This is a review of a Standard Account opened with GO Markets Limited, a Cyprus Investment Firm. In our review, we evaluated the trading conditions of the account type, the broker’s website, as well as the usability of the desktop and mobile app versions of MetaTrader 4 (MT4).
Data was collected between the 28th and 31st of October.
GO Markets is a multi-regulated and multi-awarded CFD broker that offers very favorable trading conditions to its clients at very competitive prices. Since its foundation in 2006, the company has endeavored to afford retail traders top-line service by providing probing in-house content and also by partnering with some of the industry’s most renowned service providers.
The broker’s Europe-based entity is authorized and licensed by one of the most trusted regulators – CySEC – assuring that it complies with the strictest safety regulations. GO Markets has two primary account types catering to the needs of different types of traders, both having low-to-medium trading costs compared to the broader industry. Moreover, the broker affords probing research content and award-winning educational materials.
As regards its drawbacks, the EU entity’s assortment of tradable instruments is rather limited, falling short of 70 in total. While there are enough instruments to choose from to build a consistently performing strategy, the overall diversity is not great. Additionally, we found the broker’s customer support unsatisfactory.
Overall, the broker is trustworthy with favorable trading conditions. The combination of solid licensing, low trading costs, and a wealth of supporting tools makes GO Markets a reliable partner for inexperienced and seasoned traders alike.
GO Markets is equally well-fitted to satisfy the needs of beginners and advanced retail traders alike. Its varied research materials provide a comprehensive overview of current market developments, while its award-winning educational content affords a solid basis for newbie traders. Additionally, clients of the company can take advantage of GO Markets’ partnerships with some of the industry’s leaders, such as a-Quant and Trading Central, and other third-party features incorporated into the broker’s service.
GO Markets strikes a fine balance between its quality of order execution and cost of trading, making it stand out in the industry. The broker adheres to the best execution policy, which diminishes the risk of negative slippage. In its previous EQSS report (Execution Quality Summary Statement), mandated by CySEC, it is stated that the average order execution speed is 115ms. The inclusion of a VPS (Virtual Private Servers) feature enhances this performance.
And all of this comes at very competitive costs. The broker has two retail account types – Standard and GO Plus+. The former affords commission-free trading with low spreads, while the latter offers raw spreads starting from 0.0 pips and a fixed commission below the industry average. GO Markets thus provides great quality at very affordable prices.
Pros | Cons |
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☑️ Regulations | ASIC (Australia), CySEC (Cyprus) |
🗺 Supported Languages | English, Indonesian, Chinese, Vietnamese |
💰 Products | Currencies, Stocks, Indices, Commodities, Futures |
💵 Min Deposit | $100 |
💹 Max Leverage | 1:500 (FSC Mauritius) |
🖥 Trading Desk Type | ECN, STP |
📊 Trading Platforms | MT5, MT4, WebTrader |
💳 Deposit Options | Wire Transfer, Neteller, Skrill, Credit Card |
💳 Withdrawal Options | Wire Transfer, Neteller, Skrill, Credit Card |
🤴 Demo Account | Yes |
🗓 Foundation Year | 2006 |
🌎 Headquarters Country | Australia |
GO Markets scored highly in the Trust category. The broker operates three entities that are authorized by different-tier regulators. This results in certain discrepancies in their safety policies. The company as a whole is fairly transparent, making it a reliable partner.
In our reviews, we examine the licenses and regulations of each entity operated by a broker. This allows us to compare each entity’s different levels of protection. We rank licenses by various regulatory bodies on a three-tier system, where Tier-1 licensing indicates the highest level of regulation.
Here is what we found out concerning GO Markets’ two subsidiaries:
We have summarised the most essential aspects of GO Markets’ entities in terms of regulation and safety in the table below:
Entity Features | GO Markets Ltd | GO Markets Pty Ltd | GO Markets Pty Ltd (MU) |
Country/Region | Cyprus, Limassol | Australia, Melbourne | Mauritius, Ebene |
Regulation | CySEC | ASIC | FSC |
Tier | 1 | 1 | 3 |
Segregated Funds | Yes | Yes | Yes |
Negative Balance Protection | Yes | Yes | No |
Compensation Scheme | Up to 20,000 EUR | No | No |
Max. Leverage | 1:30 | 1:30 | 1:500 |
Brokers running multiple entities are liable to different jurisdictions. And there could be significant discrepancies between the safety regulations mandated by, say, a top-tier regulator and an offshore one. That is why traders should consider carefully the specific regulatory frameworks their preferred entity is mandated to comply with.
