Go Markets Broker Review

British traders will be trading under the subsidiary, GO Markets Pty Ltd, authorised and regulated by the Financial Services Commission (FSC) of Mauritius, which allows brokers to offer their clients higher leverage.  

Unlike top-tier regulators such as the FCA and ASIC, the FSC does not mandate that companies segregate client funds, provide negative balance protection, or participate in investor schemes. GO Markets does, however, segregate client funds from its operating capital in various banking institutions, and will not use customers’ funds in its operation or any other investment, ensuring their protection at all times.  Note that negative balance protection is only available on a discretionary basis, and requests are evaluated case by case.

Overall, based on its long track record of responsibility, the segregation of client money, and the high level of regulatory oversight, it is clear that GO Markets strives to provide a safe and secure trading experience for British traders.  

The account opening process at GO Markets is as per the industry standard – the process is fully digital and accounts are ready for trading within one business day.

UK residents are eligible to open an account at GO Markets as long as they meet the minimum deposit requirement of 200 AUD.

GO Markets offers both corporate and individual accounts, but we will outline the process for opening an individual account:

1. Click on “Open Live Account” at the top right-hand corner of the page.  You will be directed to register an account with your name, email address, date of birth, and telephone number.  You will also be asked to select your trading platform (either MT4 or MT5).

2. The next step requires filling in your residential address and selecting your preferred base currency, trading account, employment status, and financial status.

3. GO Market requires at least two documents to accept you as an individual client:

1. Proof of Identification – GO Markets accepts all government-issued identification documents such as Passport, national ID card, driving license, or other government-issued ID.

2. Proof of Address – Proof of residence/address document must be issued in the name of the GO Markets’ account holder within the last 6 months and must contain a trader’s full name, current residential address, issue date, and issuing authority.

4. In order to be accepted as an individual client, GO Markets requires traders to agree to the following documents: 

• GO Markets Disclosure Statement
• GO Markets Terms and Conditions
• GO Markets Privacy Policy

5. Lastly, to enable GO Markets to verify your identity, it may disclose personal information such as your name, date of birth, and address to a credit reporting agency (CRA) to obtain an assessment of whether that personal information matches information held by the CRA. 

Once the above information is verified, traders can login to their trading accounts and begin trading.

Overall, GO Markets’ account-opening process is fully digital and hassle-free, but the account-opening process may be delayed if client information deviates from what is on record at the CRA.  

GO Markets’ CFD offering is average compared to other similar brokers.

The trading costs on the GO Plus+ Account are lower than the costs on the Standard Account, which has the trading fees included in its variable spreads.  Spreads tighten or widen depending on market volatility and trading volume.  

Overall, the trading costs on the GO Plus+ Account are lower than average – the trading costs at most other brokers tend to be around 9 USD per lot traded, but slightly higher than average on the Standard Account.

Account Trading Cost:

We opened and tested Go Markets’ trading accounts:

Standard Account

The Standard Account is the dealing desk, commission-free account option, created with the beginner in mind. Spreads start at 0.00 pips on this account, and it requires a minimum deposit of 200 USD.  

GO Plus+ Account

The GO Plus+ account is designed for the professional trader and requires a minimum deposit of 200 USD. A commission of 6 USD round turn per lot is charged, and spreads are tight, starting at 0.0 pips (EUR/USD).

Demo Account

GO Markets offers a free demo account that allows traders to practice trading on all 350 CFD instruments, with real-time spreads on the MT4 and MT5 platforms.  Traders receive 50,000 USD in virtual funds that can be topped up on request.  Demo accounts are a great way for beginners to practice trading risk-free before opening a live account.  

In line with Anti-Money Laundering policies, funds can only be returned to a bank account in the same name as your GO Markets account.  GO Markets does not charge any deposit or withdrawal fees, but withdrawals to non- Australian banking institutions may be subject to bank fees from any intermediary bank involved in the transaction.  Deposits are processed instantly and withdrawal forms received before 1 pm AEST will be processed on the same day.  Payment methods include local bank transfers, debit cards/credit cards, and various online and e-wallet transfers.

See below for a complete list of payment options and withdrawal times:

Accounts can be denominated in the following base currencies: AUD, USD, EUR, GBP, NZD, CAD, SGD, CHF, and HKD. 

While most British traders will want to have their trading accounts denominated in USD, some traders may want to have multiple accounts with different base currencies so as not to pay conversion fees when trading. The wide range of base currencies available at GO Markets allows for traders to do this and is welcomed.

MT4 and MT5 are available on all mobile devices, including tablet applications for your Android or IOS device.  These platforms integrate with the broker in the same way as the desktop versions of the software, so all trading activity is synced.  

However, traders should be aware that there is some loss in functionality when compared to the desktop trading platforms, including reduced time frames and fewer charting options, but traders can close and modify existing orders, calculate profit and loss, and trade on the charts.

Trading Platform Comparison:

GO Markets is a MetaTrader broker, offering full support for both MT4 and MT5.  As the first Australian broker to start using the MetaTrader suite of tools in 2017, GO Markets was recognised as the Best Forex Platform Australia at the FX & Broker Awards hosted by the Global Market Financial Review.

