GO Markets Full Review

GO Markets Full Review

GO Markets Full Review
ISIN: Country: Australia Category: FOREX
  • Pros Regulated by CySEC and FSC, negative balance protection, 15 years of experience, investor protection amount, CFD and forex trading, crypto trading, swap-free account option, various base currencies available, low commissions, low spreads, no deposit or withdrawal fees, available on MT4 and MT5 trading platforms, good research tools, helpful customer support, and good educational materials.
  • Cons Not regulated by FCA, no ETF and bonds trading, no real stocks trading, high minimum deposit, no transfers using PayPal, and no 24/7 support.

Our Rating

The overall rating is based on review by our experts

5
  • Safety 5 / 10
  • Offering of Investments 5 / 10
  • Account Opening 5 / 10
  • Fees and Commissions 5 / 10
  • Deposit and Withdrawal 5 / 10
  • Platforms and Languages 5 / 10
  • Research Tools 5 / 10
  • Customer Service 5 / 10
  • Education 5 / 10
  • FAQs 5 / 10

GO Markets is one of the oldest and best brokers to trade forex and CFDs as well as metals and commodities. It has a long history since 2006 and has survived from a lot of financial disasters since then.

Disclaimer: CFDs have a high risk of losing money rapidly. About 80% of retail investor accounts lose money due to leverage when trading CFDs with this provider. Please note that CFDs are not complying with the islamic religion. And if you want to trade in CFDs you should consider a swap-free account to follow islamic rules.

Learn more about CFDs for muslims.

GO Markets Full Review - Key Statistics

Safety

Pros

Cons

  • Regulated by CySEC, ASIC, and FSC
  • Negative balance protection
  • 15 years of experience
  • Has an investor protection amount
  • Not regulated by top-tier FCA

Is GO Markets regulated?

The GO Markets broker is regulated by three financial authorities:

  • ASIC: Australian Securities and Investments Commission
  • CySEC: Cyprus Securities and Exchange Commission
  • FSC: Financial Services Commission of Mauritius

 

On the other hand, GO Markets is not regulated by the top-tier FCA.

Is GO Markets a scam?

GO Markets safety is divided into 2 parts, the safety of the broker itself, and the safety of the client.

Broker safety

GO Markets has a long tracking record since 2006 and has survived from different financial problems up-till-now. It’s also regulated by top regulators in Australia and Cyprus.

Client protection

GO Markets does offer a negative balance protection up to $100,000 for its clients.

Offering of Investments

Pros

Cons

  • CFD and forex trading
  • Metals and commodities trading
  • Cryptocurrency trading
  • +350 trading instruments
  • No ETF, bonds, futures, or options trading
  • No real stocks trading

GO Markets does offer a number of trading instruments like forex, CFDs, metals, and commodities. It also allows cryptocurrency trading as well.

On the other hand, there’s no ETF, real stocks, or bonds trading.

Disclaimer: CFDs have a high risk of losing money rapidly. About 80% of retail investor accounts lose money due to leverage when trading CFDs with this provider. Please note that CFDs are not complying with the islamic religion. And if you want to trade in CFDs you should consider a swap-free account to follow islamic rules.

Learn more about CFDs for muslims.

GO Markets Offering of Investments

 

GO Markets

Currency Pairs

50

Share CFDs

200

Indices

12

Metals

2

Commodities

6

Bond CFDs

No

Real stocks

No

ETFs

No

Cryptocurrencies

6

Note:

Please note that some of the trading options may depend on your account type and / or your country of residence according to the governmental rules.

Account Opening

Pros

Cons

  • 2 account types
  • Swap-free account option
  • Demo account option
  • Various base currencies options
  • High minimum deposit

Countries available

GO Markets is available in a number of countries except some countries like the USA, Japan, Belgium, Canada, New Zealand, Turkey, and Vietnam.

Account types

GO Markets offers 2 account types for its clients, the standard account and the GO Plus account.

GO Markets - Account comparison

 

Standard

GO Plus

Spread

From 1.0 pips

From 0.0 pips

Commissions

$0 per side

$3 per side

base currency

AUD, USD, EUR, GBP, NZD, CAD, SGD, CHF, HKD

AUD, USD, EUR, GBP, NZD, CAD, SGD, CHF, HKD

Min Deposit

$200

$200

There’s another option to open a swap-free account to trade without any overnight fees.

GO Markets also provides a demo account with 0 fees if you want to experience the trading platform with no risk.

Min deposit

The minimum deposit is $200 for both standard and GO Plus accounts.

