GoMarkets Review 2020

GO Markets Summary

GO Markets is the brand name of GO Markets Pty Ltd, a brokerage firm with a license by the Australian Securities and Investment Commission (ASIC), registration number AFSL 254963. GO Markets has been around since 2006 and is headquartered in Melbourne, Australia.

This Forex broker is known for offering various types of financial instruments, reasonable trading conditions, and a wide range of clients in 150 countries. With an unlimited Demo account and trading platforms you can easily navigate with, you will find yourself turned into an active trader because of GO Markets.

You will find this GO Markets broker review will highlight all of the benefits and drawbacks of trading with this Forex broker. This GO Markets review is an in-depth analysis to what GO Markets offers to their clients.

GO Markets Background

GO Markets is a trading service and binary options provider that was founded in Australia in 2009, where they aimed to be the best CFDs trading provider in Australia. Now, with 11 years of experience in trading, this broker has managed to become one of the leading and most trusted Australian-regulated brokers.

GO Markets Main Features
🛍️Established in:
2009
🛍️Headquarters:
Australia
⚖️Regulations:
ASIC
⚖️Country of regulation:
Australia
💰Minimum Deposit:
200AUD
🎮Platforms:
MT4 and MT5
🎮Demo Account Available:
Yes
💱Leverage:
500:1
💰Withdrawal fee amount:
0AUD
💰Inactivity Fee:
No

Pros

  • No deposit and withdrawal fee
  • Several means of customer service
  • Regulated by the Australian Securities and Investment Commission (ASIC)
  • Stores clients’ funds in segregated accounts
  • Easy to open an account
  • Provides social trading platform and Demo Account

Cons

  • Only two trading accounts available
  • Average number of base currencies
  • High amount of countries that are not allowed to trade with
  • Daily news not updated every day

Safety & Regulation

GO Markets is allowed to provide financial services to traders under the Australian Financial Services Licence (AFSL), or the Australian Securities and Investment Commission (ASIC). The broker obliges to the regulations by keeping funds in segregated accounts, and the encryption of personal information of the client.

Is GO Markets Safe?

GO Markets is considered a safe broker to trade with because they fully comply with the ASIC regulations and do their best to protect traders by maintaining standard digital security procedures.

Pros

  • Regulated by the AFSL License 254963
  • Storing funds in segregated accounts
  • SSL encryption for personal information

Cons

  • Does not accept clients from 30+ countries around the world, including: the US, Canada, Japan, and more.

GO Markets Regulation

GO Markets is regulated by the Australian Financial Services Licence (AFSL) 254963, or more commonly known as the Australian Securities and Investment Commission (ASIC).

Client Protection

GO Markets offers to store their clients’ funds in segregated accounts that are kept away from the corporate funds. The Forex trading broker takes drastic security measures to prevent the exposure of any personal information of clients.

GO Markets does so by using digital firewalls to prevent any hacking to take place, and using SSL encryption to protect the sensitive information.

GO Markets Awards

In 2019, GO Markets was rewarded with the number one customer service support in Australia, by the Investment Trends December 2019 Australia Leverage Trading Report. This Forex broker was also given the highest award for their client educational materials and resources, found on their website under “GO Trade Academy.”

GO Markets Fees

GO Markets does not charge a deposit or withdrawal fee, but this Forex broker charges a fee from the spread. They provide variable spreads, since they are from 22 liquidity providers. The Standard Account does not charge commission but the GO+ Account charges a 0.3AUD per side.

Pros

  • No deposit fee
  • No withdrawal fee
  • Tight spreads
  • Standard Account does not charge commission

Cons

  • GO+ Account charges commission
  • Minimum deposit amount of 200AUD

With GO Markets, you will find that the Standard Account offers spreads starting from 0.1 pips, and the GO+ Account provides spreads starting from 0.0 pips but with a commission.

Non-Trading Fees

With GO Markets, the non-trading fees are practically non-existent. You will not have to consider a fee for depositing or withdrawing funds from your account, it’s free. The only think you are required to pay is the minimum deposit amount of 200AUD, the rest of your non-trading transactions are free of charge.

