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Headquarters:
Level 16, 114 William Street, Melbourne, VIC, 3000.
Country: Australia
Regulated by: ASIC, AFSL licence number 254963
2.6
3.0
GoMarkets Account Details:
minimum deposit: $1
minimum lot: 1k
maximum leverage: 1:500
Spread:
Variable, 0.5-2 pips on EURUSD
Deposit/Withdraw
Bank Wire, Credit card, PayPal, bPay
Trading Platforms:
Metatrader 4, Metatrader 5
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Add reviewI noticed funding your account is easy to do with this broker especially from Australia which is good.
But what I dont like is when you trading on their Mt4 Platform, that when the markets moving fast and you want to get in the spreads increase..
I also Use OneClicker (Free) to open and close trades, what I noticed with the GoMarkets Mt4 is that the OneClicker was not working on market orders and closes at important times when I want to get out of a trade. So I asked the Live Chat for the Server numbers to put into another mt4 platform and they told me they couldnt give it to me as its in there policy not to give out the information, which Is quiet limiting if your running a few different Mt4 Brokers. So I basically copied the .svr file from there directory over to the Mt4 Program I was using Problem solved..
I noticed when I started using the OneClicker program again the trades where instant.. So my thoughts are that Go Markets Mt4 platform has been Modified to there needs..
They also are licenced by ASIC as a Market Maker, Which I'm not a Fan of brokers that are market makers.. IMO their quick to take your cash. Another BucketShop Broker, and I wont funding my account again thru them..
NO MORE US CLIENTS :(
I am only writing this review because unfortunately now I have to look for another broker.
Due to CFTC having an agreement with the authoritative body in Australian they no longer allow US clients with assets <10million
I have been using go markets for a few months and I would like to post an unbiased oppinion.
The positives:
The prices they quote at most times are on par.
There is no doubt of them re quoting.
They provide MT4 as a platform.
They are available most times.
The negatives:
It takes up to 10 seconds for them to fill a order, some times it is instant others not. This lag happens on a daily occurrence. If you are a scalper you will notice it more often.
There have been the occasions where their service is not available at all for 10 to 20 minutes. Although this happens occasionally it can cost you pips.
Go refunded a spike on my trade without question, not many brokers do that for me so happy to stick with them.
Absolutely horrendous for trading.
They dont have a backup server. Their servers went down a couple of days ago during prime trading sessions (US and London Sessions were open), and there was no way to manage your trades (no connection) for over an hour.
No phone support was present either! And you would leave your money with them? Very annoyed. All i got from them the next day was a "sorry".
I was with gomarkets since March 2010, everything was fine and recently order execution is slow and lousy spreads.
TOday 25 August, i was trading the US housing data, the server DIED on me and i can't log in after i placed my trade .
IT was a bad trade and i wanted to cut my losses but the server is DEAD!! Not the first time it happened.
Metatrader console is performing well, I have roadtested the MYFX demo to add to the MT4 and it adds some good features.
GO Markets tend to listen to clients feedback which inspires some confidence.
No problems thus far after using them for 9 months.
Been with them for a while, and service is getting increasingly hopeless. I got sucked into them by focusing on their marketing and all the "good" customer service they can provide. But all that is not important - all that matters is the trading and the market and your broker fills/etc etc ...
Bottom line is, they have now started a new freezing technique - when price moves quickly a few pips from the current price (not news), they freeze your quotes for 3-5 seconds. Hence making it difficult for scalpers (or if you want to exit your position quickly).
At news time it is even worse (but i dont trade then anyway). Due to this freezing of quotes, lot of their smaler time frame candles (esp. 1min/5min) have differnt highs and lows compared to the real market.
Even if you get over all that, the most irritating thing is that the fills are taking around over 4 seconds to get into the market. So not ethical.
Customer service will only say that my ISP is messed up - which is not true, since i can download files and stream files over the internet extremely fast. My advice is to stay away from their marketing gimmicks - ITS ALL JUST BAIT TO GET YOU SUCKED IN.
I was caught last friday, by the sudden spike in spreads (NFP news).
GBP/JPY. My SL was at 137, while actually the highest point on the chart was only 136.58.
So at least the spreads has increased at least 42+ pips.
Trade execution delays can be up to 7-8 seconds and spreads have become even wider up to 150 pips spread.
And this broker Go Markets seem to think this massive spread is ok as when you confront them about it they tell you this is market spreads when clearly it is not since my other brokers don't widen spreads.
I had a small amount of funds left in my account which I have withdrawn and closed the account. Avoid if you care about your money.