GO Markets Accounts

How to open an account

You can open a GO Markets account in minutes through these steps:

  1. Enter your name, email, phone number, and country of residence.
  2. Enter some personal information like your city and profession.
  3. Choose the account type, platform, and base currency.
  4. Add your trading preferences.
  5. Provide a proof of your identity and the country of residence.
  6. Fund your account and start trading.

GO Markets - Account opening

Note:

If you face any problem while opening your account, you can send an email to newaccounts@gomarkets.com with your problem.

Fees and Commissions

Pros

Cons

  • No commissions on standard account
  • Low spreads from 1.0 pips
  • Low non-trading fees
  • High Australia share CFDs fees

Commissions

The commissions differs from an account type to another as the following:

  • Standard account: $0 per side
  • GO Plus account: $3 per side

Trading Fees

Forex fees

The average EUR/USD spreads is 0.2 pips.

GO Markets - Major Forex Spreads

Share CFDs

GO Markets allow share CFDs trading in both the USA and Australia.

  • For the USA shares, market fees is $0.0
  • For Australia shares, market fees is $22

There are also commissions depending on the market you choose.

GO Markets - Share CFDs

Indices

The margin rates of indices range between %5 and %10.

GO Markets - Indices

Disclaimer: CFDs have a high risk of losing money rapidly. About 80% of retail investor accounts lose money due to leverage when trading CFDs with this provider. Please note that CFDs are not complying with the islamic religion. And if you want to trade in CFDs you should consider a swap-free account to follow islamic rules.

Learn more about CFDs for muslims.

Cryptocurrencies

GO Markets has a variable crypto currency spreads depending on the market prices and conditions.

Commodity fees

Commodities have no constant spreads as they have variable spreads according to the market prices, conditions, etc.

GO Markets - Commodities

Non-trading fees

  • Account fee: $0
  • Deposit fee: $0
  • Withdrawal fees: $0

(you can check the full withdrawal fees in withdrawal fees section)

  • Inactivity fee: $0

Deposit and Withdrawal

Pros

Cons

  • Various deposit and withdrawal methods
  • No deposit fees
  • No withdrawal fees
  • No deposit or withdrawal using PayPal

Account Currencies

The GO Markets account has a number of base currencies like AUD, USD, EUR, GBP, NZD, CAD, SGD, CHF, and HKD.

Notes:

  • You will not be charged with conversion fees if your account has the same currency with your bank account or when you trade assets with the same currency of your account.
  • If you want to avoid being charged with conversion fees, you can open a multi-currency bank account at a digital bank.

Deposit

1. Options

GO Markets has a number of deposit options:

  • Visa/ Mastercard
  • Netteler
  • PaySafe (formerly Skrill)
  • Bank Transfers

GO Markets deposit methods

 

GO Markets

Credit cards

Yes

Bank Transfers

Yes

Electronic wallet

Yes

2. Fees

GO Markets do not charge any internal deposit fees using Visa/Mastercard, Skrill, Neteller and Bank Transfer.

3. Time

The transfer is instant except for the bank transfers that may take several business days.

Withdrawal

1. Options

GO Markets has an option to withdraw your money using credit cards or bank transfers.

GO Markets withdrawal methods and fees

 

GO Markets

Bank Transfers

Yes

Credit cards

Yes

2. Fees

Go markets does not charge withdrawal fees.

Note:

Please note that funding withdrawals to non-Australian banking institutions may be subject to bank fees from any intermediary bank involved in the transaction and may attract a receiving fee from your bank/institution. Please account for these fees when making withdrawals of a small amount.

3. Time

The withdrawals using credit cards happen within 1 business day, but for the bank transfers, it may take several business days.

Notes:

  • Please note that if a deposit is made via Debit/Credit Card and a subsequent withdrawal request is received, the withdrawal will be processed back to the Debit/Credit Card from which the funds were initially deposited.
  • The maximum amount that can be withdrawn to a Debit/Credit Card is equal to the amount which has been received from the Debit/Credit Card and any withdrawal amount in excess of the deposited amount will be transferred to the nominated bank account held in the same name as your trading account.

Platforms and Languages

GO Markets works on two main platforms which are the MT4 and MT5. So, whatever the platform you use, you can trade with GO Markets. Let’s dig deeper into each one.

