Go Markets review

On-line since: 2006
Country of origin: Australia
Regulation: ASIC
Payment options: bank transfer, credit cards, electronic payment systems
Minimum account size: $200
Minimum lot size: 0.01 lot
Leverage: up to 1:500
Spreads: on average 1.5 pips on EUR/USD

About the company:

GO Markets is an Australian Forex broker founded in 2006. GO Markets offers trading various asset classes, including currencies, stocks, indices, and commodities.

Company history

GO Markets is the trade name of GO Markets Pty Ltd registered in Australia (AFSL 254963).

There was also a broker called GO Markets UK which previously worked in the UK under a licence agreement with Australian GO IP Pty Ltd. However, GO Markets UK is now operating under the Infinox brand. We have found no evidence that Infinox and GO Markets are related to each other.

There is few information about the history of GO Markets. At the same time, the Australian company's trading terms are described in detail.

Security of funds

GO Markets is licensed by the only regulator in Australia. ASIC controls the activities of all Australian enterprises and companies, as well as the whole financial market. The regulator is permitted to audit all types of money transfers - commercial, investment, and social. ASIC has repeatedly exposed unfair brokers. The regulator can impose fines or even a lifetime ban on the broker's financial activities. Nevertheless, the level of confidence in ASIC among investors is low. There are three probable worst scenarios: the regulator will not return money to traders; it will not have enough time to take the funds from fraudsters; last but not least, ASIC will not prevent fraud. Therefore, if you are going to invest large sums, we recommend you pay attention to brokers who work under the control of stricter regulators such as CySEC.

Trading conditions

GO Markets provides traders with Standard and Go Plus accounts. The main difference between these accounts is the size of the spread and deposit. Along with many popular brokers, the company offers to trade with and without a commission.

Minimum deposit

The minimum deposit is $200 on a Standard account. Traders who want to open a Go Plus account will have to deposit $500.

Spreads and commissions

GO Markets takes a commission from the spread which is the difference between the bid and ask prices for a particular instrument.

On its website, GO Markets indicates the minimum spreads. For example, the spread for the popular EUR/USD pair is 0.1 pip.

The company charges a commission of $3 per lot.

If you are interested in trading on a Standard account without a commission, spreads start from 1 pip.

Leverage

Leverage on both accounts is up to 1:500. Such a leverage size will certainly help you multiply your deposit when trading properly. However, if trading goes wrong, you are likely to lose everything. That is why, in order to protect customers' investments, many regulators limit their supervised brokers in the leverage size. For example, up to 1:50. As practice shows, traders often lose than earn when they resort to leverage. So, you should be cautious using it wisely.

Trading platforms

GO Markets is one of the few brokers who offer both MetaTrader4 and MetaTrader5 trading platforms. These are the two most well-known platforms in the world from MetaQuotes Software Corp. MT5, the latest version of the platform, is designed to replace MT4. In order to attract MT5 customers, MetaQuotes has announced that the old version will no longer receive updates. However, MT5 still cannot compete with the previous version due to the impossibility to transfer a large number of advisors from MT4 to MT5.

Now let's consider the main features of each platform.

MetaTrader4

• Access to over 250 trading instruments
• Trading currencies, indices, and commodities
• Advisors
• Built-in indicators for analyzing market movement
• Mobile trading systems

MetaTrader5

• Over 250 built-in indicators
• One Click Trading
• All types of orders
• Over 80 technical analysis tools
• Timely market quotes
• Separate order and deal accounting system

GO Markets allows trading advisors, hedging, and scalping. In addition, the broker provides free VPS service for MT4 and MT5 to clients with a minimum traded volume of $1 million a month. Other traders are charged with a commission of $10 per month.

Additional services

The broker offers social trading from Myfxbook where investors can successfully copy the trades of others. Myfxbook also provides its users with a wide range of economic statistics and analysis.

Moreover, Go Markets holds online seminars in Chinese.

Support service

GO Markets specialists can speak different languages, including English, Polish, Portuguese, Vietnamese, Korean, Thai, Chinese, Spanish, and Italian.

Traders can contact the customer service via phone, email, or a feedback form. However, the broker does not provide support through modern instant messengers or the world's most popular Skype application.

Payment methods

Customers can deposit funds through FasaPay, Neteller, POLi, BPay, Skrill, bank transfer, as well as Visa or MasterCard credit cards.

Feedback from traders

Traders appreciate favorable swaps and spreads. At the same time, when approaching the leverage limit, they had some problems with replenishment. Besides, clients complain that the broker is not appropriate for scalping.

Advantages:

• more than 10 years of market experience;
• MT4 and MT5;
• social trading;
• wide range of payment methods.

Disadvantages:

• high deposit;
• little choice of currency pairs for trading.