GO Markets Forex Trade Platform and Broker Review

GO Markets Forex Trade Platform and Broker Review

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GoMarkets Broker Review

GO Markets is an award-winning and leading Australian online broker that was established in 2006. GO Markets’ main services revolve around the facilitation of trades in a variety of tradable financial instruments.

GO Markets has more than 100 employees and is headquartered in Melbourne, Australia, and offers services to forex traders from around the world.

Is GO Markets Regulated?

Yes, GO Markets is regulated by the Australia Securities and Investment Commission (ASIC) in Australia. GO Markets also has the necessary permission to offer financial services in Australia through the Australian Services License (AFSL). 

Is GO Markets Regulated in the United States?

No, GO Markets is not regulated in Virginia or any other US state. 

Is GO Markets Regulated in Europe?

No, according to the official website, GO Markets is not regulated in Europe, however, GO Markets does possess a cross-border license to offer financial and ancillary services to forex traders who reside in the European Union and the United Kingdom.

Is GO Markets regulated in a Tier-1 Jurisdiction?

Tier-1 Jurisdiction offers GO Markets with the necessary licenses to offer forex traders with products and services in Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Israel, Japan, Luxembourg, Netherlands, New Zealand, Norway, Puerto Rico, Singapore, Sweden, and Switzerland.

According to the official GO Markets website, GO Markets is regulated in Tier-1 jurisdiction.

Is GO Markets regulated in Tier-2 Jurisdiction?

Tier-2 Jurisdiction provides GO Markets with the license to offer financial services and operate in the British Virgin Islands, Cayman Islands, Cyprus, Italy, Malaysia, Mexico, Poland, Portugal, Spain, and Taiwan.

According to the official website, GO Markets is regulated in Tier-2 jurisdiction.

What are the Platforms and Tools for Forex Trading in GO Markets?

GO Markets offers forex traders the option of using MetaTrader 4, MetaTrader 5, and Myfxbook.

  1. MetaTrader 4 is an intuitive and customizable trading platform in addition to being the most widely used platform in the industry. MetaTrader 4 offers Forex traders access to global markets, the use of expert advisors (EAs), a plethora of built-in indicators, mobile trading systems, and more when trading with GO Markets.
  2. MetaTrader 5 is a multi-functional and multi-asset trading platform that offers GO Markets forex traders robust trading solutions and functionalities. With MetaTrader 5, forex traders are offered 21 time-frames, more than 80 technical indicators, an economic calendar, support for order types, depth of market, and a robust multi-currency strategy tester.
  3. Myfxbook is GO Markets’ trade platform for social trading, offering forex traders a comprehensive copy trade service that can be used across the globe, allowing forex traders to mirror trades directly into their trading account. forex traders have a choice from thousands of signal providers, a broad range of statistics, analysis, and more.

Does GO Markets Have a News Blog for Forex News?

Yes, GO Markets has a news blog for forex news. This section is present on the official website and provides forex traders with updated financial news. This section also offers articles and other updates which may be relevant to trading activity.

Does GO Markets Have a Traders Dashboard?

No, GO Markets does not have a forex traders dashboard on the official website.

Does GO Markets Have an Educational Section?

Yes, GO Markets has an educational section on the official website. The educational section or education hub offers forex traders of all levels a variety of resources, materials, and tools that can be used. 

What is the content of GO Markets Forex Education?

The contents of the GO Markets forex education can be broken down into the following sections:

  1. Forex education course.
  2. GO Trade Education.
  3. Introduction to Forex.
  4. Webinars.
  5. Tutorials

The Forex Education Course offered by GO Markets involves the following:

  1. First steps in the forex training course
  2. Inner circle weekly education and market review sessions.
  3. Insightful news and in-depth analysis.
  4. Beginner’s guide to forex.

the GO Trade Education provides forex traders with three signature education programs, namely:

  1. First steps in forex.
  2. Intermediate forex traders program.
  3. Share CFDs Course.

The GO Markets Introduction to Forex covers a variety of topics and consists of:

  1. “What is Forex?”
  2. “What are the features of trading Forex?”
  3. “Who trades Forex?”
  4. “How do you trade Forex?”
  5. “Which is the best platform for Forex trading?”

GO Markets offers forex traders with an Inner Circle program that forex traders can join, granting them with the following premium content:

  1. Education topic of the week – which exams specific technical indicators, aspects involved in an advanced system, behavioral and psychological aspects involved with trading.
  2. Market watch.