Deposit Fees and Withdrawal Fees
Deposit Fees 0AUD
Withdrawal Fees 0AUD

GO Markets Fees Compared To Competitors
GO Markets  Pepperstone  FXCM
Account Fee No No No
Inactivity Fee No No Yes
Deposit Fee 0AUD 0AUD 0AUD
Withdrawal Fee 0AUD 0AUD 0AUD

Account Opening

GO Markets provides two types of trading accounts: the Standard Account and the GO+ account. Opening an account on GO Markets is fast and completely digital, with no delays.

Pros

  • Fast process
  • Opening a live account is completely digital
  • Allows EAs
  • Provides an Account Manager
  • Access to a 24\5 customer service

Cons

  • Minimum deposit amount required is high
  • Not all countries are allowed to join GO Markets
  • With GO+ Account, commission is charged

GO Markets Standard Account

The Standard Account for GO Markets is a trading account that does not charge commission, and spreads start from 0.1 pips. You will be able to trade with over 50 different financial instruments and markets, and you are allowed the option of EAs. To ensure quality trading, GO Markets provides you with a detailed account manager and you can reach out to the customer service department 24\5.

To join GO Markets and open a Standard Account, you are required to make a minimum deposit amount of 200AUD or its equivalent.

GO Markets GO+Account

For the second trading account, GO+ Account, you will be provided with the same service. The difference between the Standard and the GO+ Account is that with GO+, spreads start from 0.0 pips and you will be charged with 0.3AUD per side.

Both trading accounts have a maximum leverage level of 500:1, with the option of hedging and scalping.  The quality trait of the Standard Account is that you can trade with tight spreads and no commissions, while the GO+ Account allows you to trade high volumes and low spreads, but a commission is charged.

GO Markets Minimum Deposit

There are two different types of trading accounts with GO Markets, the Standard Account and the GO+ Account. For the Standard Account, you are required to make a minimum deposit amount of 200AUD. With the GO+ Account, you will also need to make a minimum deposit amount of 200AUD.

This GO Markets broker review will show you a step-by-step guide on how to open a live account.

How To Open a GO Markets Trading Account

Step One: Choose what kind of Live Account you want to open (Joint\Corporate or Individual)

GO Markets Live Account Step -1

STEP ONE: Choose what kind of Live Account you want to open (Joint Corporate or Individual)

Step Two: Follow the five easy steps, starting with filling out the form with your personal information

GO Markets Live Account Step -2

STEP TWO: Follow the five easy steps, starting with filling out the form with your personal information

STEP TWO: Follow the five easy steps, starting with filling out the form with your personal information

Step Three: Fill in the application on your legal address, occupation, financial information, and your savings and income. You will also have to solve a quiz to demonstrate your financial and trading background.

GO Markets Live Account Step -3

STEP THREE: Fill in the application on your legal address, occupation, financial information, and your savings and income. You will also have to solve a quiz to demonstrate your financial and trading background.

GO Markets Live Account Step -3

STEP THREE: Fill in the application on your legal address, occupation, financial information, and your savings and income. You will also have to solve a quiz to demonstrate your financial and trading background.

GO Markets Live Account Step -3

STEP THREE: Fill in the application on your legal address, occupation, financial information, and your savings and income. You will also have to solve a quiz to demonstrate your financial and trading background.

GO Markets Live Account Step -3 (4)

STEP THREE: Fill in the application on your legal address, occupation, financial information, and your savings and income. You will also have to solve a quiz to demonstrate your financial and trading background.

Step Four: Pick your preferred trading platform, your account type, your account base currency, and if you were referred to by an individual.

GO Markets Live Account Step -4

STEP FOUR: Pick your preferred trading platform, your account type, your account base currency, and if you were referred to by an individual.

Step Five: Verify your identity by putting in your National ID number

GO Markets Live Account Step -5

STEP FIVE: Verify your identity by putting in your National ID number

Step Six: You are ready to deposit funds into your new trading account!

GO Markets Live Account Step -6

STEP SIX: You are ready to deposit funds into your new trading account!

Deposit & Withdrawal

GO Markets does not charge any deposit fees or withdrawal fees, and the withdrawal request is processed very quickly.

Deposits

In this GO Markets review, we highlight the benefits of the broker. With GO Markets, the broker does not require a deposit fee. You will find that there are nine different base currencies, including the USD, and the GBP. As a trader, you will be able to use different payment methods such as e-wallets, bank transfer, and credit\debit cards.

You will have to meet a minimum required deposit amount of 200USD, which is needed when opening a live account.

