GO Markets Review 2024

Quick Links

• Our Review Method

• What is GO Markets?

• GO Markets Pros and Cons

• Is GO Markets Safe or a Scam?

• GO Markets Review Summary in 12 Points

• Is GO Markets an ECN Broker?

• Awards

• Investor Protection

• GO Markets Leverage

• Accounts

• Fees

• Spread

• Market Instruments

• Deposits and Withdrawals

• Trading Platform

• Customer Support

• Education

• Conclusion

Our Review Method ▲

In undertaking this comprehensive review of GO Markets, we employed an exhaustive and methodical approach. Our evaluation was based on a detailed analysis of the broker's services, fees, platform offerings, and trading conditions. We compared GO Markets against a broad spectrum of over 1000 brokers to ascertain its standing within the industry. Customer feedback, regulatory compliance, and the range of trading instruments were also crucial components of our assessment. Our aim was to provide a balanced and insightful review, beneficial for both novice and expert traders.

What is GO Markets? ▲

GO Markets is a renowned Forex and CFD broker headquartered in Australia, established in 2006. The broker offers a wide array of over 1000 tradable CFD instruments, including forex, shares, commodities, indices, metals, and treasuries. It operates under the regulatory oversight of several reputable bodies, including ASIC in Australia, CySEC in Cyprus, FSC in Mauritius, and FSA in Seychelles. GO Markets has distinguished itself as one of the pioneering Australian brokers to integrate MetaTrader 4 into its service offerings, subsequently expanding to include MetaTrader 5, WebTrader, and mobile apps. The broker is acclaimed for its rigorous compliance standards and competitive spreads, making it a favored choice among traders.

GO Markets Pros and Cons ▲

Pros

• GO Markets is distinguished by its adherence to top tier regulations and licenses, ensuring a secure trading environment.

• The broker offers a diverse range of trading platforms, including MT4, MT5, and WebTrader, catering to various trading preferences.

• Traders benefit from a selection of trading tools, including copy trading, social trading, and auto trading capabilities.

• GO Markets provides comprehensive support, educational resources, and research tools, fostering an informed trading community.

• The broker ensures trader security through negative balance protection.

Cons

• Trading conditions vary across different regulatory entities, which may affect the consistency of the trading experience.

• Customer support is not available round the clock, which could be a drawback for traders requiring assistance outside of business hours.

Is GO Markets Safe or a Scam? ▲

GO Markets is not considered a scam. It is licensed under several top-tier regulatory authorities, including the Australian Financial Services License (ASIC), known for its strict regulatory standards. The broker also operates under a CySEC license in Europe, ensuring a regulated and secure trading environment across different jurisdictions. The presence of multiple regulatory bodies overseeing GO Markets' operations reinforces its legitimacy and reliability as a financial services provider.

GO Markets Review Summary in 12 Points ▲

• Headquarters: Australia

• Regulation and License: ASIC, CySEC, FSC, FSA

• Platforms: MT4, MT5, WebTrader, Mobile Trading

• Instruments: Forex, CFDs, Indices, Metals, Cryptocurrencies, Share CFDs, Commodities

• EUR/USD Spread: 1 pip

• Demo Account: Unlimited

• Base currencies: AUD, USD, GBP, EUR, NZD, SGD, CHF, CAD, HKD

• Education: Provided for Free

• Customer Support: 24/5

Overall, GO Markets ranks highly for its reliable brokerage services, with an overall rating of 4.0 out of 5. This rating reflects the broker's reputable standing, comprehensive trading tools, and favorable trading conditions, compared to over 1000 brokers.

Is GO Markets an ECN Broker? ▲

Yes, our analysis confirms that GO Markets operates as a regulated ECN broker, providing traders with low trading fees and execution prices through an ECN pricing model. This model ensures that traders have access to tight spreads and fast execution speeds, enhancing their trading efficiency.

Awards ▲

GO Markets has earned several accolades for its outstanding services and contributions to the trading industry. These awards are a testament to the broker's commitment to excellence and its ability to meet the diverse needs of its clientele.

Investor Protection ▲

GO Markets takes investor protection seriously, implementing various risk management practices such as hedging, client funds segregation at top-tier banks, and adherence to margin calls and fair usage policies. The European entity complies with ESMA regulatory requirements, ensuring additional safety measures for clients' funds. These practices highlight GO Markets' dedication to providing a secure and fair-trading environment.