GO Markets’ Tutorials consist of MetaTrader 4 Video Tutorials that cover a variety of topics including:

  1. “Using the Market Watch and Navigator panels in MetaTrader 4”.
  2. “Setting up your charts and using chart tools in MetaTrader 4”.
  3. “Using line studies for support and resistance”.
  4. “Using the terminal panel in MetaTrader 4”.
  5. “Changing chart colors in MetaTrader 4”.

Is GO Markets Legit?

Yes, GO Markets is a legit Forex Broker and Trade Platform that has regulation and authorization through ASIC.

Is GO Markets Safe?

Yes, GO Markets is a reliable and safe Forex Trade platform that is authorized and regulated by the Australia Securities and Investment Commission (ASIC) in Australia. GO Markets is also authorized to operate a business offering financial services by the Australian Financial Services License (AFSL).

GO Markets keeps client funds in segregated accounts which are held with top-tier AA-rated Australian banks such as the National Australia Bank (NAB) and the Commonwealth Bank, offering multiple client accounts in different currencies.

This ensures that client funds are not used for operational purposes.

Is GO Markets a Good Broker?

Yes. According to a Forex Suggest review that was done, GO Markets is a good broker where security, trading speed, online support, and cryptocurrencies are concerned.

  1. In terms of security, according to the official GO Markets website, the broker is committed to protecting the privacy of forex traders and works to safeguard personal and financial information. GO Markets uses leading security software as well as systems, and there are stringent procedures in place to protect the information of forex traders.
  2. GO Markets ensures that forex traders are provided with the best possible execution speeds, minimal slippage, and requotes on trades.
  3. In terms of online support, GO Markets offers a live chat function on the website, featuring helpful agents that work to resolve queries quickly.
  4. In terms of cryptocurrency, GO Markets offers the trade in Bitcoin, Bitcoin Cash, Ripple, Lite Coin, and Ethereum as CFDs.

What is the Offering of Investment in GO Markets?

Offerings of GO Markets can be found below.

Feature GO Markets
Forex Trading Yes
CFDs Yes
Forex Pairs Yes
Cryptocurrency (Physical) No
Cryptocurrency (CFD) Yes
Social Trading  Yes

Does GO Markets have Nasdaq?

Nasdaq is a popular stock exchange in the United States that tracks the top technology stocks in the US.

As a Nasdaq owner, GO Markets offers the trade-in share and indices CFDs.

What are the Awards of GO Markets?

Forex Trading Platform GO Markets’ awards are listed below.

  1. Best Non-Commission Forex Account (2020) Compare Forex Brokers Awards.
  2. Customer Service (2019 – 2020) – Investment Trends.
  3. Educational Materials/Programs (2019 – 2020) – Investment Trends.

How to Use GO Markets for Forex trading?

To use GO Markets, a forex trader should have the necessities below:

  1. Forex traders must be 18 years, or older to register an account.
  2. Forex traders must have a valid ID and proof of residential address.
  3. Forex traders must be able to afford the AU$200 minimum deposit.

Once a forex trader meets the conditions above, they can register a forex trading account to use the services of GO Markets.

How to open a Forex trader account with GO Markets?

To open a Forex Trading account with GO Markets, a trader should follow the steps below.

  1. Forex traders can navigate to the official GO Markets website and select “Open Live Account” from the homepage.
  2. Forex traders can select whether they want to open a Trust/SMSF Account, a Personal Account, or a Company/Corporate Account.
  3. To proceed with a Personal Account, forex traders can make the relevant selection.
  4. Forex traders must complete the online application by completing five different steps and providing the relevant information under each section. These sections require basic, contact, residential, employment, and financial information.
  5. In addition, to complete the application, forex traders must upload a copy of their ID and proof of residence that is not older than 3 months.

What are the Forex Trader Account Types with GO Markets?

Forex Trading Platform and Financial Asset Management Institution GO Markets have 3 different account types that are offered.

GO Markets Account Types are listed below. 

  1. Demo Account

  2. Standard Account

  3. GO Plus Account

 

  • Demo Account

GO Markets offers forex traders the option of registering a demo account before they register for a live trading account. The GO Markets demo account can be used by beginner forex traders who want to practice trading and by advanced forex traders who want to test their strategies.

The GO Markets demo account can also be used by forex traders who want to explore the offering of GO Markets before they register a live account and deposit funds.

