GO Markets review
This broker was not featured in our 2020 Broker Review Audit. This is because, in the past 12 months, it has failed to pass our initial screening process and is not recommended by our team of experts. As such some of the information found here may be out of date.
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GO Markets is a leading provider of online trading services in Australia. It has gained a reputation for its flexible leverage options, fast execution, low fees, and multi-bank liquidity feed. It has been licensed to offer its services since 2004, and is currently regulated by ASIC. Before we go any further, we should also warn you of a broker that operates under a very similar name. GoMarkets UK is considered to be a ‘clone’ firm by the FCA, and should be avoided at all costs, and it is certainly not connected in anyway with GO Markets based in Australia, nor is it licensed and regulated by ASIC.
|Forex, Binary Options, commodities|
So let’s start with a few advantages of trading with GO Markets.
A brief summary of all the GO Markets has to offer
- GO Markets has received some prestigious awards
- Client funds are held in segregated accounts
- Free online education and trading tools are available
- Account managers are qualified and offer premium, tailored support
- Offers market leading spreads
- Clients are allowed to use EAs
- Leverage of up to 1:500
- A number of different accounts are available to suit a range of needs
- Customer support available 24/5
GO Markets offers a great range of products
GO Markets offers online trading to individual and institutional clients, and offers a number of products to choose from. On offer are more than 50 currency pairs, short term and up-down binary options on major currency pairs, commodities including gold, silver, WTI crude oil and Brent crude oil, and 10 index CFDs from around the world. Including AUS 200, FTSE 100, Dow Jones, and Nasdaq 100. Traders can choose to use Expert Advisors or trading robots, and there are no restrictions as to trading style.
Account types and trading platforms
Private and institutional clients can choose from a Standard or a Pro account, both of which operate using the MT4 trading platform. Included is the full suite of MT4 trading tools including Expert Advisors, alarm manager, customisable charts, auto trade placement and plenty more. MT4 is the preferred platform for many traders, and it can run on a range of different devices including those running Android or iOS.
Standard account – Designed for traders who prefer to access global Forex markets with no commission fees. Minimum deposit is $200 and the minimum contract size is 0.01. Maximum leverage can be up to 300:1 and spreads start at 1.2 pips. MT4 Genesis is available for traders who deposit $500, along with Trading Central, Autochartist, and VPS if you deposit $3,000..
Pro account – If you’re the kind of trader who prefers a commission based pricing structure and access to institutional grade spreads, this is the account for you. Minimum deposit is $1,000 and the minimum contract size is 0.01. Maximum leverage can be up to 300:1 and spreads start from 0.5 pips. With this account there are commission charges as well, which are AUD 3.50 per side (1 standard contract). MT4 Genesis is also included, along with Trading Central, Autochartist and VPS if your deposit is $3,000.
GO Markets is a trader that offers 3 different trading position sizes. There is a standard contract (lot) that is equivalent to 100,000 units of currency being traded. The standard contract is mainly traded by institutional and professional clients. There is also a mini contract that is equivalent to 10,000 units of currency being traded, and is a contract size that is preferred by many retail Forex traders. Lastly, there is a micro contract which is equivalent to 1,000 and the smallest trade size available. A pip move on a micro contract is equivalent to $0.10 which makes it perfect for those just starting out, and for those with limited funds.
We should also mention there is a demo account option, for those who want to try GO Markets trading style before investing real money.
Learn Forex essentials and much more with GO Markets
Not everyone looking for a Forex broker will be an expert, so it’s always good when a broker offers educational material. GO Markets have a great education centre that includes all the basics you need to know before you start trading, as well as more complex issues such as trading psychology. Also available are MetaTrader training videos and a number of interesting webinars.
When it comes to funding your trading account or making withdrawals, a number of payment methods are supported. These include credit and debit cards, Skrill, BPay, and bank transfers. GO Markets don’t charge any fees for payments, but charges can sometimes be levied by the payment provider.
We’ll finish up by mentioning the customer support is multilingual and available 24 hours a day, Monday to Friday. There are a number of telephone numbers, a selection of email addresses depending on your query, a contact form, and our favourite, the live chat option.
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