Golden Day Profit -Some important Details about This Broker

What is GOLDEN DAY PROFIT？

Golden Day Profit Limited is an online forex and precious metals trading platform founded in 2009 and registered in Hong Kong with operational offices in Malaysia. They offer trading through the popular MetaTrader 4 platform with a minimum deposit of $100. However, Golden Day Profit lacks regulation by a reputable financial authority. Their previously held license with the Vanuatu Financial Services Commission (VFSC) is revoked, and they are not authorized by the National Futures Association (NFA) in the US.

Pros & Cons

Pros:

Established Company: Golden Day Profit has been in operation since 2009, providing a level of experience and stability in the trading industry.

Competitive Spreads: Spreads start from 0.1 pips, which can be advantageous for traders seeking lower transaction costs.

MetaTrader 4 Platform: The availability of the widely used MetaTrader 4 platform allows for a familiar and feature-rich trading experience.

Client Fund Security: The company emphasizes the separation of client funds from company operating funds, ensuring a higher level of security and transparency.

Cons:

Regulatory Issues: The company's VFSC regulation has been revoked, and it is unauthorized by the NFA, which indicates risks about its regulatory status and oversight.

Limited Leverage: Leverage is capped at 1:30, which is restrictive for traders looking for higher leverage opportunities.

Transparency Issues: Golden Day Profit doesn't provide clear details on fee structure, deterring traders from figuring out the trading cost.

Is GOLDEN DAY PROFIT Legit？

Golden Day Profit's legitimacy is in question due to significant regulatory issues.

The company's license with the Vanuatu Financial Services Commission (VFSC) has been revoked. The VFSC, responsible for regulating financial services in Vanuatu, had issued the company a Retail Forex License under license number 14829. However, the revocation of this license raises serious doubts about the company's compliance with regulatory standards.

Additionally, Golden Day Profit is unauthorized by the National Futures Association (NFA) in the United States. The NFA, which regulates financial services in the U.S., lists Golden Day Profit under license number 0517483 as unauthorized. This means the company does not have the required authorization to operate legally.

Market Instruments

Golden Day Profit offers trading in a variety of market instruments, including precious metals and forex.

Precious metals such as gold and silver are popular commodities for trading due to their intrinsic value and status as safe-haven assets. Trading in precious metals allows investors to diversify their portfolios and hedge against inflation and economic uncertainty.

Forex, or foreign exchange, trading involves the buying and selling of currencies. The forex market is the largest and most liquid financial market in the world, with trillions of dollars traded daily. Forex trading offers opportunities for investors to profit from fluctuations in exchange rates between different currencies.

Account Types

Golden Day Profit offers three types of trading accounts: Classic, Gold, and Premium. Clients can choose the account type that best suits their trading needs and financial capabilities.

Classic Account: This account type requires a minimum deposit of 100 USD. It is suitable for traders looking for basic trading experience.

Gold Account: The Gold Account requires a minimum deposit of 500 USD. It is suitable for traders with moderate trading volumes or experience.

Premium Account: The Premium Account requires a minimum deposit of 1,000 USD. It is designed for more experienced traders or those with larger trading volumes.

Leverage

Golden Day Profit offers a leverage ratio of 1:30 for all its trading accounts, including the Classic, Gold, and Premium accounts. Leverage allows traders to control a larger position in the market with a relatively small amount of capital. A leverage ratio of 1:30 means that for every $1 in your trading account, you can control up to $30 in the market. While leverage can amplify profits, it also increases the risk of losses, so using leverage judiciously and managing risk effectively is important.

Spreads & Commissions

Golden Day Profit offers competitive spreads starting from 0.1 pips for all its trading accounts. Spreads refer to the difference between the bid (selling) price and the ask (buying) price of a financial instrument. A lower spread indicates a smaller difference between these prices, which can be beneficial for traders as it reduces the cost of trading. However, regarding commissions, there is no information on its website.

Trading Platform

Golden Day Profit provides access to the popular MetaTrader 4 (MT4) trading platform for its clients. MT4 is a widely used platform in the forex and CFD trading industry, known for its user-friendly interface, advanced charting tools, and automated trading capabilities through expert advisors (EAs).

With the MT4 platform, traders can execute trades, perform technical analysis, and manage their trading accounts efficiently. The platform is available for desktop computers, as well as mobile devices running on iOS and Android operating systems, allowing traders to stay connected to the markets and manage their trades on the go.

Deposits & Withdrawals

Golden Day Profit facilitates a transparent and user-friendly process for deposits and withdrawals, ensuring clients can manage their funds conveniently and securely.

To initiate a deposit, you need to fill out a deposit form, providing essential details such as your name, email address, account login number, and the total deposit amount. Additionally, you also need to attach any required documents as per the company's policies. Deposits are typically processed promptly, enabling clients to commence trading without unnecessary delays.

Similarly, you can initiate withdrawal requests by filling out a form on the website, providing essential details such as your name, email address, login number, and bank account number, and specifying the withdrawal amount and bank name. Withdrawal requests are processed within a specified timeframe, with requests submitted before WIT 12:00 processed on the same day.

Customer Service

Golden Day Profit offers customer service during specified hours, typically from 9:00 am to 18:00 pm (Hong Kong time), via phone and email. Clients can contact the customer service team at +60 377174700 or through email at web@rlgold.com for assistance with inquiries or issues related to their trading accounts.

Conclusion

In conclusion, Golden Day Profit presents itself as an established online trading platform offering access to forex and precious metals markets. However, significant regulatory concerns, including the revocation of its license by the VFSC and its unauthorized status with the NFA in the United States, raise red flags about its legitimacy and regulatory compliance. Overall, Golden Day Profit is not a recommended platform for trading. Please consider safer alternatives with a strong focus on regulatory compliance, and transparency.

Frequently Asked Questions (FAQs)

Is Golden Day Profit regulated？

No, Golden Day Profit is not currently regulated. Its license with the VFSC has been revoked, and it is unauthorized by the NFA.

What trading instruments are available on Golden Day Profit？

Golden Day Profit offers trading in precious metals and forex markets.

What is the minimum deposit required to open an account with Golden Day Profit？

The Classic Account requires a minimum deposit of $100, the Gold Account requires $500, and the Premium Account requires $1,000.

What trading platform does Golden Day Profit offer？

Golden Day Profit offers the MetaTrader 4 (MT4) trading platform.

What is the leverage offered by Golden Day Profit？

Golden Day Profit offers a leverage ratio of 1:30 for all its trading accounts.

Risk Warning

Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.