REVIEWS
GOMarkets Review 2022
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What Is Go Markets?
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, 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 of what GO Markets offers to its 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: | 1:500 |
| 💰Withdrawal fee amount: | 0AUD |
| 💰Inactivity Fee: | No |
| Pros | Cons |
|---|---|
| • No deposit and withdrawal fee | • Only two trading accounts available |
| • Several means of customer service | • The average number of base currencies |
| • Regulated by ASIC | • The high amount of countries that are not allowed to trade with |
| • Stores clients’ funds in segregated accounts | • Daily news not updated every day |
| • Easy to open an account | |
| • Provides social trading platform and Demo Account |
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Safety & Regulation
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 Or A Scam?
The first thing to check before trading with GO Markets is its license and applicable registrations which ensure a safe trading experience.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 | Cons |
|---|---|
| • Regulated by the AFSL License 254963 | • Does not accept clients from 30+ countries around the world, including the US, Canada, Japan, and more. |
| • Storing funds in segregated accounts | |
| • SSL encryption for personal information |
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 sensitive information.
Generally, risk management is maintained by various practices, among the considerations of hedging counterparties and clients’ funds’ segregations at the National Australian Bank (NAB), along with margin calls and fair usage policies. Likewise, the European entity falls under the ESMA regulatory requirements and obligations towards clients’ safety.
Also, being a fully authorized financial trading provider GO Markets adheres to strict protection of the clients’ funds through segregation, and also fair conditions that are constantly monitored and audited by the authority.
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.”
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 0.3AUD per side.
| Pros | Cons |
|---|---|
| • No deposit fee | • GO+ Account charges commission |
| • No withdrawal fee | • The minimum deposit amount of 200AUD |
| • Tight spreads | |
| • Standard Account does not charge a commission |
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 thing 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 |
What Is The Maximum Leverage Offered By GO Markets?
Another great feature while trading Forex is the use of leverage, which may potentially increase your gains. However, it can also maximize your losses. As it works both ways, it is necessary to learn how to use leverage smartly.
GO Markets, although regulated by ASIC, still allows high leverage ratios up to 1:500 for Forex instruments on other entities of the group.
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 | Cons |
|---|---|
| • Different types of trading accounts | • Variable spreads for all trading accounts |
| • Flexible leverage levels for trading accounts | |
| • Islamic account available | |
| • Low minimum deposit amount for all accounts |
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 GoMarkets Trading Account
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
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.
Deposit & Withdrawal
GO Markets does not charge any deposit fees or withdrawal fees, and the withdrawal request is processed very quickly. 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 transfers, 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 | Cons |
|---|---|
| • Different base currencies | • Bank transfer is slow |
| • Different payment methods available | • E-wallets and online payments take a few hours to process |
| • No deposit fees | • The high minimum deposit amount of 200USD |
GoMarkets Deposit Options
- Credit\Debit Card
- Bank Transfer
- E-Wallets
Withdrawal
Regarding withdrawals with GO Markets, there are no withdrawal fees required. You will, however, find that there are non-Australian banking institutions that could charge you 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 1 PM, then your withdrawal will be processed on the same day. And, if you request a withdrawal after 1 PM, then your withdrawal will be processed the next day.
| Pros | Cons |
|---|---|
| • Different base currencies | • Non-Australian banks could charge a fee |
| • Different payment methods available | |
| • No withdrawal fees | |
| • Fast withdrawal process |
GO Markets Withdrawal Options
- Credit\Debit Card
- Bank Transfer
- E-Wallets
How Long Does It Take To Withdraw Money From GO Markets?
Withdrawal of money is a simple process and can be done straight from your online personal account area. Typically GO markets, as a regulated broker process withdrawals within 1-2 business days, however, allow additional time for your payment provider or other procedures.
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.
- MetaTrader4 Platform
- MetaTrader5 Platform
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 of price movements in a market or for a certain time period. This way you will automatically be notified and can strategize accordingly.
| Pros | Cons |
|---|---|
| • Downloadable on MAC and Windows | • MT4 only has 4 pending orders, while MT5 has 6 |
| • Customizable charts | • No two-step login process |
| • EAs available | |
| • Custom indicators |
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 | Cons |
|---|---|
| • Downloadable on MAC and Windows | • MT4 only has 4 pending orders, while MT5 has 6 |
| • Customizable charts | • No two-step login process |
| • EAs available | |
| • Custom indicators |
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 log in 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 | Cons |
|---|---|
| • Available for iOS and Android users | • No facial recognition |
| • Monitor prices on-the-go | |
| • Custom indicators | |
| • View order history and account balance | |
| • You can view your trading history and portfolio |
With GO Markets, you will be able to choose between the MT4 and the MT5 platform.
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.
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 | Cons |
|---|---|
| • AutoChartist provides trading patterns | • AutoChartist can be accessed by members who fund their accounts with 500USD |
| • MT4 and MT5 Genesis adds new functions to the MT4 trading platform | • MT4 and MT5 Genesis is activated by requested |
| • Trading Central provides global financial research | • VPS requires a monthly subscription fee of 10USD |
| • VPS provides stability, reliability, and speed |
AutoChartist is an MT4 plugin tool that is available only for members who fund 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 of 10USD per month, or be a member who completes 1Million USD trade volumes in a 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.
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 | Cons |
|---|---|
| • In-depth analysis | • Podcast and articles not updated consistently |
| • Accurate information | |
| • Easy to read and navigate | |
| • Available on both the MT5 platform and website |
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 | Cons |
|---|---|
| • Many forms for customer service contact | • Not available 24/7 |
| • The customer service department is fast to respond | • YouTube channel is only available in Chinese |
| • Friendly staff | |
| • Available in several languages |
Means Of Communication
- Live chat
- Contact Form
- 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
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 customers 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 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!
| Pros | Cons |
|---|---|
| • Many types of educational resources | • Only tackles basic topics and not advanced ideas |
| • All educational material is free | • Must be a member to access the materials |
| • Webinars are open to the public | |
| • Provides a trading handbook as a how-to guide | |
| • Demo Account available |
Conclusion
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.
Overall, GO Markets is a very safe broker since it is regulated by one of the best and strictest financial regulators in the world.
Frequently Asked Questions
Is GO Markets A Good Broker?
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 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.
Methodology
All brokers listed on our website are regulated by at least one financial regulator and have never been reported as a scam. We analyze more than 3000 data points across 8 key focus areas.
Our reviews are a combination of data research and working alongside the brokers. All information provided by the brokers are double-checked to guarantee 100% accuracy and that we remain unbiased.
2023 Review Methodology
For our 2023 Forex Broker Review, we assessed, rated, and ranked 45 international forex brokers over a three-month time period. Each broker was graded on 108 different variables and, in total, over 100,000 words of research were produced.
While encouraged, broker participation was optional. Each broker had the opportunity to complete an in-depth data profile and provide executive time (live in person or over the web) for an annual update meeting.
All data submitted by brokers is hand-checked for accuracy. Ultimately, our rigorous data validation process yields an error rate of less than 0.1% each year, providing site visitors with quality data they can trust. Learn more about how we test.
Forex Risk Disclaimer
There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection, and market volatility that may substantially affect the price or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Learn more at Wikipedia.
Chad Smith
Director of Research & Analysis
Chad Smith is the Director of Research & Analysis here at ForexBrokerListing.com.
Chad previously served as an Editor for a number of websites related to finance and trading, where he authored a significant number of published articles about trading and the impact of technology in transforming investing as we know it.
Overall, Chad is an active fintech and crypto industry researcher with more than 15 years of trading experience, and you can find him teaching his dog how to trade in his free time.