GO Markets Review 2020

4.1

By 7 User Reviews

Regulated By:ASIC

Foundation Year:2006

Headquarters:Level 22, 600 Bourke Street, Melbourne, VIC 3000, Australia

Min Deposit:$200

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Kate Leaman

Last updated: Jul 18, 2019

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“GO Markets is an ASIC regulated Australian brokerage firm founded in 2006. It offers over 250 forex/CFDs assets for trading on its MetaTrader platforms. ”

Australian brokers are definitely making a name for themselves in the trading arena as some of the most reliable, intuitive and forward thinking firms around. This broker is no different with a wide variety of tools, assets and reasonable trading conditions.

GO Markets Pty Ltd an ASIC regulated broker has been in operation since 2006. The head office is located in Melbourne, Australia. With over a decade of experience, GO Markets has grown to become a leading broker with a huge client base from over 150 countries. GO Markets offers forex, share CFDs, indices, metals and commodities for trading on the MT4 and MT5 trading platforms.

Pros	Cons
GO Markets is a regulated brokerage entity, which is a factor that ensures transparent trading conditions. Ultra fast trade executions courtesy of innovative technology and powerful servers located in London. Availability of trading and analysis tools like Autochartist and Trading central. Clients’ fund segregation.	Clients from over 35 high risk and other monitored jurisdiction are not accepted, which is a lot. Only two account types available for all traders. Swap free offered in MENA region only.

General Information

Official Site:https://www.gomarkets.com

Demo:Open Demo Account

Regulated By:ASIC

Foundation Year:2006

Headquarters:Level 22, 600 Bourke Street, Melbourne, VIC 3000, Australia

Min Deposit:$200

Max Leverage:1:500

Publicly Traded:No

Deposit Options:China UnionPay, Credit Card, FasaPay, Neteller, Poli, Skrill, Wire Transfer

Withdrawal Options:China UnionPay, Credit Card, FasaPay, Neteller, Skrill, Wire Transfer

Tradable Assets:Currencies, Commodities, Indices, Stocks, Crypto

Trading Platforms:MT4, MT5

Commission on Trades:Yes

Fixed spreads:No

Trading Desk Type:ECN, Market Maker, No dealing desk, STP

OS Compatibility:N/A

Mobile trading:Android, iOS

Accepts Us Clients:No

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GO Markets Video Review

Investor Protection & Regulations

“GO Markets is regulated by ASIC in Australia. Client funds are held safely in the National Australia Bank and Commonwealth Bank. A digitally secure environment is maintained so that clients can trade and transact safely.”

GO Markets Pty Ltd is regulated by the Australian Securities and Investment Commission (ASIC). The Australian Financial Service License number is AFSL 254963.

GO Markets affirms that all trader deposits are held in segregated bank accounts as directed by ASIC. The broker has chosen the National Australia bank and the Commonwealth bank as custodian banks for clients’ fund segregation. These are reputable AA-rated banks. Clients’ funds are not used by the broker for running its internal operations.

For further protection of clients, GO Markets maintains industry standard digital security procedures. This includes up to date servers protected with firewalls and latest software. The websites and platforms are protected using a secured socket layer (SSL) provided by “Let’s Encrypt Authority X3”. This ensures a digitally secure environment as all user data is encrypted before transmission over the internet. As a regulated broker GO Markets must be well-capitalized with sufficient funds to cover all its operations and market exposure. Additionally, its clients’ funds must be kept segregated.

Tradable Products

“GO Markets offer 50currencies pairs, 2 metals, 14 indices, 2 commodities, 2 futures, 5 Cryptocurrency and over 200 ASX stock shares.”

Here are the instruments tradable on the GO Markets platforms:

Instrument Class	Number of Instruments
Currencies	50
Metals	2
Crypto	5
Indices	14
Shares	200+

Account Opening

“The account types offered are the Standard and GO Plus+ accounts. The minimum account opening amounts are AUD200 and AUD500 respectively. Demo accounts are provided with virtual funds for practice purposes.”

