GO Markets Review |
|
| 📅 Year founded |
2006 |
| 📈 Multiple top-tier regulation |
Yes |
| 📍 Headquarters |
Melbourne, Australia |
| 🌍 Country of regulation |
Australia / Mauritius |
| ✅ Regulators |
ASIC / FSC |
| 📈 Execution Type |
Market Execution |
| 💰 Minimum Deposit |
No |
| 🛡️ Negative Balance Protection |
Up to $100 000 AUD |
| 📉 Trading Platforms |
MetaTrader4 / MetaTrader5 / cTrader / GO Webtrader |
| ☪ Islamic account |
Yes |
| 📉 Trading Instruments |
Forex CFDs / Share CFDs / Index CFDs / Metal CFDs / Commodity CFDs / Cryptocurrency CFDs / Treasury CFDs / ETFs CFDs |
| 📱 Mobile trading |
iOS / Android / Windows |
| 💳 Payment Types Accepted |
Credit and Debit Cards / Bank Wire Transfer / Neteller / Skrill / Bpay |
| 🎮 Demo Account |
Yes |
| ⓒ Copy Trading |
Yes |
| 🎁 Bonus Offer |
Trading Credit Bonus / Referral Program |
| 💰 Account Currencies |
USD / AUD / EUR / GBP / NZD / CAD / SGD / CHF |
| 📈 Minimum Trade |
0.01 Lots |
| 📈 Account Types |
PAMM / MAM / ECN |
| 📈 Margin Trading |
Yes |
| 📈 Trading fees |
Low |
| 📈 Inactivity fee |
No |
| 💰 Withdrawal fee |
No |
| ☎ Customer Support |
24/5 |
| 💰 Max. Leverage |
500:1 |
| ✔️ Hedging Allowed |
Yes |
| ✔️ Scalping Allowed |
Yes |
| 💰 Commission |
$3.0 AUD on GO + Account / $0.0 AUD on Standard Account |
| 💰 Spreads |
From 0.0 pips |
| 💰 Leverage |
Flexible |
| 💰 Currency Pairs (Total Forex pairs) |
28 + |
| 🔢 Number of clients |
|
| 🥇 Instruments Offered |
1 000 + |
| 📙 Education | Webinars / Video Tutorials / Margin Call Podcast / FAQ / Psychology Articles |
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) and the FSC in Mauritius.
At Go Markets, clients can trade a range of trading instruments, in the form of CFDs on forex, shares, indices, metals, commodities, cryptocurrencies, treasuries and ETFs.
The broker also offers a variety of trading platforms to its traders, including MetaTrader4 (MT4), MetaTrader5 (MT5), cTrader and the GO Webtrader.
INTRODUCTION
Go Markets is an Australian online broker, and it is among the top forex brokers in Australia. It is authorised and regulated by ASIC in Australia and the FSC in Mauritius.
It has top quality customer service support and educational programs / materials, which has resulted in international awards for these offerings. You must know that this broker guarantees you competitive and simple assets for your trading, whether you are an experienced or beginner trader. It offers you multiple trading instruments as well as trading platforms globally to boost your trading.
PROS & CONS
PROS
- It guarantees you a broad choice of trading tools, such as CFDs on forex, shares, indices, metals, commodities, cryptocurrencies, treasuries and ETFs.
- It offers you 24/5 quality customer support.
- It is a regulated and licensed broker.
- This broker provides over 1 000 trading instruments with tight spreads.
- The Standard Account guarantees traders commission-free trading.
- Highly competitive commission charges on the GoPlus+ Account.
CONS
- The negative balance protection only applies to accounts with a deposit size under $100 000 AUD, however, Go Markets does have a margin call policy in position for safety.
TRADING INSTRUMENTS
Go Markets offer a range of trading instruments in excess of 1 000 tradable assets. The instruments on offer are in the form of CFDs on forex, shares, indices, metals, commodities, cryptocurrencies, treasuries and ETFs. Moreover, every instrument features its own trading conditions and specifications, allowing traders a good degree of flexibility. Luckily, the range guaranteed allows you to trade competitive markets and diversify your portfolio.
Forex
Forex trading is available 24/5, in line with the world markets opening times, and has leverage of up to 30:1 available to traders (leverage can be increased on request and is subject to Go Markets’ discretion). Spreads are available from 0.0 pips on major pairs.