We have listed the most important safety policies to look for in a broker below:
The EU and Australian entities both comply with some of the industry’s strictest policy regulations, guaranteeing the highest possible degree of protection. The segregation of client funds and negative balance protection represent retail traders’ first lines of defense. Their account balances are protected to the extent that their losses cannot exceed their invested capital.
Additionally, in the case of GO Markets Ltd, CySEC’s Investor Compensation Fund (ICF) protects them against external, non-trading threats, such as the risk of the company going bankrupt.
In our tests for the Trust category, we also cover factors relating to stability and transparency. Here, we focus on how long the broker has been in business, how big the company is, and how transparent it is in terms of readily available information.
Over the past decade and a half, GO Markets has proven itself a trustworthy and transparent broker. There is plenty of information on the website relating to its regulations and trading costs, and the periodically released EQSS (Execution Quality Summary Statement) reports ensure the broker maintains a high standard of order execution quality.
GO Markets has also been awarded multiple times for the quality of its services. In 2022, it won the ‘Best Forex Fintech Broker-Global’ category in the ‘Global Forex Awards.’ In the same year, it was also declared the winner in the ‘Investment Trend Awards’ in the ‘Educational Materials/Programmes’ category.
In summary, our findings indicate that GO Markets Ltd can be regarded as having a very good level of trust and stability due to the following factors:
GO Markets scored very highly in the Fees category. Its spreads and swaps are generally low-to-medium compared to the broader industry. One of its account types also affords commission-free trading. Additionally, the broker accommodates Islamic accounts (swap-free).
GO Markets has two account types – Standard and GO Plus+. The former accommodates commission-free trading with spreads starting from 1.0 pips, while the latter has raw spreads starting from 0.0 pips and a fixed commission of 2 EUR per side.
As regards its non-trading costs, the broker charges inactive accounts a maintenance fee of 15 EUR. On the other hand, GO Markets does not charge any handling fees for deposits or withdrawals.
We tested GO Markets’ spreads during the most actively traded times – the London open at 8 AM GMT and just after the U.S. open at 2:45 PM GMT. The test was conducted on October 28, 2022.
Instrument | Live Spread AM | Live Spread PM |
EURUSD | 1.2 pips | 1.1 pips |
GBPJPY | 1.7 pips | 1.7 pips |
Gold (XAUUSD) | 19 pips | 16 pips |
Crude Oil | 0.03 pips | 0.03 pips |
Apple | No Instrument | No Instrument |
Tesla | No Instrument | No Instrument |
Dow Jones 30 | 1.55 basis points | 1.5 basis points |
Germany 40 | 0.9 basis points | 0.9 basis points |
The spreads on a Standard account are low-to-medium compared to the broader industry. What is also noteworthy is that there are no significant discrepancies between the recorded AM and PM spreads. This shows that GO Markets has a solid supply of liquidity throughout the day, thus decreasing the likelihood of slippage.
A swap fee is a trader’s cost for holding an open position overnight because of changing interest rates. Swap long refers to the charge deductible or credit receivable for holding a buy position open overnight. In turn, swap short relates to the charges/credits deductible or receivable for holding a selling position open overnight.
The values listed below are for one full contract (100,000 units) of the base currency.
Instrument | Swap Long | Swap Short |
EURUSD | Charge of $8.19 | Credit of $4.84 |
GBPJPY | Credit of $1.52 | Charge of $5.25 |
GO Markets’ swaps are also low-to-medium compared to the broader industry. Traders wanting to avoid paying rollover charges due to their religious beliefs can opt for the broker’s swap-free Islamic accounts.
There are no fixed commissions on a Standard GO Markets Account, however, there is a fixed 2 EUR per side (4 EUR round turn) commission per traded lot on a Go Plus+ Account. Traders thus have to pay 2 EUR for opening a position of 100,000 units of the underlying, and then an additional 2 EUR to close it. This rate falls below the industry average.
Inactive accounts that have been dormant for more than 3 months are charged a maintenance fee of 15 EUR, or the equivalent in the account’s base currency. The fee is charged monthly until activity on the account resumes or the balance drops to zero. GO Markets’ maintenance fee is about average compared to similar brokers, but its activation period is rather short.
The broker does not charge deposits and withdrawals, though third-party fees such as banking processing fees may apply.
Overall, GO Markets’ fees are very competitive for both high-frequency and high-volume traders. They can make use of the low-to-average spreads, swaps, and commissions in combination with GO Markets’ fast order execution.
GO Markets was awarded an above-average mark in the Platforms and Tools category. The broker incorporates the renowned MetaTrader 4 (MT4). Clients of the overseas entities of the broker can also opt for MT5. The successor of the reputable platform consists of a greater number of supporting tools.
