Forex

GO Markets GO Markets Review

GO Markets Forex Broker Review, News and Promotions
3.0 5 RATING
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9 REVIEWS

Trading Accounts

 

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.


The Company. Security of Funds


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).


Trading Conditions


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.


Maximum Leverage
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.


Trading Platform


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.


Promotions
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.


Methods of Payment


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.


Conclusion


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:

 

Pros  Cons 
ASIC-regulated, operating since 2006  No choice of trading platforms
Competitive spreads & low commission fees  
MT4 available, plus some extra tools  
Lucrative promotions   
Forex
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Spread

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Slippage

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Requotes

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Price feed

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Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

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Summary

Pros

Cons

 

 

Traders` reviews for GO Markets

I noticed that OneClicker in not working on GoMarkets MT4

I 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..

Aussie, 100ForexBrokers 11/30/2010

I have roadtested the MYFX demo on GoMarkets MT4

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.

Brian G 08/20/2010

GoMarkets: Too much slippage and stop hunting

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!

Chris, 100ForexBrokers 04/07/2010

I have had possitive slippage with GoMarkets

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.

Monica, 100ForexBrokers 04/03/2010

GoMarkets forex spreads work for me, service is fair

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.

Momo, 100ForexBrokers 03/25/2010

GoMarkets fills are crap, spread is tight but slippage occur

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 !

Jack, 100ForexBrokers 03/09/2010

GoMarkets seems to listen to the forex forums

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

ReccoTrader, 100forexbrokers 03/04/2010

I takes 3-5 seconds to get filled by GoMarkets

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 !!

Serpent, 100ForexBrokers 01/30/2010

I get no more requotes as GoMarkets adopted market execution

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.

Roy, 100ForexBrokers 01/09/2010
Forex