order to withdraw funds, the company requires clients to provide a Withdrawal Authorization Code from a partner card. It is very likely that you will be required to provide your CVV code in order for them to swipe your card and withdraw additional funds.
Goldpackfx Broker Scammed You? – Tell Us Your Story
Please let us know if you were duped by Goldpackfx or another bogus broker. Our chargeback specialists may be able to help you with the refund. Don’t let con artists steal your money. Let’s put an end to it by scheduling a free consultation.
But What Exactly Is A Chargeback?
A chargeback is a method for the bank to recover funds that have been stolen from your debit or credit card. Please contact us as soon as possible to explain your situation in detail. We will assess it and determine the best method of recovery. Act immediately.