MT4 Platform

Pros

Cons

  • Available on Windows / Mac / Web / Android / IOS
  • Order confirmation
  • Customizable charts
  • Available in a number of languages
  • Easy to use
  • Ability to social trade
  • Notifications and price alerts on Desktop and Mobile versions
  • Lacks two-step verification
  • Old desktop design
  • No price alerts in web version

Languages

MetaTrader 4 is available in a number of languages like:

MT4 Languages

Arabic

Bulgarian

Chinese

Croatian

Czech

Danish

Dutch

English

Estonian

Finnish

French

German

Greek

Hebrew

Hindi

Hungarian

Indonesian

Italian

Japanese

Korean

Latvian

Lithuanian

Malay

Mongolian

Persian

Polish

Portuguese

Romanian

Russian

Serbian

Slovak

Slovenian

Spanish

Swedish

Tajik

Thai

Traditional Chinese

Turkish

Ukrainian

Uzbek

Vietnamese

 

User interface (UI)

MT4 has a very customizable UI that you can adjust according to your needs and preferences. On the other hand, it seems hard to find some of the features inside.

MT4 - Mobile Version - UI

Login and Security

Unfortunately, the MT4 does not provide a two-step verification method for logging in, and it does only support a one-step login.

Searching

Searching using the MT4 platform has its pros and cons.

  • Pros: you can search by categories and find assets.
  • Cons: you can not type the name of the asset and search for it manually.

Placing orders

MT4 has a simple order types which are:

  1. Market
  2. Limit
  3. Stop
  4. Trailing stop

In addition to those 4 types, there are other orders which are the time limit ‘Good ‘til time’ (GTT) and ‘Good 'til canceled’ (GTC).

There’s also an order confirmation feature in MT4.

Notifications and alerts

Unfortunately, the MT4 web trading platform does not have an option to set price alerts and notifications unlike the desktop and mobile versions.

MT4 - Mobile Version - Notifications Settings

Portfolio and reports

Under the ‘History’ tab, you can find your portfolio reports with a clear fee description.

MT4 - Mobile Version - Portfolio

MT5 Platform

Pros

Cons

  • Available on Windows / Mac / Web / Android / IOS
  • Order confirmation
  • Customizable charts
  • Available in a number of languages
  • Easy to use
  • Ability to social trade
  • Notifications and price alerts on Desktop and Mobile versions
  • Dark theme option
  • 82 various technical tools
  • possibility to open 100 charts at a time
  • 21 time frames are available for each market safety
  • Lacks two-step verification
  • Old design
  • No hedging option
  • High spreads
  • No order confirmation

Languages

MT5 is available in 7 main languages: English, Russian, Spanish, Portuguese, Bulgarian, Chinese and Italian.

User interface (UI)

MT5 has a very customizable UI that you can adjust according to your needs and preferences with the dark theme option. On the other hand, it seems hard to find some of the features inside.

MT5 - Mobile Version - UI

Login and Security

Unfortunately, the MT5 does not provide a two-step verification method for logging in, and it does only support a one-step login.

Searching

Searching using the MT5 platform has its pros and cons.

  • Pros: you can search by categories and find assets.
  • Cons: you can not type the name of the asset and search for it manually.

MT5 - Mobile Version - Search

Placing orders

MT5 has a simple order types which are:

  1. Market
  2. Limit
  3. Stop
  4. Trailing stop
  5. In addition to those 4 types, there are other orders which are the time limit ‘Good ‘til time’ (GTT) and ‘Good 'til canceled’ (GTC).

There’s also an order confirmation feature in MT5.

Notifications and alerts

Unfortunately, the MT5 web trading platform does not have an option to set price alerts and notifications unlike the desktop and mobile versions.

MT5 - Mobile Version - Notifications Settings

Portfolio and reports

Under the ‘History’ tab, you can find your portfolio reports with a clear fee description.

MT5 - Mobile Version - Portfolio

MT4 and MT5 Platforms Comparison Table

 

MT4

MT5

Markets and Products

Forex, CFDs, and Metals

Forex, CFDs, and Metals

Instruments

42

42

Order Types

4

6

Indicators

60

36

Bot Trading

Yes

Yes

Social Trading

Yes

Yes

Research Tools

Pros

Cons

  • Autochartist
  • Ability to connect to MyfxBook
  • Various research tools
  • Paid tools on MT4 Genesis

Go Markets offers a variety of tools to its traders in order to have the best Trading experience.

Sources

You can access the research tools through the MT4 and MT5 platforms. They’re both having great research tools that can be very helpful for any trader. Also, you can use a variety of tools on MyfxBook application.

Autochartist

This tool is provided by the MT4 platform with the ability to better discover patterns within charts without any effort. Autochartist also scans and monitors the markets on your behalf for trends and patterns to help inform your trading decisions.

Autochartist tool

MT4 Genesis

It is a comprehensive suite of MetaTrader trading tools to enhance the power of your standard MetaTrader platform and works on Forex, Indices & Commodities. MT4 Genesis allows you to better manage your account with the ability to set alerts to never miss an opportunity.

Please note that MT4 Genesis is a paid suite, but you can get it for free if you have a GO Plus account.