I have been with GO for about 10 months. Initially I thought this was a promising addition to the FX industry - they also have an award for best FX broker by the Aust Financial Review publication.
But sadly, I have to retrace my recommendations for this broker as now I am leaning towards an impression that makes this broker a bit of a scam.
Reasons are:
1. the server gets re-booted around 11am AEST for about 2-5mins. This is not good if you trade the asian session this time.
2. Spreads increase dramatically during and around news events and around the changover between the NY close and tokyo open - increases of between 10-20 pips are something I can deal with but when they are 100pips+, one starts to wonder what is actually going down here :) (screenshots to prove this)
3. It seems a guy called Chris has been caught out on this forum posting fake reviews. It's interesting that when I confronted GO with this issue of spikes, a guy called Chris arrogantly replies my email with a reason is due to 'true' market data being fed straight from the interbank market sources. I wonder if this is the same person?
4. Executions can take up to 5-7 secs on some occasions - this is another concern due to the fact I have 2 ISP services running to my laptop and run no firewall while trading.
Bottomline - technically they are a market maker as explained in their PDS form and not true ECN as what I initially expected.
From what I thought was a promising newcomer into FX, they now have left me a very bad impression. I will be closing my account in the coming days with them and move towards a broker with better ethical behaviour. Dukascopy may fit that bill !
I have traded for quite a while with GO Markets without major issue.
I happen to be a profitable grid trader and scalper ( Not News ) the price feed is reliable if not a tad erratic but my EA's like that and its similar to Interactive Brokers, I use both brokers but GO has MT4 which suits my trading and expert advisors.
Having used many brokers before I have started using GO about 4 months ago.
I have found the level of service to be of good standard , speed of funding account is good but have not yet tested withdrawals.
I have been satisfied with the spreads and accuracy of fills. I have not experienced any funny business even though I am a profitable scalper.
I too have been caught out on a spike but Go did reverse the trade.
I would not news trade as the feed does not seem to be smoothed like FXCM but for scalping and long term trading I am happy.
Will only give 3 stars at the moment due to still in testing phase but will update in 3 months when I have fully roadtested them.
Go Markets simply use dirty tricks.
1 pips on EUR/USD belive me NEVER HAPPEN !!!
Always when you close/open position platform freeze for 2-3 sec and its very, very often against you, result - you always open/close position a few pips against you
In importants moments on the market always, always you order freeze, they simply cheat
I used their demo for about 2 months and it was excellent.
BUT. . once I opened a live account everything changed. Executions are slower than slow (2-5 secs average). Their platform freezes continually and specially against you.
If demo would have been the same then perhaps it's my location but not so. Manipulation is the name of the game. I've been profitable despite by adjusting my strategy but as soon as i get my account where i want it
I AM GONE!!!
Well, Go Markets are at it again and seem to be on a continual basis.
Spikes everywhere even during the supposedly quiet Asian Session on GBP/USD pair. No news announcements so no excuses from Go Markets.
These guys will just lie and tell you they move all trades onto the open market, and their variable spreads are suppose to confirm this. I wish it would but unfortunately the proof is in the pudding.
If you use stops tighter than 100 pips, be very careful.
As i mentioned earlier, try having 2 platforms open and follow prices on the other brokers platform. If they are not following Go Markets price movement, just ride it out as the closing price of the candles are very similar.
Happy Hunting for a good broker guys, 'cause Go Markets are sure hunting you.
It's hard to open an account with Go Markets.
Limited funding and only one withdrawing option.
Forcing you to visit public notary with your documents, no matter that the notary statement will be also just an emailed (faxed) copy for them.
Giving up
I have had my fill of bs bad brokers but I started using Go Markets live about 3 months ago and I must admit I am pleasantly suprised.
At last I have found a broker that has actually listened to gripes and chosen to fix them rather than ignore.
Go markets have won awards for service and I am not suprised, maybe other brokers should take a leaf out of their books.
I trade Eur/Usd and regularly the spread is less then 1 pip but normally it lies around 1.2 pips , the slippage is evenly distributed between possitive and negative. I can live with this as I know that the customer is not getting screwed unlike some other bucket shops.
Happy to recommend and to keep using , Australia seems to be good at something else other than cricket.
I have been using Go Markets for about a year now and all is good.
Yes, it does take 1-3 seconds to execute an order, but i don't really care since
1. I don't scalp or trade on low time frames (well not anymore)
2. I don't trade the news
As for those who blame brokers for stopping them from trading news, maybe you should try reading more about how brokers operate. I used to think they are scammers too when I first started, but you would think differently once you read more.
