GO Markets Review: Pros and Cons Uncovered 2023
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Founded in 2006, GO Markets is a popular Australian broker with a secure trading environment. This is highlighted by the top-tier regulation they have in place from CySEC, ASIC, FSA, and SVG.
The broker is also a top pick for those needing ECN execution which they provide. GO Markets now operate 5 office locations worldwide.
The InvestinGoal team has taken a close look at all aspects of the broker including account types, spreads, trading platforms, and their educational offering so you know exactly what to expect.
The core strengths of GO Markets include:
- Low minimum deposit
- Spreads from 0 pips
- A wide array of trading platforms available
- Extremely well-regulated
With any new broker, there will be a learning curve. Considering that, GO Markets offers a great demo account you can try. This can help you get to grips with the brokers’ features and trading platforms before going trading live.
OPEN AN GO MARKETS DEMO ACCOUNT
(62% of retail CFD accounts lose money)
Our Opinion on GO Markets
GO Markets is an Australian ECN/STP broker.It is a good fit for many types of traders with low spreads offered, a low minimum deposit, and an unlimited demo trial provided.
The quite-limited assets choice and account types range can be a downside for traders who would like a wider choice when it comes to trading.
As well as being a good all-around choice for new traders, those with experience will also appreciate that hedging, scalping, EAs are all supported.
The broker offers trading through WebTrader, MT5, and the MT4 mobile app depending on location as well as the use of their own private VPS and social/copy trading is available through Myfxbook again depending on your location.
Pros and Cons
While there are downsides to note, there are also many positives to be mentioned. These start with extremely low spreads. Combine this with the unlimited demo account, and low minimum deposit requirements and GO Markets is an ideal destination for new traders.
Additionally, and very importantly, the broker is very well-regulated and also offers trading through a number of well-respected trading platforms. Beyond that, there is a good selection of payment methods available to keep them accessible to all, and they also offer top-quality copy and social trading features.
Among the main downsides, you may note when trading with GO Markets is firstly the selection of assets available. This can be limited when compared with other brokers. The same can be said of the account type range.
As an international trader, you will also find that not too many languages are supported by the website. Finally, as an EU trader, you may find some other restrictions in place, and the educational section of the broker could do with some additions.
Pros and Cons: a summary
|GO Markets offer||Advantages||Disadvantages|
|Demo Account||Unlimited||CFD Shares trading are not available in the demo version|
|Minimum Deposit||From $100 under CySEC;
From $200 under ASIC and FSC
|$500 under SVG and FSA|
|Forex||Low and competitive spreads||Number of currency pairs is limited compared to other brokers|
|CFD||Low and competitive spreads||Number of assets is limited compared to the offer of other brokers;
CFD shares and index not available for all traders
|Copy/Social Trading||Available through myfxbook||Other brokers may be a better fit to engage copy/social trading;
Not available under CySEC, FSA and SVG
Forex and CFDs Review
Trading forex at GO Markets you will find more than 50 currency pairs available. This number is accompanied by more than 600 CFDs across a number of asset classes including indices, futures, commodities, metals, and shares depending on your location.
The spreads represent good value and start from 1 pip with a standard account, and 0 pips with a 3 AUD per side commission with the GO Plus+ Account. The average spread on the EUR/USD with a Go Plus+ account is 0.2 pips, and 1.2 pips on a standard account.
- Low spreads are made available on all account types
- A competitive commission is in place on GO Plus+ Account and GO Pro Accounts
- The range of CFDs available is limited
- There are not as many FX pairs as some brokers offer
- CFD shares are not available under CySEC and FSA regulations
- CFD Indexes can’t be traded under SVG regulations
Copy Trading Review
GO Markets also provides copy and social trading through the well-known and respected Myfxbook platform. Here you will be able to replicate experienced traders and take advantage of the features this top platform has to offer.
Your standard account can be easily connected and you will be able to access the full service including analytics, statistics, and other insights direct from your browser. At the moment, copy and social trading are not offered if you are trading under CySEC, FSA, or SVG regulations.
- A very trusted platform for copy and social trading
- Other brokers may have more direct experience in this area
- The services are not available for all traders
Is GO Markets regulated and legit?
Since establishing in Australia in 2006, GO Markets has put in place a host of regulations from many of the top bodies in the industry.
GO Markets Pty Ltd is authorized and regulated by ASIC, AFSL license number: 254963.
GO Markets Pty Ltd (MU) is a Global Business Company (Company No.170969), authorized and regulated by the Financial Services Commission (FSC) of Mauritius as an Investment Dealer (Discount Broker) Licence No.GB 19024896.
