4.44
Accepts Tanzanian Clients. Average spread EUR/USD 0.00 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. Go Markets is regulated by ASIC.
Pros
- Fast and free withdrawals
- Wide range of assets
- Excellent market analysis
- Innovative trading tools
Cons
- High minimum deposit
- No swap-free account option
Is GO Markets Safe?
GO Markets was founded in Melbourne in 2006 and has been regulated by ASIC (license: 254963) since 2004. All funds in client accounts at GO Markets are kept segregated from business funds as is required by ASIC regulation. All client deposits are placed in accounts at National Bank Australia, a top-tier Australian banking institution.
With offices in Melbourne, London, Taipei, and Hong Kong, and customers in over 150 countries GO Markets is a safe and established global broker.
GO Markets for Beginners
GO Markets has a reasonable selection of basic education material, but other ASIC-regulated ECN brokers have better education sections and better-structured courses.
A common theme in the GO Markets education section seems to be that registration is required to unlock the complete set of information.
Education Material
GO Markets publishes downloadable handbooks, a structured Forex course, educational videos, and technical instructional videos to assist with the MetaTrader software.
There are two downloadable handbooks covering Forex trading – one for beginners and the other for more advanced traders. The first book for beginners is a free download and covers basic terminology, chart reading and trader psychology. The advanced eBook requires registration and covers technical analysis and trading strategies.
The handbooks complement a number of videos on trading strategies. A few of the videos are unlocked for public consumption, but the remaining videos require account registration to continue.
A two-part structured Forex course in the form of a webinar is open to the public and only requires that you register your name and email.
The first course covers the Forex market and trade entries and exits. The second webinar covers technical analysis, how to read charts, using technical indicators to understand data, developing a profitable trading plan and advanced order types.
Elsewhere, there are 18 technical MT4/MT5 videos to assist traders with everything from setting up charts and layout on the platform, to placing the first trade on the market.
Analysis Material
GO Markets publishes news and analysis on their website regularly.
These include a daily review at the close of the US markets, a weekly look at the major talking points in the week ahead, frequent blog posts on important financial topics and tips for trading improvement, an interactive economic calendar and a regular podcast featuring guests working in the Forex industry.
All of this analysis and news is available for free, even if you are not a registered customer of GO Markets.
Customer Support
Support is open 24/5 which is in line with the Forex trading week. Contact with GO Markets customer support is available via email, webchat and phone (with local numbers in Australia, China and the United Kingdom)
For technical support GO Markets also have a Quick Support tool which allows their technical support team to remotely access your desktop and fix any issues with your platform/software.
Trading conditions
Apart from Forex, GO Markets also offers trading on Shares, Indices Metals and Commodities – with over 250 tradeable instruments available. GO Markets offers both dealing desk and ECN/STP trading depending on your preference and minimum deposit.
Account Types
Unusually for a broker, accounts can be funded in 9 different currencies (USD, AUD, CAD, CHF, EUR, GBP, HKD, NZD and SGD). GO Markets has two separate live accounts in addition to the demo account.
Both live accounts offer:
- A dedicated account manager
- A free VPS service (with 1 million USD trading volume pcm otherwise 30 AUD pcm)
- 500:1 leverage
- Hedging and scalping allowed,
- MT4 & MT5 platform choices
- EAs available
Standard Account
The standard account has spreads from 1.0 pips and requires a minimum deposit of 200 AUD (or equivalent). The standard account is the dealing desk, commission-free account option, created with the beginner in mind.
GO Plus+ Account
The GO Plus+ account is created with the professional trader in mind and requires a 500 AUD (or equivalent) minimum deposit. While the commissions on the trade are 3 AUD per standard lot per side, the spreads are raw and taken from a deep liquidity pool and can be as tight as 0.0 pips.
Spreads and Commissions
The spreads vary depending on your account type. Raw spreads are as low as 0.0 pips on the GO Plus+ account, and the Standard account has spreads from 1.0 pips.
A commission of 3 AUD is charged on both sides for all trades on the GO Plus+ account in exchange for tighter spreads.
Deposit & Withdrawal Fees
Deposits can be made with credit cards, BPay, bank-to-bank transfer, and e-wallets like Skrill and Neteller.
GO Markets does not directly charge for deposits or withdrawal, but the funding companies may charge fees. There are no fees charged by GO Markets on deposits made by credit cards and no fees if you are transferring from an AUD bank account in Australia.
Trading Platforms
GO Markets is a MetaTrader broker, supporting both MT4 and MT5, including mobile and tablet applications for your Android or IOS device, and the WebTrader version of the same software.
GO Markets was the first Australian broker to start using the MetaTrader suite of tools, and in 2017 they were recognised as the Best Forex Platform Australia at the FX & Broker Awards hosted by the Global Market Financial Review.
While MetaTrader is the industry favourite because it offers fast execution, advanced charting, expert advisors and VPS options, GO Markets supports an additional add-on called MT4/MT5 Genesis. This add-on installs an extra set of trading tools that enhance specific features that already exist on the platform.
One of our favourite features is an advanced order management system that gives traders the ability to multi-task by keeping the trades active on the screen while doing other tasks. Trading from the terminal view is also possible.
Without the Genesis add-on, the trading alert system is hidden. With the Genesis add-on, trading opportunities are presented in a way that clients are alerted to them, while at the same time making a more complete range of EAs available for more efficient management of automated trading.
Trading Tools
In addition to the trading platforms that GO Markets offers clients, they provide additional trading tools that include Autochartist, Myfxbook and Trading Central. These tools collectively highlight trading opportunities using fundamental and technical analysis and do so in their unique way.
Autochartist is a powerful tool for detecting chart patterns by watching key support and resistance levels. This automated technical analysis simplifies chart analysis for beginners and opens up the opportunity to profit from price action changes for new traders.
Myfxbook is a cross-broker copy trading tool for all levels of traders. This trading tool is similar to using EAs but different in that it is not following an algorithmic pattern and follows other traders instead.
Trading Central is a selection of trading analysis reports, which are prepared by industry analysts, as well as technical analysis that is delivered with the supporting data and the strategy suggested.
A private VPS service for MT4 & MT5 is available to traders. The service fee of A$30 will be charged for the service, but the fee will be waived should the client trade a minimum of 5 lots.
Mobile Trading Apps
GO Markets supports the mobile version of MT4 and MT5. These platforms integrate with the broker in the same way as the desktop versions of the software do, so all trading activity is synced.
GO Markets Risk Statement
According to regulation, brokers are required to be transparent with Forex traders about their the complexity of financial products and also disclose the extent to which traders can lose their money. GO Markets wants you to know: Trading Forex and Derivatives carries a high level of risk, including the risk of losing substantially more than your initial investment. Also, you do not own or have any rights to the underlying assets. The effect of leverage is that both gains and losses are magnified. You should only trade if you can afford to carry these risks. Trading Derivatives may not be suitable for all type of investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary.
Conclusion
GO Markets only offers two similar account types, but if you want to use an established, traditional broker, then you could do much worse. It is a no-frills, MetaTrader only broker, but that is deliberate.
With reasonable fees and spreads, along with a strong set of free tools to help clients find trading opportunities, this is a good broker for both new and experienced traders.
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