Pros

  • Different base currencies
  • Different payment methods available
  • No deposit fees

Cons

  • Bank transfer is slow
  • E-wallets and online payments take a few hours to process
  • High minimum deposit amount of 200USD

GO Markets Deposit Options

  • Credit\Debit Card
  • Bank Transfer
  • E-Wallets

Withdrawal

Regarding withdrawals with GO Markets, there is no withdrawal fees required. You will, however, find that there is non-Australian banking institutions could charge you with a fee for your transactions.  You can use different payment methods, but you will have to withdraw and deposit from the same account you are holding.

You will find that the process of withdrawing is very fast and completely digital. If you request a withdrawal before 1PM, then your withdrawal will be processed in the same day. And, if you request a withdrawal after 1PM, then your withdrawal will be processed the next day.

Pros

  • Different base currencies
  • Different payment methods available
  • No withdrawal fees
  • Fast withdrawal process

Cons

  • Non-Australian banks could charge a fee

GO Markets Withdrawal Options

  • Credit\Debit Card
  • Bank Transfer
  • E-Wallets

Trading Platforms

With GO Markets, you will be able to choose between the MT4 and the MT5 platform. The MT4 platform is ideal for novice traders who are new to the trading scene, while the MT5 platform is suitable for advanced traders who have experience in trading.

In this GO Markets broker review, we are testing the quality of the MT4 trading platform.  GO Markets takes pride in being one of the first brokers to bring the MetaTrader4 platform into Australia.

Web Trading Platform

With the MT4 web trading platform, you will be able to use four pending orders: Buy Limit, Buy Stop, Sell Limit, or Sell Stop. You will be able to open a trade, modify it, and close it whenever you wish.

The MT4 web trading platform does not have a two-step login process, which means you will not have the additional security measure to protect your account.

Despite not having a two-step login process, you can set alerts to notify you on price movements of a market or for a certain time period. This way you will automatically be notified and can strategize accordingly.

Pros

  • Downloadable on MAC and Windows
  • Customizable charts
  • EAs available
  • Custom indicators

Cons

  • MT4 only has 4 pending orders, while MT5 has 6
  • No two-step login process

Desktop Trading Platform

The desktop trading platform is very similar to the web trading platform, and you can enjoy the same features. The difference between both platforms is that the desktop trading platform is accessed straight from your Personal Computer and not through the web.

With the MT4 desktop trading platform, you will be able to use four pending orders: Buy Limit, Buy Stop, Sell Limit, or Sell Stop. You will be able to open a trade, modify it, and close it whenever you wish.

The MT4 desktop trading platform does not have a two-step login process, which means you will not have the additional security measure to protect your account.

Despite not having a two-step login process, you can set alerts to notify you on price movements of a market or for a certain time period. This way you will automatically be notified and can strategize accordingly.

Pros

  • Downloadable on MAC and Windows
  • Customizable charts
  • EAs available
  • Custom indicators

Cons

  • MT4 only has 4 pending orders, while MT5 has 6
  • No two-step login process

Mobile Trading Platform

With the MT4 mobile trading platform, you will also be able to use four pending orders: Buy Limit, Buy Stop, Sell Limit, or Sell Stop. You will be able to open a trade, modify it, and close it whenever you wish.

The MT4 mobile trading platform does not have the option of facial recognition or fingerprint, which means you will have to login manually.

However, you will get notifications on price alerts when there are any movements in a specific market or a particular timeframe. You will receive the notification in the form of a push notification on your mobile device.

Pros

  • Available for iOS and Android users
  • Monitor prices on-the-go
  • Custom indicators
  • View order history and account balance

Cons

  • No facial recognition

Markets & Financial Instruments

GO Markets offers more than 250+ financial instruments, and this GO Markets review shows you a table of all this Forex broker has to provide for its traders. You will find that shares and currency pairs are the most financial instruments that you can trade with.

What GO Markets Offers
Currency Pairs 50
Metals 2
Indices 14
Shares 200+
Cryptocurrencies 5

Markets Research & Trading Tools

This GOMarkets broker review will let you know what kind of market research and trading tools you have access to. The newsfeed and economic calendar are available for use and are constantly updated, and all of the content for research are written by in-house analysts from GOMarkets.

GO Markets Trading Tools

GO Markets provides different trading tools that you can use while trading such as: AutoChartist, Copy Trading, MT4 and MT5 Genesis, Trading Central, and VPS. These trading tools help clients with their trading experience and make accurate decisions.

