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Goldex

United Kingdom|2-5 years|
Suspicious Regulatory License|Suspicious Scope of Business|High potential risk|

https://goldexapp.com//

Website

Rating Index

Influence

Influence

D

Influence index NO.1

France 2.42

Surpassed 59.62% brokers

Biz AreaSearch StatisticsAdvertisingSocial Media Index

Contact

+44 (0) 203 287 2878
support@goldexapp.com
https://goldexapp.com//
60 Gracechurch Street, London EC3V 0HR, United Kingdom.

Licenses

No valid regulatory information, please be aware of the risk!

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Warning: Low score, please stay away!
Previous Detection : 2024-03-29
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!

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Goldex · Company Summary

Aspect Information
Company Name Goldex
Registered Country/Area United Kingdom
Founded Year 2017
Regulation Unregulated
Minimum Deposit £20,000.00
Maximum Leverage N/A
Vaulting &Commissions Trading commission of 0.75%, totaling 1.5% for a complete transaction (buying to selling).
Trading Platforms Mobile app accessible 24/7 for gold trading.
Tradable Assets Physical gold
Account Types Lite and Full registration options
Demo Account N/A
Customer Support Mon-Fri, 9 am to 5 pm BST, Email and phone support.
Deposit & Withdrawal Bank transfer and debit card. KYC verification for deposits over £250. £5 withdrawal fee.
Educational Resources Goldex Academy, Blog, Trade Recommendations.

Overview of Goldex

Goldex, a United Kingdom-based company established in 2017, operates in the domain of bullion dealing, specializing in physical gold trading. While the industry it navigates historically lacks centralized regulation, placing it in a category akin to foreign exchange and property markets. Goldex offers a mobile app as its trading platform, allowing users 24/7 access to the gold marketplace. The company imposes a minimum deposit requirement of £20,000 and applies a trading commission of 0.75%, totaling 1.5% for a comprehensive transaction from buying to selling.

Goldex provides two account types - Lite and Full registration options, with the latter requiring KYC verification for deposits over £250. Withdrawals, initiated through bank transfer or debit card, incur a £5 fee, and the process may take up to 3 working days. Customer support is available Monday to Friday from 9 am to 5 pm BST via email and phone. Goldex supplements its services with educational resources, including the Goldex Academy, Blog, and Trade Recommendations, catering to users at various levels of expertise in their gold investing journey.

Overview of Goldex

Pros and Cons

Pros Cons
1. Established Platform: Founded in 2017, Goldex has a few years of industry experience. 1. Unregulated: Bullion dealing, including Goldex, operates in an unregulated industry.
2. Mobile Accessibility: The mobile app offers 24/7 access to the gold marketplace. 2. High Minimum Deposit: A minimum deposit of £20,000 may be a barrier for some investors.
3. Secure Storage: Goldex provides secure storage options for physical gold. 3. Limited Information: Some key details, such as maximum leverage, are not provided.
4. Educational Resources: Goldex offers educational materials through its Academy and Blog. 4. Lack of Demo Account: No information about the availability of a demo account.
5. Customer Support: Support is available during standard business hours via email and phone. 5. Withdrawal Fee: A £5 fee is applied to all withdrawals.

Pros:

  1. Established Platform: Goldex, with its inception in 2017, brings a few years of industry experience, indicating a degree of stability and establishment within the gold trading space.

  2. Mobile Accessibility: The mobile app provides users with 24/7 access to the gold marketplace, ensuring flexibility and convenience in trading activities.

  3. Secure Storage: Goldex offers secure storage options for physical gold, providing peace of mind to investors regarding the safety and integrity of their precious metal holdings.

  4. Educational Resources: Goldex's commitment to educating users through its Academy and Blog enhances the trading experience, offering valuable insights and knowledge for investors at various levels of expertise.

  5. Customer Support: Support is available during standard business hours via email and phone, providing users with avenues for assistance and guidance.

Cons:

  1. Unregulated: Bullion dealing, including Goldex, operates in an unregulated industry. The absence of centralized oversight may raise concerns for investors who prefer markets subject to regulatory supervision.

  2. High Minimum Deposit: Goldex imposes a minimum deposit requirement of £20,000, which could be a significant barrier for some investors, limiting accessibility to a broader range of participants.

  3. Limited Information: Some key details, such as maximum leverage, are not provided, potentially leaving users without crucial information that could impact their trading decisions.

  4. Lack of Demo Account: The absence of information about the availability of a demo account may be a drawback for users who prefer to familiarize themselves with the platform before engaging in actual trading.

  5. Withdrawal Fee: Goldex applies a £5 fee to all withdrawals, which, while not exorbitant, adds a cost element that users need to consider when managing their funds.

Regulatory Status

Goldex, as a platform for bullion dealing, operates in an industry that, historically, has not been subject to a centralized regulatory body. Unlike traditional financial markets, such as stock exchanges, where regulatory bodies oversee and enforce rules, bullion dealing has often been considered unregulated.