GO Markets offer only two account types. The major differences between the accounts are the spread, commissions and account opening balance. The maximum leverage offered on all accounts is 1:500. A dedicated account manager is assigned to all account holders. The account currencies are AUD, USD, EUR, GBP, NZD, CAD, SGD, CHF and HKD.

Here are the details of the GO Markets accounts:

Standard account: The minimum account opening balance is AUD200. The spread starts from 1.0 pip.
GO Plus+ account: The opening balance is AUD500 and the floating spread starts form 0.0 pips. However, a commission of AUD3.0 is charged per side.

GO Markets provides a demo account for both the MT4 and MT5 platforms. It is preloaded with $50,000 in virtual funds. Demo accounts are offered so traders can test out the platform and broker before committing real capital. The GO Markets demo account offers the same price feed as the live platform accounts. It is also beneficial to experienced traders for strategy improvement, platform familiarization and testing of Expert Advisors (EAs).

To create an account, click the ‘open a live account’ button found on the top left corner of every page of the website. A four-page form displays.

Fill out the form and submit. If the account creation is successful, a confirmation email will be received. The next step will be to download the trading platforms; either the MT4 or MT5. GO Markets provides the link to download the platforms. Whether you choose the MT4 or MT5, the download and installation procedure is exactly the same. After the download, double-click the executable file. The installation process starts.

After installation, select the GO Markets server.

GO Markets does not provide its services to residents of the following countries: Afghanistan, Azerbaijan, Botswana, Bosnia and Herzegovina, Burundi, Central African Rep, Congo, Côte d’Ivoire, Ethiopia, Eritrea, Egypt, Gaza Strip, Ghana, Guinea Bissau, Haiti, Iran, Iraq, Lebanon, Libya, Myanmar, Nicaragua, North Korea (DPRK), Pakistan, Serbia, Sierra Leone, Somalia, Sri Lanka, Sudan, South Sudan, Syria, The Bahamas, Trinidad and Tobago, Tunisia, West Bank, Venezuela, Yemen and Zimbabwe.

Deposit & Withdrawals Options

“GO Markets accept credit cards, debit cards and bank wire transfers. The broker also accepts POLi, BPay, Fasapay, Skrill and Neteller payments. No internal transaction fees are charged.”

GO Markets does not charge deposit or withdrawal fees. However, international traders should be prepared to pay any transaction fees incurred while transferring funds to an Australian bank.

GO Markets account holders must make deposits from their own bank/e-wallet/cards. Third-party payments are prohibited. Cash payments are also not accepted. Withdrawal requests received before 1pm are processed on the same day. Requests received after 1pm are shifted to the next business day.

The following payment methods are accepted:

Credit/Debit Card:

The cards accepted are Mastercard and Visa card. Card payments are instantly processed.

Online Payment gateways:

POLi, BPay and Fasapay are the electronic payment systems accepted. These are used for deposits. The transactions are processed at most within a few hours.

e-Wallet:

Skrill and Neteller are accepted electronic wallet payments. They are used for both deposits and withdrawals. The transactions are usually instant but at most takes a few hours.

Bank Transfer: This is the slowest means of payment used for both deposits and withdrawals. Bank wire transfers takes 2-7 business days depending on the banks involved.

GO Markets provides a secured payment gateway where clients’ deposits are promptly processed.

Web & Desktop Trading Platforms

“The MT4 and MT5 platforms are provided by GO Markets. These are both Metaquotes platforms and are extremely popular. They are available as web based, download and mobile.”

The MT4:

This is the most widely used platform among forex traders. GO Markets prides itself as one of the first brokers to bring MT4 to Australia. It provides the MT4 as WebTrader, downloadable desktop applications for Windows and Mac operating systems. MT4 is excellent for all levels of trader. It contains a variety of indicators to overlay on the charts.