Trading Central

You can access some other tools from the ‘Trading Central’ section at the GO Markets website. Those tools are:

  • Insightful Analytics

You can get here technical analysis on every type of trading instruments and help you optimize your strategy

  • Analyst Expertise

This tool combines the invaluable experience of senior analysts in one place and monitors the market with global 24/7 coverage on over 8,000 financial instruments.

  • Trade ideas on the go

This is a newsletter that helps you be updated with the latest news right from your inbox.

  • Pattern Recognition Indicators

This tool helps you find patterns in charts by offering three innovative indicators that represent market psychology and assist with identifying new trade opportunities and potential entry/exit points.

  • Actionable research at your fingertips

This tool combines the award-winning methodologies of Trading Central’s research desks with powerful pattern recognition.

Other tools

There are a punch of other tools that may help you as well like:

  • API Trading: with which you can use bot trading and trade automatically
  • VPS: it helps you trade without being visible to the market with an ability to access the real-time market.
  • Daily Trading Strategies by a-Quant: this tool provides you with trading strategies based on Machine Learning and Artificial Intelligence algorithms.

Customer Service

Pros

Cons

  • Live chat
  • Phone support
  • Email support
  • 24/5 support
  • No 24/7 support

Options

GO Markets supports different customer service options like :

  • Live chat
  • Phone
  • Email

Languages

The languages available for customer service are many with the support of major languages like English, Bahasa, Malay, Vietnamese, Filipino, Thai, Arabic, Spanish, Portuguese, French and Chinese.

Experience

You can get relevant answers as well as fast responses from the customer support from GO Markets experienced team.

Education

Pros

Cons

  • Educational tutorials
  • Various Educational Materials
  • Demo account
  • None

GO Markets has a very organized educational materials with enhanced trading content in a variety of formats like:

  • Courses
  • Videos
  • Handbooks
  • Articles

GO Markets - Education

FAQs

    1. How long does it take to verify my account?
  • It takes about 24 hours to verify your GO Markets account.
    1. Can I open more than one trading account?
  • No, but you can open a joint account that’s accessible by many people.
    1. Does GO Markets allow bot trading?
  • Yes, through API trading.
    1. Does GO Markets give a bonus?
  • You can get up to 30% credit bonus by funding your GO MarketsTrading Account with any amount between $1,000 and $20,000.
    1. Does GO Markets allow scalping?
  • Yes, GO Markets allow scalping and hedging.
    1. Where is my money held?
  • Any payments funded to GO Markets accounts by traders are held in a segregated bank account.
    1. What happens to my funds if the bank which holds my funds goes insolvent?
  • Having any money you deposit with GO Markets means that your funds are safe in a bank that has enough capital to accommodate your withdrawal wishes even if GO Markets goes out of business for some reason.
    1. How do I login using the MT4 mobile platform?
  • Steps:

1. Go to ‘Settings’

2. Click on 'Manage Accounts' or 'Settings'

3. Then click on the small plus sign or select 'New Account'

4. Then select 'Log in to an existing account'

5. Search for the broker name

6. Select the server your account was set up on

7. Enter your login credentials and password

8. Click on 'Sign In'

    1. When will my demo account expire?
  • The GO Markets’ demo account lasts for 30 days.
    1. When trading forex, will you lose more than your initial deposit?
  • MetaTrader 4 is set to automatically close your positions when your margin requirement reaches 100% (stop out level).
  • Please note that this process is automated and is not a guarantee that your account will not enter into a negative equity situation and you should keep a balance amount in your account above your required margin.
    1. Can I login to more than one account from the same computer?
  • Yes, you can do such a thing by using the MT4 Multi Terminal.
    1. Can I login to the same account through different devices?
  • Yes, you can login to the MetaTrader 4 platform using the same password and username through different devices.
    1. Does GO Markets accept payments from third parties?
  • No, as third-party payments and over-the-counter cash payments to GO Markets are prohibited.

Conclusion:

  • Pros: regulated by CySEC, negative balance protection, swap-free account option, and bot trading
  • Cons: not regulated by FCA, high minimum deposit, and no 24/7 customer support
  • Best for: forex trading
  • Regulated by: FSC, CySEC, ASIC
  • Headquarters: Australia
  • Foundation year: 2006
  • Min Deposit : $200
  • Deposit methods: Visa, Mastercard, electronic wallets, bank transfers
  • Withdrawal method: Visa, Mastercard, bank transfers
  • Deposit and withdrawal fees: $0
  • Base currencies: AUD, USD, EUR, GBP, NZD, CAD, SGD, CHF, HKD
  • Offering of investments: forex, CFD, metals, and commodities
  • Number of users: +10,000 traders

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