GO Markets Ltd is authorized and regulated by CySEC, Licence Number: 322/17
GO Markets International Ltd is authorized and regulated by the Seychelles Financial Services Authority, Securities Dealer Licence Number SD043.
This makes them one of the most well-regulated brokers in the industry and a highly compliant operator around the world.
Foundation and Offices
The broker has several offices around the world. These are located in the following places:
- Melbourne, Australia, Level 11, 447 Collins Street, VIC, 3000
- Limassol, Cyprus, 73 Agias Zonis and Tertaiou Corner, Dena House 3rd Floor
- St. Vincent and the Grenadines, First Floor, First St. Vincent Bank Ltd. PO Box 1574, James Street, Kingstown, VC0100
- Cybercity Ebene, Mauritius, BO-04, Ground Floor, Tower C, 1
- Seychelles, Suite 103, First Floor, Waterside Property, Eden Island
This physical presence in key areas points to the commitment the broker makes you as a trader and providing a secure place to trade.
As you would expect from such a well-regulated FX broker, your funds are very much protected. They are held in segregated accounts in tier 1-banks, like the Reserve Bank of Australia, and others. Negative balance protection is also provided as standard.
More than that, you are also covered by the Investor Compensation Fund (ICF) as an EU trader for up to €20,000. Additional security for your online payments is also provided by 3D Secure when funding your account.
The broker has picked up many top awards throughout their time in the industry.
Some of these include the ‘Best Non Commission Forex Account’ for the Compare Forex Brokers 2020 Awards, the ‘Customer Service 2019-2020’, and the ‘Educational Materials-Programs 2019-2020’ award from the Investment Trends Awards.
Countries where GO Markets is not available
Despite offering trading services to clients around the world, there are still a few places where GO Markets does not offer trading. These are listed below.
- Central African Republic
- Côte D’Ivoire
- Sierra Leone
- South Sudan
- Trinidad And Tobago
- United States
- Bosnia And Herzegovina
- Russian Federations
- The broker is very well-regulated by top bodies including ASIC and CySEC
- Funds are only held segregated in tier-1 banks
- 3D secure technology is provided for extra security on payments
- There are many countries you can’t trade from including USA, Canada, and Japan
- The broker has not picked up a huge number of industry awards
You will find a good selection of account types available with the broker no matter your experience level or trading need. Here is exactly what to expect from each.
GO Markets Demo
A demo account is a great place to start for any trader. This provides you with a completely risk-free trading environment to get to know a broker. The GO Markets demo account is available for any account type they offer, and you will have $50,000 in virtual funds to trade with.
You will have full access to features and charts as you would with live trading, as well as real-time data.
CFDs shares are not available through demo accounts under ASIC, SVG, FSC, and UAE SCA regulation, and nor are they available on live accounts under CySEC and FSA regulation.
The GO Markets standard account is an excellent and popular choice of account that is extremely accessible to new traders too. They offer a minimum deposit of just $100 under CySEC regulation, $200 under ASIC, FCA, and SCA, and $500 under SVG and FSA regulations.
You will also find great value spreads from 1 pip and no commission charged on any of the more than 600 assets offered (90+ under SVG regulation) through this account type. The minimum trade size is also kept low at just 0.01 lots.
Go Plus+ Account
The Go Plus+ Account is designed with more high volume and EA traders in mind.
Here, the minimum deposit is still very competitive at $250 under CySEC, $200 under ASIC and FSC, and $500 under the SCA. The spreads on offer are also excellent from 0 pips with a 3 AUD or equivalent commission per side on a standard lot.
Again, the minimum trade size stays at 0.01 standard lots, and you will have full access to all 600+ assets the broker offers for trading. This type of account is not available under the SVG and FSA regulation.
Go Pro Account
The Go Pro account is only available to those trading under FSA regulation and comes with a minimum deposit of $3,000.
The spreads on offer here also start from 0 pips with a $7 per lot commission applied to trading forex and metals per lot, and a $2 per lot commission on commodities and indices per lot traded.
With this type of account, as you can imagine from the minimum deposit, the main aim is on high volume traders though the minimum trade size stays at 0.01 lots. You will also have access to your own dedicated account manager with this type of account.
An Islamic account is offered by the broker. This account is fully compliant with all Shariah laws and can be applied to both the GoPlus+ account and standard account as you need it.