Shares
Go Markets offers shares from AU, US and Hong Kong markets while leverage of up to 5:1 is available subject to the parameter mentioned above. Additionally, Go Markets has recently introduced extended hours on US shares trading.
Indices
Trading indices allows traders to diversify their portfolio by accessing a wide range of instruments traded together as a ‘basket of goods’. At Go Markets, traders can access leverage of up to 20:1 with margin requirements starting as low as 5.00%.
Metals
Go Markets offers access to trading gold, silver and copper at low spreads and leverage of up to 20:1.
Commodities
Commodities such as the above metals, oil, natural gas and soft commodities like wheat and soy, are also available on this broker’s platform at extremely low costs.
Cryptocurrencies
Unfortunately, cryptocurrencies are only available 24/5 with this broker, where other brokers provide access 24/7. However, the range of cryptocurrencies offered is wide and include Bitcoin, Bitcoin Cash and Ethereum amongst others. Additionally, leverage of up to 10:1 is available which is higher than some of its competitors.
Treasuries
This is also known as bonds. Go Market offers leverage of up to 5:1 on treasuries and makes provision for EA’s and smart tools to be used by its traders.
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 available with Go Markets.
MT4
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. This platform is considered the best trading platform in the world.
MT5
MT5 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. It is MetaTrader’s upgrade on the world renowned MT4 platform.
GO Webtrader
This platform gives you everything on MT4 and MT5; it comes in a web-based platform, which allows you to access it straight away from any given internet browser.
The GO Webtrader 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.
cTrader
cTrader is considered competition for the above mentioned platforms and is also an excellent option for traders to utilise. This platform provides exceptional trading liquidity and when combined with GO Markets’ offering, it is a superb option for traders to consider. There is also a wide range of educational and research tools available on the platform, while copy trading is easy to integrate.
ACCOUNT TYPES
This broker can be funded with the following varying currencies, primarily USD, AUD, EUR, GBP, NZD, CAD, SGD and CHF. Bear in mind that Go Markets features 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 up to 500:1, a free VPS service and a focused account manager.
GoPlus+ Account
The GoPlus+ Account has a commission charge 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. Considering the tight spreads available, the commission charge on the GoPlus+ Account is extremely competitive with competitors in the industry, in fact, this is one of the lowest commission charges Brokersuggest.com has seen on offer from the range of brokers we have reviewed.
Standard Account
The Standard Account has spreads starting from 0.8 pips and does not charge commission on trades. It does not require a minimum deposit to open this account, however money must of course be deposited before you can begin trading. EAs are allowed, while strategies such as hedging and scalping are also allowed. A free VPS service is also available which is not common on brokers’ standard accounts.
Corporate Account
Go Markets does also offer a Corporate Account if traders are looking to trade as an entity or company. More information on this offering can be found here.
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 provide an 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 of address and ID, because of regulatory requirements.
Step 5 – Submit your documents.
Step 6 – Wait for your account to be approved, then deposit your money.
DEMO ACCOUNT
Go Markets guarantees you a demo account that is comprehensive to enable you to successfully exercise trading opportunities. This account provides real-live market conditions for traders to gain experience, or for experiences traders to test new strategies.
Furthermore, this account gives you $50 0000 in virtual funds to practice on the available trading platforms, 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 the Go Markets website and complete it.
SOCIAL TRADING AND COPY TRADING
Social trading and copy trading in GO Markets is available through cTrader Copy Trading as well as through the various EAs available on MT4 and MT5.
The benefits of copy trading on the cTrader platform are as follows:
- Saving time by using automated trading strategies on your account.
- Secure trading offering complete transparency.
- Traders can utilise advanced risk management settings to protect your account.
- Access key insights and analytics tools to boost your chances of success.
- Trade via web, desktop or mobile.
- Can be accessed via a simple add-on in your cTrader account.
COMMISSIONS & FEES
The trading charges with GO Markets differ depending on your account model opened and the instrument being traded. The fees are considered to be very low, with only $3 AUD charged per lot, per side on the GoPlus+ Account and no commission being charged on the Standard Account.
Swap fees are also respectable and an Islamic account option is also available to traders.
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 maximise 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. However, the account balance requires you to choose a leverage rate ranging from 1:1 to high leverage of 500:1 so this can easily be adjusted.
