Goldland Capital Group (GCG) does not appear to offer different accounts, so we assumed its clients have one account option. It also does not specify its trading conditions,so we had to test its demo platform to figure them out. So, it turns out GCG offers maximum leverage up to 1:500, variable spread on the standard MetaTrader 4 platform and no micro tradeable lots. Its website is available in Chinese and English and also has an educational section.
The Company. Security of Funds
Goldland Capital Group Pty Ltd?
ASIC (authorized representative of Trademax Capital Pty Limited)
Founded in 2013, Goldland Capital Group is a company offering online trading services in more than 20 currency pairs, as well as precious metals for trade on the MT4 platform. On its website GCG claims to have offices in the US, Australia and New Zealand and provides a license number by the Australian securities and investments commission (ASIC) that belongs to Trademax Capital Pty Limited, so we suppose that the Goldland Capital Group Pty Ltd. Acts as an authorized representative.
However, things with the companies associated with GCG appear more complicated than that. When we downloaded GCG’s MT4, we saw it belongs to another ASIC-regulated company – ETO Group Pty Ltd. On the other hand, in the Client agreement uploaded on the broker’s website indicates a different company name – Goldland Capital Group Limited. The client agreement also clearly shows that GCG acts as a market maker, although on its website the broker claims to utilize No-Dealing-Desk execution.
While regulation in Australia is considered one of the most reliable ones worldwide, such lack of clarity seems disturbing. ASIC requires licensed companies to comply with strict capital requirements ($ 1 million), to keep clients’ funds in segregated accounts, and to comply with other standards for risk management, transparency and staff training. Unlike most brokers regulated in the EU, however, Aussie brokers are not covered by a compensation scheme.
Minimum Initial Deposit
Traders are required to deposit $250 in order to open an account with GCG, which is average for the forex market. Yet, other brokerages require less: for example, XM (holding, among others, also an ASIC license) demands just $5 from its clients as a start.
Average Spreads & Commissions
GCG offers commission-free trading with variable spreads, however average ones amount to 3 pips on EUR/USD, which is double the size of what most brokers provide for this pair. By comparison, XM’s average variable spreads amount to 1.7 pips on EUR/USD on its commission-free accounts. For further information, check out real time spreads of more than 10 of leading brokers at our special page.
Clients of GCG may use leverage ratios up to 1:500, which is comparatively high. We always warn traders to use lower leverage levels that do not involve such risks. Although high leverage levels are nor recommended, many brokers offer leverage up to 1:500 or even higher.
This broker provides the widely used MetaTrader 4 (MT4) platform, available as desktop download and mobile versions. It is globally recognized for its great charting package, customizable analytical tools, back-testing and the popular automated strategies, called Expert Advisers (EAs). Although its developer MetaQuotes has issued a newer software version, MetaTrader 5, the MT4 continues to be the most popular forex trading platform.
Methods of Payment
We could not find information about the deposit/withdrawal methods supported by GCG However, we suppose it must allow at least bank wire and debit/credit card payments.
GCG is an Australian forex broker and market maker that does not share much information about its trading conditions on its website and the situation with the companies associated with the GCG brand seems confusing. It appears that it acts as an authorized representative of an ASIC-regulated entity. However, the broker’s trading conditions are not very good, as the spreads offered are quite high.
GCG Review Conclusion
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