As is required of an Islamic account, trading here is swap-free with no rollover fee charged as this kind of interest payment would go against Shariah law.
If you have a Self-Managed Superannuation Fund (SMSF), then you can open this Trust/SMSF trading account to trade CFDs in proportion to the amount you have available in your fund.
If you are trading through this type of account, you must deal with your own related tax affairs and remain compliant.
You will have a choice of two types. These are the company account or the trustee account depending on your own situation. The availability of this type of account again depends on your location.
GO Markets Corporate Account
The GO Markets corporate account is available and ideal if you are trading as a business or corporate entity with the broker.
Much like the previous account type mentioned, you will have the choice of choosing between a company or trust/superannuation account type when you open this account. You can then further choose between an individual or corporate trustee option depending on your needs and situation.
Once again, the availability of this account type may depend on your location.
GO Markets Professional Account
A GO Markets professional account is available. You do need to meet at least two of the following three criteria though to qualify as a professional trader:
- 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 in value
- Have relevant experience in the financial services sector
With two of these conditions satisfied you can open up the advantages of higher leverage while retaining negative balance protection up to AUD 100.000, and also qualify for volume rebates as well as dedicated support desk assistance, and professional analysis reports.
This account type is only available for Australian clients.
Deposit and Withdrawal
Account Base Currency
There is a good range of base currencies catered for by the broker. These include the AUD, USD, EUR, GBP, NZD, CAD, SGD, CHF, HKD, AED, and PLN depending on your location.
GO Markets Minimum Deposit
The GO Markets minimum deposit will depend both on the account type you choose, and the regulations you trade under.
For the standard account this means $100 under CySEC regulation; $200 under ASIC, FSC, and SCA; $500 under the SVG and FSA (Seychelles).
With a GoPlus+ account, your minimum deposit will be $250 under CySEC regulation; $200 under ASIC and FSC; $500 under SCA and the account is not available under SVG and FSA regulation. The Pro account has a $3,000 minimum deposit and is only available under FSA regulation.
|Regulation / Branch||Standard||GO Plus+||Go Pro|
|SVG||$500||Not available||Not available|
|UAE SCA||$200||$500||Not available|
GO Markets Deposit Methods
When it comes to deposit methods you will be able to make a bank wire deposit, use a credit/debit card that is Mastercard or Visa, and have a selection of eWallets to choose from including Skrill, Neteller, FasaPay, BPAY, Poli, DotPay, and checkout.com.
With that said, not all methods are available in all countries for everyone. BPAY and Poli are available for ASIC clients, while DotPay and checkout.com are for EU clients.
The deposit processing time is instant for all methods except for BPAY (1-2 business days), checkout.com, and bank wire transfers (both 1-3 business days).
GO Markets Deposit Fees
There are no GO Markets deposit fees charged from the broker side though you should check with your bank or eWallet provider on any fee they may charge, particularly on bank wires. A small conversion fee may apply if you are depositing a non-base currency.
GO Markets Withdrawal Methods
All of the GO Markets withdrawal methods are the same as you have available above for making a deposit. The time on a withdrawal may take from 2 to 5 business days to reach your account depending on the method you use.
GO Markets Withdrawal Fees
Again, there are no withdrawal fees from the broker, but you should check with your bank and eWallet provider on any fee they could charge.
The spreads and commissions charged depend on the account type you are trading with.
These are from 0 pips with an AUD 3 or equivalent commission per side on a Go Plus+ account, from 1 pip on a standard account (1.6 pips if trading under FSA regulation), and from 0 pips for the GO Pro account with a commission depending on the asset.
More details are listed below.
|Asset||GO Plus+ Avg Spread||Standard Avg Spread||GO Pro Avg Spread (FSA)|
Again, for Go Plus+ Accounts, there is an AUD 3 commission or equivalent per side. This is the case for traders of all jurisdictions where the account is available (CySEC, ASIC, FSC, SCA).
For Go Pro accounts under the FSA, there is a $7 per lot commission on forex and metals, or a $2 per lot commission on commodities and index trading.
On CFDs, the following commissions per side apply:
- Australia: 0.08% with a minimum of AUD 7 or equivalent
- USA: US 0.2 per share with a minimum of USD 10
- Hong Kong: 0.18% with a minimum of HKD 50 or equivalent
As a CFD broker, you will find an overnight fee applied on every asset as it is with all other CFD brokers unless trading through an Islamic account. This fee is to keep your position open overnight and varies with the market and asset on a daily basis.
