So, you are planning to open an account with GO Markets? Excellent.
You should definitely check out our GO Markets review for the complete lowdown.
One of the most important choices to be made is which account type to choose. That is why here, we will focus on all the GO Markets account types you can choose and give all the details on each as well as other useful account tips like making your deposits and more.
Let’s take a closer look.
GO Markets Account Types
Here is a closer look at the details on all of the GO Markets account types you can open.
GO Markets Demo Account
A demo account with any broker is a great place to start. This is completely risk-free and replicates live trading with $50,000 of virtual funds in the case of GO Markets. Their demo account is also unlimited and will provide you access to all the tools and features that a live account also offers.
GO Markets Standard Account
The GO Markets standard account is a popular starting point for many. The minimum deposit with this type of account will vary depending on your location. This is $200 under ASIC, FSC, and UAE SCA regulation, $100 under CySEC, and $500 under SVG and FSA (Seychelles) regulation.
As for the cost of trading, this is kept low with spreads starting from 1 pip and no commission charged. The minimum trade size is 0.01 lots and there are more than 350 assets to trade, over 90 if you are an SV regulated trader. The maximum leverage here also varies depending on the regulation with leverage of up to 500:1 under FSC, and SVG, 30:1 for ASIC and CySEC clients, 300:1 under FSA, and 50:1 under SCA regulation.
GO Markets GO Plus+ Account
The next available account type is the GO Markets GO Plus+ account. Under this account, the minimum deposit starts at $200 under ASIC and FSC, $250 under CySEC, and $500 under SCA regulation. The spreads here are low starting from 0 pips with a 3 AUD or equivalent (2 EUR/2.50 USD) per side commission on a standard lot.
You can trade a minimum of 0.01 lots and you will have more than 350 assets to choose from. This account type is very popular with high-volume traders and those utilizing the EAs feature of the trading platform. It is not available under SVG and FSA regulation though. The max leverage here is up to 500:1 under FSC, 30:1 under ASIC and CySEC, and 50:1 under SCA regulations.
Go Pro Account
This account type is only available under FSA (Seychelles) regulation and the minimum deposit is high at $3,000. The spread remains very competitive from 0 pips with a commission charged at $7 per lot on forex and metals, and $2 per lot on commodities and indices.
If you choose to open this type of account, your minimum trade size will remain at 0.01 lots and you will even have your own dedicated account manager to call on for support.
A fully Shariah-compliant Islamic account is available trading with the MENA DMCC branch of the company. This can be applied to either the standard or GO Plus+ account type and makes trading completely swap-free with no rollover fee charged on the account.
GO Markets Professional Account
A GO Markets professional account type is also available. To open this type of account you need to meet at least 2 of the following 3 criteria first:
- Have made an average of 10 transactions of significant size per quarter in the past year.
- Possess a portfolio of savings & investments of over AUD 500,000 or equivalent.
- Have relevant experience in the financial services sector.
With 2 of these 3 met, you can open a professional account that brings with it higher leverage, volume rebates, a dedicated support desk, and professional analytics reports that can help provide detailed market insight. You can also retain negative balance protection up to AUD 100,000. At the moment, this account type is only available to EU and Australian traders.
If you are a member of an SMSF (Self-Managed Superannuation Fund) account, you can open a trading account and run it for your own benefit and remain in compliance with the relevant superannuation and tax laws.
With this type of account, you will have access to all CFDs and be able to choose between three types of account, a company account, or a trust or superannuation fund where you can choose again between Individual Trustee (s) and Corporate Trustee. The availability of this type of account may depend on your location and the related regulations.
GO Markets Corporate Account
If you are looking to trade as a business or corporate entity, then GO Markets has a corporate account too. Here you can choose again between a company, trust, or superannuation fund where you can select between Individual Trustee (s) and Corporate Trustee type.
As with the previous account type, availability may also be subject to your location and related regulations.
GO Markets Account Opening
With the account types detailed, here is a lowdown on how to get your live account open, verified, and funded.
Live Account Opening
Looking at an overview, the live account opening process is as simple as visiting the broker website, verifying your account, and then making your first deposit.
You can also open a GO Markets demo account first to hone your skills in a risk-free environment which is always a good step (50% of retail CFD accounts lose money).
In order to verify your account with the broker, you will need to upload a couple of documents. One of these is to prove your identity, ideally a passport, and the other to prove your residence. This can be a recent bank statement or utility bill.
The verification process can be completed quickly within minutes if you have the documents to hand.
With your account verified you will be ready to make your first deposit. The deposit methods available are bank wire transfer, credit/debit cards, Skrill, Neteller, FasaPay, BPAY, Poli, DotPay, and Checkout.com. These will depend on your location.
For more on this, you should check out our GO Markets minimum deposit guide.
GO Markets Account Deposit & Withdrawal
When it comes to making a deposit or withdrawal, no fees are charged from the broker side except a small conversion fee if you are dealing in non-base currency. You should check though with your bank or payment provider as to whether they charge a fee of their own.
Most deposit methods are instant, except for bank wires and checkout.com which take 1-3 business days to be processed, and BPAY which takes 1-2 business days. Bank wire withdrawals can take up to 2-5 business days.
The GO Markets minimum deposit depends both on the account type and your location. For the standard account, it is $100 under CySEC, $200 under ASIC, FSC, UAE SCA, and $500 under SVG and FSA regulation.
On the GoPlus+ account, it is 250$ under CySEC, $200 under ASIC, FSC, and $500 under SCA. while with the Go Pro account available under FSA regulation, the minimum deposit is $3,000.
There are several account base currencies made available. These are the AUD, USD, EUR, GBP, NZD, CAD, SGD, CHF, HKD, AED, and PLN depending on your location. For EU clients you will have EUR, USD, and PLN available.
GO Markets Bonus
There is no direct bonus on offer. There is though a ‘refer to a friend’ program which is available to FSC clients only. With this, you can invite your friends to trade with the broker. You can earn from $300 to $5,000 if they meet the trading requirements.
For clients under the MENA branch area, there is also a discount initiative for new traders. This can result in a discount every month if you meet the minimum monthly criteria on an asset type with each asset having different, specific minimum volumes to meet.
GO Markets Account Management
Here are a couple of account management issues you may encounter along the way with the broker.
GO Markets Account Inactivity
If you are an EU trader, you’ll have to pay a $15 fee per month after 3 months of inactivity. This may not be charged to every trader based on your location, but you should check with the broker if you are not sure.
After 1 year of inactivity, the broker may proceed to close your account.
GO Markets Account Reactivation
If this does happen and you would like to reactivate your account, you should contact the broker and follow the steps that they advise.
GO Markets Account Types FAQS
Is GO Market an ECN broker?
Yes, GO Markets is an ECN/STP broker.
Does Go Market allow US clients?
No, at the moment US clients are not accepted by GO Markets.