GoldXCash Review explained by professional Forex trading experts the “ForexSQ” FX trading team.
What is GoldXCash Broker?
GoldXCash is an exchange where one can exchange cryptocurrencies (Bitcoin, Ether and Litecoin) for cash or gift cards from various stores (online and brick-and-mortar) and through numerous online payment platforms and wallets, banks and wire transfer services, or other cryptocurrencies. There is also the option to trade in gold.
GoldXCash claims to be “the internet’s first independent digital currency exchange provider, serving the digital currency needs of thousands of clients. GoldXCash is a company you can trust to look after all your needs. We offer instant exchange Bitcoin and other cryptocurrencies and e-currencies at the best rates that are on the market. Our fees are the lowest on the net, and our customer service is outstanding. GoldXCash.net is a Reliable Exchange Provider.” Sounds suspicious? Maybe because it is. Besides, we are suspicious by nature and our gut feeling for scams seldom misleads us.
GoldXCash Advantages
– Payments. GoldXCash offer so many payment options, that it is pointless to list them all. All we are going to say is that there is pretty much anything you can think of – cards, bank transfers, PayPal, e-wallets, payment platforms. If this too sounds suspicious, it may be so, because it is. Most exchanges have a limited set of payment options – some offer more, some offer less, but we have not come across an exchange that accepts everything under the sun, so to speak.
– Fees. GoldXCash charges quite low fees. For most options there is no fee (we presume the client only covers the service fees of the payment providers). For some, like payments through US banks, Perfect Money and some payments through Neteller and Skrill, there are fairly low fees of 0.5% to 2%, depending on the transaction. Compared to other exchanges, those fees are attractively low.
GoldXCash Disadvantages
– Scam? Our google search revealed that there are quite a lot of people claiming GoldXCash is a scam. In fact, there are accusations from way back in time – from 2006 – when the same website was offering exchanging of e-gold for fiat currencies. According to the post, there has been a warning from an already non-existent site for similar services, that GoldXCash was imitating its design, but was a scam. The author, however, forgot about this warning, and needing urgently to change $50 worth of e-gold through PayPal months later, never got the money. Other users have lost much more – in the thousands. That was more than 10 years ago. Now, it seems, GoldXCash scams people by offering to change their Bitcoins for money or the other way around. People send their funds, but do not get what they paid for. Actually, they get absolutely nothing. The phones are disconnected and nobody answers to their e-mails.
The option to change e-gold for money also still exists, but the button leads to the cryptocurrency exchange. Apparently now the main focus are the cryptocurrencies, because they are trendy. The question why the button exists, is a mystery to us.
– Location. GoldXCash claims to be based in New York city and the WhoIs search shows that the person who administers the site is one Brian White, also from NYC. The contact details and phone numbers are also for NYC, but in this day and age one can get a phone number from wherever they like. Either way, even if the exchange is indeed based in New York, this does not necessarily mean that it is not a scam.
– Platform. There is no trading platform that we can speak of, but, then again, this is not so uncommon for cryptocurrency exchanges and seems to be the smallest problem of GoldXCash.
– Forum. Of course, we have visited the popular forum Bitcointalk to check on GoldXCash. There sure is an official thread, which is locked. The only person who can post is the admin of the exchange and s/he uses the thread to promote the new payment methods the exchange offers. This has been going on for years, apparently, and has struck us as somewhat odd. Our experience shows that other users and potential clients usually post on such threads to ask questions or make suggestions. But not on this thread. According to other threads on Bitcointalk, however, GoldXCash is indeed a scam and the “official” thread does not permit other people to post.
GoldXCash Review Conclusion
From all we have seen and read, we are of the opinion that GoldXCash is a scam and should be avoided at all costs. Do not fall for the numerous payment options and low fees. There are many other exchanges that offer the same service with similar conditions and have proven themselves through the years that they do not scam people out of their money.
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