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 system to generate excessive protection for online payments. Fortunately, if you are using bank transfer, Neteller, Skrill and Visa or 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 to deposit funds in your Go Markets account because of third-party transactions’ regulations.
CUSTOMER SERVICE
It has quality customer service / support. The support is open 24/5, which goes hand in hand with the weekly hours of forex trading. You can access Go Markets customer service via the phone, webchat and email.
The customer support 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.
Go Markets have one of the best customer support offerings in the industry, with a variety of positive reviews from their clients. This is certainly one aspect that any new traders do not need to worry about with this broker.
SAFETY AND SECURITY
Potential traders need to know whether Go Markets is safe for trading purposes. Go Markets is regulated with the highly trusted ASIC regulatory body in Australia, as well as with the FSC in Mauritius.
Its servers are situated in Equinix LD4 data centres, generating a minimal latency environment to achieve trades. Go Markets hold client funds in a different trust account at maximum-tier Australian banks, such as Commonwealth Bank and National Australia Bank.
All transactions are accomplished from a single account, securely funded using the 3D Secure system for added protection on online payments. Go Markets guarantees you maximum safety and security all the time and has to our knowledge, never been involved in any type of scandal.
PROMOTIONS
Go Markets currently offers a cash rebate system known as a Trading Credit Bonus. When depositing with this broker, you can opt to receive 50% of your deposit back as a trading credit up to a maximum value of $7 500 USD. Additionally, once you start trading, you can receive further cash rebates on trades you place.
Go Markets Referral Program
The broker also offers a referral program whereby you can become a referral partner with the broker and earn remuneration on any referrals sent to Go Markets. Further information on this program can be found on the broker’s website here.
RESEARCH
Trading requires that you understand and have some basic knowledge about the market, making you more likely to trade with success and maximum confidence. Moreover, Go Markets’ research tools form a integral part of any success you may have.
This broker allows you to sign up for daily commentary and newsletter to get the updated news anytime in your inbox. The broker provides a section on their website under the “News & Analysis” tab, specifically geared toward providing their clients with as much information as possible. They also offer access to an economic calendar.
EDUCATION
This broker guarantees you multiple resources and educational equipment via “Education Hub”, which generates many educational programs, including on the psychology of trading, which in our opinion is a key element often omitted by other brokers. Furthermore, you get these courses at no cost; you can also opt for online videos that give you live group webinars coaching known as the “Inner Circle”.
Go Markets Education Hub also offers various video tutorials and access to the “Margin Call” podcast which gives traders access to the behind-the-scenes ups and downs of the forex industry.
GLOBAL AWARDS
Go Markets has won multiple international awards over the years and listed below are some of their most recent achievements (they have won 29 awards in the past 5 years alone):
- Winner of the Education Materials / Programmes (2023) – Investment Trends.
- Best FX Broker Europe (2023) – Global Financial Market Review.
- Best Broker of the Year (2023) – WikiEXPO.
- Most Trusted Global Forex Broker Mauritius (2023) – International Business Magazine.
- Best Forex Fintech Broker (2022) – Global Forex Awards.
- Most Trusted Forex Broker Europe (2022) – Global Forex Awards.
- Winner of the Value for Money (2021) – Investment Trends.
SAFE OR SCAM?
This broker is safe since it is licensed and registered, making it extremely safe for trading. Additionally, Go Markets functions under ASIC, a highly respected and strict regulatory authority. The broker is also registered under the FCA in Mauritius. It is always a good sign when brokers are registered across various jurisdictions.
Additionally, Go Markets keeps their customers funds safe with highly reputable banking institutions and offers segregated client funds, meaning they do not use your deposited funds for their operations, and in the event that they become bankrupt, client funds are protected.
Go Markets has won multiple awards for being a trusted broker and combined with their use of the 3D Secure system for payments, they are certainly considered a safe broker.
CONCLUSION
Go Markets is one of the leading brokers, not only in Australia, but also around the globe. The broker guarantees excellent customer service, a variety of payment methods for withdrawals and deposits, various trading tools and a variety of high quality trading platforms, as the highlights of their service.
A further key feature of Go Markets is their exceptionally low commission charges and tight spreads offered to their clients, which will only serve to aid any traders in becoming successful. Brokersuggest.com highly recommends Go Markets as a top notch broker.
