Go Markets Review 2023
The Forex market has a very competitive landscape that continually forces brokers to become more price competitive, offer more features, and better deals. Go Markets is a broker that chose to invest its resources into making itself one of the world’s most regulated and beginner-friendly brokers. The niche it has picked out is a broker that teaches you everything you need to know and gives you the best regulations to trade under. Their remarkable resources and platforms are a haven for new traders until they learn to fly; click here to explore their features.
But, at the same time, this specialization comes at the cost of functional customer service and customer protection. For those reasons, Go Markets is a great broker, but it’s not for everyone. We’ve highlighted and examined the best and worst aspects of this broker in our review, so you can judge whether it’s the right fit for you.
Regulation and Security
Go Markets has its main offices in Australia and Cyprus, both countries are known for its strong regulatory frameworks for forex brokers. Go Markets is licensed to provide its financial services internationally by the Australian Financial Services Commission (ASIC). So, Go Markets is under a very strong regulatory framework that demands strict financial transparency. You can be sure that Go Markets is a highly regulated broker that adheres to strict international standards.
As such, Go Markets is among the world’s safest brokers since these international regulations ensure the broker adheres to very strict requirements in terms of consumer protection. This regulation makes Go Markets an excellent choice for traders who’re concerned with regulation and safety.
Negative Balance Protection
Negative balance protection is a safety mechanism that ensures your account won’t become negative regardless of market conditions. Negative balance protection is an industry best practice that many of the best forex brokers offer.
Go Markets provides maximum protection for trading under highly volatile conditions with negative balance protection. If ever you get a negative balance due to market volatility, you will only lose what you have in your account. This means you don’t need to pay the negative balance.
Guaranteed Stop Loss
A guaranteed stop loss allows you to exit your trades at the exact price you specify no matter the market conditions at the time. Guaranteed stop loss is also a common industry practice since it helps protect traders, especially new ones.
Unfortunately, Go Markets also does not offer guaranteed stop loss, which means your risk with trading with Go Markets is higher than with brokers that provide it. As a result, Go Markets may not be a good broker for new traders who prioritize safety features and want to minimize risk.
Are Go Markets available worldwide?
Yes, Go Markets is officially available in 158 countries globally–and it has over 10,000 users worldwide. Go Markets major markets include countries in Europe, Asia, Oceania, and Africa. The few countries it doesn’t operate in include the US, Belgium, Canada, and Japan.
Go Markets is currently available on multiple platforms, including its own web app.
Go Markets has its own mobile app which lets users use different trading platforms, including Metatrader 4 (MT4) and Metatrader 5 (MT5), both of which are industry favorites. You can download the Go Markets app on both your Android and iOS devices. Thankfully, the app also comes with a range of useful advanced trading tools like Myfxbook, a-Quant, and Autochartist.
Trading Central is a powerful modern trading platform that comes with many advanced features like automated ai analytics, news, and economic analysis. It’s considered a great platform for forex trading, especially for traders who prioritize having a macroeconomic perspective.
Daily trading strategies by a-Quant
Quantitative trading involves using computer algorithms and programs to provide trading advice and suggestions. The Go Markets mobile app provides daily a-Quant strategies, based on past data, to improve your trading experience.
The Autochartist feature continually monitors the forex market and alerts you about new trading opportunities.
The Go Markets WebTrader platform provides you with a clean and feature-rich web trading experience on Windows, Mac, and Linux OS. The WebTrader comes with virtually all the features you’d find in MetaTrader 4 (MT4) or MetaTrader 5 (MT5).
MetaTrader 4 (MT4) is an industry favorite trading platform that features Go Markets as a broker. MT4 is one of the world’s best trading platforms because its features range from access to over 350 trading instruments, to market analysis indicators, and a customizable layout.
Abbreviated as MT5, MetaTrader 5 is a multi-asset trading platform that was created to improve on the features of MT4. The platform provides the familiar user interface of MT4 with many new functions, providing traders with all they need for successful Forex trading.
In addition to the features in MT4, MT5 features more timeframes (21), 9 chart types, and more trading tools, including fundamental analysis tools, such as an economic calendar and news forecast. The platform is available on desktop, web terminal, and mobile app versions.
Go Markets offers two types of accounts: Standard and GO Plus, along with a professional account. The two main accounts are available in nine different currencies and require a $200 minimum deposit.
Go Markets’s Standard account charges no commission directly. Instead, the commission is built into the spread which gives users access to competitive spreads starting at 1.0 pip with a minimum trade size of 0.01 lots and leverage up to 1:500. The Standard account also comes with features like 24/5 support, a free VPS, expert advisors (EAs), and a dedicated account manager.
GO Plus+ Account
The GO Plus has all the Standard account’s features along with ultra-low spreads that start from 0.0 pips, and it has a commission of $3.00 per side.
The professional account is available for either sophisticated traders or high-net-worth investors. So, it has strict eligibility criteria.
A sophisticated investor has to meet at least two of these conditions:
- Has been employed or has experience in the financial sector or has a relevant formal qualification for trading or is able to demonstrate product knowledge (75% pass mark)
- Must have placed a minimum of 20 trades with $500,000 quarterly investment value or opened positions 50 times the past 12 months valued at $25,000 each.
- Has savings and investments exceeding $500,000 or a gross annual income higher than $100,000.
