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GO Markets UK Review - Is it scam or safe?

GO Markets UK - Is it scam or safe?

RATING: 3 / 0 REVIEWS GO Markets UK
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The broker now operates under Infinox brand.

 

 

 

Trading Accounts

 

Account type  Minimum deposit Minimum trade size  Maximum leverage Spreads 
GO Trader (STP)  £100 0.01 1:300 from 1.2 pips on EUR/USD
GO Pure (ECN) £1,000 0.01 1:300 from 0.4 pips on EUR/USD + commission £5.50/$7.50 per standard lot


GO Markets UK offers two account types – STP & ECN, both accessible through the popular MetaTrader 4 platform. The ECN account, called GO Pure, offers lower spreads, but involves a commission of /$7.50 per standard lot, and requires a higher minimum initial deposit.


The Company


GO Markets UK formerly operated in the United Kingdom pursuant to a trade mark licensing agreement with GO IP Pty Ltd in Australia. This is no longer the case, and they now operate under Infinox brand.

 

 


Security of Funds


The UK watchdog applies certain rules and requirements to license holders, the most important being the minimum capital requirements and clients’ money rule. FCA-regulated brokers must keep client funds in segregated accounts, separated from the companies operating funds and GO Markets UK states on its website that its clients` funds are held at Barclays Bank PLC UK.


Furthermore, in order to prove their good financial standing, UK-based brokerages must hold net tangible assets amounting to at least €730 000.


What is probably most important with regards to security of funds, clients of UK brokers are covered the Financial Services Compensation Scheme (FSCS). In the event of a company insolvency, FSCS is able pay compensation up to a maximum of £50,000 per person.


Trading Conditions


Minimum Initial Deposit
The minimum deposit for opening a trading account with GO Markets UK is £100, which is average. In comparison, AxiTrader (holding both FCA and ASIC licenses) requires $200 from its clients as a start.


Average spreads & Commissions
GO Markets UK offers floating spreads, which vary by account category. The typical ones on the GO Trader account amount to around 1.5 pips on EUR/USD, which is on the upper end of average, while the ones on the GO Pure account are dramatically lower – starting from 0.4 pips on EUR/USD. The ECN account, however, involves a commission of $7.50 round turn, so trading costs amount to at least 1.2 pips for this pair, commission included, which is standard.


In comparison, AxiTrader offers typical spreads of 1.4 pips on EUR/USD on its commission-free accounts, and the ones on the ECN account are averaged 0.4 pips on EUR/USD, involving a commission of $7 round turn. For further information, you may look up and compare real-time spreads of 15 leading brokers


Leverage

The maximum leverage rates at GO Markets UK are up to 1:300. Such leverage is considered average, yet many other FCA-regulated brokers offer higher leverage rates. AxiTrader, for instance, provides leverage up to 1:400 and FxPro – up to 1:500. More forex brokers offering leverage equal to or exceeding 1:500 can be viewed here.


Please, be advised that investing in over-the-counter derivatives is not appropriate for everybody: the higher leverage ratios, the greater the risk of loss.


Trading Platform


GO Markets UK offers its customized version of the popular MetaTrader4 (MT4) platform, called MT4 One. MT4 is preferred by most experienced traders, because it provides advanced charting package, a number of technical indicators, extensive back-testing environment and a variety of Expert Advisors (EAs). Due to its user-friendly interface, novice traders usually also find their way around the MT4 quite easily. It comes in as PC, web and mobile versions.


MT4 One is equipped with some extra features, such as Sentiment Trader, Alarm Manager and Session Map. Besides, GO Markets UK SA has teamed up with 4XSolutions to provide traders with a VPS that is located in the same Data-Centre as their Trading Servers and Liquidity Providers: the Equinix LD4-EFX1.


VPS service costs £14.97 per month, but you can get it for free if you fund your account with at least £1,000 or trade a minimum of 10 standard FX lots round turn per month.


Promotions
At the time of writing this review, the broker offers 20% Deposit to a maximum of $20,000 USD for traders who have deposited at least $500 (or equivalent).


Methods of Payment


Clients of GO Markets UK can make deposits to and withdrawals from their accounts via credit/debit cards, (Visa, MasterCard, Maestro), bank wire, Skrill, and Neteller.


GO Markets UK enables clients to open accounts and deposit funds in GBP, EUR, USD.


Conclusion


GO Markets UK is a reliable and well-regulated NDD broker, offering trading in various currency pairs and CFDs. In a nutshell, here are the advantages and disadvantages with regards to this broker:

 

Pros  Cons
Strong regulation No choice of trading platforms
MT4 available  No Islamic accounts
Advanced tools on MT4   
STP/ECN model   

 

Latest news about GO Markets UK
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Traders` reviews for GO Markets UK

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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