The Complete Go Markets Review (UPDATED 2020)

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Overview

GO Markets Pty Ltd was founded in 2006 in Australia. Currently, GO Markets provides a commission-based and spreads based trading account. It also offers CFD instruments such as forex, indices, shares, commodities, and cryptocurrencies. GO Markets holds an AFSL (Australian Financial Services Licence) from the Australian Securities and Investments Commission (ASIC). One of its subsidiaries, GO Markets Ltd, is licensed by the Cyprus Securities and Exchange Commission (CySEC). Another subsidiary, GO Markets MENA DMCC, is licensed by the Securities and Commodities Authority (SCA), UAE. GO Markets’ associate companies have an Investment Dealer Licence in Mauritius from the Financial Services Commission (FSC) and in Seychelles, a Securities Dealer Licence from the Financial Services Authority (FSA).

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What is GO Markets?

  • Go Markets is a leading Australian online brokers, and it is regulated and authorized by the Australian Securities and investment commission (ASIC). It holds a license from the Australian financial services. In 2019, this broker was awarded an Investment Trends Award for educational materials/programs and customer service.
  • As per our GO Markets review, this broker offers simple and competitive assets for trading, which both new and experienced traders use. Also, it provides over 350 CFD instruments that cover shares, forex, commodities, cryptocurrencies, and indices.
  • All traders can use a wide range of trading platforms that are globally recognized that are offered by GO Markets such as Metatrader 4 and Metatrader 5 and more. These traders can also access the advanced trading tools from GO Markets MT4, MT5 Genesis package, trading Central, MyFXbook, and Autochartist.

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Features

Let us discuss some of the features offered by this platform –

  • GO Markets customers can trade over 350+ CFD instruments which cover different markets such as forex, index, shares, cryptocurrencies, commodities, over two important account types. They are the standard account, which is offered commission-free with spreads starting from 1 pip, and the GO Plus+ account, a commission-based account with spreads starting from 0 pips. 
  • GO markets offer several currency pairs like AUD/USD, EUR/GBP, and USD/CNH. GO markets offer tight spreads, and the traders can access the leverage of up to 500:1 by adding a minimum deposit of 200 AUD.
  •  GO Markets offers two main accounts GOPlus+ and standard. It provides traders with different services, features, and functionalities designed for both new and experienced traders.
  • The traders can also access some of the additional trading features like social trading integration, Myfxbook, Autochartist services, Trading Central, advanced indicators from Metatrader 4 & 5 platforms, and several more.
  • GO Markets also offers access to exhaustive educational resources and several courses through their GO Trading Academy, which offers educational courses, videos, and articles. It also provides weekly coaching webinars, and the traders have access to research, daily news section, and customer service, which are offered in several languages 24×5.

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Pros and Cons of GO Markets

Pros Cons
  GO Markets is an Australian licensed and regulated broker   This broker does not offer Negative balance protection
  GO Markets offers commission-free trades; the minimum deposit to start live trading is AUD 200
  It provides more than 350 instruments to trade and offers tight spreads
  GO Markets offers 24×5 customer support  
  This broker, Go markets, offers a wide choice of trading instruments in forex, commodities, stocks, cryptocurrencies, indices, metals, energies, CFDs, and several more  

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Regulation

  • GO Markets is regulated and authorized by the Australian Securities and investment commission, under the name of GO Markets Pty Ltd, as confirmed in the ASIC register. Further, GO Markets holds an Australian Financial Services license to offer its financial services in Australia (one with all rights reserved).
  • GO Markets complies with the European Union general data protection regulation (GDPR) and the data protection laws under the Australian Privacy Act 1988. Besides, the platforms Metatrader 5 and Metatrader 4 use strict security standards, and  the exchange of data between the Client terminal and the platform is encrypted. GO Markets also offers two-factor authentication that needs to be applied during login.

Is GO Markets scam or legit?

  • As per our review, we can say that GO Markets is a licensed broker and has the required registrations, which make it a safe trading environment. This broker is authorized to operate its services under the Australian financial services license known as ASIC and also has an additional European entity that operates under CySEC license, and hence some of its proposals vary according to its regulations.
  • Risk management features are maintained by several practices, thereby segregating the client’s fund at the National Australian Bank(NAB), which includes their usage policies and margin calls.  Similarly, European entities come under ESMA regulatory requirements and customer safety.

Options for Deposits and Withdrawals

As per our review, GO Markets provides a wide choice of deposit and withdrawal options like Visa or MasterCard, Skrill, Neteller, BPay, Fasapay, bank wire transfers, and several more. But these options differ per country; also, deposits are commission-free, and it ranges from instant processing to extended period that depends upon the method chosen by the trader. GO Markets does not charge for withdrawal.