GO Markets Leverage ▲

Leverage is a significant feature in forex trading, offering the potential to magnify gains. However, it's important to use leverage wisely to minimize risk. GO Markets' leverage varies depending on the regulatory entity. International traders can access high leverage ratios, while European clients are limited to a maximum leverage of 1:30 due to regulations. In Mauritius, GO Markets Pty Ltd offers leverage up to 1:500, providing flexible trading options for different trader preferences.

Accounts ▲

Account Types

The broker provides two main types of accounts: the Standard and the GO Plus+ Accounts, giving traders the flexibility to choose a trading style that best suits their needs. The Standard account offers a trading environment based on spread charges, while the GO Plus+ account provides access to a true ECN environment facilitated by cutting-edge technology. Additionally, accounts can be denominated in a variety of currencies, including AUD, USD, GBP, EUR, NZD, SGD, CHF, CAD, and HKD, offering further customization to the trader's preferences.

How to open your Account

Initiating with a Demo account requires only the creation of a login page using an email address and password. To transition to a Live account, the process involves:

1. Entering personal information such as name, email, and phone number.

2. Selecting the account type and base currency.

3. Specifying trading experience and expectations.

4. Uploading proof of address and ID as required by regulatory standards.

5. Submission of the application.

Upon approval, the next step is to make a deposit to start trading.

Fees ▲

GO Markets Fees

GO Markets' pricing structure is predominantly incorporated into the spread. The Standard account operates on a no-commission basis, with spreads starting from 1.1 pips, making it an excellent choice for beginners. On the other hand, the GO Plus Account caters to more experienced traders or those with specific strategy requirements, offering spreads from 0.0 pips with trading costs reflected in a commission of $3.00 per side. Based on comprehensive testing and comparison with over 1000 brokers, GO Markets' fees are considered competitive, with an overall rating of 8.6 out of 5.0. However, fees may vary by entity.

Spread ▲

GO Markets obtains its spreads from over 22 Tier 1 and Tier 2 liquidity providers, allowing spreads to be as low as 0.0 pips. The average spreads for both Standard and GO Plus+ accounts are disclosed on their website. These figures are based on data collected over a one-month period and are subject to change. Additionally, traders should account for overnight fees, also known as Rollover rates, which are incurred for holding positions open overnight. With an overall rating of 8.0 out of 5.0, GO Markets offers attractive spreads, including an average Forex spread of 1.2 pips for EURUSD among other competitive offerings.

Market Instruments ▲

GO Markets Trading Instruments

The broker's portfolio includes over 1000+ instruments available for trading through CFDs in Forex, Indices, Metals, Cryptocurrencies, Share CFDs, Commodities, and Treasury. Each instrument comes with its own set of specifications and trading conditions, offering a broad range of options for portfolio diversification and competitive market trading. Despite the extensive selection, the availability of certain instruments may vary between entities. GO Markets scores an 8.0 out of 5.0 for its wide selection of trading instruments.

Deposits and Withdrawals ▲

Depositing funds into a live trading account is made easy with a variety of convenient methods available, and the best part is that these transactions do not incur any additional processing fees. GO Markets stands out for not imposing any internal fees on withdrawals. However, it's important to note that withdrawals to banking institutions outside of Australia may incur fees, which are the responsibility of the trader, so it's advisable to check these beforehand.

GO Markets' funding methods received an excellent rating, scoring 4.4 out of 5 when compared to other brokers. The fees are minimal or non-existent depending on the location, and the range of funding methods is impressively wide.

• Deposit Options

• Credit or Debit Card

• Bank transfers

• BPAY payments

• E-payments like Skrill, Neteller, POLi

GO Markets sets the bar high with a minimum deposit amount of $0, enabling traders to utilize the full service of live trading and open a Standard account without any upfront investment.

Our thorough research, which encompassed over 1000 brokers, revealed that GO Markets does not offer a no-deposit bonus, which might be a point of consideration for some traders.