High net-worth investors must meet one of these conditions:
- A minimum gross income of $250,000 for each of the previous two years.
- At least $2.5 million in net assets.
If you’re looking to start your trading journey, you must evaluate multiple account types to find the right fit; click here to compare all types by Go Markets.
You can sign up with Go Markets by registering directly on their website or by clicking the “Open CFD Account” button. Go Markets will then ask you to provide them with relevant personal and professional information, like your name, email address, phone number, proof of identity, and proof of residence.
You’ll also select your account type and base currency at this time and set your trading experience and expectations. Go Markets will then verify your information and once approved, you can deposit money into your account and start trading right away.
Overall, Go Markets has a relatively fast sign up process, and the broker is known for providing extremely fast sign-up speeds. So, it’s a great choice if you want to start trading right away.
Deposit and withdrawals
Go Markets has multiple deposit and withdrawal options that include bank cards and electronic wallets, like Skrill, Neteller, DotPay, and FasaPay. Any accounts have to be under your name for you to use them with Go Markets. Go Markets also doesn’t charge any fees for transferring funds, which is great for most traders.
You can deposit your money in one of ten base currencies, but not all currencies are available in all countries. If you fund your trading account with the same currency used in your bank account, you won’t have to pay conversion fees either. So, traders should use the same currencies for trading as their bank account if possible.
A bank transfer with Go Markets can take several days, although a credit or debit card transfer is instant. It also takes one business day to withdraw money in international banking from Go Markets, and your bank may charge you a fee even though Go Markets doesn’t.
Overall, Go Markets has a healthy diversity of deposit and withdrawal options for traders. it’s also very competitive given it doesn’t charge any deposit or withdrawal fee. Go Markets is an excellent choice for traders who want to minimize deposit and withdrawal costs
Commissions and fees
Go Markets generates revenue mostly through spreads. The Standard account has no commission, so its spreads only basis starts from 1.0 pip. The Go Plus account has spreads that start from 0.0 pips and there’s a $3.00 commission per side. The Go Plus Account’s commissions are only $3.00 per side and $6.00 for round-turn. These are pretty good commission rates for the forex industry.
The Standard account has higher spreads and Go Plus account holders have interbank spreads with commissions per trade.
Leverage allows traders to trade at higher exposure levels than what their deposits afford them. So higher leverage means both potentially higher returns and potentially higher risks for a trader.
Go Markets offers leverage as high as 1:500 on forex pairs, as low as 1:200 on share CFDs, and as small as 1:100 on indices. The default leverage on all client accounts is 1:100 and you can choose between 1:1 and 1:500 depending on your location. For example, due to regulatory compliance EU and UK residents may select a max leverage of 1:30.
These terms mean that Go Markets offers generally high leverage, which is great for traders who want to participate in high-risk high-reward trading.
Analysis and Education
Go Markets has excellent educational resources, including a suite of high-quality tools, trading videos, e-books, trading courses, and training videos. Another extremely useful educational resource is its aforementioned trading accounts that teach you how to use the platform.
Using the demo account is the best way to familiarize yourself with the platform and understand how trading works. Of course, the best part of a demo account is that you don’t lose any money in trading. The next best resources would be its webinars, articles, and tutorial videos which provide excellent knowledge for both beginners and experienced traders. Another excellent resource that Go Markets provides is the Inner Circle, a group coaching program that provides weekly education with market reviews and connects you with other traders, too.
One slight issue with Go Markets is that its news feed algorithm isn’t fully optimized so you may not always get the most relevant information in your news feed. Overall, it’s still an extremely effective system that gets most things right. Another problem is that Go Markets doesn’t provide either fundamental data or historical data in its economic calendar. Some features, like Trading Central, are not available to clients registered under the Cyprus entity.
Go Markets provides trading ideas based on technical indicators and chart pattern recognition. Also, there is a wide set of tools for technical analysis. However, there is no fundamental data and the news feed is poor. Yet overall, Go Markets has one of the most comprehensive educational libraries of any brokers we’ve seen so far, making them an excellent choice for people that value education.
Go Markets has slow and unreliable customer service. it has multiple customer service channels, but the most important one is its live chat features. Unfortunately, the live chat feature is quite slow, and many traders have complained about not receiving relevant answers on the live chat. Overall, Go Markets’s customer service leaves much to be desired.
Reputation amongst Traders
Go Markets is one of the world’s largest international brokers with a strong reputation for being well-regulated and providing a generally good trading experience. It also has a Trustpilot rating of 4.6 out of 5 stars, making them highly rated. Overall, Go Markets has a positive and impressive reputation despite some of its issues.
Can beginners trade with Go Markets?
Yes, Go Markets is beginner friendly, and its UI/UX design reflects that choice. Its platform is easy to navigate and use. It also includes the vast aforementioned library of educational material to help beginners, too. Beginners can also use demo accounts to better understand the platform before investing in it. As a result, Go Markets is one of the few forex platforms that is genuinely beginner friendly.
In the world of forex trading, Go Markets occupies a place as one of the industry’s most regulated and trusted brokers. It also has excellent educational resources, offers good leverage, is fully beginner friendly, and it has a great trading platform.
But, on the other hand, it’s jarring how comparatively bad its customer service and its lack of customer protection features will also turn off a lot of traders. Overall, it’s still a great option for both beginners and experienced traders if you prioritize educational resources and don’t mind the lack of customer service or customer protection.