GO Markets

Description

GO Markets is an award-winning Australian forex broker and CFD provider, offering the MetaTrader 4 and MetaTrader 5 platforms. This 2022 review will unpack what GO Markets has to offer traders today, covering its demo and real-money accounts, as well as leverage and fees. Find out if you should start trading with GO Markets.

GO Markets Details

Founded in 2006, GO Markets is one of Australia’s first MetaTrader 4 (MT4) forex brokers. The provider has since added MetaTrader 5 (MT5), WebTrader, and mobile trading to its suite of services.

Based in Australia and licensed by the Australian Securities and Investment Commission (ASIC), the group now has offices in London, Taipei, and Hong Kong. In 2020, the broker obtained a license to expand into the Middle East and Northern Africa region, operating as GO Markets MENA DMCC in Dubai, UAE.

Over the past 15 years, the company has won a number of awards for its services including No.1 for Education Materials/Programmes as well as the highest rated broker in the service areas of Value for Money, Spreads, Trading Ideas & Strategies and Margin Requirements, by Investment Trends.

GO Markets also provides 24/5 customer support, spreads from 0.0 pips, plus no deposit fees, making it a popular brand with beginner traders.

Trading Platforms

Go Markets offers two industry-leading platforms: MetaTrader 4 and MetaTrader 5. Both are available to download on Mac and Windows PCs as well as mobile and tablet devices.

MT4

The MetaTrader 4 (MT4) platform is a multi-feature terminal particularly popular amongst forex traders.

Key features include:

Forex, indices, and commodities trading
Access to over 600 trading instruments
Instant and pending order types
Automated trading features
25+ analysis indicators
Customizable layout
Economic calendar
Real-time pricing
Secure login
VPS

MT4 is suitable for all. Its intuitive platform makes it easy for beginners to navigate whilst its suite of tools for analysis caters to more experienced traders.

MT5

Clients can also trade on MetaTrader 5 (MT5), a more advanced platform offering superior tools. MT5 provides flexible trading, professional analysis, algorithmic trading and virtual hosting. Other features include:

Four types of order execution and six types of pending orders
80+ technical analysis indicators and objects
Access to Expert Advisors (EAs)
Hedging and netting
One-click trading
VPS

Traders should note that platform availability will vary between locations. UK based clients do not have access to MT5 through GO Markets, whilst the platform is supported in Australia.

WebTrader

The GO Markets WebTrader platform offers all the features available on MT4 or MT5, within a web-based terminal that can be accessed directly from any internet browser.

With no app or browser extension download needed, WebTrader allows users to trade CFD instruments and access price analysis from anywhere with an internet connection. It is a suitable option for clients and beginners seeking an easy-access platform.

WebTrader is compatible with Windows, Mac, and Linux OS.

How To Place A Trade:

Click on ‘trading’ from the left-hand menu and then select ‘create order’ at the bottom. A ‘create order’ screen should then appear
Enter the order details, including:
Your account number
Buy or sell
The name or ticker of the security
The size of the trade (e.g. the number of shares)
The type of order (limit or market to limit)
Your limit price
Validity (good til cancel, good for day or good til date)
Confirm the order

Myfxbook AutoTrade is a global copy platform and social trading community. With over one million customers, it easily connects with your GO Markets Standard trading account, allowing users to:

Copy pre-approved investors who have a demonstrable history of successful trades
Connect to Myfxbook straight from an internet browser
Access a range of accurate analyses and statistics
Have easy control over auto-copied trades

Upon receiving login details for MT4/MT5, traders can then register for a Myfxbook account through the website.

TradeCentre by FinClear is a web-based and mobile platform that you can access and download from GO Markets’ website.

You can trade shares and manage your account. It allows you to purchase and sell, check market data, and receive news about incoming floats and dividends.

You also get useful tools like watchlists and heat maps. Additionally, it comes in a Pro version for advanced traders.

Markets

GO Markets users can trade over 600+ products within six main asset classes:

Index CFDs – Invest long and short with 13 Cash CFDs and 2 Futures CFDs, including the FTSE 100, CAC 40, US 500 and ASX 200
Commodities – Includes crude oil and gas. These can be traded both in spot and futures markets
Share CFDs – Open long and short positions with over 200+ ASX shares and 80+ NYSE and NASDAQ equities
Currencies – 50+ major, minor and exotic currency pairs, including AUD/USD, EUR/GBP, and USD/CNH
Precious metals – Invest in gold and silver CFDs with long or short positions
Cryptocurrencies – Bitcoin, Bitcoin Cash, Ethereum, Ripple, and Litecoin

Note, cryptocurrency trading is only supported in certain markets. Binary options is also not available at GO Markets, not even on demo accounts.