  • Standard Account

The GO Markets Standard Account is designated for a variety of forex traders despite their trading experience. The features of the Standard Account are as follows:

  • A minimum deposit amount of AU$200.
  • Variable spreads from 1 pip.
  • Commission-free trading.
  • Access to trade more than 50 forex pairs, shares, indices, and cryptocurrencies.
  • Micro Lot trading from 0.01 lots.
  • Leverage up to 1:500.
  • Access to trading tools and the ability to use Expert Advisors.
  • Free VPS, however, terms and conditions apply.
  • The ability to use a variety of trading styles including hedging and scalping.
  • Base currencies supported – AUD, USD, EUR, GBP, NZD, CAD, SGD, CHF, and HKD.
  • Access to dedicated customer support 24 hours a day, 5 days a week.
  • The appointing of a dedicated account manager.

 

  • GO Plus Account

The GO Markets GO Plus Account offers more advanced forex traders with the perfect account for high-volume trading and automated trading. This account type offers the best trading conditions in the industry. The GO Plus Account has the following features:

  • A minimum deposit amount of AU$200.
  • Variable spreads from 0.0 pips.
  • Commissions of AU$3 charged per side traded.
  • Access to trade more than 50 forex pairs, shares, indices, and cryptocurrencies.
  • Micro Lot trading from 0.01 lots.
  • Leverage up to 1:500.
  • Access to trading tools and the ability to use Expert Advisors.
  • Free VPS, however, terms and conditions apply.
  • The ability to use a variety of trading styles including hedging and scalping.
  • Base currencies supported – AUD, USD, EUR, GBP, NZD, CAD, SGD, CHF, and HKD.
  • Access to dedicated customer support 24 hours a day, 5 days a week.
  • The appointing of a dedicated account manager.

How to Withdraw Money from GO Markets?

To withdraw money from GO Markets, the following should be done:

  • Forex traders visit the GO Markets official website and log into their client portal.
  • Forex traders can select “Withdraw”, choose their preferred payment method, enter the amount to be withdrawn, and click “Confirm”.
  • Once the withdrawal request has been received by the relevant department, it will be processed within one or two business days.
  • Forex traders must ensure that funds can only be returned to a bank account that has the same name as the GO Markets trading account.
  • Go Markets does not charge any internal fees for withdrawals but withdrawals to non-Australian banks may be subjected to fees from an intermediary bank involved in the transaction.
  • Withdrawal forms that are received before 1 pm AEST will be processed on the same day, however, forms that are received after this time may only be processed on the following available business day.
  • Withdrawals will be processed back to the initial funding source where it is possible.

How many days do deposits take with GO Markets?

This will depend on the deposit method that is used with GO Markets. Where most methods such as Credit/Debit Cards and electronic payments are instant, other methods such as Bank/Wire Transfer can take up to three business days.

What are the costs and fees with GO Markets?

There are four types of costs and fees indicated on the GO Markets official website. 

These costs and fees related to spreads, commissions, swap fees, and margin requirements.

The spread is the difference between the bid and asks price, expressed as pips, which is the smallest increment with which a price can move either up or down. Swap fees are either credited/debited on positions that are held open for longer after the trading day has ended, depending on whether forex traders hold a long/short position open.

Margin requirements refer to the fee that GO Markets requires at the start of the trade and which is taken as collateral for the trade.

What are the Trading Fees with GO Markets?

The Forex Trading Fees with GO Markets are below. 

The Standard Account:

  1. Spreads: from 1 pip.
  2. Commissions: None
  3. Margins: from 5.00%
  4. Swap fees: can be viewed on the trading platform.

The GO Plus Account:

  1. Spreads: from 0.0 pips.
  2. Commissions: from AU$3 per side.
  3. Margins: from 5.00%
  4. Swap fees: can be viewed on the trading platform.

What is the minimum deposit in GO Markets?

According to the official GO Markets website, the recommended minimum initial amount is 200 AUD. 

What are the contract specifications in GO Markets?

Feature GO Markets
Forex Trading Yes
CFDs 100+
Forex Pairs 50+
Cryptocurrency (Physical) 0
Cryptocurrency (CFD) 5
Social Trading  Yes

Does GO Markets have promotional offers?

Yes, GO Markets Trade and Exchange platform has promotional offers for existing as well as new forex trading account holders. These promotional offers are as follows:

  1. 20% Deposit Bonus.
  2. $50 Welcome Bonus.

Does GO Markets have a welcome bonus?

Yes, GO Markets offers a welcome bonus of $50 to new forex traders.