In addition to MT4’s wealth of built-in tools, clients of GO Markets can also enhance the platform’s usability by activating MT4 Genesis – a suit containing multiple add-ons of various types. At any rate, the desktop version of MT4 comprises some essential features, such as one-click trading, Expert Advisors (EAs), and others. There is, however, no social trading.
The mobile app retains some of the features present in MT4’s desktop version, though its outlook is somewhat more rugged and its general ease of use lower. Regardless, the app is indispensable when having to make adjustments on the go.
Even though MT4 does not possess the most user-friendly interface and sleekest design, it should be praised for its practicality. Its charts are positioned in the middle of the screen; a watch list of preferred instruments can be found on the left, while a banner containing all the relevant tools is placed at the top of the screen.
To technical traders, the chart is the most important feature of any platform. It is where price action is illustrated and analyzed, which is why clarity, precision, and an abundance of supporting tools are all necessary features of an effective chart. MT4 fairs reasonably well in this regard.
Below, we have listed the key features of MT4’s charts:
Here is a breakdown of the essential order types available on MT4:
The mobile app serves one primary purpose. It affords quick and easy access to a trader’s account so that they can promptly adjust their running positions at times of heightened market volatility. And even though it contains most of the features that are also present on MT4’s desktop version, the app is not as suitable for conducting probing technical analyses.
The biggest problem of MT4’s mobile app version, which is pretty much inherent to all similar trading apps, is a lack of space. Since it has to be run on small-screened devices, its interface is much more cramped than the desktop version. This makes price action monitoring and examination more arduous. Still, the app’s layout is fairly simplistic, with everything being just a few clicks away.
The following is a breakdown of the key components of the mobile app’s charts:
Here is a rundown of the order types available for execution through the mobile app:
GO Markets scored below average in the Tradable Instruments category. Clients of GO Markets Ltd can choose from just over 70 different instruments from several asset classes. Diversity, however, is lacking since there are no CFD shares or cryptocurrencies. Those are available with the broker’s overseas entities – GO Markets Pty Ltd and GO Markets Pty Ltd (MU).
The broker’s EU-based entity offers a reasonable amount of FX pairs, commodities, and a couple of futures. It also boasts an above-average number of indices, affording traders a certain degree of flexibility. They can choose from some of the most widely traded indices and take advantage of GO Markets’ low spreads on instruments from this asset class.
Contracts for difference (CFDs) are derivatives used to speculate on the price of the underlying without physical delivery. For example, a long position on gold would generate a profit as the price rises or incur a loss as it falls. This is achieved without having to purchase actual bars of gold. One of the biggest advantages of trading CFDs is that traders can get in and out of the market almost instantaneously, thereby catching even minute changes in the price of the derivative.
We have listed the available instruments by asset class below:
Broken down by asset class, FX pairs and indices are the most varied. The former are more popular among less experienced traders, whereas the latter tend to be highly volatile and thus more suitable for more experienced traders. It also helps that the broker offers low-to-medium spreads on instruments from these two asset classes.
Traders seeking bigger diversity can opt for the broker’s offshore entities, which offer multiple CFD shares, as well as Treasury CFDs.
Forex | Commodities |
EURUSD | USDCAN | EURCAD | GBPJPY | EURMXN | USDDKK | EURPLN | Gold | Silver | Crude Oil | Brent Oil |
Indices | Futures |
FTSE100 | CAC40 | DAX30 | STOXX50 | HK50 | US500 | NDX100 | US Oil Futures | UK Oil Futures |
GO Markets scored low in the Customer Support category. The broker offers 24/5 support via live chat, phone, and email. However, getting in touch with them is not always easy.
For general queries, traders can refer to the dedicated FAQ section of the website. They can also try the live chat feature, though they should expect an email response. This may take anywhere from a few minutes to several hours. Alternatively, traders can try phoning GO Markets’ customer support for more urgent inquiries.
When we test a broker’s customer support team, we evaluate the agents’ knowledge of their own website, how long it takes them to respond to questions, and how detailed their answers are.
Initially, we tried getting in touch with GO Markets via the live chat option on October 28. No agent connected to the chat, though we were supposed to receive an answer to our question (whether cryptocurrency trading is permitted on either of the broker’s two entities) via email. We received no such response.
On October 31, we tried calling the Head Office of the EU-based entity on several occasions, unsuccessfully.
GO Markets earned an outstanding mark in the Deposit and Withdrawal category. The broker affords multiple payment methods, processing times are generally low, and, most importantly, there are no handling fees. However, third-party fees may apply.
