|Account type||Minimum deposit||Minimum trade size||Maximum leverage||Spreads|
|Standard||$200||0.01||1:300||From 1.2 pips on EUR/USD|
|Pro||$1 000||0.01||1:300||From 0.5 pips on EUR/USD + AUD 7 per standard lot (round turn)|
GO Markets offers its clients a choice of two live account types: Standard commission-free one, and Pro account with tighter spreads, but involving commission.
Both account types offer maximum leverage of 1:300 and trading in micro lots on the most popular trading platform MetaTrader 4.
GO Markets is an Australian forex and binary options brokerage brand operating since 2006. The company behind the brand is GO Markets Pty Ltd., a Melbourne-based company, regulated by the Australian Securities and Investment Commission (ASIC).
ASIC requires licensed companies to meet certain requirements and to comply with various rules. Clients’ money is to be kept in segregated trust accounts. Besides, regulated entities are required to report regularly to ASIC and to maintain net tangible assets amounting to at least $ 1 million in order to operate legitimately.
Australian FX broker regulation, however, does not include any compensation scheme in case a licensed company becomes insolvent.
Go Markets also has a UK-based unit, GO Markets UK Trading Limited, which is licensed and authorized by the Financial Conduit Authority (FCA).
Minimum Initial Deposit
Traders are required to deposit $200 in order to open an account with GO Markets, which is an average initial amount. In comparison, Plus500 requires $100 and XM (holding, among others, also an ASIC license) demands just $5 from its clients as a start.
The minimum initial deposit is $200, however, if you want more bells and whistles on the Standard account, you have to deposit $500 (for MT4 Genesis, Autochartist and Trading Central access).
Average Spreads & Commissions
GO Markets offers variable spreads, the ones on its commission-free account starting from 1.2 pips on EUR/USD, which is standard for the forex market. Pro accounts, on the other hand, provide tighter spreads as low as 0.5 pips on EUR/USD, but also involving commission of AUD 3.5 per standard lot per side, which is around $5 round turn. Accordingly, the trading costs of such account holders amount to around 1.0 pips for the EUR/USD pair, commission included, which is a comparatively low amount.
In comparison, XM also offers variable spreads starting from 0.0 pips on EUR/USD and applies commission of $5 on its Zero account, while spreads on its commission-free accounts start from 1.0 pips. For further information, you may look up real-time spreads of 15 leading brokers here.
Clients of GO Markets use leverage ratios up to 1:300, which average for the forex market. Some jurisdictions cap leverage to significantly lower ratios than this (i.e. 1:50 in the US), because higher leverage involves higher risk of losses in excess of initial investments.
In comparison, global broker FXCM, also holding an ASIC license, provides leverage up to 1:400, and Plus500 – up to 1:200. However, many brokers provide leverage ratios equal to or exceeding 1:500.
Like most FX brokers, GO Markets supports the most widely used forex platform MetaTrader 4 (MT4). It is available for PC, Mac, and mobile devices.
MT4 provides all the tools and resources a trader needs: a number of technical indicators, advanced charting package, a wide range of Expert Advisers (EAs) and extensive back-testing environment for them. By using EAs traders may sit back, while the software does all the work, as Expert Advisers allow full automatization of trades.
If you are running EAs, it is vital that your platform is connected to our servers 24 hours a day. The best solution in this case is VPS (Virtual Private Server) hosting and GO Markets provides MAXX VPS for their clients for $30 per month or free of charge, If you have a live trading account and have maintained a minimum balance of $3,000 a month.
What is more, this broker has developed a comprehensive suite of MT4 trading tools, called MT4 Genesis. It is available to account holders with at least $500 and enhances the power of your standard MetaTrader 4 platform. It provides traders with a handful of key MT4 add-ons, such as Sentiment Indicator, Economic News Calendar, Alert Manager, Market Manager and others.
At the time of writing this review, GO Markets runs a promotion covering net trading losses up to $250 AUD generated on any account in the first 30 days, which surely looks like an attractive offer for newbies.
Besides, this broker offers cash bonus of $100 for each referred person who opens a live account with GO Markets.
GO Markets offers its clients a variety of deposit/withdrawal methods: Credit/debit cards, bank transfer and e-wallwts POLi, Skrill, BPay, Paypal.
Clients may use the following currencies to fund their accounts: USD, EUR, GBP, NZD, AUD and SGD.
GO Markets is a well-regulated STP broker, offering pretty decent conditions for trading in a wide range of currency pairs, commodity and index CFDs, as well as binaries, on the MT4. To sum things up, here are the advantages and drawbacks with regards to GO Markets:
|ASIC-regulated, operating since 2006||No choice of trading platforms|
|Competitive spreads & low commission fees|
|MT4 available, plus some extra tools|
FXTM is a EU regulated forex broker, offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $1 and take advantage of tight fixed and variable spreads, 1:1000 leverage and swap-free accounts.
FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.
XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.
FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.
Grand Capital is a MT4 forex broker, offering $500 no deposit bonus and 40% bonus on all deposits.
Trading212 is a European broker with an excellent proprietary trading platform, which is now available as an iPhone app as well (we tried it out and we loved it). Trading 212’s customers enjoy fast execution a vast selection of trading instruments.
FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.
|Cyprus||CySec||MT4, MT5, Web||$5||Review Website|
|US, UK, Australia||CFTC/NFA, FCA, ASIC||MT4, Web,
|UK, Australia, Singapore||FCA||MT4, Web,
|UK, Cyprus||FCA, CySec||MT4||$5||Review Website|
|UK, Cyprus||FCA, CySEC||MT4, MT5, Web,
|UK, Bulgaria||FCA, FSC||Web||$150||Review Website|
|Belize||IFSC||MT4, MT5||$100||Review Website|
|Cyprus||CySEC||MT4, MT5||$300||Review Website|
|New Zealand||FMA||MT4||$1000||Review Website|