Is GoodTrade Capital Legit or a Scam?
No, GoodTrade Capital is not a legitimate company. The company does not have any proper regulation and registration. They have offices in one country but are registered in another country. Also, they are not able to provide proper information about their regulatory conditions. Please read the full GoodTrade Capital scam broker review to know more details.
What is GoodTrade Capital?
With operations in Saint Vincent and the Grenadines, GoodTrade Capital LLC is a Contract for Difference (CFD) broker that was founded in 2022 and has its headquarters in New South Wales, Australia. The broker mainly provides CFD trading services for indices, commodities, currencies, and other markets. This broker’s official website, which is available in English, is https://goodtrade.io. Services are not offered by GoodTrade Capital LLC to the US or any other country subject to legislative limitations.
Through CFDs, GoodTrade Capital LLC provides possibilities to trade a variety of currency pairings in the forex market. With Forex CFDs, investors may make predictions about how the value of one currency will fluctuate against another. Available currency pairs include, but are not limited to, EUR/USD, GBP/USD, and USD/JPY.
GoodTrade Capital Details
Unregulated Offshore Broker
Is This Company Safe?
Have Warnings from
St. Vincent and The Grenadines
Forex, Indices, Commodities
Free Demo Account
How to Withdraw from This Company?
No guarantee on the payout system. Users have several negative reviews.
Deposits and Withdrawals
One of the critical aspects of any brokerage is its deposit and withdrawal process. We did not get any specific information about their deposit and withdrawal methods. Some users claim that the process is not as smooth as promised, leaving them frustrated and anxious about the safety of their funds.
This broker did not show any information on this aspect. They did not disclose any information about their account types or any scope for a demo account.
Red Flags and Warning Signs
There is no regulatory body that oversees GoodTrade Capital LLC. Compared to registered brokers, there may be greater risks associated with this lack of regulation in terms of asset safety, investor protection, and risk reduction. To protect their financial interests, investors should think twice before using this broker’s services.
They provide registration information from the SVG’s financial authority. But, we all know that SVG is a place where these kinds of scam brokers can do their business easily.
Another warning sign is, that as they have an office in Australia, they should have a license from ASIC. But, when we searched with the ASIC database, we found nothing.
Customer Complaints and Negative Reviews
A quick search online reveals a multitude of customer complaints and negative reviews related to GoodTrade Capital. Traders have reported issues ranging from unresponsive customer support to difficulties in withdrawing funds. Some users even claim to have lost significant amounts of money due to suspicious trading practices on the platform.
GoodTrade Capital Alternative Brokers
Given the concerns surrounding GoodTrade Capital, traders need to explore alternative, reputable brokers. There are many well-established online trading platforms with a proven track record of transparency, regulation, and customer satisfaction. Some of these alternatives include Pepperstone, IGM, and HF Markets.
Got Scammed by GoodTrade Capital? We Help Victims!
If you have fallen victim to the practices of GoodTrade Capital, it is crucial to take immediate action. Contact Broker Complaint Alert to report your experience and seek guidance on potential recovery options. Remember that you are not alone, and there are resources available to assist victims of online trading scams.