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Go Markets Broker Review

By Jeffrey Cammack Created: Sunday, April 21st, 2019 Updated: Tuesday, May 21st, 2019
Average Score

3/5

Min. Deposit $200
Max. Leverage 500:1
Min. Spread 0.2 pips
Regulators ASIC
Regulator Origin ASIC
Broker Type ECN

Summary

GO Markets, the first MetaTrader Australian broker, has a reputation for being a technical innovator, yet preserves a traditional operation at their core. With variable, tight spreads, GO Markets impresses with transparency, integrity, technology, client approach, and ASIC regulation.

The two account options at GO Markets suit both the beginner and the experienced trader, with Forex education courses, as well as a full set of tools to deliver trading recommendations to clients. GO Markets works hard to keep low-latency trading, reliable customer service and stable platforms at the core of their offering.

Reviews

Trust Rating
Trading Conditions
Trading Platforms
Deposit & Withdrawal
Bonuses $100 Refer A Friend Bonus
Beginner Friendly Good
About our review process

Trading Conditions

Minimum deposit $200
Base currencies AUD, USD, GBP, EUR, NZD, SGD, CHF, CAD, HKD
Number of FX Pairs 50+
Hedging Allowed Yes
Scalping Yes
Swap-Free Accounts No

Average Spreads

EUR / USD 0.2
GBP / USD 0.5
USD / JPY 0.2

Company Details

Company name GO Markets Pty Ltd
Founded 2006
Website Visit site
Type ECN
Regulators ASIC
Office locations Australia, Hong Kong, London, Taipei

Deposit & Withdrawal Methods

Supported Platforms for Go Markets

Go Markets Broker Detailed Review

GoMarkets Main Features

Is GO Markets Safe?

GO Markets is regulated by ASIC (license: 254963) and have been since 10/03/2004. With offices in Melbourne, London, Taipei, and Hong Kong, GO Markets has a physical presence in most global financial centres.

GO Markets for Beginners

GO Markets has a reasonable selection of basic education material, but other ASIC-regulated ECN brokers have better education sections and better-structured courses. A common theme in the GO Markets education section seems to be that registration is required to unlock the complete set of information.

Education Material

GO Markets publishes downloadable handbooks, a structured Forex course, educational videos, and technical instructional videos to assist with the MetaTrader software.

There are two downloadable handbooks, the first of which is a free 16-page download without registration required. The Forex ebook covers the basic language of Forex trading, how to read charts, and trader psychology. The advanced Forex ebook requires registration.

The handbooks seem to fit together with 3rd party videos about trading strategies. A select few are unlocked for all clients to watch, and the remaining videos require account registration to continue.

A two-part structured Forex course in the form a webinar is free for all clients and only requires that you sign up to hold a seat as this is held in an online classroom. The first course teaches clients about the forex market, and the two main parts of a Forex trade; trade entry and exit.

The second video classroom course covers technical analysis and how to read charts and the technical indicators that are used to understand the data, developing a profitable trading system, and advanced order types.

The 18 technical MT4/MT5 videos help traders with everything from setting up charts and layout on the platform, to placing the first trade on the market.

Analysis Material

GO Markets publishes news and analysis on their website regularly. Topics cover the more general weekly review articles and more detailed analysis of major news events. These articles are available for all clients to read, even if they have not yet signed up.

Customer Support

Support is open 24/5 which is in line with the Forex trading week. Contact with Go Markets is available via phone and email.

Trading conditions

Clients can also trade shares CFDs, indices CFDs, commodity CFDs and Cryptocurrency CFDs in addition to Forex CFDs. With the addition of shares CFDs, the total number of tradable products at GO Markets is 250+.

Account Types

All funds in client accounts at GO Markets are kept segregated from the business funds as is required by ASIC regulation that governs GO Markets. All client deposits are placed in accounts at National Bank Australia which is a well-recognised top-tier Australian banking institution.

Account funds can be kept in AUD, CAD, CHF, EUR, GBP, HKD, NZD, SGD, USD, and ZAR.

GO Markets has two separate live accounts in addition to the demo account. All live accounts have the same commitment from customer service, up to 500:1 leverage, hedging and scaling allowed, both MT4 & MT5 platform choices and EAs available. There are little differences between the two accounts, which differ in how GO Markets takes their administration fee.

Standard Account

The standard account has spreads from 1.0 pips and requires a smaller minimum deposit of $200 to open this account. The standard account is the commission-free account option created with the beginner in mind.

Plus+ Account

The plus+ account is created with the professional trader in mind with a dedicated account manager and a $500 minimum deposit. While the commissions on the trade are A$3 per standard lot per side, the spreads are raw and taken from a deep liquidity pool and can be as tight as 0.0 pips.

Cryptocurrency CFDs

GO Markets is new to cryptocurrency CFDs and is taking a cautious approach in adding more. The maximum trade size is five lots, and a 20% margin is required on all trades. At time or writing the following cryptocurrency pairs are available.