Bullion dealing, including Goldex, is akin to foreign exchange and property, both of which are sectors that are generally subject to less direct oversight compared to more traditional financial markets.

Market Instruments

Goldex provides a range of products related to physical gold trading.

  1. Gold Storage:

    Goldex offers a secure storage solution for physical gold. When users buy gold through the Goldex platform, they have the option to store their gold in professional vaults. These vaults are typically high-security facilities to protect the valuable assets stored within. The stored gold is allocated to individual users, specific bars or coins are designated for each customer, and their ownership is recorded.

  2. Insurance:

    Goldex likely provides insurance coverage for the gold stored in their vaults. This insurance serves as a safeguard against potential risks such as theft, loss, or damage. In the event of any unfortunate incident, users can rely on the insurance coverage to compensate for the value of their gold holdings. The terms and conditions of the insurance policy, including coverage limits and exclusions, would be outlined in the agreement between Goldex and its users.

Market Instruments

Account Types

After downloading the Goldex app, users have the option to register as a Lite or Full user.

Lite Registration:

Lite registration allows individuals to explore the Goldex app without the need to deposit funds or engage in trading activities. To register, users must provide basic information such as their name, email address, and phone number. Additionally, they are required to set a unique security question and PIN number for accessing their account. While operating as a Lite user, individuals can familiarize themselves with the features of the app but are not able to purchase gold. To initiate gold trading, users can easily upgrade to full registration.

Full Registration:

For those interested in actively trading gold on the Goldex platform, completing the full registration process is necessary. Full registration involves providing comprehensive personal details, confirming the mobile number associated with the account, and entering the security code sent via text. Once these steps are completed, users can immediately deposit funds into their account upon accepting the Goldex Terms and Conditions. Full registration grants users the ability to engage in gold trading activities and access the complete range of features offered by the Goldex app. It is a comprehensive step towards becoming a fully-fledged participant in the Goldex trading platform.

How to Open an Account?

Opening an account with Goldex involves a straightforward process. Here are the concrete steps broken down into different points:

  1. Download the Goldex App: Start by downloading the Goldex mobile application from the official app store on your smartphone.

  2. Choose Lite or Full User Registration: Upon launching the app, you'll have the option to register as either a Lite or Full user.

  3. Lite Registration:

    1. If you opt for Lite registration, provide basic information such as your name, email address, and phone number.

    2. Set up a unique security question and PIN number for accessing your account.

  4. Explore Lite Features: As a Lite user, explore the features of the Goldex app without any obligation to deposit funds or engage in trading activities.

  5. Upgrade to Full Registration:

    1. To start actively trading gold, upgrade to Full registration.

    2. Complete the full registration process by providing additional personal details.

  6. Mobile Verification: Confirm your mobile number during the registration process.

  7. Security Code Confirmation: Enter the security code sent to your mobile number via text.

  8. Accept Terms and Conditions: Agree to the Goldex Terms and Conditions to finalize the registration process.

Vaulting & Commissions

Goldex is straightforward, encompassing only three charges for your gold investment with them.

Commission Fees:

Goldex applies a single trading commission of 0.75% for each transaction involving the purchase or sale of gold. This means that the total commission on the gold's price for a complete transaction—from buying to selling—amounts to 1.5%. It's noteworthy that Goldex's smart order router is designed to operate seamlessly, and provide savings on the price of gold that surpass this commission.

Vaulting Fees:

Upon opening an account and engaging in gold transactions through Goldex, users commit to paying a monthly fee for the vaulting and insurance of their physical gold holdings. The gold is allocated as 999.5 investment grade, LBMA approved, and responsibly-sourced. Held in trust and under the account holder's name, the gold is securely stored in world-class vaults and fully insured. The vaulting and insurance fee is calculated at a rate of 0.02% per month based on the total value of the gold holdings, with a minimum charge of £3.75.

This fee is triggered when there is gold in the account during the current month, and it is charged under specific circumstances:

  • When funds are withdrawn, the monthly vaulting fee is deducted in advance from the redeemed funds.

  • If the account remains active at the end of the month, the monthly vaulting fee is deducted on the 1st day of the following month.

Goldex sends reminders to users on the 23rd day of each month, via push notifications, ensuring they have sufficient funds in their Cash balance to cover the vaulting cost. Additional reminders are sent on the 25th day to users with insufficient funds. In the absence of adequate funds, the app will automatically sell a portion of the user's gold on the 1st day of the month to cover the applicable costs.

It's important to note that no vaulting fee is applicable if users are eligible for a valid free vaulting promotion.

Fee Charged When Value
Trading Commission Per Transaction 0.75%
Vaulting and Insurance Fee Monthly 0.02%
Vaulting Minimum Charge Monthly £3.75

Trading Platform

Goldex offers a dynamic and accessible trading platform that provides users with the convenience of accessing the marketplace 24/7 through their mobile app. The platform's mobile-centric design allows users to engage in gold trading seamlessly, providing an experience akin to having a personal and virtual gold exchange at their fingertips. The user-friendly mobile app empowers individuals to buy and sell gold with ease, offering a range of features to enhance their trading experience.

