GO Markets Review and Tutorial 2020
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|GO Markets Facts & Figures|
GO Markets is an ASIC-regulated FX & CFD broker.
• No. 1 For Customer Service, 2019 - Australia Trading Leverage Report
|Bonus||30% deposit bonus|
|Instruments||Forex, CFDs, indices, shares, energies, metals, cryptocurrencies|
|Min. Trade||0.01 lots|
|Trade CFDs on forex, indices, shares, precious metals, and energies.|
Trade with leverage on dozens of popular currencies.
Trade on the most popular cryptocurrencies.
|Coins||BTC, ETH, LTC, XRP, BCH|
GO Markets is an award-winning Australian forex broker and CFD provider, offering the MetaTrader 4 and MetaTrader 5 platforms. This review will cover demo and real-money accounts, as well as leverage and fees. Find out if you should start trading with GO Markets today.
GO Markets Details
Founded in 2006, GO Markets is one of Australia’s first MetaTrader 4 (MT4) forex brokers. The provider has since added MetaTrader 5 (MT5), WebTrader, and mobile trading to its suite of services.
Based in Australia and licensed by the Australian Securities and Investment Commission (ASIC), the group now has offices in London, Taipei, and Hong Kong. In 2019, the broker announced its expansion into the Middle East and Northern Africa region, operating as GO Markets MENA DMCC in Dubai, UAE.
GO Markets uses the MetaTrader 4 (MT4) trading platform, a multi-featured Mac and Windows trading software which includes:
- Access to over 350 trading instruments
- Forex, indices and commodities trading
- Automated trading features
- Market analysis indicators
Clients can also trade on MetaTrader 5 (MT5), a more advanced platform offering superior tools:
- Four types of order execution and six types of pending orders
- 80+ technical analysis objects
- Access to Expert Advisors
- Hedging and netting
- One-click trading
MT4 and MT5 are available for download on Mac and Windows PCs.
The WebTrader platform offers everything featured on MT4 or MT5, all within a web-based platform that can be accessed directly from any internet browser. With no app or browser extension download needed, the platform allows users to trade CFD instruments and access price analysis from anywhere with an internet connection. WebTrader is a sensible options for clients seeking an easy-access platform.
WebTrader is compatible with Windows, Mac, and Linux OS.
Social Trading: Myfxbook
Myfxbook AutoTrade is a global copy platform and social trading community. With over 90,000 customers, Myfxbook easily connects with your GO Markets Standard trading account, allowing users to:
- Copy pre-approved traders who have a demonstrable history of successful trades
- Access Myfxbook straight from an internet browser
- Access a range of accurate analysis and statistics
- Have easy control over auto-copied trades
Upon receiving login details for MT4/MT5, traders can then simply register for a Myfxbook account through the website.
GO Markets users have access to over 350 products within six main markets:
- Currencies – Trade 50+ major, minor and exotic currency pairs, including AUD/USD, EUR/GBP and USD/CNH
- Share CFDs – Trade long and short with over 200+ ASX shares and 80+ NYSE and NASDAQ shares
- Index CFDs – Trade long and short with 13 Cash CFDs and 2 Futures CFDs, including FTSE 100, CAC 40, US 500 and ASX 200
- Precious metals – Trade gold and silver CFDs with long or short positions
- Commodities – Includes precious metals as well as crude oil. These can be traded both in spot and futures markets.
- Cryptocurrencies – Trade on Bitcoin, Bitcoin Cash, Ethereum, Ripple & Litecoin.
Binary options are also available at GO Markets.
Spreads & Fees
Reviews show spreads are competitive, ranging from 0.2 to 0.5 pips on major and minor forex pairs, whilst minimum trade size on indices start at 0.1 pips. Spreads on gold, silver and crude oil are variable and can be found on the broker’s main page.
Other trading costs include commissions (only on the GO Plus+ Account) of A$3.00 per side on a standard lot, as well as swap rates when you buy or sell a currency pair and hold it overnight.
Overall, if you compare GO Markets vs. the likes of Pepperstone or IC Markets, for example, the broker’s commissions and spreads are competitive.
GO Market offers competitive leverage up to 1:500 on forex pairs, up to 1:20 on share CFDs, and up to 1:100 on indices.
All client accounts are set up with a default leverage rate of 1:100 and depending on account balance, you can choose a rate between 1:1 and 1:500.
GO Markets offer the MetaTrader mobile app for iOS or Android based-smartphones, meaning users can trade 24/7 on the go. MT4 and MT5 for mobile allow easy and convenient access to the same features as the desktop platform including quotes, trades, and charts, as well as a binary options plugin with MT4. The mobile apps can be downloaded from your device’s Google Play or App Store.
GO Markets offer a range of account funding options in multiple base currencies:
- Bank wire transfer
- Mastercard & Visa
There are no deposit fees on the part of the broker. All deposit options offer instant processing, apart from bank wire transfer and BPAY, which can take up to three days.
Withdrawal requests at GO Markets can be submitted via the secure online client portal. Withdrawal requests received before 1 pm AEST will be processed that same day. Any received after this time will be processed on the next business day. How long it takes funds to appear in your account will then depend on the payment provider.
GO Markets offers a comprehensive demo account that allows you to practice trading over 350 CFD and binary options instruments, with real-time spreads, leverage up to 1:500, over 80 technical analysis tools, and 24/5 multilingual client support.
Clients receive $50,000 in virtual funds to practice on MT4 and MT5, either on your portable device or desktop. The demo account can be set up easily via an online form on the broker’s website.
