GO Markets Review
Established in 2006, GO Markets is a premier online forex and CFDs trading platform that is based in Melbourne, Australia. Owned by GO Markets Pty Ltd, the broker’s head office is located at Level 22, 600 Bourke St, Melbourne VIC 3000, Australia. GO Markets specializes in offering online trading services for financial assets, such as currency pairs, commodities, market indices, precious metals and cryptocurrencies. The broker is also one of the few rare brokers around the world that also offers binary options trading on the trading platform as well.
GO Markets Video Review
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Regulations
As an Australian based financial services provider, GO Markets is regulated by the Australian Securities and Investments Commission (ASIC) under the AFSL No. 254963. ASIC is one of the most highly regarded financial services regulators that is located in the southern hemisphere. Set up by the Australian Government in 1998, ASIC’s regulatory responsibility includes ensuring consumer rights are well protected, corporate governance and oversight over the financial and insurance industries.
Reliability
GO Markets is a reliable broker as they operate under strict regulatory requirements imposed by ASIC. One of these requirements includes having segregated accounts for their clients’ funds. In addition, GO Markets is required to maintain sufficient liquidity at all times to meet its contractual obligations. In other words, traders at Go Markets can be assured of having their trading needs met in a safe and secure trading environment.
Trading Platforms
For trading platforms, GO Markets offers traders the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading platforms. The former is the most widely adopted online trading platform in the world. Known for its robustness and reliability, the majority of the brokers in the industry have adopted the MT4 trading platform as the mainstay of their platforms. For the trading community, the MT4 is well-liked due to the wide array of trading tools that can be found on the platform. Apart from the MT4 platform, GO Markets has also provided its traders with the updated MT5 trading platform. Like the MT4, the MT5 trading platform is well equipped with a wide range of trading tools. However, unlike the MT4 which is primarily designed for forex trading, the MT5 was developed to handle other markets such as the stock and commodities markets. Both the MT4 and MT5 trading platforms are also able to handle automated trading.
Apart from having reliable trading platforms, Traders at GO Markets also have access to other sophisticated trading tools such as the Autochartist, MT4 Genesis, VPS, and Myfxbook.
GO Markets Mobile Trading
For traders that wish to trade on the move, GO Markets has also provided traders with the MT4 mobile trading apps for smartphones and mobile devices. These mobile apps are free to download from the Google Play store and Apple App store. With these mobile apps, traders can manage their trading accounts, check the markets and execute trades directly from the palm of their hands.
Trade Types/Instruments
In terms of trade types, GO Markets offers a selection of spot forex, CFDs, and binary options trading. The assets covered by GO Markets consist of currency pairs, commodities, stocks, market indices and cryptocurrencies. There are currently over 50 forex pairs available for trading at Go Markets, 14 market indices, gold & silver, and 5 cryptocurrencies to trade with at GO Markets.
Account Types
With regards to the trading account types, GO Markets offers 2 types of trading accounts, a Standard trading account, and a GO Markets Plus+ account. The standard account is for traders who want to commission free trading and fast execution. The GO Markets Plus+ trading account is geared towards traders who trade in larger volumes and are concerned about lower costs. The minimum deposit required to open a standard trading account is AUS$200 and AUD$500 for a GO Plus+ account . Both types of trading accounts offer leverage up to 1:500. The main difference is the fact that traders trading on the GO Markets Plus+ account are required to pay AUD$3.00 on each side of the trade to receive raw spreads.
Commissions & Spreads
GO Markets derives its revenue from charging traders a mix of spreads and commission on the trades that traders make on the broker’s trading platforms. As mentioned earlier, the commission charged by GO Markets is AUD$3.00 on the GO Plus+ account. As for the spreads enjoyed by traders at GO Markets, the table below shows the average spreads for some of the frequently traded assets.
Instrument Spreads (in pips)
AUD/USD
0.3
EUR/GBP
0.7
EUR/USD
0.2
GBP/USD
0.5
NZD/USD
0.4
USD/CAD
0.7
USD/CHF
0.8
USD/JPY
0.2
FTSE100
4
DAX30
5
Deposits & Withdrawals Options
As GO Markets’ trading accounts are available in different currencies such as AUD, USD, EUR, GBP, NZD, CAD, SGD, CHF, HKD, they have provided their traders with a variety of deposit methods. The most convenient method is depositing with your credit card or debit card. They also support 3rd party payment processors such as Skill and Neteller.
Bonus & Promotions
For bonuses and trading promotions, there are several types of promotional offers given by GO Markets. These include the “Refer a friend” bonus of $100 for every successful referral and a 10% trading credit bonus.
Customer Support
As for customer support, the support services are accessible through email, live chat or the telephone. For beginner traders, GO Markets has also provided a comprehensive educational trading center for them to beef up their trading knowledge. The materials that can be found in the educational center include video on demand, ebooks, and MT4 video tutorials. There are also webinars which you can attend to learn more about online trading.
Pros and Cons
Pros
ASIC Regulated Broker
Binary options trading supported
Choices of 2 trading accounts
Low spreads
Reliable trading platforms
Cons
Limited selection of trading assets
GO Markets Q&A
Yes, GO Markets is an ASIC regulated broker.
Where is GO Markets based?
GO Markets is based in Australia, Its head office is located in Melbourne.
How does GO Markets make money?
GO Markets earns its money by charging its clients a small spread and commission on the trade that they executed.
How do I deposit in GO Markets account?
Deposits into a GO Markets trading account can be done through credit cards, bank wire transfer, and e-wallets.
How do I withdraw money from GO Markets?
Withdrawals at GO Markets can be initiated through credit cards, eWallets and bank wire transfer.
How do I open an account with GO Markets?
The opening of a trading account at GO Markets is done by filling up a registration form and submitting it with all the required details and documentation.
Yes, GO Markets is a reliable broker that is regulated by ASIC. The broker follows the industry best practices.
Does GO Markets use MetaTrader?
Yes, GO Markets uses the MetaTrader 4 and MetaTrader 5 trading platforms.
What is GO Markets leverage?
The maximum leverage offered by GO Markets is 1:500.
No, GO Markets is not a scam. It has been operational since 2006.
GO Markets is a safe broker as it operates under the watchful eyes of ASIC.
Conclusion
GO Markets is one of the few handfuls of brokers is Australia that utilizes the Currenex trading tech to provide their traders with more liquidity. With this advanced trading infrastructure, GO Markets’ traders can enjoy the excellent trading speed and competitive spreads. If you are in the market for a reputable broker that can provide excellent trading services, the GO Markets could be the broker for you.