Through the Goldex app, users can monitor real-time gold prices, execute trades, and manage their investment portfolio at any time, providing flexibility and control over their gold investments.

Deposit & Withdrawal

Goldex facilitates the depositing of funds into your account through a straightforward and secure process. Upon opening a Goldex Account, a dedicated UK bank account is created for you, and its details are provided, ensuring a clear separation of client funds from the company's own resources. Currently, there are two convenient methods for depositing money into your Goldex account: bank transfer, known for its expediency, and debit card payments.

It's worth noting that additional documentation may be required for deposits exceeding £20,000 to meet legal compliance standards. For initial deposits over £250, a Know Your Customer (KYC) verification process is conducted, ensuring regulatory adherence to all investment apps. Withdrawals can be initiated at any time, provided your account is validated, and the funds have fully cleared.

To withdraw funds from your Goldex Account to your nominated bank account, users can log into the app, select the Redeem icon, specify the withdrawal amount, and receive an in-app notification confirming the transaction details. While Goldex offers flexibility in withdrawals, it's important to note that a £5 banking fee is applied to all withdrawals, and the process may take up to 3 working days to complete.

Deposit Method Fee Time
Bank Transfer Free Up to 2 working days
Debit Card Free Instant
Minimum Deposit £250
Maximum Deposit £20,000
Withdrawal Method Transfer to bank account £5
Withdrawal Time Up to 3 working days

Customer Support

Goldex offers customer support services during the standard business hours of Monday to Friday, from 9 am to 5 pm BST (British Summer Time). Users can reach out to the customer support team for assistance, guidance, or to address any queries they may have regarding their Goldex account, transactions, or the platform's features.

For direct communication, users can contact the customer support team via email at support@goldexapp.com. This allows for asynchronous communication, and users can expect a response during the specified business hours.

Additionally, users have the option to reach out to the customer support team by phone. The provided contact number is +44 (0) 203 287 2878. This allows for more immediate and direct communication, enabling users to speak with a representative for real-time assistance with their inquiries or concerns.

Customer Support

Educational Resources

Goldex provides a comprehensive learning resource through its Academy, Blog, and Trade Recommendations to guide users at every level of experience in their gold investing journey. The Goldex Academy serves as a dedicated vault of expert-backed content, offering valuable insights and knowledge for individuals ranging from beginners to advanced investors. The educational materials cover a spectrum of topics, ensuring that users can enhance their understanding of the intricacies of investing in physical gold.

Whether you are just starting or seeking to refine your investment strategies, the Goldex Academy provides a wealth of resources to support your learning. Users can access informative blog posts, trade recommendations, and a specially crafted Gold Guide, empowering them to make informed decisions and navigate the world of gold investment with confidence.

Educational Resources

Conclusion

Goldex for retail investors, offering a state-of-the-art platform founded in 2017. The platform's advantages lie in its established presence, mobile accessibility, secure storage options, commitment to education, and available customer support. However, the unregulated nature of the industry raises concerns about oversight, and the high minimum deposit requirement of £20,000 could limit accessibility for some investors. Additionally, the lack of specific information, such as maximum leverage, and the absence of a demo account may leave users with incomplete insights.

Despite these disadvantages, Goldex aims to provide a transparent and convenient gold trading experience, utilizing cutting-edge technology and a marketplace of global dealers, ultimately striving to deliver the best possible prices and a safer investing environment for its users.

FAQs

Q: What sets Goldex apart from other gold trading platforms?

A: Goldex distinguishes itself by being the first gold marketplace designed exclusively for retail investors.

Q: How does Goldex ensure the security of my gold holdings?

A: The platform employs the highest encryption standards and state-of-the-art cybersecurity technology to safeguard your assets.

Q: Can I trade gold at any time, and how accessible is the platform?

A:Goldex offers unparalleled accessibility. The mobile app allows users to access the gold marketplace 24/7.

Q: What transparency does Goldex offer on my trades?

A: Goldex is committed to transparency. Users can check real-time market prices, the quantity of gold available for purchase or sale, and every aspect of their order, including execution price and commission.

Q: How does Goldex support users in making informed trading decisions?

A: Goldex provides actionable trade recommendations within the app.

Q: Are there additional fees associated with withdrawals on the Goldex platform?

A: Yes, Goldex charges a fixed £5 banking fee for each withdrawal.

Broker Information

Company Name

Goldex Technologies Limited

Company Abbreviation

Goldex

Regulatory Status

No Regulation

Platform registered country and region

United Kingdom

Company website
Phone of the company
  • +44 (0) 203 287 2878

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Company address
  • 60 Gracechurch Street, London EC3V 0HR, United Kingdom.

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Customer Service Email Address
  • support@goldexapp.com

Company Summary

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FX1565023719
more than one year
Feeling let down by Goldex. Thought it was different from GPP Markets, but withdrawal issues surfaced. Changing the name doesn't change the game—seems like they're still playing tricks. Be cautious, do your research before diving in.
2023-12-20 18:47
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