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GO Markets is an Australian Forex broker founded in 2006. GO Markets offers trading in a variety of asset classes including currencies, stocks, indices and commodities.
history of the company
GO Markets is the trade name of GO Markets Pty Ltd, registered in Australia (AFSL 254963).
There was also a broker GO Markets UK who previously operated in the UK under a licensing agreement with GO IP Pty Ltd in Australia. However, GO Markets UK now operates under the Infinox brand. We have not found any confirmation that Infinox and GO Markets are related or related to the same company.
Little is known about the history of the Australian company GO Markets. But the terms of trade are described in detail.
Fund security
Got Markets is licensed by Australia's sole regulator. ASIC monitors all activities of the financial market, as well as businesses and companies in Australia. The regulator has the right to audit any money transfer, regardless of whether they are commercial, investment or social. ASIC has repeatedly brought unscrupulous brokers to the surface. The regulator can influence the broker with fines or a ban on conducting financial activities, and even for life. Nevertheless, the level of confidence in ASICs is average. In the worst case, the regulator will not return the money to traders, will not have time to collect it from fraudsters, and will not prevent fraud. Therefore, if you are ready to invest large sums, we advise you to pay attention to brokers who work under the clear guidance of more stringent regulators, such as CySEC.
Trading conditions
GO Markets offers a Standard Account and a Go Plus Account. The main difference between these accounts is the size of the spread and the deposit. Like many popular brokers, the company offers commission and commission free trading.
Minimum deposit
Trading starts with a $ 200 deposit on a standard account. $ 500 will have to be invested by traders who open a Go Plus account.
Spreads and commissions
Like most brokers, GO Markets takes a commission on the spread, which is the difference between the buy and sell price of the instrument.
GO Markets lists minimum spreads on its website. So, for the popular EUR / USD pair, the spread is 0.1 pips.
The commission is $ 3 per lot.
If you are interested in trading on a standard account without commission, then spreads start from 1 pip.
Leverage
Leverage on both accounts is offered up to 1: 500. Such leverage will certainly help you increase your deposit if you trade correctly, but, nevertheless, if you stumble, you risk losing everything. It is for this reason that, trying to secure the investments of clients, many regulators now limit the amount of the deposit to controlled brokers. For example, up to 1:50. Therefore, as practice shows, traders more often lose than earn by trading with leverage. We advise you to use leverage wisely.
Trading platforms
GO Markets is one of the few brokers to offer both MetaTrader platforms: MetaTrader4 and MetaTrader5. These are the two most famous terminals in the world from the software company MetaQuotes. MT5 is the latest version of the terminal to replace MT4. To ensure that as many traders as possible trade on MT5, MetaQuotes announced that it will no longer release updates for MT4. Although MT4 is still more popular than its new version, the reason for this is the million EAs that cannot be transferred from MT4 to MT5.
Let's take a look at what options each platform offers.
MetaTrader4
Access to over 250 trading instruments Forex, indices and commodity trading Using Expert Advisors Built-in indicators for analyzing market movements Mobile trading systems
MetaTrader5
More than 250 built-in indicators One-click trading All order types are supported More than 80 tools for technical analysis Up-to-date market quotes Separate order and deal accounting system
GO Markets allows expert advisor trading, hedging, scalping. In addition, the broker provides free VPS for MT4 and MT5 to clients whose minimum trading volume reaches $ 1 million per month. Other traders are charged a commission of $ 10 per month.
Significant services
The broker introduces social trading from Myfxbook, where some traders can successfully copy the trades of other traders. Myfxbook also provides its users with a wide range of statistics and analysis.
Moreover, Go Markets conducts online seminars in Chinese.
Support service
GO Markets supports a wide range of languages including English, Polish, Portuguese, Vietnamese, Korean, Thai, Chinese, Spanish, Italian.
Contact methods: phone number, email, feedback form. I would like to see brokers provide support using modern instant messengers or the worldwide popular Skype. So far, we see a standard set of communication methods at GO Markets, which is also pretty good.
Ways of payment
Funds can be deposited using fasapay, NETELLER, POLi, BPAY, SKRILL, bank transfer, VISA / MASTERCARD credit cards.
Criticism of traders
Traders note profitable swaps and spreads. At the same time, when approaching the leverage border, there were problems with replenishment of funds. And also
traders point out that the broker is not suitable for scalping.
Pros:
the broker has been working on the market for over 10 years; MT4 and MT5; social trading; choice of payment methods.
Minuses:
high deposit; small selection of currency pairs for trading.
GOMARKETS is a company whose task is to provide intermediary services to traders. Brokers / Crypto exchanges provide access to currency / cryptocurrency trading, first of all. Also, many of them, if we are talking about brokers, give the opportunity to make transactions with company shares, bonds, commodities, precious metals, indices, cryptocurrency and other assets. A private person can make transactions with all these instruments only on a trading platform, access to which is provided by a broker or a crypto exchange.