Spreads & Fees

Reviews show that spreads are competitive, ranging from 0.0 to 12.2 pips on major and minor forex pairs, while the minimum on indices starts at 0.1 points. Spreads on gold, silver, and crude oil are variable with live pricing available on the broker’s main page.

Other trading costs include commissions (only on the GO Plus+ account) of A$3.00 per side on a standard lot, as well as swap rates when you buy or sell a currency pair and hold it overnight.

Overall, if you compare GO Markets vs. the likes of Pepperstone or IC Markets, the broker’s commissions and spreads are competitive.

Leverage Review

GO Market offers leverage up to 1:500 on forex pairs, up to 1:20 on share CFDs, and up to 1:100 on indices.

All client accounts are set up with a default leverage rate of 1:100, and depending on account balance, you can choose a ratio between 1:1 and 1:500.

Leverage limits also vary between markets according to local regulation.

Mobile App

GO Markets offer the MetaTrader mobile app for iOS or Android based-smartphones, meaning users can trade 24/7 on the go. MT4 and MT5 allow easy and convenient access to the same features as the desktop platform, including quotes, trades, and charts.

The mobile applications can be downloaded from your device’s Google Play or App Store.

Payment Methods

Deposits

When we used GO Markets, we found a range of account funding options in multiple base currencies are available:

Bank wire transfer
Mastercard & Visa
Checkout.com
Neteller
Dotpay
Skrill

There are no deposit fees on the part of the broker. All deposit options offer instant processing, apart from bank wire transfer and Checkout.com, which can take up to three days.

Payments to and from international banking institutions may attract intermediary transfer fees and/or conversion fees.

Withdrawals

All withdrawals use the initial funding source, where appropriate. Requests can be submitted via the secure online client portal. They are processed on the same day whenever possible. The payment provider will determine how long it takes for funds to appear in your account. Card and wire transfers can take two to five days on average to process.

Your bank may charge fees for withdrawals, especially on small amounts.

Demo Account

GO Markets offers a comprehensive demo account that allows you to practice trading over 350 CFDs, with real-time spreads, leverage up to 1:500, over 80 technical analysis tools, and 24/5 multilingual client support.

Clients receive $50,000 in virtual funds to practice on MT4 and MT5, either on their portable device or desktop. The paper trading account can be set up easily via an online form on the broker’s website.

Deals & Promotions

GO Markets is running a 30% trading credit cash rebate. This promotion applies to any live trading account with any amount between $500 and $25,000 or the currency equivalent.

For future GO Markets bonuses, refer to their webpage. Their social media channels are also a good way to keep up to date with the latest promotions and sign-up offers.

Regulation & Reputation

GO Markets Pty Ltd is regulated and licensed by:

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 ensures all user funds are held in separate client trust accounts at top-tier AA-rated Australian banks: National Australia Bank and Commonwealth Bank.

Additional Features

GO Markets offer various supplementary trading and education tools, designed for both beginners and experts alike. These include:

a-Quant Daily Trading Strategies – Trading signals based on machine learning/artificial intelligence
Trading Central – Better trade insights with analyst support, pattern recognition indicators, and more
Autochartist – Real-time trading alerts and volatility analysis for MT4 & MT5 (Windows only)
Education Centre – Forex Smart Guide, video tutorials, courses, webinars, and seminars
MT4 and MT5 Genesis – MetaTrader platform advanced add-ons (Windows only)
Virtual Private Servers (VPS) – Fast-access server for MT4 and MT5
News – Podcasts, economic calendar, and more

Live Accounts

GO Markets offers two main account types (Standard and GO Plus+) plus a Professional solution. Both accounts are available in nine different currencies and require a minimum deposit of A$200.

Standard Account

The Standard account is spread-based with no commission. Users have access to spreads of 1.0 pips, a minimum trade size of 0.01 lots, and leverage up to 1:500.