Method | Currency | Processing Time | Fees | Regulator |
Credit/Debit Card | EUR, USD | 1-2 business days | $0 | Various |
Bank Wire | EUR, USD | 1-3 business days | $0 | Various |
Dotpay | PLN | Instant | $0 | National Bank of Poland |
Skrill | EUR, USD | Instant | $0 | Central Bank of Ireland |
Neteller | EUR, USD | Instant | $0 | Central Bank of Ireland |
Method | Currency | Processing Time | Fees | Regulator |
Credit/Debit Card | EUR, USD | 1 business day | $0 | Various |
Bank Wire | EUR, USD | 1 business day | $0 | Various |
Dotpay | PLN | 1 business day | $0 | National Bank of Poland |
Skrill | EUR, USD | 1 business day | $0 | Central Bank of Ireland |
Neteller | EUR, USD | 1 business day | $0 | Central Bank of Ireland |
The broker works with multiple payment providers, allowing its clients the freedom to choose their optimal funding method. The available possibilities include payments via bank wire, credit and debit cards, or an e-wallet. All payments are regulated by international institutions and are usually processed within 1 business day. However, bank transfers to a trading account may take up to 2 business days to complete.
The broker scored highly in the Account Types and Terms category. It has two main account types – GO Plus+ and Standard. The former offers a combination of raw spreads and fixed commission, while the latter provides floating spreads and commission-free trading. Traders can also opt for a swap-free Islamic account.
The two account types have very affordable conditions. The minimum deposit requirement for both is 100 EUR/USD, with both permitting the implementation of high-risk strategies like scalping and algorithmic trading through Expert Advisors (EAs). GO Markets’ best execution policy further increases the quality of the service.
Some traders are naturally more cautious and conservative, whereas others do not shy away from taking on bigger risks. This discrepancy necessitates the inclusion of different account types to cater to traders’ various needs and goals. Thus, choosing the right account type – whether for high-volume or high-frequency trading – is a matter of picking the one that reflects your aspirations and style most closely.
Account Type | Standard | GO Plus+ |
Spreads From | From 1.0 pips | From 0.0 pips |
Commission | $0 | €2 per side |
Min. Deposit | 100 EUR/USD | 100 EUR/USD |
Max. Leverage | 1:30 | 1:30 |
EAs Available | Yes | Yes |
Free VPS | Yes | Yes |
Min. Trade Size | 0.01 lots | 0.01 lots |
Base Currency | EUR, USD, PLN | EUR, USD, PLN |
As shown above, the only discernable difference between GO Markets’ Standard and GO Plus+ accounts is expressed in their spreads and commissions. Due to its combination of commission-free trading and floating spreads, the former is better suited for high-frequency traders. That is so because they do not have to pay a fixed charge every time they get in and out of trades.
The latter, in contrast, caters to the needs of high-volume traders. Their biggest advantage are the raw spreads starting from 0.0 pips. High-volume traders tend to place fewer orders over a given period of time. And the $0 commission on a Standard account will not be as useful to them as, for instance, intraday traders, who can get in and out of the market several times within the same day.
The leverage determines a trader’s overall market exposure. When trading Contracts for Difference (CFDs), positions can be opened for a fraction of their value because of the leverage. Essentially, the broker lends the trader money so that the latter can open bigger-sized positions. The leverage multiplies the profits a trader generates from winning positions but also the losses incurred from failed trades.
We have summarized the account creation process in several easy steps:
Demo accounts serve a twofold purpose. On the one hand, they allow potential clients to test a broker’s service in a safe environment without the risk of losing any money. On the other, traders can use them to periodically test and improve their strategies in light of the ever-changing market sentiment. Demo accounts are thus indispensable for beginners and seasoned traders alike.
GO Markets Ltd does not provide investment and ancillary services to clients outside the European Union. International traders may consider signing up with either of the two overseas entities – GO Markets Pty Ltd or GO Markets Pty Ltd (MU).
GO Markets earned a perfect score in the Research category. The broker offers a wide range of in-house content, such as market news, breakdowns, analyses, videos, and others. The assortment is further enhanced by the inclusion of third-party content from industry leaders like Trading Central. The research materials are not only diverse but also very informative and useful.
GO Markets’ research materials vary in style, format, complexity, and scope. They afford traders with different experience levels a comprehensive yet accessible overview of essential market developments.
