Table of Content
Goldmar Review – Reason to Stay Away From Goldmar.Co
Table of Content
Combobulating Group LLC is allegedly the owning company of Goldmar website. Conveniently based in SVG, where the brokerage activity is not supervised, this broker immediately gets labeled as suspicious.
The website tries to assure traders and potential investors that they can enjoy upgraded customer protection, help from financial experts, grow their knowledge and skills in an excellent trading environment and have customer service available for any issue.
It’s highly questionable how true that can be, taking into consideration that especially scammers and unregulated fake brokers are prone to attractive promises and zero reliability.
Adding the fact that the Italian regulator has recently warned the public about Combobulating Group LLC being unlicensed, we have a full picture of a scamming project.
The warning can be previewed on the following link:
|Leverage||Up to 1:500|
|Minimum Deposit||250 $|
|Spread||From 0.1 pips|
Stay with us and find out more on this subject in our Goldmar review.
Are Your Funds Safe With Goldmar Broker?
Please bear in mind the reason why many illicit brokers start their business in SVG. The SVG jurisdictional regulator does not license and does not supervise the brokerage activity there. The broker that offers their services to EEA or other areas has to obtain a license from other financial authorities.
That being the case, we continued our research by checking the registers of some influential regulators like FCA, ASIC, CySEC, CNMV, BaFin, CFTC, IIROC, AMF, and CONSOB. The only result of our search was the warning issued by the Italian regulator CONSOB. Combobulating Group LLC with its https://goldmar.co site and related trading terminal is listed as an abusive financial services provider without due authorization.
It is clear that Goldmar does not own any type of regulation or license issued by a financial market regulator. Along those lines, we can also conclude that Goldmar is neither operating in compliance with ESMA nor MiFID rules for customer protection, transparency, and against money laundering actions.
What Trading Platforms Are Available?
Plain and generic web trader seems to be the only option for a trading platform at Goldmar. While it does lack the latest technological advances and progressive features of popular software, it could be handy for beginners to learn. Since the interface is simple and noninvasive, it would be a user terminal for novice traders to get the gist of online trading.
This scenario would be possible if the platform itself was a functional software solution and not just an illusory factor used by a phony broker to convince clients to invest. Instead of falling for the deceptive techniques of all scammers nowadays, simply choose a regulated broker that provides trading on state-of-the-art programs.
What Account Types are Offered at Goldmar?
Upon opening a new account with Goldmar, clients can select their preferred account type among the few offered. Accounts are not named, but differ greatly in the minimum deposit required:
- 250 EUR
- 2 500 EUR
- 25 000 EUR
Starting leverage is 1:100 and it goes up to 1:500. Minimum spread is 0.1 pips. Every account type provides access to the web trader and setting up the account, including management, is free. Commissions for all accounts are 0.
All three account groups include risk management tools, negative balance protection, personal account manager, 24/5 customer service, and personal financial advisor.
Regardless of what service is promised, do not forget this broker is a phony and cannot guarantee anything. Also, whatever the 25 000 EUR account offers, to charge that much is just unreasonable.
Trading Instruments Overview
The way Goldmar puts it, clients can access a range of instruments, and buy/sell without commissions and with the best trading conditions imaginable. These are the asset groups that Goldmar provides:
- Indices (S&P 500, US 100, Dow 30, Nikkei 225, Dax Index, UK 100)
- Futures (Euro, Gold, Crude Oil, Natural Gas, Corn)
- Bonds (Eurodollar, T-Bond, Ultra T-Bond, Euro Bond, Euro BTP, Euro BOBL)
- Forex (EUR/USD, USD/GBP, USD/JPY, AUD/USD, USD/CAD)
- Crypto (Bitcoin, Tether, Litecoin, Ethereum, SOL)
Deposit and Withdrawal Method
The minimum deposit required for the basic account is 250 EUR. This itself is making Goldmar stand out in comparison to licensed firms that can offer live accounts for an impressively small sum of $5 or $10.
Depositing at Goldmar is done through credit/debit cards and crypto. You are advised not to deposit in cryptocurrency with this or any other broker for that matter. Chargeback is best processed for credit/debit card deposits.
Withdrawals are uncertain and it’s a question if Goldmar, being a scammer, would even let a withdrawal happen. The withdrawal policy warns about possible fees and commissions for handling and processing the withdrawal requests but without details. Besides charging withdrawals, Goldmar requires additional documentation when inquiring about withdrawals. Typical withdrawal processing time is 4-7 business days.
Furthermore, bonuses are not even subject to withdrawals until the trading volume is met. These ridiculous criteria prevent you from withdrawals until a trading volume of 25 x (deposit + bonus) is achieved.
How Do I Receive a Refund if Goldmar Defrauded Me?
First things first, scams happen and will continue to happen. There’s no shame in falling victim to scamming schemes as it does happen to the most cautious and experienced investors too. The point is to act against the fraud as soon as they’ve been found out.
State authorities administering the financial market can take appropriate action against phony brokers. Police can, as well, respond to reports of cyber theft accordingly and help you make the next move to recover your funds.
To learn more about how to properly take action against fraud and recover your funds, please contact us. Share your experience today and we will provide you with the advice and directions you need.
In essence, remember that Goldmar is an offshore, newly registered, unregulated, and blacklisted brokerage organization. The most solid reasons for avoiding engaging with this scam are:
- Shortage of regulations – not found in any database of registered companies, this broker owns no license for their advertised services and transaction activities.
- Deficient trading platform – the barely functional trading terminal is not what traders should accept investing in.
- Blacklisted by CONSOB- when a regulatory body warns the traders and public about a broker, it is a sure sign an agency like Goldmar is not trustworthy.
- Unobtainable trading volume requirement – a trading volume of 25 x (deposit + bonus) is what is needed to be permitted to withdraw the bonuses and other undeposited funds.
FAQs About Goldmar Broker
Is Goldmar a Scam Broker and Why?
Goldmar is a scam broker because they lack regulation, have been blacklisted by CONSOB, and defraud customers.
What Is the Minimum Deposit for Goldmar Broker?
The minimum sum needed to start trading at Goldmar is 250 EUR.
Is My Money Safe with Goldmar?
No, investments are not safe because the unlicensed broker cannot guarantee the funds' safety, segregated accounts, and customer protection.