In the ever-evolving landscape of online trading, GO Markets, an award-winning Australian forex broker and CFD provider, has been making waves. This 2023 review aims to provide a comprehensive overview of GO Markets, from its inception and offerings to its pros and cons. Whether you're a seasoned trader or a novice looking to dive into the world of trading, this article will help you determine if GO Markets is the right fit for you.
GO Markets Overview:
Established in 2006, GO Markets has the distinction of being one of Australia's pioneering MetaTrader 4 (MT4) forex brokers. Over the years, it has continually expanded its service offerings, now encompassing MetaTrader 5 (MT5), WebTrader, and mobile trading. The company is headquartered in Australia and is regulated by the Australian Securities and Investment Commission (ASIC). In recent years, it has extended its reach, with offices in London, Taipei, and Hong Kong. Notably, in 2020, GO Markets acquired a license to operate in the Middle East and Northern Africa region, establishing its presence as GO Markets MENA DMCC in Dubai, UAE.
GO Markets has garnered numerous accolades over its 15-year journey, including top rankings in categories such as Education Materials/Programs, Value for Money, Spreads, Trading Ideas & Strategies, and Margin Requirements. These accolades were awarded by Investment Trends, solidifying the broker's position as a trusted choice among traders.
With the commitment to customer satisfaction, GO Markets provides 24/5 customer support and boasts competitive features such as spreads from 0.0 pips and zero deposit fees. These attributes have made it a favored choice for novice traders seeking reliability and seasoned professionals in search of quality services.
GO Markets offers a versatile selection of trading platforms, catering to a diverse range of trader preferences. The key platforms include:
MetaTrader 4 (MT4)
MetaTrader 4 is a multi-featured terminal that has garnered popularity among forex traders for its user-friendly interface and rich array of features. Some key highlights of MT4 include:
- Access to trade forex, indices, and commodities
- A broad spectrum of over 600 trading instruments
- Support for instant and pending order types
- Automated trading features
- 25+ analysis indicators
- Customizable layout
- Real-time pricing
- Secure login
- VPS support
MT4 is known for its versatility, making it suitable for both beginners and experienced traders.
MetaTrader 5 (MT5)
MetaTrader 5 is the more advanced sibling of MT4, designed to cater to traders seeking superior tools. MT5 boasts features like:
- Four types of order execution and six types of pending orders
- Over 80 technical analysis indicators and objects
- Access to Expert Advisors (EAs)
- Hedging and netting options
- One-click trading
- VPS support
Please note that platform availability varies by location, with MT5 not accessible to UK-based clients through GO Markets.
For traders seeking accessibility and convenience, GO Markets offers the WebTrader platform. This web-based terminal provides all the features found in MT4 and MT5, accessible directly from a web browser without the need for app or browser extensions. This option caters to clients and beginners looking for an easily accessible platform that works on Windows, Mac, and Linux operating systems.
How to Place a Trade
Placing a trade with GO Markets is a straightforward process. Follow these steps:
- Click on 'trading' from the left-hand menu and select 'create order.'
- Enter the order details, including your account number, buy or sell, the security name or ticker, trade size, order type, limit price, and validity.
- Confirm the order.
For those interested in social trading and copy trading, GO Markets offers access to Myfxbook AutoTrade. This global copy platform and social trading community connects seamlessly with GO Markets Standard trading accounts. Key features include:
- Copying pre-approved investors with a track record of successful trades
- Accessing analyses and statistics
- Easy control over auto-copied trades
Traders can register for a Myfxbook account after receiving their MT4/MT5 login details.
GO Markets extends its offerings beyond forex and CFDs with TradeCentre by FinClear. This web-based and mobile platform enables users to trade shares, manage accounts, check market data, and stay informed about upcoming floats and dividends. The platform also provides useful tools like watchlists and heat maps. Advanced traders can explore the Pro version for additional features.
Diverse Asset Classes
GO Markets empowers traders with the ability to engage in over 600 products across six primary asset classes, which include:
- Index CFDs, featuring 13 Cash CFDs and 2 Futures CFDs
- Commodities, including crude oil and gas, tradable in spot and futures markets
- Share CFDs, with access to over 200 ASX shares and 80+ NYSE and NASDAQ equities
- Currencies, encompassing 50+ major, minor, and exotic currency pairs
- Precious metals, providing opportunities to invest in gold and silver CFDs
- Cryptocurrencies, featuring Bitcoin, Bitcoin Cash, Ethereum, Ripple, and Litecoin
Please note that cryptocurrency trading availability is limited to certain markets, and binary options are not offered at GO Markets, even on demo accounts.
Competitive Spreads and Fees
GO Markets boasts competitive spreads, ranging from 0.0 to 12.2 pips on major and minor forex pairs. The minimum spreads on indices start at 0.1 points. Gold, silver, and crude oil spreads are variable, with real-time pricing available on the broker's main page. Additionally, commissions are applicable only to the GO Plus+ account, with a rate of A$3.00 per side on a standard lot.
GO Markets offers flexible leverage options, with leverage ratios of up to 1:500 for forex pairs, up to 1:20 for share CFDs, and up to 1:100 for indices. The default leverage rate for all client accounts is 1:100, with the ability to adjust this ratio based on account balance. Leverage limits also vary depending on local regulations and market.
For traders on the move, GO Markets provides the MetaTrader mobile app for both iOS and Android smartphones. This allows users to engage in 24/7 trading, ensuring access to the same features available on the desktop platform, including quotes, trades, and charts. The mobile applications can be conveniently downloaded from Google Play or the App Store.
