Read our full Go Markets review below.
WHAT IS GO MARKETS?
Found in 2006, Go Markets is a respectable forex and CFD brokerage firm with its headquarters located in Melbourne, Australia. This online broker is regulated by the ASIC (Australian Securities & Investment Commission).
At Go Markets, clients can trade a range of trading instruments, such as cryptocurrencies, commodities, shares, indices, and forex.
The broker also offers a variety of trading platforms to its traders, including Social trading-Myfxbook, Web trader, MetaTrader 5, and MetaTrader 4.
INTRODUCTION
Go Markets is an Australian online broker, and it is among the top-best Forex brokers in Australia. It is authorized and regulated by the ASIC (Australian Securities & Investment Commission) and get its license from the service of Australian financial.
It has quality customer service and educational programs/materials, which has made it receive an Investment Trends Award in 2019. Moreover, you must know that this broker guarantees you competitive and simple assets for your trading, whether you are an experienced or beginner trader user. It offers you multiple trading instruments as well as trading platforms globally to boost your trading.
This Forex broker company based in Australia helps the entire traders access platforms, enabling them to purchase and sell foreign currencies. Most people refer to it as currency trading brokers or even retail forex brokers. Bear in mind that the retail currency traders usually utilize these brokers to access the 24-hour currency industry for theory purposes.
Besides, large companies and institutional clients, like the investment banks, are also provided with Forex broker services. Therefore, this review will make you more informed on the Go Markets.
GO MARKETS OVERVIEW
The Go Markets was found in 2006 in Australia; it generates a spread based and commission-based trading account. Furthermore, it offers its users CFD instruments, like cryptocurrencies, commodities, shares, indices, and forex. As mentioned earlier, it has an Australian Financial Service License (AFSL) from ASIC. On the other hand, it has subsidiaries, such as Go Markets Ltd, licensed by Cyprus Securities & Exchange Commission (CySEC), and Go Markets MENA DMCC.
This broker also has its license from the Securities & Commodities Authority (SCA). You must know that Go Markets’ associates’ companies own an Investment Dealer License in Mauritius, granted from FSC (Financial Services Commission). It also has it in Seychelles, with a license from FSA (Financial Services Authority).
Additionally, this broker guarantees you multiple currency pairs, such as USD/CNH, EUR/GBP, and AUD/ USD. These are tight spreads, and they allow you to access your leverage up to a ratio of 500:1 through an additional minimum deposit of 200 AUD.
Go Markets has two primary accounts, standard and GOPlus+. These accounts generate users with varying functionalities, features, and services designed and designated for experienced and beginner traders.
With Go Markets, you can access exhaustive educational resources, like articles and videos and multiple courses, which you will get via GO Trading Academy. It also offers you weekly coaching webinars and allows traders to research, access customer service and daily news section in many languages 24 x 5.
PROS & CONS
Pros
- It guarantees you a broad choice of trading tools, such as CFDs, energies, metals, indices, cryptocurrencies, stocks, commodities, and forex.
- It offers you 24/5 quality customer support.
- It is a regulated and licensed broker.
- This broker generates beyond 350 instruments to offer and trade tight spreads.
- It guarantees you commission-free trades with a minimum deposit of 200 AUD to commence live trading.
Cons
- It lacks a negative balance protection policy. However, it has a margin call policy in position for safety.
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TRADING INSTRUMENTS
Go Markets offer of instruments depends on the range of beyond 350+instrunments via Cryptocurrencies, Binary options, commodities market, indices, CFDs of Forex, precious metal, and energy. Moreover, every instrument features its trading conditions and specifications. Luckily, the range guaranteed allows you to trade competitive markets and diversify your portfolio.
Generally, the Cryptocurrency trade has developed with a ratio of 5:1 Ethereum and Bitcoin plus 20% margin and large size of 5 trades. On the other hand, Binary trading gives you attractive returns between 60-80% with a minimal commitment ranging from $5. Besides, $500 trades can be acknowledged on primary currency pair for five minutes.