Charts are highly customizable with parameters like timeframes, type of chart and drawing objects on the charts.

Another special feature is the EA’s or Expert advisors which are small pieces of code that can be programmed or installed for automated trading. This is only available on the download version.

MT5:

This is a newer software trading platform designed to replace the MT4. It was also developed by MetaQuotes Software Corporation; the same company that designed the MT4. The MT5 was designed to trade forex and CFDs and was built to offer a wider range of assets. It has similar functions to the MT4 although is more evolved and has more features. It improves on the existing features of the MT4.

GO Markets provides the MT5 platform as a WebTrader and as a downloadable windows application. Only the MT5 platform can be used to trade the ASX shares offered by GO Markets.

Here are some of the comparison features of the MT4/MT5.

Order management: A trader can easily open a trade, modify and close it at will. One-click trading from the charts can be activated. MT4 has four types of pending orders while the MT5 has six.

Charts: 3 types of charts are available; line, bar and candlesticks. The charts are displayed against different timeframes. On the MT4, it can be displayed on 9 timeframes from one minute to one month. On the MT5, it can be displayed on 21 timeframes with more subdivisions of minutes and hours. The range still remains from one minute to one month.

Analysis: The MT4 comes with 30 technical indicators and 24 analytical tools while the MT5 comes with 38 technical indicators with 44 analytical tools. These are used for technical analysis. The MetaTrader platforms support the creation and installation of custom indicators.

Expert Advisors (EAs): The MT4 and MT5 support the development and deployment of EAs which is used to automate forex trading.

Market news: The news relating to the forex/CFD markets is streamed live on the platforms.

MetaTrader Market: This is a market where traders buy and sell signals, EAs, indicators and plugin tools that assist the trader in his daily decisions.

Mobile Trading Platforms

“The MT4 and MT5 mobile app is provided by GO Markets. They are separately available for the android and iOS devices. The apps can be downloaded from their respective stores.”

The MT4 and MT5 mobile trading apps were developed to integrate seamlessly with the desktop and WebTrader versions. Just create one MT4 account or one MT5 account and you can access the mobile, web and desktop versions of the platform. The MT4 and MT5 apps are very similar in appearance, colour and simplicity. The major difference is that the MT5 has more features. The apps are designed to provide most of the features of the desktop version.

Here are some of the features of the MT4/MT5 mobile apps:

• The apps display quotes in real time. Traders can monitor prices on the go.

• Complete technical analysis tools which include charts, indicators, drawing tools, etc are all available on the MT4/MT5 mobile apps.

• From the apps, a trader can open, modify and close trades. Pending orders, stop loss and take profits are all available.

• The apps can be used to read the market news.

• Order history can be viewed from the apps. Account balances can also be viewed at all times including when a trade is in progress.

Trading Features

“GO Markets provides the Autochartist, MT4 Genesis, Trading Central, Social Trading and VPS. These tools enhance trader experience and improve the trader’s chances of success.”

Autochartist:

This is an MT4 plugin tool that scans the markets, recognizes a pattern and alerts the trader. It eliminates the rigorous work of studying charts of different assets in order to identify trading opportunities. GO Markets provide the Autochartist as a free MT4 plugin to traders that fund their live accounts with at least $500.

MT4 Genesis:

This is a set of tools that extends the features of the MT4 platform. MT4 Genesis is an MT4 plugin that adds new functions and applications to the MT4 platform. Some of the features added are: sentiment indicator, correlation trader, session map, alarm manager, etc. MT4 Genesis is activated on request for traders with a balance of $500 and above.

Trading Central Market Analysis:

GO Markets has partnered with ‘Trading Central’ to supply traders with in-depth market analysis, trade ideas, innovative indicators, analyst views and other trading tools. Trading central is a reputable financial market research provider and global fintech leaders.

Virtual Private Server (VPS):

GO Markets provide VPS to clients who need more stability, reliability and speed. VPS is mostly important to traders who use EAs and complex trading systems. The subscription fee is $10 per month but it is provided for free to traders who complete $1million trade volumes every month.