Asset Offering

As per our GO Markets review, the website of GO Markets offers several choices of instruments of more than 350 trading instruments where the trader can trade CFDs through Indices, Forex, commodities, binary options, and cryptocurrencies. The trader should note that each trading instrument has its specifications and trading conditions. This broker offers tighter spreads, and it allows day traders to diversify their portfolio and helps them trade in competitive markets to generate profits.

Markets Served

As per GOMarkets review, this broker offers several trading assets which comes under the below given main markets- 

  • Traders can trade in more than 50 minor, major, and exotic currency pairs, which include EUR/GBP, AUD/USD, and USD/CNH
  • The users can trade with more than 200+ shares and more than 80 NASDAQ and NYSE shares in Shares.
  • In Index CFDs, they can trade with several cash CFDs and futures CFDs.
  • Under precious metals, the traders can trade gold, silver CFDs either in short or long positions
  • In cryptocurrency, the traders can trade with Bitcoin, Ethereum, Bitcoin Cash, Litecoin, and Ripple
  • In the Commodities segment, the traders can trade in precious metals, crude oil, and they can also trade in future and spot markets

Spreads and Fees

The spreads offered by GO Markets are competitive, and the spreads start from 0.2 to 0.5 pips on minor and major Forex pairs, while the minimum trade size starts from 0.1 pips. 

Demo Account

GO Markets offers a demo account free of charge. The traders can practice their trading skills on the CFD and binary options trading instruments by having real-time spreads and leverage of 1:500. They can test their skills with a demo account by using the spreads, and they can use technical analysis tools and multilingual client support, go markets offers 24×5. The demo account comes with $50,000 virtual funds so that the trader can practice either in Mt4 and Mt5 or with mobile or desktop. 

Education

  • GO Markets offers access to a wide range of educational tools and resources through the GO Trade Academy. This academy provides several educational programs on a Unique management learning system. Besides, the courses are provided for free, and there are also online videos that offer live group coaching webinars.
  • GO Markets offers several research resources that help the new traders to execute seamless trading. It also provides several educational programs and research tools which are used by all types of traders that are available free to use.
  • In GO Markets Academy, the traders can find several Forex trading learning materials, video tutorials, webinars, seminars in multiple languages. By using these from the website, one can upgrade their skills, and one can trade more efficiently.

Research

This broker offers research tools built in the Metatrader 4 platform, and it cooperates with trading Central, a-Quant, and autochartist features. The trader can use these free trading signals and ideas for making a profit through trading. It offers several add-ons on Metatrader 4 and Metatrader 5, where the trader can use it.

Trading Tools

  • The broker GO Markets trading platforms provide traders with several trading tools such as Myfxbook, Trading Central, and autochartist. These tools highlight several trading opportunities where the traders can use fundamental and technical analysis to execute profitable trades.
  • GO Markets offer Myfxbook, which is a copy trading tool that can be used by traders of all levels. 
  • Trading Central offers a wide selection of analytical reports prepared by expert analysts and other technical analysts. 
  • The powerful tool used to detect chart patterns is Autochartist; this technical analysis simplifies the new traders’ chart analysis. It provides several opportunities for traders to profit from price changes. 
  • Besides, go market also offers a private VPS service for Metatrader 4 and Metatrader 5 available for traders. Eventually, a service fee of AUD30 will be charged for using the service; but this fee is waived off if the trader trades five lots minimum.

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How to start trading with GO Markets?

GO Markets account opening process is simple and easy. Below given are a few steps showing how the traders can start trading with this broker from their website –

Registration

To register and open an account, the first step is to open GO Markets’s website. For this process, the trader needs to supply their full name, email address, contact number, etc.once it is done, a verification link is sent to the trader’s email id; upon verification, an account is opened. 

Demo Trading

When the registration process is complete and an account is opened, the trader can proceed with demo trading, which is offered with virtual funds. The trader can use the demo account to familiarise themselves with the platform’s features and functionalities and test their several trade strategies.

Funding

When the trader is confident enough after using the demo account, they can fund their account. This broker needs a min deposit of USD 200 for the traders to start live trading.

Live trading

When the amount is added, the trader can proceed with live trading with their chosen asset. They can also use copy trading, offered by the platform, to copy other traders’ winning trades and get more profits.

Type of Accounts

Even though several brokers offer various types of accounts, GO Markets offers a standard account or GO Plus+ account. It also provides a completely free demo account.

Standard Account

The trader can open a standard account with a minimum deposit of USD 200, and they can select either the Mt4, Mt5 platform. Further, the spreads start from 1.0 pips, and it offers a leverage of 500:1. This broker does not charge any commissions, and the trader can benefit from executing faster trades. As per our review, we can say that the standard account is the best choice for both the new and experienced traders, as the platform offers several educational tools to assist the traders in making the best trading decisions.

Demo Account

This account offered by the platform is offered for free on both Mt4 and Mt5 platforms. It also gives $50,000 as virtual funds, and the features are the same as the real-time live platform. The traders can practice demo accounts just like live trading and thereby experiencing the hang of the platform.