TRADING PLATFORMS
Go Markets has many choices of varying trading platforms; these platforms are perfect for both experienced and beginners who trade several asset classes. Below are some of the trading platforms on Go Market.
Social trading-Myfxbook
Consider Myfxbook Auto Trade as a worldwide copy trading platform and a social trading community featuring over 90,000 customers. Moreover, this platform links up with a standard trading account for GO Markets. Therefore, when you get GO Markets login information for Metatrader 5 and Metatrader 4, you can proceed with Myfxbook account registration. This allows you to emulate your fellow trader with a history of executing successful platform trades.
You can also opt to access the Myfxbook from your internet browser directly. With this, you can get a lot of accurate analysis and statistics. It also allows you to manage copied trades, and you can also copy your fellow traders, making a success in trading.
Web trader
This platform gives you everything on MT5 and MT4; it comes in a web-based platform, which allows you to access it straight away from any given internet browser.
The Web trader does not require a browser extension or app download since it enables users to trade the CFD instruments and allows them to obtain the value analysis from any given place with the internet. In case you need an easy-to-access platform, opt for a web trader. This platform is compatible with Linux OS, Mac, and Windows.
MetaTrader 5
The Meta trader 5 is ideal for desktop download via your web browser. This product offers you market in-depth tools, beyond 80 technical analyses, one-click trading, and enables hedging.
MetaTrader 4
You must understand that this product is responsible for the desktop download via the web browser. It guarantees you several features, such as the use of professional advisors for auto trading traders, technical indicators that you can use anytime, quick execution, and advanced charting.
ACCOUNT TYPES
This broker can be funded with nine varying currencies, primarily SGD, NZD, HKD, GBP, EUR, CHF, CAD, AUD, and USD. Bear in mind that Go Markets feature dual varying live accounts plus the demo account. These accounts are; Standard and GoPlus+ account; note that these accounts give you a leverage ratio of 500:1, a free VPS service, and a focused account manager.
GoPlus+ Account
The GoPlus+ account considers a professional trader and needs a minimum deposit that corresponds to 500 AUD. It has a commission trade of 3 AUD for each standard lot per side. However, its spread is raw and is taken from a deep liquidity pool, which can have a tightness of 0.0 pips.
Standard account
It has spreads ranging from 1.0 pips and needs a minimum deposit of 200 AUD. You must know that it is the dealing desk and your account of choice, which is commission-free. This account favors beginners in trading. Therefore, are a beginner in Go Markets, worry less when it comes to account since the standard account has you covered.
HOW TO OPEN AN ACCOUNT
First, you need to create and open your Demo account; this requires you to create your login page, password, and email address. However, if you want to go live, you need to follow these steps:
Step 1 – Enter your entire parameters entailing your phone, email, and name, among many more parameters.
Step 2 – Choose the account model of your preference and the base currency.
Step 3 – You need to be specific with your trading expectations as well as experience.
Step 4 – Upload your proof address, like ID, because of regulatory requirements.
Step 5 – Submit your document.
Step 6 – Wait for your account to be approved, then deposit your money.
DEMO ACCOUNT
Go Market guarantees you a demo account that is comprehensive to enable you successfully exercise trading beyond binary options tools and 350 CFD using 24/5 multilingual client support, over 80 instruments for technical analysis, a leverage ratio of 1:500, and an actual-time spreads.
Furthermore, this account gives you $50 0000 as a virtual fund to exercise MT5 and MT4, whether it is a desktop or portable device. It is easy to set up your demo account; you only need to find an online form on your Go Markets websites.
SOCIAL TRADING AND COPY TRADING
Social trading and copy trading in GO Markets is using Myfxbook. Furthermore, it has made Myfxbook Auto Trade among the widely chosen trading instruments. You must understand that Myfxbook falls under a copy trade service, and it is used in the entire world that mirrors trade from the Forex traders who are prone to benefit from much success.