In terms of withdrawal speed, GO Markets prides itself on its efficiency. Withdrawal options mirror those for deposits, including Bank Transfers, Cards, and e-wallets. However, it is advisable to verify the applicable method with customer service, considering your residence and its policies or laws. Our test of GO Markets' withdrawal process was swift, with transactions being completed within 1 business day.

Trading Platform ▲

MT4 is globally recognized as a standard for forex traders, which is why GO Markets has chosen it as their primary platform. However, it's important to note that the MT4 platform may vary among companies, as brokers can incorporate various extensions to enhance its features.

GO Markets scored 3.5 out of 5 for its trading platforms, offering an array of options including the industry-leading MT4 and MT5.

Platform Comparison to Other Brokers:

Web Trading

The GO Markets web trading platform is comprehensive and advanced, supporting various versions and inbuilt functionalities. It is extremely user-friendly as it does not require installation, making it accessible from any device, though it may offer slightly fewer tools compared to other platforms.

Desktop Trading Platform

MT4, being the most widely used platform, is available for both Mac and PC. This platform is essential for advanced or active traders, offering full capabilities, great customization, and advanced tools like MT4 Genesis, enhancing navigation through global markets and compatibility with automated trading through Expert Advisors and numerous built-in indicators.

Platform Look and Feel

MT4 is an ideal platform for both beginner and professional traders, offering excellent charting software with high-level parameters and drawing objects. The interface is clean and user-friendly, featuring 3 types of charts and display options. Additionally, GO Markets has expanded its offerings by including MetaTrader5, which is a newer and more developed version of the beloved MT4, along with options for copy and social trading through myFXbook.

Mobile Trading Platform

Both MT4 and MT5 platforms feature a mobile trading app, allowing for absolute freedom to trade from mobile devices, all seamlessly integrated into one account.

GO Markets Tools

Notably, GO Markets offers special tools like VPS service, granting access to hi-tech trading and the ability to run Algos and Expert Advisors remotely and nonstop. The service is free for accounts maintaining a minimum balance of $3,000, otherwise, a service fee of $30 per month is applied.

Customer Support ▲

GO Markets is renowned for its customer service, rated 4.4 out of 5, and has received numerous awards for its quality support. Though not all brokers can boast about their customer service, GO Markets excels in this area, providing relevant and fast answers from their customer support team. The team is accessible around the clock, supporting international languages via Live Chat, email, and phone lines in Australia, the UK, and internationally.

The broker offers helpful support through every communication channel with a wide variety of methods. While 24/7 client support is not available, the broker's 24/5 client support is highly acclaimed.

Education ▲

GO Markets is committed to helping novice traders navigate the complexities of trading opportunities, providing educational materials and research resources necessary for seamless trading. The broker's educational programs and the GO Markets Academy have won numerous awards, offering materials suitable for traders at all levels, free of charge.

In the GO Markets Academy and Education Centre, traders can find Forex trading learning courses, video tutorials, and regularly held seminars and webinars in various languages. Additionally, a Demo Account is offered for free use with no limits, allowing beginners to test their strategies or familiarize themselves with the GO Markets environment.

Our rating for GO Markets education stands at 3.8 out of 5. The broker offers a good range of educational resources in multiple formats, including webinars, news, and seminars, suitable for both novice and experienced traders. Moreover, the broker provides outstanding free research and analytical tools.

Research

Regarding research tools, GO Markets not only offers comprehensive research integrated into the MetaTrader 4 platform but also collaborates with Autochartist and Trading Central providers, allowing traders to benefit from free trading signals and ideas. Additionally, thousands of MetaTrader 4 & 5 Add-ons are available, defined by the instrument and specified criteria, including the notable tool MT4 Genesis.

Conclusion ▲

In conclusion, our comprehensive review of GO Markets highlights it as a broker with numerous benefits, receiving a vast number of excellent rewards from both industry publications and worldwide traders. A major attraction is the comprehensive range of trading instruments, including Binary options and a variety of Cryptocurrencies, all traded with competitive pricing across the offered account types starting from 0.0 pips.

Based on our findings and financial expert opinions, GO Markets is highly recommended for:

• Beginning Traders

• Regular Traders

• Professional Traders

• Technical Trading

• Auto Trading

• Traders who prefer MT4 platforms

• Currency Trading and CFD Trading

• Running various Strategies

• EAs trading

• Social Trading

• Excellent Research