Last but not least, I think you cannot call yourself a trader if all you know how to trade is news. It felt more like gambling to me when I only traded news.
VERY VERY happy about not having to pay fees to transfer my $ to brokers in other countries.
Takes long time to execute market orders. Many orders take upto 5-6 seconds to fill.
The platform disconnects many times too.
Very poor customer service after you go live.
I know more then 6 traders personally who all have delayed executions. I wonder how many else!
STAY AWAY
I have been using Go Markets for about 6 months now and I can say without any hesitation that they are the best MT4 broker that I have used.
I am extremely happy with the stability of their platform; their spreads (obviously much better during the London and US open times which goes without saying); and their customer service.
I have only ever needed to contact customer server a few times in 6 months and that has generally been about opening new accounts, increasing leverage and funding my account.
I probably could have got all the answers from their web site, but I called them instead and my enquiries were dealt with instantly and professionally, not from some outsourced call center in India!
Unlike US brokers, Go Markets fully supports hedging which is a function I need for my trading strategy. In a market where it can prove to be very difficult to find an honest MT4 broker, this broker is one of only a very few that I am aware of that is definitely worthwhile considering.
The other point I make is that I am profiting and have sometimes had up to 100+ trades opened at the same time and everything runs smoothly and I have never had a problem with the platform going down during market hours.
Some people have experienced slow execution speeds etc. I have not experienced that in the 6 months I have been with them and in any event, they updated their servers recently which apparently fixed any issues with executions speeds etc.
If you are fed up with shonky MT4 brokers, then I definitely recommend giving Go Markets a try. If you are not happy with them, then I doubt you will ever find a MT4 broker that you are happy with.
Happy trading!
Too much slippage.
They boast about their spreads, but after you get filled into market entry you've already lost 3-4 pips on top of the spreads.
I regret to say, but even crap brokers like CMC Markets or FXDD are better than using GO Markets, because at least you get fixed spreads and no slippage.
Furthermore, lot of random spikes (Stop hunting) out of no where.
Not recommended for anyone trading less that 4HR time frame for sure! I have just closed my account with them!
Not many suitable brokers here in middle east so I use Go markets after trying many others.
Good product, like the Mt4 very responsive.
The FX spreads are always competitive and there doesnt seem to be any funny business as I have had possitive slippage as well as slight negative. I can live with that.
Fair service, spreads work for me.
Payment methods would be better if they accepted paypal in other currencies than aud but we can live with that.
Fills are crap.
They recently sent email that execution speeds on fills will be better---BUT nothing has changed and they remained pathetic.
I am a part of a trading group in which more then 20 traders are trading on gomarkets and all are having the same problem.
Moreover they dont offer 500:1 leverage (not that you need it). I have an account size of $14000 and they told me that they offer 500:1 leverege. Only on mini accounts--so obviously false advertising on their website.
Their spreads are not that good either. Mostly ranging from 1.3-1.6 pips spread on eu + slippage will average you btw 2.5-3.5 pips spread on eu which is BS.
Wish they can be more honest and be fair. Im ashamed of their customer service especially chris character who has got every excuse to back their dishonesty.
Stay away !
Best broker I have used so far, I have not had any problems with slippage and execution speed is great for me.
Spreads on majors are very good but I prefer the minor spreads they are great.
The daily market reports are a bit non commital but I trade on my own ideas so not that bothered.
Used to get a slow connection but after pressure from the forums GO seemed to listen and now very quick trades and good spreads.
Quick for withdrawals and 500:1 leverage handy.
A couple of clueless night desk staff made me only give 4 stars and not 5
ok so I phoned GoMakets regarding market porders taking 3-5 seconds to get filled. Their aothetic answer was to check my internet speed??
I have one of the fastest internet speeds. Moreover I told them many of my friends ( more then 15) who are using GoMakets have been experiencing the same problem in the last few months. They are obviously doing this either on many accopunts or accounts making good profits.
All my friends including myself trade >95% on scalps and i think they dont want to suppot that but are not saying it. Pathetic and outright unethical with all the other games they are playing !!
Australia's regulation is similar to the UK so I decided to start trading with GO markets, my style of trading is very short term so timing is off the essence.
At first Go markets had an average execution speed and delivered more than enough requotes.
A few months ago Go updated their servers and the difference is considerable, no more requotes as they have adopted market execution and a very fast response time.
I would recommend a good internet speed if you are a scalper and failing that a VPS could help.
Spread are generally very good but sometimes at night the spreads can widen but top be expected.
All in all they have improved to a good broker but it took some time.
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