Beyond 90,000, people make good use of Myfxbook to acquire an edge in their entire trading. You can benefit from this system by linking up a Go Markets Standard Trading Account to your Myfxbook. With this, you will be able to get a wide range of analyses as well as statistics.
COMMISSIONS & FEES
The trading charges with GO Markets differ depending on your account model opened and the tool being traded. Furthermore, the standard account guarantees you trading that is commission-free plus spreads from 1 pip. On the other hand, GOPlus+ Account gives you commission-based trading of 3 AUD on each side and slot plus spreads from 0 pips.
You must know that the broker lacks a section showcasing the average spreads for its overnight swap fees or instruments, but you can get it on the trading platform.
LEVERAGE
Leverage is a skill that allows you to get more exposure to the market, unlike the amount you deposited while starting your trade. Additionally, leveraged items showcase the trader’s maximum potential profit and can also maximize the potential loss. The leverage level is usually in a ratio form, such as 500:1, 100:1, and 50:1.
In case you are a Go Markets client, your account will use a ratio of 100:1 leverage rate. However, the account balance requires you to choose a leverage rate ranging from 1:1 to high leverage of 500:1.
As a trader, you should also consider that specific currency attracts a maximum margin rate despite the account leverage. Besides, several currencies feature fixed leverage rates, while some currencies might need up to five times your margin rate for a primary currency.
WITHDRAWALS AND DEPOSITS
GO Markets has several ways of depositing and withdrawing funds from the trading account, and these methods are very convenient for any trader. They entail online payment systems, like Skrill and Neteller; other ways include credit card and bank wire. However, some withdrawing and depositing methods are only found in certain countries, while others can apply in any given country.
On the other hand, some payment methods feature transaction requirements, restrictions, and limits usually showcased on their websites. Bear in mind that you might be required to confirm that the account is yours to eliminate limitations on specific withdrawals and deposit methods in some countries.
GO markets use the 3D secure to generate excessive protection for online payments. Fortunately, if you are using bank transfer, Neteller, Skrill, and Visa/MasterCard, this broker does not charge you any deposit fee; hence you can fund the live account with absolutely no transaction fees.
However, non-Australian banking institutions might encounter bank fees while making fund withdrawals from any given intermediary bank making transactions, which may attract the receiving charges from either your bank or institution.
Furthermore, clients must account for these charges whenever they are making withdrawals. You must also know that the received withdrawals before 1 pm AEST usually undergo processing the exact day. Any other withdrawals received after 1 pm are processed the following day.
This broker does not agree with third-party payments. Therefore, if the funds are being returned, they usually go through the same bank account you used as the GO Markets account because of third-party transactions’ regulations. Additionally, you can open this account via NZD, GBP, EUR, AUD, HKD, CAD, CHF, SGD, and USD.
CUSTOMER SERVICE
It has quality customer service/support. The support is open 24/5, which comes hand in hand with the week of Forex trading. You can get GO Markets customer service through the phone, webchat, and email using the local figures in THE UK, China, and Australia. It also has a quick support instrument that enables its technical support team to access your entire desktop remotely and handle any problem with your software or even platform.
In case you are a potential trader, you do not need to worry about customer service since this broker company will offer you customer help and support anywhere and anytime you are in need. Most traders are in love with GO Markets because it guarantees them 100% customer service.
SAFETY AND SECURITY
Potential traders only need to know whether GO Markets is safe for trading purposes. If you want to measure how much your broker for trading is safe, you need to determine its regulating authorities are responsible for its actions. Therefore, note that GO Markets have their licensing from ASIC (Australia Securities and Investment Commission) and AFSL 254863.
Its servers are situated in the Equinix LD4 data centers, generating a minimal latency environment to achieve trades. GO Markets hold the client funds in a different trust account at maximum-tier Australian banks, such as Commonwealth Bank and National Australia Bank. It makes trading transactions on various products, such as commodities, Indices, Share CFDs, and Forex. All these transactions are accomplished from a single account securely funded using the 3D secure for added protection on online payments. GO Markets guarantees you maximum safety and security all the time
CASHBACK
It is also called Forex rebates; this is the cash you are likely to get back for every trade you make. After performing your regular transactions, you get paid back with a service, such as a forex broker, then you get paid back part of the charges cost by GO Markets. You need to understand that every broker has varying cashback rates for the instruments and account types.