Payment Methods: Deposits and Withdrawals
GO Markets offers a range of deposit options in various base currencies for account funding. Deposit options include:
- Bank wire transfer
- Mastercard & Visa
The broker does not charge deposit fees for these methods. Deposits are processed instantly, except for bank wire transfer and Checkout.com, which may take up to three days. It's worth noting that international banking institutions may impose intermediary transfer fees and conversion charges.
Withdrawals are processed using the initial funding source and can be submitted through the secure online client portal. The duration for funds to appear in your account depends on the payment provider, with card and wire transfers typically taking two to five days. Some banks may charge withdrawal fees, especially for small amounts.
GO Markets offers an extensive demo account for those who wish to practice trading. The demo account encompasses over 350 CFDs, real-time spreads, leverage up to 1:500, more than 80 technical analysis tools, and 24/5 multilingual client support. Clients receive $50,000 in virtual funds to practice trading on MT4 and MT5, whether on portable devices or desktops. Setting up a paper trading account is hassle-free and can be done through an online form on the broker's website.
Deals & Promotions
GO Markets is currently running a 30% trading credit cash rebate promotion, applicable to live trading accounts with deposits ranging from $500 to $25,000 or the currency equivalent. For information on future GO Markets bonuses and promotions, you can refer to their official website and social media channels.
Regulation & Reputation
GO Markets is a regulated and licensed broker, adhering to the following authorities:
- Financial Services Commission (FSC) of Mauritius as an Investment Dealer (Discount Broker)
- Australian Securities and Investments Commission (ASIC)
- Cyprus Securities and Exchange Commission (CySEC)
The broker prioritizes the safety of user funds by holding them in separate client trust accounts at top-tier AA-rated Australian banks. These include National Australia Bank and Commonwealth Bank.
GO Markets offers an array of supplementary trading and educational tools, catering to traders of all levels. These include:
- a-Quant Daily Trading Strategies, featuring trading signals based on machine learning and artificial intelligence
- Trading Central, providing enhanced trade insights with analyst support, pattern recognition indicators, and more
- PAMM platform, allowing users to invest with experienced money managers and share in profits
- Autochartist, delivering real-time trading alerts and volatility analysis for MT4 and MT5 (Windows only)
- Education Center, offering the Forex Smart Guide, video tutorials, courses, webinars, and seminars
- MT4 and MT5 Genesis, featuring advanced add-ons for the MetaTrader platform (Windows only)
- Virtual Private Servers (VPS), providing fast-access servers for MT4 and MT5
- News, including podcasts, economic calendars, and more
GO Markets offers three main account types:
The Standard account operates on a spread-based model with no commission fees. It offers spreads starting from 1.0 pips, a minimum trade size of 0.01 lots, and leverage up to 1:500. This account type also includes essential features such as 24/5 support, a dedicated account manager, free VPS, access to Expert Advisors (EAs), and support for scalping.
GO Plus+ Account
The GO Plus+ Account, on the other hand, operates as an ECN-style account, offering the same features as the Standard account but with ultra-low spreads starting from 0.0 pips. GO Plus+ accounts do come with a commission of A$3.00 per side.
The Professional account is available to sophisticated and high-net-worth investors, with eligibility criteria that may be challenging for many retail traders to meet. The criteria are as follows:
For Sophisticated Investors:
- Employment or experience in the financial sector
- Formal qualifications relevant to trading
- Demonstrable product knowledge (75% pass mark)
- At least 20 trades with A$500,000 quarterly investment value
- 50 opened positions over the last 12 months with a value of A$25,000 each
- Savings and investments exceeding A$500,000
- Gross annual income over A$100,000
For High-Net-Worth Investors:
- Gross income of at least A$250,000 for each of the past two years
- Minimum net assets of A$2.5 million
Professional accounts offer lower leverage requirements, high-volume trade rebates, a dedicated support desk, professional reports, and A$100,000 negative balance protection.
GO Markets offers trading hours that cater to the global market, with forex trading available from 00:00 to 24:00 (GMT+3) every Monday through Friday. Trading hours for stocks, indices, and cryptocurrencies may vary based on the exchanges and market conditions. To stay updated on any holiday schedules, you can refer to the schedule available on the broker's website.
GO Markets takes customer support seriously, offering multilingual support that's accessible 24/5. You can reach out via email or phone, with contact numbers available for various regions, including Cyprus, the United Kingdom, Australia, and international locations. For convenient and quick support, the broker also provides a download option for Quick Support, compatible with most operating systems.
Secure and Trustworthy
GO Markets adheres to data protection laws under the Australian Privacy Act 1988 and the European Union General Data Protection Regulation (GDPR). The broker ensures the highest security standards for data exchange between the client terminal and platform servers, with the option of implementing two-factor authentication for added security.
Pros and Cons
Pros of GO Markets:
- Cash rebates
- No inactivity fees
- Copy trading service
- High leverage options, including up to 1:500
- No commission for Standard accounts
- Low minimum lot size of 0.01 and zero spreads
- Award-winning customer service available 24/5
- Access to trading signals and market insights
- MetaTrader 4 and MetaTrader 5 platforms
- Strong regulatory oversight, including CySEC
- Third-party analysis tools from Autochartist and Trading Central
Cons of GO Markets:
- Limited availability in multiple countries, including the United States
- Only two account types
- Minimum deposit requirement of A$200
- No provision for Islamic accounts
- No support for crypto deposits
GO Markets' consistent commitment to customer satisfaction, its award-winning support, and a plethora of trading tools have cemented its reputation in the online forex industry. The accessibility of both MT4 and MT5 platforms makes it a suitable choice for traders at all experience levels. The combination of tight spreads and competitive commission fees adds to its allure for those seeking efficient asset trading.
GOMARKETS Broker Details
Disclaimer: - We at forexoverflow do not endorse neither refer anyone to trading broker websites. The information is for educational purpose and source of information is from the broker website.