Social Trading (MYFXBook):

Go Markets offers traders Myfxbook in their suite of tools. This is a copy trade service used by over 90,000 traders globally. Traders can mirrors trades from other experienced Forex Traders. In effect this is an autotrading service.

Commissions & Spreads

“GO Markets offer raw spreads on GO Plus+ accounts, but charge AUD3 or $2.5 commission per side. All spreads are variable as they are aggregated from over 22 liquidity providers.”

A commission of 0.08%, with a $10 minimum is charged when trading Australian share CFDs. The table below shows the asset symbols and their corresponding average spread as offered to GO Plus+ account holders.

SYMBOL	AVERAGE SPREAD	SYMBOL	AVERAGE SPREAD
CURRENCIES		COMMODITIES
AUDCAD	1	USOUSD	4
AUDCHF	1	UKOUSD	4
AUDJPY	0.6	METALS
AUDNZD	1.1	XAUUSD	1.2
AUDUSD	0.3	XAGUSD	1
CADJPY	0.8	INDICES
CHFJPY	1.3	ASX200	4
EURAUD	1.3	WS30	2.3
EURCAD	1.5	US500	0.75
EURCHF	1.1	NDX100	2
EURGBP	0.7	US2000	1
EURNZD	2.1	FTSE100	3
EURUSD	0.2	DAX30	3
GBPAUD	1.8	CAC40	4
GBPJPY	1.1	ESP35	N/A
GBPCAD	2.1	STOXX50	3
GBPCHF	1.8	HK50	5
GBPNZD	2.6	JP225	15
GBPUSD	0.5	FUTURES
NZDUSD	0.4	CHINA50	10
NZDCAD	1.2	USDOLLAR	0.3
NZDCHF	1.3
NZDJPY	0.8
USDCAD	0.7
USDCHF	0.8
USDCNH	12.1
USDJPY	0.2
USDSGD	1.5

*This list was taken from the Go markets website. It was correct at time of writing but is subject to change at any time by the broker.

Bonus & Promotions

“-”

Customer Support

“GO Markets customer support is reachable via email, phone, contact us form, web chat and social media 24/5. The support team is friendly, fast and efficient.”

The following methods can be used to reach the support team from Monday to Friday (24/5):

• Chat: Instant web chat can be initiated from every page on the broker website. The chat assistants are friendly and civil and extremely fast to respond. It took them about 10 seconds to respond. They are very professional, friendly and knowledgeable.”

• Contact us form: This form is accessible from the ‘contact us’ page of the website. Inquirers are encouraged to fill the form with their questions and a support staff will respond by email or phone call.

• Email: support@gomarkets.com or newaccounts@gomarkets.com

• Phone Numbers: Australia; 1800 88 55 71, UK; +44 203 637 7618, international; +61 3 8566 7680.

Social Media: The following social media channels are available:
- facebook.com/GOMarkets
- Twitter.com/go_markets
- linkedIn.com/go-markets
- instagram.com/gomarkets
- youtube.com/GOMarketsAustralia

Social media channels are active especially on Facebook and Twitter. The YouTube channel has over 400 videos but most of them are in Chinese language. Emails are replied within a day.

Research

“GO Markets provides the GO daily news, weekly news, articles and the economic calendar. The research articles and analysis are written by GO Market in-house analysts.”

GO daily news: This is a daily market analysis that comes from GO Markets analysts. It is a chart and a paragraph or two of text talking about the specific asset.

Weekly summary: This market overview looks at the week ahead and considers the events that will impact the market. It’s an in depth look at the event that will impact the markets on a fundamental basis.

Articles: These are written by GO Markets analysts. These articles regularly examine the news, events and analyze the likely impact on financial instruments.

Economic Calendar: GO Markets presents a calendar of events that are likely to impact the financial markets. You can customize the calendar to your time zone and follow the events that interest you. The economic calendar is available on the MT5 platform and on the website.