It also has essential features such as 24/5 support, a dedicated account manager, free VPS, expert advisors (EAs), and scalping.

GO Plus+ Account

The GO Plus+ is an ECN-style account and offers all the same features as Standard, but instead includes ultra-low spreads from 0.0 pips. GO Plus+ accounts are subject to a $3.00 commission per side.

Professional Account

A professional account is also available for two categories of traders: sophisticated and high-net-worth investors. However, many retail traders won’t be able to use it because of the eligibility criteria.

The sophisticated investor must meet at least two of the following:

Been employed or has experience in the financial sector / has a formal qualification relevant to trading / can demonstrate product knowledge (75% pass mark)
Placed at least 20 trades with A$500,000 quarterly investment value / opened positions 50 times over the last 12 months with a value of A$25,000 each
Has savings and investments over A$500,000 / a gross annual income of over A$100,000

High-net-worth investors must meet only one of the next criteria:

A gross income of at least A$250,000 for each of the past two years
A minimum of A$2.5 million in net assets

Professional accounts offer lower leverage requirements, high-volume trade rebates, a dedicated support desk, professional reports, and a single use A$100,000 negative balance protection.

Benefits

Our experts found several advantages to opening an account with GO Markets:

Trading and analysis tools such as Autochartist and Trading Central
No commissions with the Standard account
MetaTrader 4 and MetaTrader 5 platforms
0.01 minimum lot size and zero spreads
24/5 award-winning customer service
Copy trading tool
No deposit fees
No inactivity fee
1:500 leverage

Drawbacks

While using GO Markets, we also came across some disadvantages:

Multiple restricted countries, including the US
Only two account types
No binary options plugin

Trading Hours

Trading hours for forex are open from 00:00 to 24:00 (GMT+3) Monday through Friday. Stocks and indices are dependent on the exchanges they are listed on, while cryptos are open 24/7.

A holiday schedule can be found at the bottom of the broker’s website.

Customer Support

The multilingual customer support service can be contacted 24/5 via:

Email – support.mu@gomarkets.com / newaccounts.mu@gomarkets.com / sales@gomarkets.com
Telephone number – Cyprus: +357 25023910 / United Kingdom: +44 203 637 7618 / Australia: 1800 88 55 71 / International: +61 3 8566 7680

Quick Support, at the bottom of the page, is an alternative to the GO Markets live chat logo which was removed. You can download it from the broker’s website, similar to an app, and it is compatible with most operating systems.

The Chinese help desk can be reached at:

Telephone number – 03 8658 0602 (墨尔本)
Email – enquiry@gomarkets.com
WeChat – gomarketsau3

Keep up with the latest news on GO Markets’ social media pages:

GO Markets’ headquarters are at Level 11, 447 Collins Street, Melbourne, Australia.

The European office is based at 73 Agias Zonis and Tertaiou Corner, Dena House, 3rd floor, 3090 Limassol, Cyprus.

The company also has a branch in the UK under the name of GO Markets London Limited, situated on Level 6 107 Cheapside, London, England, EC2V 6DN.

Security & Safety

GO Markets complies with data protection laws under the Australian Privacy Act 1988 and the European Union General Data Protection Regulation (GDPR).

MT4 and MT5 use the highest security standards, where data exchange between the client terminal and the platform servers is encrypted. Two-factor authentication can also be applied upon login.

GO Markets Verdict

GO Markets’ investing experience, award-winning support, and trading tools have earned it a solid reputation in the online forex industry. The MT4 and MT5 platforms are ideal for traders of all levels, and the tight spreads and low commission fees make them an attractive option for anyone looking to trade assets efficiently.

Accepted Countries

GO Markets accepts traders from Australia, Thailand, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.

Traders can not use GO Markets from Afghanistan, Azerbaijan, Bahamas, Belize, Bosnia And Herzegovina, Burundi, Canada, Central African Republic, Congo, Cote D’Ivoire, Egypt, Eritrea, Ethiopia, Ghana, Guinea-Bissau, Haiti, Iran, Iraq, Israel, Japan, Lebanon, Libya, Myanmar, New Zealand, Nicaragua, Korea, Pakistan, Palestine, Serbia, Sierra Leone, Somalia, Sudan, Sri Lanka, Syria, Trinidad And Tobago, Tunisia, Ukraine, United States, Venezuela, Yemen.