GO Plus+ Account

For GO Plus+ accounts, the opening balance or the min deposit is $ 500  is suited for high volume traders. Also, the spreads are low, starting from 0 pips. As the standard account, the minimum trade size is 0.1 lots, and the trader is offered the leverage of 500:1. The GO Plus+ and the standard account are provided with a dedicated account manager available 24×5. 

GO Markets Review - Advantages of GO Plus+ AccountGO Markets Review – Advantages of GO Plus+ Account

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Mobile Trading

GO Markets offers a mobile trading app for traders to trade on the go. The traders who have used the mobile app have given their views about the excellent mobile experience. The trader can download the mobile app from the Google play store or Apple app store irrespective of the mobile device type. Additionally, the trader can choose either Metatrader 4 or Metatrader 5; the technical analysis tools such as charts, drawing tools, and indicators are available. 

Trading Platforms

As per our review, GO Markets provides a wide choice of different trading platforms suitable for new and experienced traders to trade several asset classes.

GO Markets Overview - Types of Trading PlatformGO Markets Overview – Types of Trading Platform

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MetaTrader 4

GO Markets Metatrader 4 trading platform is available for desktop download and through the web browser, and it offers some of the features like – 

  • Advanced charting
  • Faster execution
  • Ready-to-use technical indicators
  • For auto trading, the traders can use expert advisors 

MetaTrader 5

The Metatrader 5 trading platform of the GO Markets is available for desktop download through a web browser, and it provides the below-given features – 

  • Allows hedging
  • One-click trading
  • Offers more than 80 technical analysis
  • Provides market in-depth tools

Mobile trading platform

Go Markets provides traders access to the mobile trading platform from Mt4 and Mt5 on Android and IOS devices. The mobile app offers the same features and functionalities of the web-based platform where traders can view real-time prices, trade with various asset classes, access several order types,  and several more.

WebTrader

The Webtrader platform offered by GO Markets provides all the features of Metatrader 4 and Metatrader 5. The web-based platform that can be directly accessed from any internet browser. There is no app or browser extension download needed, and it allows the users to trade CFD instruments. They can also access the price analysis anywhere by using a stable internet connection. 

Social Trading – Myfxbook

Myfxbook Auto Trade is a social trading community and a global copy trading platform with more than 90,000 customers. Myfxbook connects with GO Markets standard trading account. Users will have access to:

  • After receiving the GO Markets login details for Metatrader 4 and Metatrader 5, the traders can register for a Myfxbook account.
  • The users can copy another trader who has a history of executing successful trades on the platform
  • The trader can access Myfxbook directly from the internet browser
  • They can also access a wide range of accurate statistics and analysis
  • The traders can have control over copied trades, and they can easily copy other traders winning trades. 

Bonus and Promotions

GO Markets currently offers bonus and promotional offers, which includes – 

  • For accounts having an amount of $1,000 to $20,000, it offers a trading credit bonus of 30%
  • GO Markets refer to a friend scheme that will reward users $100 for each referred friend.
  • It also offers volume rebates for highly active traders of $5-$15 per million traded if the monthly volume is a minimum of $25 million.

Customer support

GO Markets website offers multilingual customer support 24 hours a day Monday to Friday. They can be contacted through live chat, telephone, and email. Go Markets also provides a FAQ section on their website; the trader can use the contact form or send an email if any one has queries. The trader can also connect with them through telephone support, where the phone number is listed on the website. This broker has their presence in social media, enabling the traders to contact them through Instagram, Facebook, and LinkedIn.

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Wrap up

GO Markets is a leading Australian forex broker. It offers a demo account, excellent customer service, Trading Central, Autochartist, Metatrader 4, and various other tools. It offers a wide range of platforms where the users can trade as per their convenience. Furthermore, it offers several payment methods for deposits and withdrawals, and registration is straightforward. Even though it offers several features, a trader should research and analyze this broker before proceeding.

FAQ’S

1. Is there a monthly fee for GO Markets?

GO Markets provides free monthly VPN subscriptions to their clients if one has a minimum trade volume of US$ 1 million per calendar month. It charges a service fee of $10 or an account currency equivalent a month, charged to the trading account if they did not meet the monthly trading volume.

2. How much money do you need to open a GO Markets account?

After opening an account, the trader should add a minimum deposit of 200 AUD in the GOPlus+ account or standard accounts.

3. How do I deposit in a GO Markets account?

GO Markets offer several options like Visa, MasterCard, Bank wire transfer, Skrill, Neteller, Fasapay, Poli, and several more to deposit funds.

4. Which stock trading site is the best for beginners?

GO Markets offers a wide range of trading instruments that can be used by both new and experienced traders. They can trade over 350 asset offerings, which cover forex, indices, cryptocurrencies, shares, and commodities.

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