The welcome bonus that GO Markets offers awards new forex traders who register for a new trading account for the first time. This bonus will be credited to the trading account as a credit that can be used towards trading. It is a non-withdrawable bonus of which profit can be withdrawn, subjected to a specific turnover amount.

Does GO Markets have a deposit bonus?

Yes, GO Markets offers a 20% deposit bonus.

This GO Markets deposit bonus applies when forex traders fund their account with between US$1,000 up to $25,000. forex traders will receive 20$ of the original funding back along with the opportunity to receive cash equity when trading forex, indices, metals, or oil.

GO Markets’ forex traders can earn up to US$2.000 per standard forex or metal contract and $0.10 per standard index or oil contract.

Is there a commission-free trade bonus in GO Markets?

No, GO Markets does not offer forex traders a commission-free trade bonus.  

Is there a VIP bonus in GO Markets?

No, GO Markets does not offer forex traders a VIP bonus.

Can you start trading with no money at GO Markets?

No, you cannot start trading with no money at GO Markets. forex traders must deposit a minimum of AU$200 to start trading.

How does leverage work with GO Markets?

GO Markets offers forex traders with leverage up to 1:500. Leverage is a loan that is taken by the trader, allowing them to open larger positions despite their deposit of AU$200. With the leverage of 1:500, on an AU$200 deposit, forex traders have $100,000 with which they can trade.

This maximizes the profit potential of forex traders, however, it also exposes forex traders to significant risks. These risks involve losing a large portion of funds and having to pay back the broker for lost funds.

Where are the headquarters of GO Markets?

GO Markets is headquartered in Melbourne, Australia.

Who is GO Markets’ CEO?

The CEO of GO Markets is Sherif Sanad who has held the position from January 2019 until the present. Sherif Sanad will graduate from the Chartered Institute for Securities and Investment (CISI) in 2021 and previously attended the University of New Brunswick, having graduated in 2003, specializing in International Business Administration.

What are the social media accounts of GO Markets?

Forex traders can follow GO Markets on the following social media accounts:

  • Facebook
  • Twitter
  • LinkedIn
  • YouTube
  • Instagram

How many employees work for GO Markets?

There is no official source that clearly indicates the exact employee complement of GO Markets. However, due to its operation size, GO Markets has more than 100 employees.

What are the opinions about GO Markets?

GO Markets is widely regarded as a reputable and excellent broker that offers some of the best trading services and competitive trading conditions. GO Markets is known for providing unique solutions to both beginner and professional forex traders. In addition, the broker is also known for its stringent security protocols and data security procedures.

What are GO Markets Contests?

GO Markets does not run any contests.

GO Markets does not stipulate any past, present, or future contests on the official website.

Does GO Markets have online support?

Yes, GO Markets offers prompt, responsive, and helpful multilingual support that is available 24 hours a day, 5 days a week.

Does GO Markets offer demo accounts for Forex trading?

Yes, GO Markets offers a free demo account for all new forex traders. The demo account can be opened with the following steps:

  1. Forex traders can visit the GO Markets official website and select the option “Try Free Demo” from the homepage.
  2. Forex traders will be redirected to an online application where they must provide their first and last name, email address, mobile number, trading platform, account type, and currency for the account.
  3. Forex traders will receive their password on the mobile number that they provided, and they must enter this into the required field.
  4. Forex traders will be redirected to a page informing them that their login information has been emailed to them.
  5. Forex traders can download their platform of choice or make use of the WebTrader and use their login credentials to access their demo account.

Does GO Markets have a mobile app for Forex trading?

No, GO Markets does not have a mobile app for forex trading.

GO Markets offers the use of MetaTrader 4 and MetaTrader 5’s mobile apps in conjunction with a GO Markets account that can be used to trade forex via mobile.

Does GO Markets publish an economic calendar?

GO Markets publishes an economic calendar on the official website and can be used free of charge.

An economic account is a useful, vital tool that is used by forex traders to view all economic announcements, releases, and events from around the world. forex traders can use this information to conduct an in-depth fundamental analysis and see how these events will affect the financial markets.

With the GO Markets economic calendar, forex traders can keep updated with all the events, announcements, and releases. forex traders can filter the results by time zone or use the menu toggles to refine their viewing and searches.

What is the communication information of GO Markets?

GO Markets has three telephone numbers and one main business address.

GO Markets can be contacted telephonically by using the following numbers:

Australia: 1800 88 55 71

United Kingdom: +44 203 637 7618

International: +61 3 8566 7680

GO Markets’ address is Level 11, 447 Collins Street, Melbourne, VIC, 3000, Australia.