Additionally, every broker has varying rebates payment terms, like payment timing, which is in terms of end month, and opening and closing the trade. The rebates payment term can also be in terms of trading requirements, like minimal trade time.
Therefore, GO Markets pays you a commission that is paid back to you in terms of cashback. However, note that GO Markets cashback depends on your entire trading volume. If you have a bigger volume, you are likely to receive more cashback. In case you are not sure, you can use the GO Markets cashback calculator to estimate your yearly or even monthly cashback. Besides, you will get your GO Market cashback in actual time in the dashboard. It is then released a few days after the end month. After this, you can confidently get your cashback from GO Markets.
Follow the withdrawal option on your withdrawal page. If you require the best GO Markets cashback service, which commences from customer service to cashback level, opt for PAYBACKFX.
RESEARCH
Before you commence trading effectively, you need to do maximum research about trading, just like the potential traders. Trading requires that you understand and basic knowledge about the market; you are likely to trade with success and maximum confidence with this. Moreover, GO Markets’ research choices build an integral part, which plays a crucial part when selecting the appropriate company for trading.
This broker allows you to sign up for daily commentary and newsletter to get the updated news anytime in your inbox. You can also opt to download the Forex Smart Guide, which will offer you a trading Forex and CFDs insight. This functions excellently with the financial service guide and the product disclosure statement.
EDUCATION
This broker guarantees you multiple resources and educational equipment via the Go Trade Academy, which generates many educational programs, especially on a special management learning system. Furthermore, you get these courses at no cost; you can also opt for online videos that give you live group webinars coaching.
GO Markets academy also guarantees you many learning assets for Forex trading, seminars, webinars, and video tutorials in various languages. These resources help you to get sufficient skills to trade effectively.
GLOBAL AWARDS
Forex broker companies have got amazing awards from excellent organizations and publications, enhancing their reputation worldwide. During the Investment Trends Australia Leverage Trading Report in 2019 December. GO Markets emerged the first for their educational programs and customer service, hence being awarded the highest satisfaction worldwide.
PROMOTIONS
GO Markets has advanced over the past years, and currently, it gives you promotional, and bonuses offer, such as:
It gives volume rebates for maximum active traders who make $5-$15 in every million tradings if the monthly volume is $25 million minimum. In case you refer a friend to this broker, you get $100 for each friend. If your trading account has $1,000- $20,000, it offers you a 30% bonus on your trading credit.
CONTESTS
Go Markets has several demo contests you can participate in and these are:
- The total prizes of $4,000 to be given out
- $2,500 actual funded trading account of GO Market goes to the first place.
- $1,000real funded trading of GO Markets goes to the second position.
- $500 real funded trading of GO Markets goes to the third position.
Therefore, if you are an exceptional trader, ensure that you register yourself and go through the contest rules.
SAFE OR SCAM?
This broker is safe since it is licensed and features a needed registration, making it extremely safe for trading. Additionally, GO Markets functions under the Australian financial service license referred to as ASIC. It also features an added European entity that works under the CySEC license. However, it has some proposals that differ according to the regulations.
On the other hand, it has risky management features, which it keeps and observes through several practices. This segregates the funds for their clients at NAB (National Australian Bank), which features margin calls and the usage policies.
The European entities also have ESMA customer safety and regulatory requirements. Therefore, this broker is maximally safe for trading. Opt for it today and experience incredible performance with absolutely zero disappointments.
CONCLUSION
Based on the review above, you must be knowing that GO Markets is the first leading Australian Forex Broker. It guarantees excellent customer service, payment methods for withdrawals & deposit trading tools, and trading platforms, among many more fair deals. Moreover, it offers you educational tools and resources to analyze and research this broker effectively for maximum performance.