In addition, thanks to such companies, an individual can operate in the market with amounts significantly exceeding the amount of his own funds. This is called the provision of leverage. For example, having a deposit of 1,000 USD with a leverage of 1:400, a trader can make transactions for 400,000 USD.
As well, the broker / crypto exchange opens access to analytics, auxiliary tools, trading signals. Without all this, modern trading is impossible.
GOMARKETS profits from traders' trades, usually in two main ways
.
First – most common. Using spreads. This word refers to the difference between the best prices for buying and selling a certain asset at a particular moment. Moreover, in a transaction between a trader and a broker, the price is one, and between the broker and market users - another. The mediator takes the difference.
The second method is easier to understand. This is a fee for each operation performed. Most often it has a standard value, but can also be measured as a percentage.
Therefore, the company is interested in attracting as many clients as possible and that they conduct active trading.
How honest brokers / crypto exchanges should work and how they work, we found out. And now let's look at how scammers act, they are also called kitchens.
The most common way to cheat – is to twist quotes. Broker / crypto exchange gives the trader quotes that differ from the real market. There is a substitution of data in order to make operations unprofitable. The deposit is reduced, and then completely reset. At the same time, the trader thinks that his operations were made on the market, but in fact – just on the site of scammers.
Bonus – traps. They are generously distributed for anything: registration, account replenishment, etc. Only after that, in order for the client to withdraw his own money mixed with bonus money, it will be necessary to fulfill a number of actually impossible conditions. For example, to conduct trading operations in the amount of ten times more than the size of the deposit.
The User Agreement may also mask a clause that allows the broker / crypto exchange to dispose of the client's money. Inattention when reading such an agreement most often turns into a complete loss of the deposit.
One of the key points – it is the place of registration and regulation of the company's activities.
First let's talk about registration. As a rule, traders are more trusted by companies either from their own country or from an economically developed country, for example, a member of the European Union. Of course, compliance with UK law is reassuring, and compliance with the laws of an unknown island in the Indian Ocean does not mean anything to most at all.
On fact, most brokerage companies are registered offshore, and we are talking not only about small offices, but also about world leaders. Saint Vincent and the Grenadines, Belize, Marshall Islands, Mauritius are popular offshore zones among companies. Registering there, companies pay significantly less taxes than in the place of actual location, which is sometimes carefully hidden.
If a trader has claims against such a company, then it is likely that he will have to deal with it in accordance with the laws of the same conditional Belize. It is possible to be physically present there at court hearings. And this is extremely expensive and difficult.
No is it worth running like fire from just the word «offshore»? As an answer, we will cite the names of companies that are not related to brokerage, but with an impeccable reputation and also save on taxes with the help of offshore registration: Apple, Pfizer, Microsoft, General Electric, Intel.
And here we come to the second important point – this is the regulation of the broker / crypto exchange. First of all, it is carried out at the level of the state where the company is registered. Each country has its own regulatory body for brokering. So, in Russia it is the Central Bank of the Russian Federation. The trader can find permits on the websites of such authorities. But there are also supranational structures. For example, the International Financial Commission, which is an independent self-regulatory organization, specifies disputes between its members – brokers and their clients.
If there is no information on the broker's website / crypto exchange about the regulation of its activities or license, then it is almost certainly a scammer. Or on the site there is data on some license issued by him, but this information is not confirmed anywhere else. Most likely, these are also scammers.
When choosing a brokerage company, or crypto exchanges, study its history. Look at the links to its experts. If one of the leading TV channels in the economic news for 5 years in a row refers to the opinion of the analyst of the broker in question – this is good. If the broker / crypto exchange assures that it has been working for 15 years, but there is no information about it on the Internet at all – this is bad.
It is important to pay attention to reviews about the company. And read them not only on the website of the broker itself / crypto exchange. In the kitchen, they will certainly be only praiseworthy. It is better to view as many sites as possible.
Pay attention solely to the specifics in the offers on the websites of brokers / crypto exchanges. Honest companies openly write about interest, spread size, minimum deposit, etc. Scammers lure loud streamlined phrases about a rich tomorrow, a stable income, mislead with incomprehensible terms about multi-sites, superfunctions and so on.
Specify the company's connection with well-known brands, financial institutions, public organizations. For example, it can be sponsored. Large brokers / crypto exchanges sometimes hold social promotions. Scammers will definitely not do this.
Therefore, the process of choosing a broker / crypto exchange is complicated. But if you approach it carefully, it will allow you to enter the world of trading, which has made millions of people rich around the world
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Before any trade and choosing a broker You must always read reviews on this site and on other sites. Companies who are honest, have a rating of above 3.8. Also there is always the risk of loss when trading CFDs. Be careful and read the disclosure on the website of the company you chose. GOMARKETS received a score of 1 of 5 on our resource.