Non Trading Fees
There is an inactivity fee charged depending on your location. This applies after 3 months of inactivity and is $15 per month for European clients though it may not be charged to others. You should check with the broker depending on your situation.
- There are very low spreads on all account types
- Low commissions are charged on CFD shares
- No inactivity fee depending on your location
- No deposit or withdrawal fees are charged by the broker
- There are a decent number of base currencies and payment methods offered
- Account types choice can be limited and this can be further limited by your location
- Clients under CySEC and others get charged an inactivity fee after 3 months while others may not
All market and assets are available as CFDs and will vary depending on your location. Here is what is on offer:
There are more than 50 currency pairs available in total with spreads starting from 0 pips on a Go Plus+ account.
Trading commodities, both WTI and Brent oil can be traded as CFDs and futures. CFDs on Silver and Gold pairs with the US Dollar are also available.
A total of 15 major indices from around the world can be traded as CFDs. This includes the JP225, US500, DAX30, and FTSE 100. Futures on the China A50, and US Dollar Index are also available. Index trading is not available under SVG regulation.
More than 300 shares as CFDs from companies listed on the NYSE (New York Stock Exchange), HKEX (Hong Kong Stock Exchange), NAS (Nasdaq Composite), and ASX (Australian Stock Exchange) are available. Shares trading is not possible under CySEC and FSA regulation.
Execution, leverage and position sizing
GO Markets is an ECN/STP broker that offers extremely fast execution speeds on all types of orders and trades.
The leverage available will vary depending on the regulations you are trading under. The following applies for CySEC and ASIC clients trading CFDs on leverage:
- 30:1 for major currency pairs
- 20:1 for minor currency pairs, gold and major index
- 10:1 for commodities and minor index
- 5:1 for shares
If you are trading under FSC and SVG regulations, the following maximum leverage will apply:
- 500:1 on major currency pairs
- 200:1 for minor currency pairs, gold, and major index
- 100:1 for minor index and commodities
- 20:1 for shares
Under SCA regulation, the maximum leverage on forex is 50:1, while under FSA regulation this amount is 300:1 maximum leverage on forex.
The minimum trade size with the broker is 0.01 standard lots on all account types.
There are a variety of risk management tools in place to best help you reduce your risks while trading. These include stop loss, take profit, trailing stop, limit order, and the use of margin calls. These can help you safely manage your positions and level of account equity responsibly.
The trading hours for Forex (“FX”) are from Monday 00:00 to Friday 24:00 For other assets, trading hours depend on the specific asset and on the class asset, so you can check on the broker’s website for these exact details.
Forbidden trading techniques
With trading techniques, many are permitted. This includes hedging, scalping, and the use of EAs.
A monthly VPS service is available for traders who meet a minimum volume of at least $1 million worth of trades in a calendar month. If you don’t meet this but still want to use the VPS, you will be charged $10 per month or the equivalent.
Platforms & Mobile
There are top trading platform choices available at GO Markets. Here is a closer look at everything you will have access to.
Charting and Trading tools
A large number of charting tools and indicators are made available through the MT4 and MT5 trading platforms. You will have access to more than 80 charting indicators and 40 drawing tools in an environment that is highly customizable.
The GO Markets WebTrader is a proprietary trading platform they offer that provides trading directly within your browser. No download is needed, and the platform provides a very steady, user-friendly trading experience.
This trading platform is not available under CySEC, SVG, and FSA regulation though both MT4 and MT5 are offered and available in webtrader form too.
The MetaTrader 4 platform is renowned around the industry for its success over many years. As well as being available in webtrader form, the platform is also downloadable for Windows and Mac, and on mobile.
The trading platform is known for its robust but user-friendly nature and great flexibility when customizing your experience. You can log in simultaneously to the same account and have access to a great range of tools and indicators, more than 25 in total.
You will also have full access to the EAs feature which the broker allows and supports.
MetaTrader 5 is also a top trading platform in a similar vein to MT4 but with increased features and support for further assets to be traded. Again you can access the webtrader platform, download for Mac and Windows, or access the platform on mobile.
Here you will find all order types supported and EAs available to use. The platform also has access to even more indicators with more than 80 in total to select from across 21 different timeframes. All together this provides a comprehensive and intuitive trading experience.
The MT5 platform is not available under CySEC or SVG regulations.
MT4 and MT5 are both available on mobile too.
The latter of these depends on your location but both can be downloaded for iOS or Android devices and offer a fully detailed trading experience that is user-friendly yet not lacking in any capability compared to desktop and web-based trading platforms.