GO Markets Tools
AutoChartist Copy Trading
MT4 and MT5 Genesis Trading Central
VPS

Pros

  • AutoChartist provides trading patterns
  • MT4 and MT5 Genesis adds new functions to the MT4 trading platform
  • Trading Central provides global financial research
  • VPS provides stability, reliability, and speed

Cons

  • AutoChartist can be accessed by members who fund their accounts with 500USD
  • MT4 and MT5 Genesis is activated by requested
  • VPS requires a monthly subscription fee of 10USD

AutoChartist is an MT4 plugin tool that is available only for members who fund with their accounts with 500USD. This tool scans the financial markets, looks for a pattern, and notifies a trader.

Copy Trading is a feature that is not found with most Forex brokers, but you will find it in GO Markets. MyFXBook is a copy trading service that allows traders to copy trades from other experienced traders, with an automated service.

MT4 and MT5 Genesis is an extension to the MetaTrader platform, where you will gain access to other tools that could help in trading. These additional tools include: alarm manager, sentiment indicator, session map, and many others. However, you can only activate this extension by request and if you are a member with a balance of 500USD.

GO Markets has collaborated with Trading Central to provide traders with trade ideas, different indicators, and other different tools to use.

For the Virtual Private Server, or VPS, you will need to pay a subscription fee for 10USD per month, or be a member who completes 1Million USD trade volumes in month; if that is the case, then you will gain access to the VPS for free. VPS is essential for traders because it provides traders with more reliable and more stable trades, and not to mention that it improves speed.

GO Markets Market Research

The market research materials for GO Markets are regularly updated and are a quick read for traders who do not like to get into too much detail. You will also be able to customize your economic calendar to your geographic preference.

Pros

  • In-depth analysis
  • Accurate information
  • Easy to read and navigate
  • Available on both the MT5 platform and website

Cons

  • Podcast and articles not updated consistently

GO Markets offers four main market research materials that are available to the public and the traders with an account. Along with their educational resources, you can stay updated with their daily newsfeed, the economic calendar, the weekly summaries, and regular articles.

The economic calendar shows you the major financial events in the world, and you can customize it to your geographic area. With the weekly summaries, the content revolves around the trading week ahead and the major events of the previous trading week.

The daily news feed is a two-minute read on the most important viewpoints of the trading world, and what you should take into account before starting your trading day. As for the GO Markets articles, they are in-depth pieces that discuss the main issues and progress of the trading world.

If you are more interested in audio research materials, then we suggest you listen to GO Markets’ podcast, Margin Call. Margin Call gives you a peek in the behind-the-scenes of what it is to work in the Forex and CFD trading industry.

Customer Service

You will be able to reach the customer service department of this Forex broker through different means, 24 hours a day and only five days a week. It is, unfortunately, not available 24\7, but the various ways of you contacting the customer service department make up for it.

Pros

  • Many forms for customer service contact
  • Customer service department is fast to respond
  • Friendly staff
  • Available in several languages

Cons

  • Not available 24\7
  • YouTube channel is only available in Chinese

Means Of Communication

  • Live chat
  • Contact Form
  • Email
  • Phone support
  • Social Media: Facebook, Twitter, Instagram, LinkedIn, and YouTube

The overall trading experience clients have with GO Markets has been affected by the customer support service. After all, customer service support is the main interaction of the client with the broker. Traders have appreciated the different methods of communication, and the accommodating staff on the other end of the line. Despite not being available 24\\\\7, the fast and accurate responses make up for the days they do not operate on.

Client Education

This GO Markets review emphasizes on the educational resources that you can benefit from, such as eBooks, educational videos, free learning courses, and a Demo Account on Forex trading. If you prefer visual aid or reading material, GO Markets will provide all the necessary resources for you to be able to trade smoothly.

In order to become an active trader, you will need to learn the tricks of trading. GO Markets prioritizes client education to help customer trade with precision and certainty.

The first educational resource you can use is this Forex broker’s eBook and articles.  The 30+ page eBook will teach you all about Forex trading with the MT4 trading platform. The articles are short reads on how-to guides and tips about trading.

The second educational material you will find in GO Markets is the educational videos and webinars that are provided on the website. You will find about 10 educational videos that will help explain on a visual level, topics like: trading psychology, the indicators, and Forex trading in general. The webinars are divided into two: the Forex market and the industry of Forex trading, and how to trade or what to look out for in trading.

