GO Markets
Pros and Cons
Pros
- Regulated by ASIC, CySEC, and FSC
- Over 1,000 trading instruments including Forex, stocks, and crypto
- Platforms: MetaTrader 4, MetaTrader 5, cTrader, and TradingView
- Comprehensive educational resources including webinars and live coaching
- No minimum deposit required and no inactivity fees
Cons
- Not regulated by FCA since license revocation
- Limited advanced research tools available
- Demo account access restricted unless live account created
- No proprietary trading platform offered
- Moderate range of trading instruments compared to larger brokers
Basic Information
User Reviews
GO Markets Overview
GO Markets is a well-established forex broker founded in 2006 and headquartered in Melbourne, Australia. The company is regulated by several reputable authorities, including the Australian Securities and Investments Commission (ASIC), the Cyprus Securities and Exchange Commission (CySEC), the Financial Services Commission (FSC) of Mauritius, and the Financial Services Authority (FSA) of Seychelles. This multi-jurisdictional regulation ensures that GO Markets adheres to stringent compliance and security standards, providing clients with a reliable trading environment.
With a diverse range of over 600 trading instruments, GO Markets excels in offering forex pairs, commodities, indices, and cryptocurrencies. Traders can access advanced trading platforms, including MetaTrader 4, MetaTrader 5, and cTrader, which are equipped with essential tools and features for effective trading. The broker is known for its competitive pricing, with raw spreads starting from 0.0 pips on specific accounts and a transparent commission structure. Additionally, GO Markets provides 24/6 customer support in multiple languages, ensuring that traders receive timely assistance. Its unique offerings, such as Copy Trading and PAMM accounts, further enhance its appeal, making it a strong contender for both novice and experienced traders seeking a reliable forex broker.
Is GO Markets Safe? Regulation Analysis
Regulatory Information
| Regulatory Authority | Country/Region | Fund Protection Measures |
|---|---|---|
| Australian Securities and Investments Commission (ASIC) | Australia | Segregated Funds, Negative Balance Protection |
| Cyprus Securities and Exchange Commission (CySEC) | Cyprus | Segregated Funds, Investor Compensation Fund |
| Financial Services Commission (FSC) | Mauritius | Segregated Funds |
| Financial Services Authority (FSA) | Seychelles | Segregated Funds |
Is GO Markets Regulated and How Are Client Funds Protected?
GO Markets is a highly regulated broker, holding licenses from several prestigious financial authorities, including ASIC, CySEC, FSC, and FSA. This multi-jurisdictional regulation ensures that the broker adheres to stringent compliance standards, providing a high level of safety for traders. Client funds are protected through measures such as segregated accounts, which keep traders’ money separate from the broker’s operational funds, minimizing the risk of financial mismanagement. Additionally, under certain jurisdictions, GO Markets offers negative balance protection, ensuring that clients cannot lose more than their initial investment. This comprehensive regulatory framework and client fund safety measures contribute to GO Markets’ reputation as a legit and safe trading platform for both new and experienced traders.
Trading Products and Services
What trading instruments does GO Markets offer?
| Asset Category | Available Products | Total Count (if available) |
|---|---|---|
| Forex | EUR/USD, GBP/JPY, AUD/USD | 50+ |
| Commodities | Gold, Silver, Crude Oil, Natural Gas | Many |
| Indices | S&P 500, NASDAQ, FTSE 100, DAX | Varies |
| Stocks | Apple, Tesla, BP, Vodafone | 100+ |
| Cryptocurrencies | BTC, ETH, XRP, LTC | 39+ |
GO Markets offers a diverse range of trading instruments, catering to various trader preferences and strategies. With access to over 50 forex pairs, a selection of commodities like gold and oil, and a variety of indices, traders can effectively diversify their portfolios. The inclusion of stocks and cryptocurrencies further enhances the platform’s appeal, making it suitable for both beginners and experienced traders. This extensive product range allows for flexible trading strategies and effective risk management, ensuring that users can adapt to changing market conditions with ease.