Deals & Promotions
There is a 30% trading credit bonus offer for clients who fund their accounts with $1,000 to $20,000. Additional benefits of this deal can be found on the broker’s website. GO Markets also offer monthly cash rebates for high volume traders. Details of minimum volume requirements and rebate amounts can be found on the website. Also keep an eye out for no deposit bonuses.
Regulation & Reputation
GO Markets Pty Ltd is regulated and licensed by the Australian Securities and Investments Commission (ASIC) and holds an Australian Financial Services license. The broker ensures that all client funds are held in separate client trust accounts at top-tier AA-rated Australian banks: National Australia Bank and Commonwealth Bank.
GO Markets offer various supplementary trading and education tools, designed for both beginners and experts alike. These include:
- a-Quant Daily Trading Strategies – Trading signals based on machine learning/artificial intelligence
- Trading Central – Better trade insights with analyst support, pattern recognition indicators, and more
- Education Centre – Forex Trading Handbook, video tutorials, courses, webinars and seminars
- Autochartist – Real-time trading alerts and volatility analysis for MT4 & MT5 (Windows only)
- MT4 and MT5 Genesis – MetaTrader platform advanced add-ons (Windows only)
- Virtual Private Servers (VPS) – Fast-access server for MT4 and MT5
- News – Podcasts, economic calendar, and more
GO Markets offer two account types: Standard and GO Plus+. Both are available in nine different currencies and require a minimum deposit of A$200.
Available to traders of all levels, the Standard account is spread-based with no commission. Users have access to spreads of 1.0 pips, a minimum trade size of 0.01 lots, and leverage up to 1:500. The Standard account also comes with basic features such as 24/5 support, a dedicated account manager, hedging, and scalping.
The GO Plus+ is an ECN-style account and offers all the same features as the Standard account, but instead includes ultra-low spreads from 0.0 pips. GO Plus+ accounts are subject to A$3.00 commission per side.
Advantages of opening an account with GO Markets include:
- Trading and analysis tools such as Autochartist and Trading Central
- No commissions with the Standard account
- MetaTrader 4 and MetaTrader 5 platforms
- 0.01 minimum lot size and zero spreads
- Award-winning customer service
- No inactivity fee
- 1:500 leverage
Though there aren’t many limitations, drawbacks of GO Markets include:
- Only two account types
- Multiple restricted countries, including the US
Trading hours for forex run from Monday 00:00 to Friday 24:00 (GMT+3). For precious metals and commodities, a specific trading hours schedule can be found on the Commodities page on the broker’s website.
GO Markets’ multi-lingual customer support service can be contacted 24/5 via:
- Email – email@example.com or firstname.lastname@example.org
- Live chat – live chat logo located in the bottom right-hand corner of the website
- Telephone number – Australia: 1800 88 55 71 / United Kingdom: +44 203 637 7618 / International: +61 3 8566 7680
On testing the live chat service, we received a response within 5 minutes.
Keep up to the latest news on GO Markets’ social media pages:
GO Markets’ office is headquartered at Level 22, 600 Bourke Street, Melbourne, VIC, 3000, Australia. The European office is headquartered at 73 Agias Zonis and Tertaiou Corner, Dena House, 3rd floor, 3090 Limassol, Cyprus.
GO Markets complies with data protection laws under the Australian Privacy Act 1988 and the European Union General Data Protection Regulation (GDPR). The MT4 and MT5 use the highest security standards, where data exchange between the client terminal and the platform servers is encrypted. Two-factor authentication can also be applied upon login.
GO Markets Verdict
GO Markets’ experience, award-winning support and trading tools have earned them a solid reputation among the online forex industry. The MT4 and MT5 platforms are ideal for traders of all levels, and the tight spreads and low commission fees make it an attractive option for anyone looking to trade assets efficiently.
GO Markets accepts traders from Australia, Thailand, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.
Traders can not use GO Markets from Afghanistan, Azerbaijan, Bahamas, Belize, Bosnia And Herzegovina, Burundi, Canada, Central African Republic, Congo, Cote D’Ivoire, Egypt, Eritrea, Ethiopia, Ghana, Guinea-Bissau, Haiti, Iran, Iraq, Israel, Japan, Lebanon, Libya, Myanmar, New Zealand, Nicaragua, Korea, Pakistan, Palestine, Serbia, Sierra Leone, Somalia, Sudan, Sri Lanka, Syria, Trinidad And Tobago, Tunisia, Ukraine, United States, Venezuela, Yemen.
How much capital do I need to trade with GO Markets?
The starting deposit is A$200 on both the Standard account and GO Plus+ account.
What account base currencies are available on GO Markets?
You can hold your funds in one of the following base currencies: AUD, USD, GBP, EUR, NZD, SGD, CHF, CAD, and HKD.
Does GO Markets offer a demo account?
You can open a demo account by filling out a straightforward form on the broker’s website. The demo account will give you access to $50,000 in virtual funds to practice trading with.
How quickly are GO Markets withdrawals processed?
GO Markets aim to process all withdrawal requests received before 1 pm AEST on the same day and any received after 1 pm AEST will be processed the following day. In general, local transfers may take 1-2 business days, and international transfers may take 3-5 days for funds to be cleared.
What is the difference between the Standard & Advanced GO Markets accounts?
Clients will enjoy tighter spreads with the GO Plus+ account, however, there will be a commission for every trade placed.
|GO Markets is an ASIC-regulated FX & CFD broker.|