The third educational material, and most commonly used, is the free learning courses on Forex trading, and the Demo Account. The free courses are mostly targeting novice traders who need help understanding the trading industry, while the Demo Account is welcomed for all traders to use.

If you are an experienced trader, you can use the Demo Account to be able to learn more about the Forex broker that you are dealing with. The Demo Account is not a common feature among Forex brokers, especially those with no time limit.

With GO Markets, you will be able to access a Demo Account with virtual funds, allowing you to trade without facing any financial loss. The Demo Account allows you to trade with 50,000USD worth of virtual funds and gives you access to over 350 financial instruments.

You will also be able to contact their customer service support 24\5, since their trading hours are not 7 days a week. Alongside the customer service, you will be able to use 80+ technical analysis tools and be able to download your Demo Account on your mobile device. Whether you are an iPhone or Android user, you will find the application available.

This GOMarkets broker review will demonstrate a step-by-step guide on how you can open your own Demo Account.

How To Open a Demo Account

Step One: Fill out the form with your personal information, with your preferred account type, base currency, and trading platform.

GO Markets Demo Account Step -1

Fill out the form with your personal information, with your preferred account type, base currency, and trading platform.

Step Two: You will receive an SMS from GO Markets with your new automated password that will allow you to login to your Demo Account, and now you can start trading!

GO Markets Demo Account Step -2

You will receive an SMS from GO Markets with your new automated password that will allow you to login to your Demo Account, and now you can start trading!

Pros

  • Many types of educational resources
  • All educational material is free
  • Webinars are open to the public
  • Provides a trading handbook as a how-to guide
  • Demo Account available

Cons

  • Only tackles basic topics and not advanced ideas
  • Must be a member to access the materials

Conclusion

Overall, GO Markets is a very safe broker since it is regulated by one of the best and strictest financial regulators in the world. The license from the AFSL and the stamp of approval from the ASIC permits GO Markets to be a legitimate broker, as long as they abide by the regulations that follow.

Client funds are put in segregated accounts and they have the best technology, SSL encryption, to prevent any hacking to take place.

GO Markets has proven to be one of the best brokers in Australia since it was rewarded the number one customer service support, and it was one of the first brokers that brought in MT4 platform into Australia.

This Forex broker has a reputation for its extensive educational material for clients, and that it provides market research and trading tools for traders to utilize to their liking.

The non-trading fees of GO Markets are next to nothing, since they do not require a deposit or withdrawal fee. You will have to make a minimum deposit amount of 200AUD, and consider that the GO+ account charges commission. Other than that, there are no outstanding fees to consider.

In conclusion, GO Markets is a worthwhile investment that should be considered as an option to trade with.

gomarkets
200 AUD
Min. Deposit
50%
Bonus
Regulated byASIC
Leverage1:500
Customer Support24/5
Open Account

GO Markets Overall Performance

  • Safety and Regulation 98% 98%
  • Deposit and Withdrawal 98% 98%
  • Market Research & Trading Tools 97% 97%
  • Broker Fees 98% 98%
  • Trading Platforms 97% 97%
  • Customer Service 99% 99%
  • Account Opening 98% 98%
  • Market & Financial Instruments 97% 97%
  • Client Education 99% 99%

Frequently Asked Questions

Is GO Markets A Good Broker?

GO Markets is a good broker that is completely reliable to trade with. They provide you with an extensive educational database, keep you up to date with their research materials, and offer different ways to contact them via the customer service methods.

Is GO Markets Legit?

GO Markets is a legitimate brokerage firm and trading services provider, since it obtains a license from the AFSL, or the Australian Financial Services License.

How Long Do GO Markets Withdrawals Take?

Withdrawals take from a few hours to one business day.

What Is The Minimum Deposit For GO Markets?

The minimum deposit for both trading accounts, Standard and GO+, is 200AUD.

Is GO Markets Regulated?

GO Markets is allowed to provide financial services to traders under the Australian Financial Services Licence (AFSL), or the Australian Securities and Investment Commission (ASIC).

Is GO Markets An ECN Broker?

Yes, GO Markets is an ECN broker.

Is GO Markets Safe?

GO Markets is considered a safe broker to trade with, because they fully comply with the ASIC regulations and do their best to protect traders by maintaining standard digital security procedures.