Account Types and Trading Conditions
What Account Types and Fees Does GO Markets Offer?
| Account Type | Target User Group | Essential Characteristics | Applicability Notes |
|---|---|---|---|
| Standard Account | Beginners to intermediate traders | Low spreads, no commission, swap-free option available | Suitable for small-capital practice and general trading |
| GO Plus Account | Experienced traders | Spreads from 0.0 pips, low commission, access to ECN environment | Requires higher trading volume; ideal for advanced strategies |
| Islamic Account | Traders requiring compliance with Islamic finance | Swap-free, adheres to Sharia law | Available on both Standard and GO Plus accounts |
| Demo Account | New traders and those testing strategies | Virtual funds for practice, access to all trading platforms | No initial deposit required; unlimited usage for practice |
Account Opening Process
To open an account with GO Markets, follow these steps: First, provide personal information including your name, contact details, and date of birth. Next, submit employment information, which may include your occupation and employer’s details. After that, financial information is required to assess your trading experience and risk tolerance.
You will also need to undergo identity verification by submitting documents such as a government-issued ID and proof of address (e.g., utility bill or bank statement). Once your documents are verified, you can proceed to fund your account.
It’s important to note that you have the flexibility to upgrade your account later, for instance, moving from a Standard to a GO Plus account as your trading needs evolve.
Trading Fees
| Product | Spread (pips) | Commission | Notes |
|---|---|---|---|
| Forex (EUR/USD) | 0.8 | $0 (ECN: $3.5/lot) | Tight spreads for major pairs |
| CFDs (Stocks) | Variable | $0 (depending on stock) | Competitive spreads across various stocks |
| CFDs (Indices) | 1.0 | $0 | Low-cost trading on major indices |
| Cryptos (BTC/USD) | 1.0% | 0.1% | Variable depending on market volatility |
| CFDs (Commodities) | 3.0 | $0 | Includes gold and oil trading |
Other Fees
GO Markets outlines several other fees to be aware of when trading. There are no deposit or withdrawal fees for standard methods; however, fees may apply for international withdrawals. An inactivity fee is charged after a certain period of no trading activity. Additionally, users should consider potential overnight interest fees (swap rates) if positions are held beyond a trading day. Currency conversion fees may also apply depending on the account’s base currency and the currency of your transactions.
Trading Platforms and Apps
What Trading Platforms and Apps Does GO Markets Offer for Traders?
| Platform | Device Support | Key Features | Additional Services |
|---|---|---|---|
| MetaTrader 4 (MT4) | Windows, macOS, iOS, Android | 2FA, multiple order types, price alerts, technical indicators | Demo account, API access |
| MetaTrader 5 (MT5) | Windows, macOS, iOS, Android | Encryption, market depth, economic calendar, push notifications | Demo account, API access |
| WebTrader | Web-based (all devices) | Login security, symbol lookup, one-click trading | Demo account |
| cTrader | Windows, macOS, iOS, Android | Biometrics, advanced charting tools, price alerts | Demo account, cTrader Copy |
The platforms offered by GO Markets cater to a wide range of trader needs. MT4 is ideal for beginners and provides essential tools for trading, while MT5 supports advanced analysis and multi-asset trading. The WebTrader ensures accessibility on any device, and the cTrader platform enriches the trading experience with its advanced charting capabilities.
GO Markets prioritizes mobile trading, allowing users to execute trades and manage accounts conveniently. All platforms incorporate secure login options, fast order execution, real-time alerts, and efficient market search tools, ensuring a robust trading experience for all types of traders.