Here is a rundown of GO Markets’ research content by type:
GO Markets scored above average in the Education category. Its content is rich, diverse, and illuminating. There are more than 60 articles covering various aspects of the general trading experience, videos, webinars, and even a podcast. What prevented GO Markets from scoring higher is that it does not delve much deeper than the basics of trading.
GO Markets has one educational course for beginners called ‘First Steps in Forex’ with three modules. Those include: ‘Understanding the Forex Market’; ‘Developing a Forex trade entry system’; and ‘Developing a Forex trade exit system.’ The value of its educational content has garnered international acclaim.
The ‘Trading Strategies, Psychology’ section of the website contains over 60 written articles covering multiple topics related to technical, fundamental, and psychological analyses, which we found very useful. And in addition to the multiple educational videos and webinars, GO Markets also has a podcast called ‘Margin Call.’ This is quite an uncommon feature but also an innovative way for a broker to reach out to its followers and clients.
GO Markets is an excellent OTC derivatives broker with exposure to some of the world’s biggest financial hubs. Its services are tailored to satisfy the needs of both high-frequency and high-volume traders. In the 16 years since its foundation, the broker has asserted itself as a trustworthy partner with favorable conditions and multiple supporting tools.
The broker’s very low trading fees underpin the most significant advantage of signing up with GO Markets. We found its spreads and commissions to be lower than the industry average. Traders can choose between the broker’s two account types – GO Plus+ and Standard – which are very well balanced, each catering to the particular needs of different types of traders. GO Markets also has very diverse and sophisticated research materials equally suitable for newbies and seasoned traders alike.
GO Markets Ltd and GO Markets Pty Ltd are authorized by top-tier regulators – CySEC and ASIC, respectively. However, GO Markets Pty Ltd (MU) is licensed by a lower-tier regulator (FSC). This discrepancy underpins varying levels of protection entailed by the three. As regards Go Markets’ few drawbacks, we found its customer support somewhat unsatisfactory. Additionally, the European entity offers a very limited amount of tradable instruments.
Overall, GO Markets can be beneficial to beginners in need of comprehensive educational materials, as well as advanced traders seeking continual and in-depth market research. The broker offers very competitive conditions and affords the implementation of different types of trading strategies.
Headquarters Country | Australia |
Foundation Year | 2006 |
Regulations | ASIC (Australia), CySEC (Cyprus) |
Publicly Traded | No |
Number Of Employees | 134 |
Trading Desk Type | ECN, STP |
Trading Platforms | MT5, MT4, WebTrader |
Restricted Countries | Bahamas, Burundi, Canada, Congo, Cote dIvoire, Eritrea, Ghana, North Korea, Guinea-Bissau, New Zealand, Nicaragua, Iran, Iraq, United States, Turkey, Tunisia, Trinidad and Tobago, Somalia, Azerbaijan, Venezuela, Yemen, Botswana, Syria, Sierra Leone, Central African Republic, Lebanon, Ethiopia, Israel, Japan, Libya, Myanmar, Pakistan, Haiti, South Sudan, Sudan, Zimbabwe |
Supported Languages | English, Indonesian, Chinese, Vietnamese |
Min Deposit | $100 |
Max Leverage | 1:500 (FSC Mauritius) |
Deposit Options | Wire Transfer, Neteller, Skrill, Credit Card |
Withdrawal Options | Wire Transfer, Neteller, Skrill, Credit Card |
Time to Withdrawal | 1 |
Time to Open an Account | 11 |
Products | Currencies, Stocks, Indices, Commodities, Futures |
Demo Account | Yes |
OCO Orders | No |
Offers Hedging | No |
Automated Trading | Yes |
API Trading | No |
Guaranteed Stop Loss | No |
Guaranteed Limit Orders | No |
Guaranteed Fills / Liquidity | No |
Economic calendar | Yes |
Trading From Chart | Yes |
One-Click Trading | Yes |
Expert Advisor | Yes |
Social Trading | No |
Autochartist | Yes |
Trading Signals | Yes |
Platform Languages | Chinese, English |
24 Hours Support | Yes |
Support During Weekends | No |
Live Chat | Yes |
Daily Market Commentary | Yes |
News (Top-Tier Sources) | Yes |
Webinars | Yes |
Deposit Fee | No |
Withdrawal Fee | No |
Inactivity Fee | Yes |
Having been a retail trader since 2013, Plamen has gained an in-depth understanding of the challenges that novice traders face today. His expertise is swing trading and day trading with a heavy emphasis on psychological and fundamental analysis. Plamen’s favourite trading instruments include FX majors and gold. He earned a Bachelor's degree in Economics and International Relations. Plamen's broad experience has equipped him with the expertise to recommend the best forex brokers.
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