July 30, 2020

Golden Day Profit Review

Overview:

The Golden Day Profit is specialised in providing trading of precious metals like Gold and Silver on only one trading account. The trading conditions are not offered on the official website, but the broker does provide a free demo account. We give Golden Day Profit a low rating as it is not credible. To know another reason for its little credibility, please read this Golden Day Profit review thoroughly. Read the full Golden Day Profit review here.

About Golden Day Profit:

The broker does an excellent job of offering the MetaTrader trading platform. The MetaTrader is a widely accepted trading platform with much trust. The traders can also avail advanced features provided by it like Expert Advice, A1 Charts, many Market Indicators, Auto Bot Trading, and lots more. Another benefit of Gold Day Profit is that it has provided generous leverage levels. The leverage of 1:500 can be seen, and it is high. The high leverage ratio is helpful in the aggressive trading style simultaneously; it can drain traders’ funds instantly. That is why higher leverages are advantages as well as disadvantages.

The disadvantage of Golden Day Profit is its false claim about regulation. The company named Golden Day Profit Kamyip Co. Ltd. is the owner and manager of this broker that is operational from Hong Kong. The sad part is Hong Kong’s local financial body Securities and Future Commission does not show registration of the company above mentioned. Instead, the company claims to be regulated by the US National Futures Association. However, the brokers in the US must be regulated by the Futures Commission Merchants. Here we found discrepancies in the claims of the broker.

The trading cost at Golden Day Profit is excessively high. The spreads for USDEUR fx pair floating at 2.7 pips can be seen on the provided demo account. The broker also applies $30 commission on every trade, so the spread reaches 5.7 pips. This spread is humongous and unfavourable to traders. Also, tradable assets provided by this broker are very few compared to most of the brokers. Less tradable assets increase trading risk. On top of that minimum deposit required is not mentioned anywhere on the broker’s official website.

Is Golden Day Profit scam or legit?

In our view, Golden Day Profit is a potential Australian trading scam. Here are the reasons for the same. The broker is not regulated and operational from overseas. The trading conditions are not attractive, and the initial investment is unknown. It would be better off with this broker.