Metatrader 4

The MetaTrader 4 (MT4) trading platform has long been considered the industry standard for Forex traders worldwide.  Though it is now showing its age, MT4 is still very popular for its auto trading features that enable algorithmic trading and strategy backtesting with expert advisors (trading robots).  Features of MT4 allow traders to:

• View real-time pricing & execution
• Open & close positions
• Access the full range of Expert Advisors (EAs)
• Place buy/sell orders
• Access over 25 technical indicators
• Access the economic calendar

MetaTrader 5

MetaTrader 5 delivers a powerful trading platform with Market Depth and a separate system for accounting orders and trades. It supports both order accounting systems: the traditional netting system and the hedging option system. Four order execution modes are available to meet various trading objectives: Instant, Request, Market, and Exchange execution. The platform supports all types of trade orders, including market, pending, and stop orders, as well as trailing stops.  It allows you to open up to 100 charts in 21 time frames and access over 80 technical indicators and analytic tools.  

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. It is also possible to trade from the terminal view.

Overall, although GO Markets only offers the Metatrader suite of platforms, which are not as beginner-friendly as the proprietary platforms offered at other brokers, MT4 and MT5 are considered some of the best third-party platforms in the industry.

GO Markets also offers a wide range of trading tools, including Metatrader Genesis, Autochartist, Myfxbook, a_Quant, a VPS hosting service, and Trading Central.

Autochartist

Autochartist is one of the most widely used MT4 charting tools among the GO client base. Autochartist removes the complex and time-consuming process of analysing charts for patterns by scanning and monitoring the markets on your behalf.  It sends audio and visual alerts when emerging and completed patterns are identified.  Traders gain access to this chart pattern recognition software when opening and funding a live trading account with 500 USD or more.

Trading Central

Trading Central is a collection of programs that offer actionable investment support with 24-hour multi-asset coverage, technical and fundamental analysis, and back-tested trading strategies.  Actionable market news can be delivered to you through WebTV or email, and trading strategies can be built from within the platform.   Trading Central is available for free for all GO Markets’ clients.  

VPS

VPS services ensure that trades are never disrupted by technological or connectivity issues, such as load-shedding or internet service failure, which is a benefit to algorithmic traders who need to be connected to a server 24/7 to maximise uptime. With a GO Markets VPS, you can optimise the MT4 & MT5 trading platforms’ features and capabilities.  A service fee of 30 USD will be charged for the service, but the fee will be waived should the client trade a minimum of 5 lots per calendar month.  see below for more details on the various VPS packages:

MetaTrader Genesis

MT4 & 5 Genesis is a comprehensive suite of MetaTrader trading tools to enhance the power of the standard MetaTrader platform.  Benefits of using the MetaTrader Genesis tool include:

• Access to a professional suite of MetaTrader add-ons.
• Use of the sophisticated order management system.
• Access to trading alerts.

Myfxbook

Myfxbook is a cross-broker copy trading tool for traders of all experience levels and is used by 90,000 traders worldwide. It is similar to using EAs, but instead of following an algorithmic pattern, traders can mirror the trades of other Forex traders.  By connecting a GO Markets Standard Trading Account to Myfxbook, traders can take advantage of this system. Myfxbook also provides its users with a broad range of statistics and analytics.

a-Quant

a-Quant aggregates millions of data points and uses machine learning algorithms for regime detection, sentiment analysis, clustering, co-integration, and Hidden Markov Models development. a_Quant essentially produces high probability trading signals of certain risk/reward characteristics on various trading instruments.  

Daily Strategies is a signal service created for FX Traders. It produces large numbers of signals for high-frequency trading of major FX currency pairs. a-Quant generates 9-12 signals per day on average, for the 10 most popular FX currency pairs. These can be delivered straight to your inbox.

Trading Tools Comparison:

GO Markets regularly publishes news and analysis on its website.  These include a daily review at the close of the US markets, a weekly look at major talking points in the week ahead, frequent blog posts on important financial topics, tips for trading improvement, an interactive economic calendar, and a regular podcast featuring experts in the Forex market.

All of the analysis and news is available for free, even if you are not a registered customer of GO Markets.

GO Markets offers downloadable handbooks, a structured Forex course, educational videos, and technical instructional videos to assist with the MetaTrader software.

• Handbooks: GO Markets provides two downloadable handbooks covering Forex trading – one for beginners and another for more advanced traders. The beginner book covers basic terminology, chart reading, and trader psychology. The advanced eBook requires registration and covers technical analysis and trading strategies.
• Videos:  The handbooks complement the videos, and while a few of the videos are available for public consumption, one will need to register an account to view its extensive video library.   
• Courses: 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. One of the courses covers the Forex market and trade entries and exits. The second course covers technical analysis, how to read charts, using technical indicators to understand data, developing a profitable trading plan, and advanced order types.
• MT4/MT5 Tutorials: There are also 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.

Educational Material Comparison:

GO Markets also has a Quick Support tool that allows their technical support team to remotely access your desktop and fix any issues with your platform/software.

For the purposes of this review, we found the customer service responsive, knowledgeable, and able to answer most of our questions.