Gold Copy Trade is supposedly a copy trading platform and broker for the pair XAU/USD. The website of this broker can be found at goldcopytrade.com and we also observed that this is a relatively new business as they launched the platform in 2022. The domain was acquired from a previous owner who used it as a simple blogging platform.

Now, this is gold trading and Gold CopyTrade is using all the enticing words to get you in. This sets up the stage for a deadly fraud where newbies will lose money from an unregulated platform such as Gold CopyTrade.

If you have lost funds in this platform, you should do something right away to recover your funds as scammers are really encouraged to keep doing what they do best if nothing is done by the victim.

Is Gold Copy Trade a scam?

Whereas goldcopytrade.com appears to be a legitimate broker and copy trading platform, the truth is that the site still has many red flags that we cannot ignore. We went a step ahead to sign up and test the platform and that’s when we realized that Gold CopyTrade is actually a brokerage platform.

The question is whether this broker is properly registered and licensed or not. Do we have any investors who can show the profits they consistently got from Gold CopyTrade?

We believe this is a scam and we’re going to list down our reasons one by one.

5 Reasons why Gold CopyTrade is not a legit broker

These reasons will make you change your mind concerning this broker and copy trading platform. We feel your money is not safe in this platform.

An illegal broker

At first, Gold Copy Trade appears to be a simple copy trading platform and an affiliate of some regulated or licensed brokers. But when you go deeper, you will realize that the copy trading platform is also acting as a broker. So the actual copy trading is done on the platform which offers c-trader software.

The interesting part is this — even though the website states that Gold Copy Trade is licensed by Fzco and registered by Silicon Oasis Trade in Dubai, we find that this statement is misleading as the main financial regulator in Dubai is called DFSA.

A quick search on the DFSA website returns negative results. Gold CopyTrade is neither registered nor regulated.

Too many lies make up the marketing material of Gold Copy Trade

The platform is not popular but it claims to have registered a commmunity of Gold traders. It encourages people to sign up and deposit at least $100 in order to copy the trades of the “expert” community. Other packs are also promised just to entice the financially naive investor.

The obvious thing here is that the people who are listed as “top rated traders” are actually fake profiles. In fact, the top rated trader is just one person called “Emy Water”. This is a fake name with a stock photo.

Funds are at risk in the hands of this broker

Gold CopyTrade claims that their clients’ funds are segregated. Is this true? The answer is is an absolute no. You can clearly see that the broker is not regulated and only regulated brokers follow this directive.

Segregated accounts give an advantage because they ensure that traders’ funds are not mixed up with the company’s operation capital.

In the case of GoldCopyTrade.com, funds of their customers go straight into the company’s bank account or Crypto wallet. This is not safe.

Anonymous broker

The broker is operated by anonymous people who do not wish to be upfront with their identities.

Yes we saw that they claim to be in Dubai but what’s the name of this company? Or do we assume that GoldCopyTrade is the name of the company? Who are the directors and owners? Where is their company incorporatio certificate?

Offering of CFDs by Gold Copy Trade broker

XAU/USD is a CFDs pair and this broker is specific about this gold pair. Due to the opague nature of CFDs, we can’t trust that brokers who offer them are legitimate and transparent. It’s next to impossible to find a good CFDs broker who will let you make profit consistently.

The aim of trading is to make money but these broker’s main aim is to ensure that you’re not making money. This defies the logic of trading in the first place. This broker does not cut it.

Conclusion of the Gold CopyTrade review

We do not approve of this trading platform due to the issues raised above. We also ask you to write your comments down below because this is the only way to make this review popular so that it can reach other unsuspecting victims who may easily fall for this scam.

Thank you for reading this review.