Special features you can find on GO Markets
There are also several products you will encounter and may find useful when trading with GO Markets. Here is a lowdown on them all.
MT4 and MT5 Genesis
MT4 and MT5 Genesis is one of the MetaTrader trading tools available to boost the power of your standard MetaTrader platform.
Some of the advantages of going for this upgrade are that you can have access to a professional suite of MetaTrader add-ons to improve the experience, be able to enjoy a sophisticated order management system, and receive alerts so you’re always informed.
The MT5 Genisis product is available under ASIC and FSC regulation.
Autochartist is a popular software that can scan the charts of your chosen assets on your behalf. This can save you a lot of time and also result in new insights. With this service you will also receive automatic alerts that can be in a visual and audio form.
You will also benefit from in-depth market data analysis that can be applied across a number of timeframes in real-time.
a -Quant is a third-party supplier of GO Markets with the broker providing their software as a bonus feature.
This may not be available to all clients but where it is, a-Quant can aggregate millions of data points from more than 12 different sources and utilize algorithms to detect moves in sentiment, clustering, and co-integration.
This all works to generate signals in high-frequency for major currency pairs. The company has more than 25 years of experience in the industry.
Another partnership held by GO Markets is with Trading Central. They offer a number of features and programs with technical and fundamental analysis as well as the direct delivery of news via WebTV or email at their core.
They can also provide premium analytics for chart interactions that are completely compatible with both MT4 and, where available, MT5. Again this service availability depends on your location.
Refer to a Friend Program
The referral program is only available if you are trading under FSC regulation. In that case, you can invite your friends to trade with the broker and be rewarded if they meet certain trading requirements.
To qualify you need to make sure that your friends input your full name or your GO Markets trading account ID as their referrer. You can get up to a maximum bonus of $5,000.
Discount for new Traders
This discount is only available for those trading under SCA regulation but if you are then you can get a discount monthly if you meet certain monthly minimums on certain assets. The discount you are entitled to will be credited to your account in the first week of each following month.
As mentioned, each asset has certain minimum trading criteria to qualify. In the case of forex and metals, this volume should be at least $25 million in a month.
Social Trading – Copy Trading
Social and copy trading is offered by GO Markets through Myfxbook. This is not available under CySEC, SVG, or FSA regulation. If it is available though you can copy and engage with many experienced and expert traders through this popular platform.
You can use the full range of features on offer including auto copying trades and following analysis, charting, and other metrics and features.
Using the EAs feature of MetaTrader can also act as a form of copy trading if you import strategies from the wider community.
- MT4, MT5, Webtrader, and mobile trading platforms are all available
- You can have access to a VPS if needed
- The use of EAs through your trading platform is accepted
- The myfxbook platform is available for copy and social trading
- The asset choice is limited compared to other brokers
- MT5, myfxbook, and webtrader are not available for all clients depending on location
The languages supported by the broker and available on their website include English, Chinese, Indonesian, Spanish, Arabic, Portuguese, Thai, and Vietnamese.
The customer support provided at GO Markets is an area they have won awards for and is top-quality in the service offered.
You will be able to contact the support team through a wide variety of channels including on phone, email, through their web-based live chat service, or one of their social media accounts which are all active and responsive. You are also welcome to visit any of the brokers’ physical office locations.
Across all mediums, the support you receive will be professional, fast, and hopefully helpful.
Research and Education
When it comes to research to help provide insight into your trading, you will have access to a detailed economic calendar to keep you up to date with important industry events and wider economic events too.
There is also an extensive FAQ in place that can help with the answers to some of the most common research issues and questions.
Daily news is provided and updated often by the broker to help keep you in touch with anything that could move the market and you will be able to receive weekly summaries on market news and events.
In the education section at GO Markets, you will find some video tutorials particularly related to the MT4 trading platforms and how to use it.
These can be helpful and there is also an introduction to forex section that provides some useful basic information as well as updated articles that refer to market developments.
From time to time there are also forex webinars that you are welcome to attend.
- They are an award-winning broker for customer support
- There are few languages available supported by the website
- The education section could do with more material for all levels of trader
Is GO Markets legit?
GO Markets is a trusted broker. They have regulations in place from a number of respected regulators in the industry. This includes oversight from the CySEC in Cyprus, the ASIC in Australia, the FSA in Seychelles, and the Saint Vincent & the Grenadines Financial Services Authority.
Is GO markets an ECN broker?
GO Markets is an ECN broker. This means they can provide some of the fastest trade execution speeds in the industry.
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