Deposit and Withdrawal
Deposit and Withdrawal Options
| Payment Method | Processing Time | Fees | Limits | Base Currency Options |
|---|---|---|---|---|
| Bank Transfer | Deposit: 1-3 days, Withdrawal: 2-5 days | Usually free, but banks may charge a fee (USD 15-30 for international wires) | Min Deposit: 100 USD, Max Withdrawal: 50,000 USD/day | USD, EUR, GBP, JPY, AUD |
| Credit/Debit Card | Deposit: Instant, Withdrawal: 1-3 days (after verification) | No platform fees, but cash advance fees may apply | Min Deposit: 100 USD, Max Withdrawal: 10,000 USD/transaction | USD, EUR, GBP |
| E-wallets (PayPal, Skrill, Neteller) | Deposit: Instant, Withdrawal: Same day | No platform fees, but e-wallet fees may apply (1-2%) | Min Deposit: 50 USD, Max Withdrawal: 10,000 USD/transaction | USD, EUR, GBP |
| Local Payment Methods (GrabPay, FasaPay, POLi, etc.) | Deposit: Instant, Withdrawal: 1-2 days | No platform fees, but local fees may apply | Min Deposit: 10 USD, Max Withdrawal: Varies by method | Supports local currencies |
Cost Optimization Tips
- Small Deposits (<1,000 USD): Prioritize e-wallets or credit cards for instant, fee-free deposits.
- Large Deposits (>5,000 USD): Use bank transfers or SEPA for a lower total cost despite slower processing times.
- Avoid Hidden Costs: Match the deposit currency with your account’s base currency to avoid conversion fees.
- Multi-base Currency Accounts: Select brokers with several base currency options to minimize cross-currency fees.
How to Withdraw
To withdraw funds from your GO Markets account, follow these steps:
- Log into your trading account.
- Navigate to the withdrawal section.
- Select the payment method you used for deposits.
- Enter the amount you wish to withdraw.
- Submit the request and verify your identity if required.
Please note that withdrawals must return to the original payment method due to anti-money laundering (AML) and know-your-customer (KYC) requirements. First-time large withdrawals (typically over 2,000 USD) may require additional identity verification.
Regional differences exist in payment options, with Southeast Asian users preferring local methods like GrabPay, while European clients often use SEPA transfers. Be aware of restrictions, such as the unavailability of Skrill for US users.
Customer Support
GO Markets Customer Support Overview
Support Channels
GO Markets offers a variety of support channels to assist customers effectively. You can reach out to the support team via:
- Email: Customers can send inquiries to customers_svg@gomarkets.com.
- Live Chat: Available on the GO Markets website for real-time assistance.
- Telephone: International support can be accessed at +1 212 858 9589.
- Social Media: Connect with GO Markets through various social media platforms for updates and support.
Service Availability
GO Markets provides customer service 24/5, ensuring that assistance is available from Monday to Friday. The support team is multilingual, catering to a diverse clientele and offering support in over 14 languages.
Additional Resources
In addition to customer support, GO Markets offers educational resources to enhance trading skills. These include:
- Video tutorials on various trading strategies.
- Regular webinars covering market analysis.
- Access to trading signals and market insights.
With a commitment to providing excellent support and educational resources, GO Markets ensures that traders can receive help when needed and improve their trading knowledge.
Frequently Asked Questions
GO Markets is regulated by several reputable authorities including the Australian Securities and Investments Commission (ASIC), the Cyprus Securities and Exchange Commission (CySEC), the Financial Services Commission (FSC) in Mauritius, and the Financial Services Authority (FSA) in Seychelles. This multi-regulatory structure ensures a high standard of compliance and client protection, providing a safe trading environment for clients.
GO Markets offers competitive trading conditions, including a minimum spread from 0.0 pips and leverage up to 1:500, depending on the regulatory entity. Clients can trade over 1000 instruments across various markets, including Forex, commodities, indices, and cryptocurrencies. Multiple account types are available to cater to different trading styles and preferences.
Client funds at GO Markets are held in segregated accounts with reputable banks, ensuring that your money is kept separate from the company’s operational funds. Additionally, GO Markets employs advanced security measures, including SSL encryption to protect personal and financial information, providing clients with peace of mind regarding the safety of their funds.
GO Markets offers 24/5 customer support through multiple channels including live chat, email, and telephone. The support team is multilingual and trained to assist with a wide range of inquiries, ensuring that clients receive timely and effective assistance whenever needed.
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Risk Disclosure
Trading forex/CFDs via brokers carries high risks, including potential total loss. For any data changes, please refer to the latest information on the brokers' official websites. Trade with caution and seek independent advice.