  • BTCUSD
  • ETHUSD
  • LTCUSD
  • BCHUSD
  • XRPUSD

Spreads and Commissions

The spreads vary between the account you have. Raw spreads are as low as 0.0 pips on the Plus+ account, which the Standard account has spreads from 1.0 pips.

A commission of A$ 3.00 is charged on both sides for all trades on the Plus+ account in exchange for tighter spreads.

Deposit & Withdrawal Fees

Make deposits with credit cards, BPay, bank-to-bank transfer, and e-wallets like Skrill and Neteller.

GO Markets does not directly charge for deposits or withdrawal, but the funding companies may charge fees. There are no fees charged by GO Markets on deposits made by credit cards and no fees if you are transferring from an AUD bank account in Australia.

Trading Platforms

GO Markets is a MetaTrader broker, supporting all versions of the MT4 and MT5 platforms including mobile and tablet applications for your Android or IOS device, and the WebTrader version of the same software.

GO Markets was the first Australian broker to start using the MetaTrader suite of tools, and in 2017 they were recognised as the Best Forex Platform Australia at the FX & Broker Awards hosted by the Global Market Financial Review.

While MetaTrader is the industry favourite because it offers fast execution, advanced charting, expert advisors and VPS options, GO Markets supports an additional add-on called MT4/MT5 Genesis. This add-on installs an extra set of trading tools that enhance specific features that already exist on the platform.

One of the favourite features is a more advanced order management system that gives traders the ability to multi-task more by keeping the trades active on the screen while doing other tasks. Trading from the terminal view is also possible.

WIthout the Genesis add-on, the trading alert system is hidden. With the Genesis add-on, the trading opportunities are presented in a way that clients are alerted to them, while at the same time making a more complete range of EAs available for more efficient management of automated trading.

Trading Tools

In addition to the trading platforms that GO Markets offers clients, they provide additional trading tools that include Autochartist, Myfxbook, Trading Central. These tools collectively highlight trading opportunities using fundamental and technical analysis and do so in their unique way.

Autochartist is a powerful tool for detecting chart patterns by watching key support and resistance levels. This automated process of doing technical analysis simplifies chart analysis for beginners and opens up technical trading the opportunity to profit from price action changes.

Myfxbook is a cross-broker copy trading tool for all levels of traders. This trading tool is similar to using EAs but different in that it is not following an algorithmic pattern and other individual traders instead.

Trading Central is a selection of trading analysis reports, which are prepared by industry analysts, as well as technical analysis that is delivered with the supporting data and the strategy suggested.

A private VPS service for MT4 & MT5 is available to traders. The service fee of A$30 will be charged for the service, but the fee will be waived should the client trade a minimum of 5 FX lots.

Mobile Trading Apps

GO Markets supports the mobile version of MT4 and MT5.  These platforms integrate with the broker in the same way as the desktop versions of the software do, so all trading activity synced.  Trading apps have the advantage of giving clients the ability to make trading decisions when away from a computer.

GO Markets Risk Statement

According to regulation, brokers are required to be transparent with Forex traders about their the complexity of financial products and also disclose the extent to which traders can lose their money.  GO Markets wants you to know:  Trading Forex and Derivatives carries a high level of risk, including the risk of losing substantially more than your initial investment. Also, you do not own or have any rights to the underlying assets. The effect of leverage is that both gains and losses are magnified. You should only trade if you can afford to carry these risks. Trading Derivatives may not be suitable for all type of investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary.

Overall

If you want to use the MetaTrader platform with a long-standing traditional broker proud of their ASIC regulation, then GO Markets would be a good choice. It is a no-frills brokerage, but that is deliberate.

WIth two simple account options with reasonable fees and spreads, along with a strong set of free tools to help clients find news trading opportunities, this account can satisfy both beginner and experienced traders.

Compare Brokers

Go Markets Pepperstone IC Markets FP Markets
Funding Visa, Mastercard, Bankwire, POLi, Fasapay, Neteller, Skrill, BPay Mastercard, Visa, UnionPay, Skrill, Paypal, Bank Transfer Mastercard, Visa, UnionPay, Neteller, Skrill, Paypal, Bank Transfer Visa, Mastercard, Bankwire, POLi, Fasapay, Neteller, Skrill, PaySec, BPay
Regulated ASIC ASIC ASIC ASIC
Broker Type ECN ECN/STP True ECN Pure ECN
Currency Pairs 50+ 80+ 60 50+
Minimum Spread 0.2 0 0.1 0.1
Minimum Deposit $200 $100 $200 $100
Max Leverage 500:1 500:1 200:1 500:1
Visit Website Visit Go Markets Visit Pepperstone Visit IC Markets Visit FP Markets
Expert Review Read review Read review Read review Read review

Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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