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Regulated Broker

GoldmanCFD Broker Review

  1. GoldmanCFD is an unlicensed forex and CFD broker based in Bulgaria that gives South African investors the chance to trade CFDs in all major financial markets, including forex, cryptocurrencies, stocks, commodities and indices.

    The 4 Account Types

    Like most brokers, GoldmanCFD provides South African users with a selection of trading accounts to choose from. The account you choose will ultimately depend on the deposit, preferred conditions and overall experience.

    Beginners tend to always go with the basic, first accounts with the lowest deposits. It is usually professionals that go after the accounts with the higher deposits, but only if the money is worth it.

    The lowest deposit available to begin trading with GoldmanCFD is $500. This is a considerably large amount compared to other brokers. In fact, it is double the most common amount required, $250.

    Tip: Trade with IQ Option instead, the best, regulated broker for South African traders with a minimum deposit as low as $10!

    No matter which account you choose, all GoldmanCFD accounts offer the following features:

    • Floating spreads
    • Leverage up to 1:50
    • Minimum trade size: 0.01 lot
    • Hedging
    • Expert advisors
    • 24-hour support

    Check out details and differences between each account below.

    Mini Account

    • Minimum deposit: $500 – $5,000
    • Protection from negative balance
    • First 5 operations risk-free

    Standard Account 

    • Minimum deposit: $5,001 – $10,000 
    • Protection from negative balance
    • First 5 operations risk-free
    • Personal trading trainer (+)
    • SMS trading alerts (+)

    Gold Account 

    • Minimum Deposit: $10,001 – $15,000
    • Protection from negative balance
    • First 5 operations risk-free
    • Personal trading trainer
    • SMS trading alerts
    • VIP trading support (+)

    Platinum Account 

    • Minimum deposit: $15,001+ 
    • Protection from negative balance
    • First 5 operations risk-free
    • Personal trading trainer
    • SMS trading alerts
    • VIP trading support

    Demo Account

    GoldmanCFD gives South African investors the chance to practice trading through a free demo account. This is perfect for complete beginners, since it allows entirely risk-free trading.

    Even professional traders like to make use of demo accounts, because it allows them to test out the platforms and features before investing any real money. offers $10,000 Free Demo accounts with no Credit card required.

    Trading Platform & Assets

    GoldmanCFD gives South African users the chance to trade a variety of underlying assets in all major financial markets, which include forex, cryptocurrencies, commodities, indices and equities.

    The trading platform available is the MetaTrader4 (MT4) platform. MT4 is considered to be one of the most popular online trading platforms and can be easily accessed by downloading it onto your PC, laptop, tablet or mobile device.  The GoldmanCFD mobile trading app is available on both Google Play and the App Store.

    GoldmanCFD does not have a web trader or any other trading platform option available for South African investors to choose from. Now, even though MT4 is one of the most recognizable platforms online, it doesn’t mean necessarily that it’s for everyone. Often, beginners prefer simple web traders to a more complex trading software that was created to cater to trading professionals. For this reason, it is indeed unfortunate that GoldmanCFD does not offer any other trading platform option.


    The broker seems to advertise an education center to South African traders, which GoldmanCFD refers to as the “academy”. When looking through this academy, the only thing really found was a short generic text on technical analysis. They claim to have video tutorials, but none were found whatsoever.

    Before trading with any broker, solid knowledge on basic trading terms and the overall process are essential. You will notice that regulated brokers always have a trading questionnaire before they even allow you to even create an account. This is very important because all trading comes with some risk and South African traders should never walk in with a blind eye.

    A professional broker will usually offer all this information to their clients for free. GoldmanCFD claims to offer free trading knowledge, but in reality, has no education material at all.

    Customer Support

    South African traders can reach GoldmanCFD via email or the contact form on their website. They do not have any phone number available, let alone a South African number.

    If South African investors prefer to not contact the broker directly, there is a separate FAQ section available, which can be found under the academy section. In this way, you can always check if your question is already answered on the website without having to go through the hassle of contacting the company.

    Company Info & Payment Methods

    GoldmanCFD is owned and operated by the company GoldmanCFD LTD, which is located at 6000 Stara Zagora District, Stara Zagora Municipality, Geo Milev R.A., 8 Yurii Venelin, Bulgaria.

    There is no information on their website regarding the payment methods this company accepts.

    Verdict: Is GoldmanCFD a Scam?

    After careful review and digging into GoldmanCFD, we have concluded that this company is not to be trusted and South African traders should stay away. They are unlicensed and located offshore, which means that no regulatory agency can control GoldmanCFD or even keep any tabs on them.

    Moreover, their entire website is particularly vague and does not offer basic features and information, like education material, deposit or withdrawal methods, a phone number or an extra trading platform.

    Conclusion: Instead of wasting your time with another fraudulent company, trade directly with the best, regulated broker for South African traders – IQ Option!

GoldmanCFD articles