Trader Education

“The GO Markets ‘forex education centre’ has video lessons, eBooks and forex education courses. It is suited for beginners or more advanced traders..”

GO Markets has a ‘forex education centre’ on its website. It comprises of training videos, articles and eBooks designed to teach a beginner from the scratch to advanced level.

eBooks

Forex trading handbook: This book teaches forex fundamentals to beginners. It introduces currencies, pips, leverage and strategies.

Forex ebook: This 34-page book teaches how to trade forex using the MT4 trading platform.

Forex education videos

There are 10 videos teaching forex trading, charts, indicators, fundamental and technical analysis, trading psychology and risk management. The videos are concise, clear and professionally made with animations. There are also MT4 training videos.

Forex education course

This free course is divided into two:

First Steps: This course is designed strictly for beginners. It is made up of 3 modules and 23 videos and webinars. It covers the real basics of forex that any traders needs to know before trading.

Next steps: This is the continuation of the training course. It consists of video lessons and webinars designed for intermediate traders. Perfect for intermediate traders it covers strategy and charting.

Inner Circle: This is a group training program that comes up weekly. It offers opportunity to connect to other traders. The lessons are delivered through webinars.

Trading Experience

“GO Markets designed its services to benefit all traders. The broker provides all the necessary tools needed by most clients in their daily analysis and trading.”

GO Markets is a leading online broker that has over 12 years history in the forex brokerage industry. The broker has made provisions to accommodate every trader level and trading style. For newbies, the broker has forex education courses, training videos and risk free demo account. This will give the beginner a good start. The training continues to advanced level with eBooks, webinars and video lessons. Traders can also copy the trades of experts with the AutoTrade feature provided through myfxbook.

The available MT4 and MT5 platforms are simple, intuitive yet sophisticated enough for advanced capabilities. The platforms support all trading styles and most trading strategies. Expert traders can perform their analysis, scalp, hedge and use a variety of trading systems on the MetaTrader platforms. Auto trading using EAs is also supported. The broker provides platform extension tools to further support the trader in his analysis and trades. Go Markets is a broker that has positioned itself to serve every trader irrespective of his experience, expertise and trading style.

FAQ

Here are some of the “Frequently Asked Questions” about GO Markets:

Where is GO Markets based?

GO Markets has its headquarters in Melbourne.

How does GO Markets make money?

GO Markets is a market maker broker that makes money by charging from the spread. The broker also charges commissions.

How do I deposit in GO Markets account?

The payment options accepted are: Bank transfers, Skrill, Neteller, Fasapay, POLi, BPay, Mastercard and Visa card.

What is the min. deposit for GO Markets?

The minimum deposit is $200 for the standard account.

What is the maximum leverage in GO Markets?

The maximum leverage is 1:500 for all account types.

How do I open an account with GO Markets?

Click on the ‘Open a live account’ button located at the top left side of every webpage on the website.

Does GO Markets use MetaTrader?

Yes, both the MT4 and MT5 trading platforms are available.

Conclusion

GO Markets asserts that it is one of the first brokers to introduce MT4 to Australia. Since 2006, the broker has maintained consistent growth to become one of Australia’s leading brokers. Both the MT4 and MT5 platforms offered are perfect for analysis, manual and auto trading, strategy development and all trading styles. The tools provided to traders are invaluable for a sound trading experience. With the combination of Autochartist, trading central analysis and MT4 genesis, GO Markets can be used by traders to trade forex and CFD assets efficiently and with all the tools they need.

Below are some of the advantages of trading with GO Markets:
Access to trade over 250 trading instruments.
Sophisticated platforms that support trading systems, auto trading and all trading styles.
Low spreads starting from 0.0 pips.
Availability of advanced tools like Autochartist, MT4 Genesis and ‘Trading Central’ services.
Quality training courses are provided for new traders at no cost.

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